Elizabeth Downs -Hot lead for low cost Mortgagee Sale

We have just bought several semi detached homes around the Elizabeth area.

Last week we inspected a house at Elizabeth Downs which we thought was pretty good value at the advertised price of 140k. Did not submit an offer because we wanted to buy closer to the Hospital at Elizabeth Vale.

Today just after we signed a contract on a house at the Vale we had a phone call from Lyneve Rosenberg of LJ Hooker Craigmore/ Elizabeth to let us know the bank had dropped the price to 129k! Bloody heck - we would have bought it at that price! Lyneve was about 30 minutes too late for us.

Here is a link to the property
http://www.realestate.com.au/property-duplex+semi+detached-sa-elizabeth+downs-108778556

We liked the fact there is a new house next door on one side and older people on the other side. Anybody who buys in the area would know that you always check out the neighbours before even looking at a property.

The house in question is quite neat inside and out requiring only a bit of paint on a couple of ceilings, remove the chimney or block it somehow because ash is falling out onto the carpet. Also requires a tidy up in the backyard and cut down a couple of small trees.

It would rent for $180 - 200 per week.

The reason i am writing this? The Agent - Lyneve showed us through quite a few properties late in the afternoons. Nothing was too much trouble for her. We really wanted to buy from this salesperson. I hope that somebody sees this Thread and checks out the property with her in the hope it leads to a sale for her.
Do your own due diligence first.

Stangman.
 
Hi, thanks for the tip! Might look into it for my first investment. Price does sound really good. There's a few other rented semi-duplexes around the area for $180 but they look pretty shabby.

I'm not 100% knowledgeable about the area. I know Elizabeth Downs is full of renters but isn't it part of Playford Council which has the highest unemployment level in the country? And the area is almost nothing but housing trust homes? Not sure how that would impact. It is off the back-end of Andrew's Farm and Blakeview, but not sure if that will have any advantage on growth either.
 
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Hi Anon_, I would be very surprised if the semi at 129k is still available. A quick phone call for you would soon have the answer. Cheapies like that do not last long!

Yes, people rent homes in the area. If they are unemployed, pensioners etc, you can have the rent payments paid directly from their centrelink payments.

Personally, i would not pay 180k for a semi as an investment. If you watch the area you will find you can buy a semi for around 150k or even lower. We paid well under 150k for each of our semis, but will value add to quickly increase the value/ equity of each property.

Here are a few properties we have been checking out just to give you an idea of what is available in the area. We have not had a close look at most of these, so do your own due diligence.

First is a tennant ready property at Elizabeth Park for 194k

http://www.realestate.com.au/property-house-sa-elizabeth+park-107913201

Next is a property at Elizabeth East that is going up for Auction soon. needs a renovation, but will probably sell between 160 -170k

http://www.realestate.com.au/property-house-sa-elizabeth+east-109227966

The following is a semi at Elizabeth East for 150k negotiable. Freshly painted, but would need some concrete down the drive behind the gates. Could probably be bought around 140K

http://www.realestate.com.au/property-house-sa-elizabeth+east-108629556

Another single home circa 1970s build for 199k

http://www.realestate.com.au/property-house-sa-elizabeth+east-108994631

Here is one at Ingle Farm. Single home in need of major reno -but the price is good if you are a handy person

http://www.realestate.com.au/property-house-sa-ingle+farm-108897981

That should give you a good idea of what is available in the Northern suburbs mostly under 200k.

Golden rule when buying - Always look at the property in person. A lot of homes that look quite good in photos can have problems, and in these areas i find myself checking out the neighbours before looking closely at the house in question.

Hope this gives you a bit of insight.

Stangman.
 
Oh sorry, just quickly I meant that people have been paying $180/week rent for similar properties in the area.
 
Well ... one of our semis is at Elizabeth Park. Paid 142,500 and it is rented at $190 per week. Very happy with that.

Other is vacant posession, paid under 140k for that because it is close to the hospital and shops at Elizabeth Vale. My older brother who is an invalid pensioner will rent it. Needs a bit of work and will look the part after spending about 10k on it. About to post a new Thread about the tree in the front yard.

Stangman.
 
Hi JWR, I have been for a quick look at the property to be auctioned.

Nice tree lined street, nice neighbours. Needs a fair bit of work inside but would be a great buy at 160-170 for a capable renovator.

I have noted the agents who are selling this also advertised several homes in Elizabeth Park just before Christamas. One at 165k and the other at 175k. Both homes sold within a couple of days. This is possibly the reason that they are Auctioning this property.

Stangman.
 
How many sqm were they? What were the addresses?

Most that are well priced/presented go quick.

The ones by Andrew Giles go quick as they are well priced and presented/marketed well.

******* wouldn't negotiate with me!

Its the ones that aren't marketed well that get kept on market - i.e. land not stated, one photo etc... - and that's when you can get the bargains - but you still have to be quick!
 
Would have bought 18 Hornet cres in a heartbeat. That was great value buying at 135k.

We actually spent a Sunday inspecting 8 homes with Andrew. They were all open inspections. Went home for a quick coffee before going to Hornet cres and before we arrived another investor put in a contract at 135k. Could have entered a ******* contest for it, but will not play those games.

Funny thing is Andrew told me that he could not sell the homes before Christmas. He would conduct open inspections but hardly anybody turned up.
Just my luck!

These are the ones we bought. Note that the agents have not updated the listings, yet contracts are signed by both parties.

http://www.realestate.com.au/property-house-sa-elizabeth+park-109211386

http://www.realestate.com.au/property-house-sa-elizabeth+vale-108595281

Stangman.
 
18 Cr was on the market for ages.

There were about 10 properties he was selling before xmas - i put lowball offers on all.

All rejected and he was very rude about it - fine - but he's not getting my business in the future! He was just looking out for his client - also fine - but doesn't get me my bargains! I need the fat/lazy/unethical ones!!!

18 Hornet cr was number 2 on my list of best buys out of the 10

21 twyford was my number 1

Why the best - biggest land for cheapest price.

But I wanted them lower than asking (not that the asking price wasn't well worth it - but I like paying way under value.)

So I was hoping Hornet Cr would stay for a while longer and drop more (it started at 145 then 140 then 135 - and stayed for a month at 135 until sold last w/e for I assume 135)

I just bought 2 properties there - better than yours (no offence) but work needing to be done - so depends on one's pespective which is better.

Will post once everything is 100% (after valuation done and unconditionally approved)

Will be coming to Adelaide soon - maybe you can show me around? Need a good discount whitegoods factory!!! And discount building materials too!
 
Oh btw why did you choose those ones?

There are better ones for cheaper with more land still on the market!

What prices did you pay?
 
Andrew has the contract to sell off ex Housing Trust stock. I had the impressioin that he has to submit offers to the Housing Trust for acceptance. They know what a house is worth. So i would suggest that he is reluctant to submit lowball offers for fear of losing a lucrative contract.

I quickly decided that Twyford st was a bit too feral! In fact we were put off the Grove because when we inspected 18 Grately st - the local d@ckheads were in full party mode on their front lawn a few houses up.

We chose the property at Elizabeth Vale because it is very close to the hospital.My older brother who is moving in is an invalid pensioner. In fact he broke his hip the day after we bought the place and is cuirrently in hospital.
He will ride a mobility scooter for a while and this property is very close to the shops and the hospital, which means he can get himself there and back.

The property at Elizabeth Park is already tennanted, and has roller shutters, carport, rear verandah and deck. It is also very close to shops and schools. Made good buying in my book. It will need a new kitchen eventually, but in our line of business that is not a worry for us.

You seem preoccupied with the size of the land. These are semi detached homes, so unless you buy both sides which is often not possible - how are you going to subdivide? Can`t knock down half a house!

If you need me to check out any homes for you in the area just let me know. You should not buy these homes without checking out the neighbours first.

Stangman.
 
If you need me to check out any homes for you in the area just let me know. You should not buy these homes without checking out the neighbours first.
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Just wondering when you do this, do you actually knock on their doors and introduce yourself? Or more so just eye them out?
 
Hi Anon_ , I am talking of a drive by, just to check out the general appearance of the house, neighbours etc.

Would always leave the actual inspection to the potential buyer.

Stangman.
 
http://www.realestate.com.au/property-house-sa-elizabeth+downs-108691221

750sqm, 3 bedroom free standing brick house.

Needs reno.

$145k, find of the week!

Barring if there are any structural problems, I could do a reno on that for under 10k, get it rented for $230+/week. I've seen renovated properties in the area picking up high $200's.

On a conservative rent of $230 and 10k reno, you achieve a yield of 7.72%. Not bad.

I don't like the Downs suburb as much as some of the other Elizabeth suburbs, however the Uley Rd to Main North area opposite Munno Para shopping centre could be an interesting prospect, what with the Blakes Crossing development directly North of it, Blakeview development directly East, and the early 2000's development next to it.
 
The above mentioned properties are both already sold.

For Petes sake - this is an ongoing problem. Real estate agents who are too bloody lazy to update their listings. Could be that they are hoping to jag more buyers for other properties by leaving the listings i guess. Who knows!

Stangman
 
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