I came across this place at a bear forum

Interesting.. Griffith Uni isn't too far away, so you could rent to students by the room. 4 rooms upstairs x $100, plus two granny flats downstairs x $150 = $700pw.
From the photos it looks like downstairs wouldn't be legal height though.. The ceiling wouldn't be much higher than the glass sliding door (2100mm), legal height is 2400mm.
 
vbplease said:
Interesting.. Griffith Uni isn't too far away, so you could rent to students by the room. 4 rooms upstairs x $100, plus two granny flats downstairs x $150 = $700pw.
From the photos it looks like downstairs wouldn't be legal height though.. The ceiling wouldn't be much higher than the glass sliding door (2100mm), legal height is 2400mm.
Click to expand...

you might get away with one illegal granny flat, two's pushing it.

if you rent it as one place that's ok. renting by the room requires a boarding licence i think.

i have to disagree from the pics i think downstairs is legal height. probably not legal insulation. (look at the height of the kitchen)

who knows about the outside gf.
 
I got ane ven better one, but I cannot find the email I received advertising it....

5-6% gross rental return (i.e. just to be clear, before any expenses).


Despite the fact that interest rates are higher than 1-2% higher than the rental received.... and that there are a few $000 of other expenses on top of this to pay for with the same retnal amount as well...

Despite all that, this $400k property with expesnes areound 9% pa, is amazingly positively geared with only a rental return of 5.5% !!!!!! And the sales person will say it to you straight to your face as well, without as much as a smirk or smile
 
You could select tenants according to their heights? :)

Some of you know I do a bit of student rental. When I started I visited a few places just to see what the competition was like and work out what to charge.

I saw far worse situations than this.

Young chinese guys in a single room with two sets of bunks - four to a single room.

Underhouse areas with furniture in them - OK in the summer maybe but would be damp and dreadful in the winter.

I guess it is about supply and demand. If young chinese guys want to pay $40pw for a bunk bed then someone will provide it and make $160pw from that room.

Supply and demand is a bit like natural selection I guess......
 
if you did nothing illegal,then the returns are not exactly jumping off the page at me....!

example of slumlords? mor elike example of a failed student subsidy program forcing students to huddle together to keep warm.
 
Ed Barton said:
you might get away with one illegal granny flat, two's pushing it.

if you rent it as one place that's ok. renting by the room requires a boarding licence i think.

i have to disagree from the pics i think downstairs is legal height. probably not legal insulation. (look at the height of the kitchen)

who knows about the outside gf.
Click to expand...
I know that street very well my mate has one resi up near all the factories ,very high flow for trucks,a simple call to the BCC would set you straight on something like this ,btw my mate only paided around 65 k in 1999-2000 rented from day one,never been vacant..imho..willair..
 
willair said:
I know that street very well my mate has one resi up near all the factories ,very high flow for trucks,a simple call to the BCC would set you straight on something like this ,btw my mate only paided around 65 k in 1999-2000 rented from day one,never been vacant..imho..willair..
Click to expand...

rent the whole lot and let the tenants deal with below. they would have more legal right to rent the granny shed on the side, turn a blind eye to lease breaches. if the rent's high enough who cares.

700pw? what do you think if you know the areas? our they realistic?


Can you rent out a Secondary Dwelling (granny flat) under a house?

No. Acceptable Solution A8 in the House Code states that a House must be used by a single household group. Renting out a Secondary Dwelling or "granny flat" would be contrary to the Acceptable Solution as the house is used by one group and the Secondary Dwelling by an autonomous group.

http://www.brisbane.qld.gov.au/plan...ntial-projects/house-new/houses-faq/index.htm
Click to expand...
 
Ed Barton said:
rent the whole lot and let the tenants deal with below. they would have more legal right to rent the granny shed on the side, turn a blind eye to lease breaches. if the rent's high enough who cares.

700pw? what do you think if you know the areas? our they realistic?
Click to expand...
I don't know ED,people often take on a financial strategy with a small chance of success just because the real estate agent drew up the add
and wacked in some slick numbers,bottom line to work up from is 300 per week from what my mate just told me,,and as i know from previous experience that the way the "BCC",if your stupid enough to turn a blind eye to anything like that then good luck your first water bill will leave a bad taste in your mind for a long time..willair..
 
I had a Vietnamese gentleman look at my terrace in Redfern a few years ago. He intended subletting it to as many as he could fit in the terrace. As many double bunks in each room as he could fit. That would be one set of double bunks in one room and possibly two double bunks in the 2 larger rooms. At $120/week per person that starts to look like a good return.

I was not impressed when he keep looking up at the manhole and wanting to see the roof space. I think he was considering having people sleeping up there as well. Standing room only in centre under the roof line.

Have lived in cramped conditions before when in Hong Kong.3 months in a backpacker's dorm-largish sized room with 3 double bunks in it. It is doable and you can get an ok nights sleep.
 
Most outrageous case listed in the local paper was for a Sunnybank Hills 4 bedroom home that was housing 17 students.

At approx $120 per week, work out the return on THAT.

And to add another layer, the house was being rented by a couple at standard rental (probably around $400 - $450 per week) and sub-let.
Marg
 
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