Couple of nice little purchases!

[Tyrael]

Just picked up two brand New Villa Units for $225,000 each. Negotiated a further $5,000 cash back on each villa upon contract completion effectively making the purchase price $220,000. Even before cash back and depreciation is taken into account they will produce a 6.9% return and to top it off the Independent Valuers of the properties have provided report showing current values of the two villa units at $295,000 and $310,000 for each of the properties and as the valuers are the same company who does the valuations for the bank, the bank is allowing almost instant access to the equity instantly achieved. There are times I love property investment

 

[chindonly]

Excellent - well done!

Where did you pick them up?

 

[JWR]

Great stuff.

Make sure you refi to lock in gains (and let it sit in offset until u find next investments.)

Any villas left?

 

[K_Raheja]

congratulations !
is this in Hobart ??

 

[Tyrael]

Excellent - well done!

Where did you pick them up?

congratulations !
is this in Hobart ??

Yep about 15-20 minutes from the CBD in Hobart. Developer has finished 10 of 36 Villas as part of a new development and was able to score some. Should be some more on the market fairly soon but unsure on pricing of the newer ones.

Great stuff.

Make sure you refi to lock in gains (and let it sit in offset until u find next investments.)

Any villas left?

Already being sorted out

 

[BayView]

Just picked up two brand New Villa Units for $225,000 each. Negotiated a further $5,000 cash back on each villa upon contract completion effectively making the purchase price $220,000. Even before cash back and depreciation is taken into account they will produce a 6.9% return and to top it off the Independent Valuers of the properties have provided report showing current values of the two villa units at $295,000 and $310,000 for each of the properties and as the valuers are the same company who does the valuations for the bank, the bank is allowing almost instant access to the equity instantly achieved. There are times I love property investment

A lot of instantly used there.

Access to instant equity subject to serviceability criteria with the bank, of course.

How come they are selling at $225k when they are valued at $295k+?

Developers don't usually do that unless they are going broke;

I've tried to low-ball a few over the times, and unless they are going really bad, they just tell you to "travel on out".

 

[matto_]

good buy well done.

Seems like Tas might be the only state where OTP is not back firing (or is that just Vic?)