That's all I needed to hear! Geez in Sydney I'd be lucky to get a 2 bedroom unit an hour out at the price.
Anyone up for relocating to brissy and freeing up some extra cash!?! ha ha
Brisbane (Again)... x2 in Logan/Ipswich or 1 within 7kms of CBD...?
That's all I needed to hear! Geez in Sydney I'd be lucky to get a 2 bedroom unit an hour out at the price.
Anyone up for relocating to brissy and freeing up some extra cash!?! ha haBrisbane 7km ..
Ive looked around many areas from Tweed Heads to Mackay for property developing.
I did some units in Tweed Heads that valued at 320K, Caboolture that valued 260K, Wynnum that valued at 420K and now Lutwyche which will value around $490K... Bulimba is 725K!!!
All similar product .. just different locations. Many buyers signed to pay higher than val. Easy buying usually comes back to LVR and vals.
Seems that there is good support by banks closer to the city which must be a good long-term sign.
Someone once pointed out the obvious to me that a growth rate is in % (and the old adage that properties are supposed to double in 10 yrs!)
E.g.. a 250K place vs 500K if doubled = 500K vs 1M.
I do like the idea of spreading risk out and have IP in Logan council and Brisbane but myself would these days stick closer to the high income earners, infrastructure expenditure, inner city.
As long as not a drain on cashflow!!!
Im working to create a plan for a few buyers to obtain a new cashflow Investment Property at very little cost (SD & bank fees).
... In all my spare time..ha
Ive looked around many areas from Tweed Heads to Mackay for property developing.
I did some units in Tweed Heads that valued at 320K, Caboolture that valued 260K, Wynnum that valued at 420K and now Lutwyche which will value around $490K... Bulimba is 725K!!!
All similar product .. just different locations. Many buyers signed to pay higher than val. Easy buying usually comes back to LVR and vals.
Seems that there is good support by banks closer to the city which must be a good long-term sign.
Someone once pointed out the obvious to me that a growth rate is in % (and the old adage that properties are supposed to double in 10 yrs!)
E.g.. a 250K place vs 500K if doubled = 500K vs 1M.
I do like the idea of spreading risk out and have IP in Logan council and Brisbane but myself would these days stick closer to the high income earners, infrastructure expenditure, inner city.
As long as not a drain on cashflow!!!
Im working to create a plan for a few buyers to obtain a new cashflow Investment Property at very little cost (SD & bank fees).
... In all my spare time..ha
Yes it is
you weren't the other bidder were you?
How busy was this auction? I saw one not so long ago here with about 25 attenders
about 6 people showed up....4 preregistered bidders but only me and another person bothered bidding
I'm considering 2 x $220-$250 k IP's in QLD too !! $Around $470 - $500 k is my limit too!
Its a stretch of my finances & I won't have much of an equity buffer left if I buy the two so my plan is to sell my underperforming dianella unit to build up my cash buffer.I'd like to spread my risk & buy in two different areas of QLD. I'm thinking I might also get the buyers agent to try to buy something below value do a reno and manufacture some instant equity for me.
I'll be in contact with a BA soon.
I would go close to the CBD for 500k. The yield is still 5% so all you are paying is rates and other expenses - $4k a year?
Rates in Logan are high - what's the real cash flow - 1 to 2k?
So your down on cash but I bet in 5 years you will smash it on capital gains
The worst suburbs in melbourne are still 300k (similar position to Logan)
Anything close to the city excluding footscray is probably well over a mill for a property on 600sqm
Rates in Logan are high - what's the real cash flow - 1 to 2k?
So your down on cash but I bet in 5 years you will smash it on capital gains
The worst suburbs in melbourne are still 300k (similar position to Logan)
Anything close to the city excluding footscray is probably well over a mill for a property on 600sqm
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Yeah but see some people can't afford 5% yields! I won't be making that mistake again!!
About $85 a week or $60 after tax
I'm getting 8.5% gross yield on one of my properties in Woodridge. Another 7.1%, also in Woodridge. With the draft Logan plan, Springwood is the jewel in Logan Council's crown, there are already offices and 2 high-rise business hotels there, Springwood Hotel and Hotel Gloria. I've stayed in both, very pleasant.
I can afford the $60 per week however it would mean I wouldn't be able to buy another ip for quite some time.... I'd need the ip to be neutral casflow before I can afford to buy another as I'm on a $59 k job.
There are also other ongoing expenses & unexpected expenses that need to be paid on top of the $60 per week after tax so this strategy just won't work for me. This is what I've learnt from my past mistake.
I need at least 6.5 % yield I think. How much approx does that cost per week to hold? Thanks
I'm in the car I better get out and go to work now hehe
I can afford the $60 per week however it would mean I wouldn't be able to buy another ip for quite some time.... I'd need the ip to be neutral casflow before I can afford to buy another as I'm on a $59 k job.
There are also other ongoing expenses & unexpected expenses that need to be paid on top of the $60 per week after tax so this strategy just won't work for me. This is what I've learnt from my past mistake.
I need at least 6.5 % yield I think. How much approx does that cost per week to hold? Thanks
I'm in the car I better get out and go to work now hehe
I think in Logan you need 7% yield to be neutral because of the high rates. Most other places 6.5%
My preference is something subdividable where you can keep existing house and generate a 10% yield
Most likely higher rental demand. People want to live close to family, friends, etc.
Hi Strongy, raw cashflow on one of my properties in Logan is $15,225 positive cashflow per year. This does not take into account PM rates, council rates or fixed water charges yet.
Compared to Wynnum/Manly/Brisbane, what do your council and water rates look like?
Is it more expensive or less expensive than Logan's? Hope to compare notes and keen to learn more, thanks!
My quarterly council rate looks like this:
COUNCIL
General Rate - residential Non Owner Occupied (Rateable Value 145,000) 212.75
Garbage Charge - 240W + 140R or 240R 63.50
Environmental Charge 16.25
Community Infrastructure Charge 81.00
STATE GOVERNMENT
State Govt Fire Levy Group 2 (No discount applies) 41.70
WATER AND WASTEWATER CHARGES (FIXED WATER CHARGES)
Water Service Charge - Res 62.96
Wastewater (Sewerage) Charge 144.50
Total Council and Water Charges per qtr : $622.66
Hi Strongy, raw cashflow on one of my properties in Logan is $15,225 positive cashflow per year. This does not take into account PM rates, council rates or fixed water charges yet.
Compared to Wynnum/Manly/Brisbane, what do your council and water rates look like?
Is it more expensive or less expensive than Logan's? Hope to compare notes and keen to learn more, thanks!
My quarterly council rate looks like this:
COUNCIL
General Rate - residential Non Owner Occupied (Rateable Value 145,000) 212.75
Garbage Charge - 240W + 140R or 240R 63.50
Environmental Charge 16.25
Community Infrastructure Charge 81.00
STATE GOVERNMENT
State Govt Fire Levy Group 2 (No discount applies) 41.70
WATER AND WASTEWATER CHARGES (FIXED WATER CHARGES)
Water Service Charge - Res 62.96
Wastewater (Sewerage) Charge 144.50
Total Council and Water Charges per qtr : $622.66
How do you get 15 k ?
So you get about 500 rent on a property worth 200k?
The rates in Brisbane council are lower but our place is in redlands which is quite expensive. We have 1400sqm which is rated at $300k
Our quarterly rates are $750
I wish, strongy!
i wish I bought the house that cheap, then the cashflow would even be more! No, I get $550 rent on a 320K property.
It's more a combination of good rent, low interest rate, very large house, cosmetic reno, and a more desired location in the suburb.
In the new Logan draft plan, the IP is zoned 'townhouse' precinct so I can build/put another house on the 700m land if I wished to without subdividing (and all its attendant costs). Stroke of luck really, rather than any forward planning on my part.
Lovely area, redlands. I've been to Cleveland, Birkdale (bid on a Queenslander there), Wellington Point and Alexandra Hills (saw some dual occupancy houses there). I contemplated getting an IP there very seriously, even put an offer in for a 3 X 1 brick house in Birkdale (rejected).
Does your rates of $750 include water service charge and wastewater (sewerage) charge?
So your about $7k positive on a 100% lend
That's about as good as you can get in metro without subdividing (on a lower end resi)
Not bad
Yes it includes all the same costs
Birkdale is ok, wasn't first choice but thought it was a good opportunity. Got an old brick house on 1400sqm for 370k
About to start subdivision process ( retaining current house)
That's about as good as you can get in metro without subdividing (on a lower end resi)
Not bad
Yes it includes all the same costs
Birkdale is ok, wasn't first choice but thought it was a good opportunity. Got an old brick house on 1400sqm for 370k
About to start subdivision process ( retaining current house)
Very Good deal!
300K for the 1400 sqm land, 70K for the house. What's not to love? And in Birkdale too! You sure you're not too near the Judy Holt Reserve, there's still an operating tip there? Kidding! For me, I'm $12,227 positive cashflow on a 90% lend.
I've taken into account PM fees, Council rates and water charges.
I have a 10 year interest only loan at 4.64%
I don't know if this is good, I would just like to have some money left over every month from the rent for repairs/maintenance.
