Buying an investment property in Sydney (West)
- Thread starter prad_n
- Start date
How hard was it to find tenants at $300 pw Dave? I'm looking at a unit in St Marys atm and just trying to do some research on how rentable the place is.
I believe $310+ is the norm for 2 bed modern units, ~$330 for 2 bed villas and ~$340 for 3 bed villas in decent condition in the Mount Druitt region.
By the way our tenants are decent - look after the place and pay rent on time. I haven't heard from the new ones since they moved in 2 months ago (since settlement)...and sis hasn't heard from hers since January when they moved in post settlement.
Cheers MsAli, good to hear. I saw 2 beds in St Marys starting at $260, those must be the older, unrennovated ones then. How long was the wait between tenants btw?
Also, you guys self managing by the sound of things? I just have my PM deal with tenants, so far no issues besides having to initally tell that we wont be sending an electrician around to change the light bulbs.
Haven't had to wait for tenants at all. The most recent one had the tenant ready to move in prior to settlement. Laing and Simmons Mt Druitt manage ours and we are more than happy
.
Current rentals in St Marys
1. $302,500 purchase $370/wk rent
2. $310,000 purchase $350/wk rent (still renovating while renting, agent came to take a look and suggested rental will increase to $475/week, renovations are costing me $20-30k)
Put clauses in both contracts that granny flats will be built and rents will not go down, seperate water and electrical, already fenced off the areas on each block.
GF
1. $50k (bought cheap) estimated rental income +$260-280/wk
2. $80k (may hold out and use money for more properties as my aim is to own as much land as possible for future development) +$280/wk.
Admitadly first purchase was terrible, I learnt a lot from that one tho, will be offloaded as soon as possible (bought through buyers agent, very dissapointed with their advice).
1. $302,500 purchase $370/wk rent
2. $310,000 purchase $350/wk rent (still renovating while renting, agent came to take a look and suggested rental will increase to $475/week, renovations are costing me $20-30k)
Put clauses in both contracts that granny flats will be built and rents will not go down, seperate water and electrical, already fenced off the areas on each block.
GF
1. $50k (bought cheap) estimated rental income +$260-280/wk
2. $80k (may hold out and use money for more properties as my aim is to own as much land as possible for future development) +$280/wk.
Admitadly first purchase was terrible, I learnt a lot from that one tho, will be offloaded as soon as possible (bought through buyers agent, very dissapointed with their advice).
Just out of curiosity why do you think the first purchase was terrible? I think the St Marys area has a lot going for it as well. I have a couple of properties there and will look to add granny flats down the track.
Which buyers agency where you disappointed with? Are you allowed to disclose on a public forum?
Not sure if I can, though to be honest it was due to my lack of DD and I personally have nothing against BAs. If you look around my past posts on pi.com you'll find out quickly enough.
I just didn't feel they had my best interest at heart and were simply doing what I can do and sent any property my way, nieve me thought they must have been great value (even though my own numbers were telling me it was $20k too much) as that's what they told me at the time, have a lot of issues with the land now
I'm dissapointed because I have seen better properties eg. found a third place a street away which a friend was suppose to purchase. $330k with $550 rental return (without a granny flat yet had the land for future development).
I suppose my expectations of what I can find are growing, currently targeting minimum 7% return before GF and that's getting stricter, won't get anywhere fast if I just purchase at such low returns.
I agree, St Marys has huge potential!
I just didn't feel they had my best interest at heart and were simply doing what I can do and sent any property my way, nieve me thought they must have been great value (even though my own numbers were telling me it was $20k too much) as that's what they told me at the time, have a lot of issues with the land now
I'm dissapointed because I have seen better properties eg. found a third place a street away which a friend was suppose to purchase. $330k with $550 rental return (without a granny flat yet had the land for future development).
I suppose my expectations of what I can find are growing, currently targeting minimum 7% return before GF and that's getting stricter, won't get anywhere fast if I just purchase at such low returns.
I agree, St Marys has huge potential!
This is their website.
http://www.rightpropertygroup.com.au/homepage
Their next meeting is tonight at 7pm. $10. The topic is renovating for under $10,000K (something like that). Get there a bit early to chat. I don't go so often now but like to go occasionally to catch up. They got me started a few years ago also. I'm 54. I never dreamed of making this much progress in 3 years and I went slowly compared to many I met at the meetings. I have also madse some great friends through those meetings. A group of us girls meetup to chat (Cherrypro being one of them).
If you want any info send me a PM. Happy to help.
http://www.rightpropertygroup.com.au/homepage
Their next meeting is tonight at 7pm. $10. The topic is renovating for under $10,000K (something like that). Get there a bit early to chat. I don't go so often now but like to go occasionally to catch up. They got me started a few years ago also. I'm 54. I never dreamed of making this much progress in 3 years and I went slowly compared to many I met at the meetings. I have also madse some great friends through those meetings. A group of us girls meetup to chat (Cherrypro being one of them).
If you want any info send me a PM. Happy to help.
The Right Group meetings are every fortnight.
We don't have a meetup organised at the moment.
I've noticed a lot of street corner brick houses in cheaper mounts county suburbs painted with blue roofs and bottom trims, and chocolate brown in the middle. They look nice and stand out compared to the rest of the streets, are these places all owned by the same person (skater?) and if so is there a reason they're mostly on the corners?
What do you all think
Hi All
Am from Perth, but would like opinions/thoughts on this property.
Apparently will rent for $330-340 pw, that what the RE agent quoted.
http://www.realestate.com.au/property-villa-nsw-mount+druitt-111803967
Cheers, MTR
Hi All
Am from Perth, but would like opinions/thoughts on this property.
Apparently will rent for $330-340 pw, that what the RE agent quoted.
http://www.realestate.com.au/property-villa-nsw-mount+druitt-111803967
Cheers, MTR
Its in a rundown/not so attractive complex so your rents wont get above 300-310 imho
PS if this is anyone in SS's IP, whoever tiled your bathroom floor needs some new glasses
http://www.realestate.com.au/property-house-nsw-shalvey-111682823
PS if this is anyone in SS's IP, whoever tiled your bathroom floor needs some new glasses
http://www.realestate.com.au/property-house-nsw-shalvey-111682823
