I am looking for an investor, experienced or new who is interested in a little deal in country Vic. Its a reno / subdivide type of opportunity with a good upside and would be perfect for anyone of you who is looking to take that first step but has that 'what if' fear factor weighing them down, or for someone with no time but a little money to invest in the property market.
I have been investing in this area for 6 years and know the town very well and all the agents. It is also one of the few regional places that has experienced a population growth this decade. I still have houses there and they return me 35% per year on my cash investment, plus about 4-5% capital gain.
I need someone with a little cash, not a lot, who can help secure the finances for this purchase. I am not talking huge money here. About $24k deposit and closing costs with a loan of $70-$80k and $30k renovation cost ( which could also be borrowed ) . I will co-ordinate the purchase, renovation and subdivision and project manage from start to finish. The end result of this purchase would see your $23k investment returned to you after refinancing and a free cash generating property.
If interested, and you'd like to start off with a smaller type investment, and join with a person who has experience in buying, selling, renovating and developing in this town, contact me at [email protected] and I will send more details.
This property has just been relisted after not selling 6-7 months ago. The asking price has been reduced 20%. It is currently rented for $165pw and already without improvement is positive cashflow.
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