2 down, more to go

[mystery]

This may sound like a silly question, but if someone could afford $635 pw rent, .... why wouldn't they be paying that amount off a mortgage on a PPOR.

Very nice property, but that's a lot of money coming out of the family budget each week, they would have to be earning a heap in wages. I just can't imagine myself paying this amount out in rent each week, maybe I'm just out of touch.

Anyway ... good luck with it

martin

 

[sailor]

Good on yer B. The figures seem to stack up nicely. And what a beautiful piece of real estate. Nice one to have in the portfolio.

 

[perky29]

My IP in Wakerley (same Mirvac estate) , bought for 485k some 3 years ago is maybe worth 520k now - maybe more? Not really that great a growth....difficult to say - perhaps I am underestimating. .??
The current rent is $420 pw, with tenants moving out in the next few months it will be interesting to see just how much Jarrod will be able to get for me !!

 

[Les]

Onya Muz,

Sounds like you have found your niche and cranking with it. Well done,

Regards,

 

[sue78]

Didn't Mirvac have packages in Hamilton area for mid $400's around a year or two ago? That's really cheap. Can't even get a small block for $400k there.

I think they also had a little estate in Robertson. All 2 storey homes around $500k. I am sure they've all gone up being Robertson. There is no land in Robertson and if there was, it would be in the region of $600k+ so that's dirt cheap.

Mirvac does some good deals.

As for the house itself......hmmm sorry but it just looks like any brand new house. The kitchen looks like the one in our Tamawood house. It's really nice though...I love new houses.

The only problem with Mirvac Estates is that they're similar to Australand where all the houses and colours are similar. But Australand plans and colours are really nice also.

I guess it's the location but I don't know the area. If other houses in the area are similaraly priced then it's a good deal. But if land is only around $250k then could have built it for much cheaper than $520k.

I think it's a bit risky to spend $500+ for a CG of $50k. I would prefer to spend $280k for CG of $50k with room for more growth. But obviously properties in this price region are much harder to find and usually have to build it yourself.

Letiha - the numbers rae very good.

Ours is $365k with a value of $465k on completion and rental of around $465 p/w..I think $480 would be max. It does have 5br, 3 living areas and deluxe ensuite with spa.

But that's brilliant for you considering you're not even in Brisbane!

 

[sue78]

If you are looking for a high quality tenant, the first thing that pops into my head is: are they going to want 4 beds + study?, surely you are appealing to families and (large) families going by 4bed+study. Having 3 or 4 kids tends to concentrate the mind on minimising outgoings.

Famillies are the best. All our new builts have had the same tenants for years. They are also happy with $10 rental increase every 6 mths. The houses are very well taken care of, they have nice furnishings...one tenant keeps the house looking like a display house. They also love gardening an dmaintain it very well. You can tell that they have pride in the house and keep it really clean. One tenant even offered to buy the house for market price.

If you go for corporate then 6mths to 1 yr you have to look for new tenants.

Yes I agree with you that famillies may not choose a 4br + study and pay $50p/w extra when they don't need it. With my last property which was a 5br I only charged an extra $10p/w for the extra br but it was more for the CG than rent. I made a huge mistake though. We leased it brand new at $380 p/w and the houses down the rd which was near compeltion and smaller got $420 p/w on completion. I don't think we can get that price now that it's not new anymore....but depends on the market and demand. The house + land cost us $290k! I think we just had a 6mth price increase to $390 p/w.

 

[LynnH]

Barracuda

Congrats on your purchase - I do hope you achieve your rental of $635 pw! Am amazed that Wakerley is achieving rentals at that level, particularly on small blocks of land with no sea views or breezes etc. We are a couple of km away on acreage at Birkdale (large homes, tennis courts, swimming pools, walking distance to the Bay etc) and that would be near the top rental in our area - also Aquatic Paradise is only about 1 or 2 km further along - on the coast, on Moreton Bay and also a canal estate, and there are IPs there achieving less rent than that.


Mark L

The airport is at least 25 mins away - on a good run! Took hubby to the airport 2 weeks ago and it took me an hour to get from the bottom of the Gateway bridge on the northside to the bottom of the bridge on the southside (and it wasn't yet peak hour!). And the Gateway Bridge duplication won't be finished until 2012! Also there are only a couple of decent private schools in the area near Wakerley/Manly, IMHO - most of the top private schools are either closer to the city on the southside (e.g. Churchie) or mostly in the nearer northern or western suburbs.

Cheers
LynnH

 

[Barracuda]

Thanks for thw well-wishes guys.

Tradies have taken a little longer to fully complete than hoped (however, not necessarily longer than anticipated), so should be fully ready this week. Unfortunately, I won't have a chance to see it fully fleshed out - the tyranny of distance.

A few nibbles, but no bites yet.

Cheers,