All Topics / Help Needed! / help needed looking at my first deal!!!

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  • Profile photo of kallankallan
    Join Date: 2007
    Post Count: 12

    Hi guys,
    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.

    NO clue!!!
    PS i really have no clue!!! 

    Profile photo of TerrywTerryw
    Join Date: 2001
    Post 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.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide)

    Profile photo of Jacqui MiddletonJacqui Middleton
    Join Date: 2009
    Post Count: 2,539
    thenocluekid 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.

    Jacqui Middleton | Middleton Buyers Advocates
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

Viewing 3 posts - 1 through 3 (of 3 total)

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