Cashflow positive in Brisbane

[eggnog]

Maybe someone on this board would be interested in this. Personally haven't done the numbers but could be CF+. Do your own DD. I have nothing to do with this property, it was just emailed to me as an RE.com alert.

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105413542&emailsource=emailalert

 

[josko]

Wow, very interesting......At 6.99% = $41,940.00
So it is returning $942.30/week gross.

If it is returning $49,000 with potential for more - what's the catch?

It must be some sort of B&B with only two kitchens...therefore you need a Manager to run it. What is a live in Manager worth? worse case? 30k?

It is no longer cashflow positive.

Regards JO

 

[eggnog]

Come-on Jo. Gotta think outside the box to solve problems not shoot them down

Hows about this. If there is 1 kitchen on each floor then seperate both floors to self-contained 4x1x1 then rent out seperately. Building looks new so what's a new 4x1x1 property in mid-ring brisbane renting for these days. I'd say in the 400s would be appropriate, as per advertised. Could rent it out through a local PM, thus solving your onsite management hurdle. Could even go as far as renting on a per room basis, say $150 per room/pw = 62k pa (~10% gross yield).

Don't know if this is even possible LOL. Like I said above, do your own DD. I have nothing to do with this property so no skin off my back. It just caught my eye so thought someone on here might be interested/make it work.

 

[marg4000]

Probably student accommodation.

HOWEVER, regulations in Brisbane have recently changed, and only 5 unrelated people can live in a house before boarding house regulations kick in.

So work on the figures of 5 x $150 - max $750 per week unless you want Council trouble, and possibly an insurance nightmare.
Marg

 

[wylie]

Don't forget that "offers over $600K" could mean they are really wanting $800K

 

[boomtown]

Probably student accommodation.

HOWEVER, regulations in Brisbane have recently changed, and only 5 unrelated people can live in a house before boarding house regulations kick in.

So work on the figures of 5 x $150 - max $750 per week unless you want Council trouble, and possibly an insurance nightmare.
Marg

Its SIX unrelated people.

 

[marg4000]

Yes, it is six now but changes are planned to reduce it to five.
Marg

 

[Chatto]

Two owners in the complex of 50 have said they want to sell there villas. They havent approached a RE agent yet, here is a link to one of the townhouses that just sold.

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007419806

asking $260K and getting $300 and $310/wk

PM me for details.