Central Coast - less than 390k

C

coastie

I am on the Central Coast with a conditional pre approval for 390k to buy an investment property that returns min $375 a week.

I however will want to live in a granny flat or something on the property.

Prices are shooting up here in front of my eyes. I work in Gosford so could live most places, but don't want rough.

Any ideas please. I looked at a place in Woy Woy but it needed too much work to move in.

Thanks in advance
 
coastie said:
I am on the Central Coast with a conditional pre approval for 390k to buy an investment property that returns min $375 a week.

I however will want to live in a granny flat or something on the property.

Prices are shooting up here in front of my eyes. I work in Gosford so could live most places, but don't want rough.

Any ideas please. I looked at a place in Woy Woy but it needed too much work to move in.

Thanks in advance
Click to expand...
Hi,
Very difficult to find a home and granny flat on the coast in good condition that price you will have to spend more,maybe buy a property that has potential to add .
Macca446
 
I have a place not far from Wyong that I miiiiight sell to fund another purchase but I suspect it's a bit far from Gosford for you. Main house rents for $290 pw and the GF rents for $200 pw. Yep they are pretty hard to find. We were lucky to secure this when the market was a fair bit slower and lower (also with Propertunity's help whom I highly recommend if you ever go down the BA route - in our case we were not so familiar with the area so the BA expertise was invaluable).
 
Hi Macca and Tess, Thanks for your help.
A friend used that same buyers agent but she earns more than twice what I do. I might give them a call.
I spoke to one realestate agent yesterday who said that the Central Coast property slows down in Winter.
My fear is that I do need to live here and the longer I wait the higher the prices go. I have been renting a room in a house and am ready to be in my own space again.

I find it all a bit stressful. I have another house in Inverell that I just moved from and it cost 165k and I rent it for $235 a week through an agent and that seems to be going well.

Where can I get more information on Investing in NSW?

Thanks people, much appreciated
 
coastie said:
Hi Macca and Tess, Thanks for your help.
A friend used that same buyers agent but she earns more than twice what I do. I might give them a call.
I spoke to one realestate agent yesterday who said that the Central Coast property slows down in Winter.
My fear is that I do need to live here and the longer I wait the higher the prices go. I have been renting a room in a house and am ready to be in my own space again.

I find it all a bit stressful. I have another house in Inverell that I just moved from and it cost 165k and I rent it for $235 a week through an agent and that seems to be going well.

Where can I get more information on Investing in NSW?

Thanks people, much appreciated
Click to expand...

Hi Coastie,
Welcome to the forum,I actually learnt more on this forum than some mags,but others may be able to assist you in information you need ,just ask away we are all here to help each so their is no such thing as a silly question.
The house in Inverell congrats on that purchase return is good but regarding the coast I have been looking quite often not saying the deals cannot be found but few and far between as it is very active now.I was quite fortunate on my last purchase late last year I bought a run down prop in blue haven have seen a 50k increase in 6 months on my purchase and reno costs, just keep looking.
 
I made an offer that has been accepted, signed the contract, paid .25%, waiting on finance as I have such a high LVR. I had to take out a personal loan to bridge it. Got a 10 day cooling off period.

Also have a friend willing to rent out the front house while I inhabit the shed out back,(for the same price the whole house is being rented for now) looks like a room (already had someone living there), I can use the outside shower and toilet. Can't believe how much the Com bank is dicking around.

Can I get gazumped still?
 
coastie said:
Can I get gazumped still?
Click to expand...

No you can't get gazumped (as long as the vendor has also signed) - that is the whole point of signing a contract and paying a 0.25% deposit.

You stand to forfeit that deposit to the vendor in the case where your finance is not approved and you have to rescind. Taking a PL for the deposit is possibly just one reason why the bank is mucking you around :eek:, that makes me nervous.
 
Hi Propertunity,
The personal loan was to pay off a credit card and to have some extra in my account as it was so close with the LVR. Finance is now approved, just awaiting valuation, pest and building inspections. I think it might be ok.

The property is in The Entrance, I will post it up once everything goes through:)
 
coastie said:
Hi Propertunity,
The personal loan was to pay off a credit card and to have some extra in my account as it was so close with the LVR. Finance is now approved, just awaiting valuation, pest and building inspections. I think it might be ok.

The property is in The Entrance, I will post it up once everything goes through:)
Click to expand...

Hi Coastie,

Another Coastie here looking to invest. Keen to hear how you went if you're still happy to publicly share your experience.

Regan
 
coastie said:
Hi Propertunity,
The personal loan was to pay off a credit card and to have some extra in my account as it was so close with the LVR. Finance is now approved, just awaiting valuation, pest and building inspections. I think it might be ok.

The property is in The Entrance, I will post it up once everything goes through:)
Click to expand...

Nice work coastie,

The Entrance has some major building development going ahead with this project:

http://www.dailytelegraph.com.au/ne...-awaits-approval/story-fngr8h0p-1226696914605
 
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