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So I've decided, this is not a good buy :D As we are all aware. If the vendor had accepted $230k I may have signed the contract already. Thank heavens they didn't and it gave me a bit of time to ask here about it. Thanks heaps everybody. I have learnt A LOT here!

James, I have $26k to play with. I don't think I could do a big renovation....Even with a 5% deposit.

Yep NedKelly, hence the hesitation to buy... Lizze, how did you pull that off? How could anybody be happy with $20 extra dollars? You could get a KFC family bucket with that.

Thank you Piston. That was so informative. Where do you finds these deals? It may be a challenge to find these in the Sydney suburbs (west/south west). I'm sure you can do a big reno on cheap houses in the west. However, I need to heavily rely on equity and saving up before I do one of those...

Thanks Piston, I need to be mindful of this...I've thus far ignored the expenses when calculating the rental yield. But I never knew people did? You must have some crazy deals to be able to get 7%+ yield AFTER expenses (or are you saying 5%+ is good after expenses - as long as it covers...

No it wouldn't. I've never thought of it like this. Thanks for pointing it out! Might have to find something crazy to be able to do that :eek:

Piston, how do you calculate the return after expenses and interest? The rental yield for this one is 7.74% + (calculated by yearly rent / purchase price) [slightly lower when you factor in the LMI, Stamp Duty and Solicitor's fees]

Thanks for the responses guys. Shuggy, still considering. Equity is imperative for me to move forward. Still considering. I don't think they have any buyers. Tough for them. Mine was a genuine offer. I will consider what they have come back on. NedKelly, the corporate fees are ~$38 per week.

MIW, actually I believe that the vendors purchased it expensive at the peak of the market. Plus it is the best in the complex. They purchsed it renovated - so no wonder they paid that much. Currently in the area 2 BR modern units are selling around $225k - $230k. Hence I saw the value in...

I talked to my property manager and a few others who suggest that it's an okay price - though not much equity in there. Thanks for the suggestions, I'll see what I can do.

At an open home...

But how Bob? Where do I get their phone number?

Don't think speaking with them directly is possible. Also at the moment negative gearing does not concern me. I want a few in metro before moving towards cashflow. The capital growth/equity in these will help buy others...It's a snowball effect.

JWR, they are moving to Central Coast to live with their daughter. She has built a granny flat for them. How do you know it may not be best for MY portfolio. Hehe. No body is treating them poorly. They can accept the better offer - IF there is any. Why isn't the agent communicating with the...

The agent did suggest that his fee will be reduced...so is he really genuine?

I called the agent to increase the offer by $900 along with favourable settlement terms to the vendor. The agent was pissed off and said he had another offer of $232,000 which has been rejected and the best they can do is $235,000. He shut the phone saying "it's now in your hands". :cool: He...

Hi all, I'm back from holidays and putting offers again. I put an offer on a 3 BR villa in Sydney's West. The asking price is offers around $245,000. I put an offer of $230,000. This is based on the most recent sale of a renovated villa in the complex for $230,000. Albiet the one I am looking...