- kallanParticipant@kallanJoin Date: 2007Post Count: 12
i'm new to all this and im looking at my first IP property. i'm looking at a 4 bedroom , 1 bathroom, Double Garage(tandam) and carport in front weatherboard house it has a seperate kitchen, dining and lounge, walk inpantry and electric heating (new) on a largish block of about 1150m2 the house is 130m2 and is quiet old built in the 1960's
I have been told i can get rent of about $260 a week on this property with a few repairs for instance it needs a new roof and some painting done cause its quiet old.
i would just like to know what people think of this deal please? as im new to this and im not 100% confident in what im doing i have read steves books and thats about it so far.
i can buy the property for 150K.
i have thought of geting a long settlement and doing the house up and selling it again during the 90 day settlement or renting it for 6 months and doing the renos while i rent it out so i can claim all the expenses!!!, then sell the house for a profit hopefully.
thanks for reading my query adn i look forward to your responses.
PS i really have no clue!!!TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Sounds like a good return. Don't beleive the agent about the rent but do your own research.
You also need to consider the area.Jacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539thenocluekid wrote:then sell the house for a profit
… or perhaps refinance instead. That way you won't lose money in stamp duty, estate agent fees etc.