Hi all,
Just looking for information on excommissioned houses.
Where to find them
What are the procedures for acquiring them
Experiences from buying
Recommendations
Cheers
James
Which state are you looking at James?
In NSW Richardson & Wrench has the contract for the disposal of surplus sites for DoH.
Yeah, looking in NSW.
They go to auction. So normal auction procedures. Turn up/bid/buy.
Look up R & W as mentioned above.
The contracts look scary at first with no guarantee of copper piping/hot water system being there. Buyer buys property as is condition etc. This freaked me out at first as I was worried that if the place was vandalised after I bought (but before settlement) I'd be stuck with it).
Other than copper piping disappearing I've not had problems. I "stole" the hot water system from one I bought (as it was near new) after the auction as I knew it would disappear.
They used to go cheaply but not any more (in Sydney anyway). Even the Owner Occupier ones (that used to sit vacant for months) are now being grabbed at auction at least $40K more than a year ago.
Do you still have the property?
Did you do any renovations?
Was it worth it in your experience?
I have a few actually. All I bought in poor condition (they used to be much cheaper) and did a full reno on all of them. This gave me instant equity and also m,ade them cash flow positive.
With the recent "boom" I'm laughing.
Hi James,
Numbers work very well on housing commission stock. Potential issues with tenants other than that love the numbers for cash flow and refinance.
Thanks.
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
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