2 of my properties for sale

[casper007]

Hi Sparky ... I ask again ... who were the builders?

 

[sparky23]

Hi Casper007

Sorry I missed that.

The Shoalwater house is Gemmill and Yanchep is Celebration
Homes.

 

[Ausprop]

They are paying $310 per week at the moment which could have been increased this time around but we want them to be co-operative whilst we have the house on the market, the link is:

www.realestate.com.au/cgi-bin/rsearch?a=o&id=104670807

I can confirm that I know of someone who has just leased a smaller house in this estate for $350pw.

 

[sparky23]

Thanks Ausprop, I think a lot of the houses are getting those sorts of rents on there now and it can only get better!

 

[The Judge]

Property mangement costs in Perth are not 5% though, they are at least 15%

 

[sparky23]

That depends on what you can negotiate mine are around half of that and if anyone is paying 15% they need to shop around!

 

[Kennethkohsg]

Thanks Ausprop, I think a lot of the houses are getting those sorts of rents on there now and it can only get better!

888888888888888888888888
Dear All,

1. My ex-house at Lot 1664, 15 Fitzgibbon Road,Rockingham Wa 6168, in the same Anchorage Estate is already getting A$350 per week since last year.

2. Its rental will soon be further increased to A$380 per week, early next month.

3. Thus, I strongly believe what Sparky23 has said in her post, is true and accurate.

4. Thank you.


Cheers,
Kenneth KOH

 

[Kennethkohsg]

Shoalwater was bank valued at $500,000 (also the second one a few doors away which I am trying not to sell) last year which is when I took out the max equity I could, this has served me very well with setting up my NSW projects. I also NEVER intended to sell either ...

If someone from the forum is interested I would accept $429,000 which is definetly at the bottom end looking at similar houses currently listed and a lot bigger than some at 230sqm.

********************************
Dear All,

1. Ventura Homes is presently known to be marketing their remaining 2 land and house packages in the Shoalwater section of Anchorage Estate, along Eldon Street, (i.e the street behind Grove Street which is where Sparky23's house is located) off-the-plan in the price range of between A$434,090 and A$444,128.

2. The Ventura Home's land and house package comes with a smaller house as compared to the one offered by Sparky23.

3. Thus, I believe that Sparky23's willingness to accept a buyer's offer price at A$429,000, is indeed, well below its current house replacement value.

4. Consequently, Sparky23's present house offer at A$429,000 certainly represents a good bargain price, as far as I am concerned.

5. For your further update and comments/discussion where neccessary, please.

6. Thank you.


Cheers,
Kenneth KOH

 

[sparky23]

Update

Well things have now become more urgent as I can no longer keep up with loan payments so further reductions if anyone is interested.

Yanchep - originally advertised at $550,000, now advertised at $489,000 but will offer it to investors on here at $469,000

Shoalwater/Rockingham - advertised at $439,000 - $445,000 I will offer on here at $419,000

Please let me know if anyone is interested at these prices.

Thanks!

 

[jxf]

Hi all,
Just a question for AussieLA (and any others who are happy to share!!!) ... after you said....
Well, I only buy cashflow positive after tax property, so at 8% interest and only 4% yield, I'm not buying in that area...

I was just wondering what criteria you work through when looking at a property to see if it will be +ve cashflow.


Cheers Jen

 

[evand]

I allow 1.5% - 2% above the IO interest rate your paying to be neutral. Above that could be in the positive vicinity.

Of course this makes no allowance for depreciation, neg/ gear tax benefits or anything of that nature. Its just a starting point.

So 10% -11% gross yield would be about neutral. If i found anything at or above that i wouldn't want to buy it. lol

 

[jxf]

Thanks for the reply Sorry to sound daft, but how do you calculate the gross yield?

 

[johnduncan2]

Thanks for the reply Sorry to sound daft, but how do you calculate the gross yield?

2 schools of thought:

1) divide the annual rent by the purchase price (include buying costs such as stamp duty & conveyancing)

2) divide the annual rent by the value of the property

 

[sparky23]

Open to offers

Just to let you know we have now hit the 'Open to offers' button for Yanchep!

 

[asdf]

Thanks for the updates on rents guys. Better speak to my PM on the next rent review. Sounds like you're having it tough Sparky. Could probably do without them spongers from the cheap seats all having a go at you. Keep your head up and keep going.

 

[sparky23]

Cheers I will!

If the NAB hadn't been putting us through hoops since last October with our LOC against Port Kembla we would be home and dry but their delays have sent us to a dark place from which we shall emerge triumphant but meantime if someone would make an offer on something it would get us back on track!

Hope the little chap is doing well and letting you sleep!

 

[PC1]

How are you going with your sale Sparky. We have just handed back one of our blocks. Quite happy to forfeit the deposit we paid. Prices are now dropping dramatically in the area and more houses coming up for sale now.

 

[asdf]

How are you going with your sale Sparky. We have just handed back one of our blocks. Quite happy to forfeit the deposit we paid. Prices are now dropping dramatically in the area and more houses coming up for sale now.

Where did you buy? If it was only $1k deposit then happy days. Surprised they didn't make you complete.

 

[Kennethkohsg]

We have just handed back one of our blocks. Quite happy to forfeit the deposit we paid. Prices are now dropping dramatically in the area and more houses coming up for sale now.

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Dear PC1,

Which Perth suburbs are you referring to, please.

Thank you.

Cheers,
Kenneth KOH

 

[TheAnalyst]

I believe the Yanchep one is asking too much. 467m2 block + a house -- because it is very small block and the house will not be big. How can you ask for $489? you said it was valued $500K> I belive it was only your own "valuation". No banks would come up this figure. If you want to sell, just be honest. I do not know the Shoawater one, the location and condition and quality - can not comment. Remember, a rental property will be treated totally different to a owner occupied one by a buyer's view. I still feel strange in some part of your reasons.