Elizabeth Downs -Hot lead for low cost Mortgagee Sale

The one that I said before is in Elizabeth downs, strongly suggest going back to interest only. Combination of rent increase and interest only should put you back at positive or neutral cash flow
 
A system that works for the buyer

It is not hard to fault the real estate agent who will do everything in his power to sell a property..... I have a a real estate licence and the way it is set out leaves a lot to be desired .... but forces upon the buyer an environment in which the only interested (commercially) party is the licensed agent who must be relied upon for critical data, this does leave the investor vulnerable. We have seen several instances where the agent will lure buyers in this method.
 
Beanie Girl said:
Wolf-whistle!
Sweet deal, Bez! :cool:
Mine's P & I at the moment, after 5 years of interest only
Just been too busy (or lazy) to look for another Interest only loan.
Brady, I might be knocking on your door soon :D:D:D

Bez, which suburb of Elizabeth is your IP in?
Click to expand...

Don't be lazy get back to IO :)

Save up funds in your offset and find your next purchase.

Leave Elizabeth for 5 years, let the increase in rent work its magic and then develop then when hopefully land has gone up.

I don't like to leave the rent the same for any year as then they will question it in coming years. Even $5 - $10p/w in a flat market is acceptable.
 
Brady said:
Don't be lazy get back to IO :)

Save up funds in your offset and find your next purchase.

Leave Elizabeth for 5 years, let the increase in rent work its magic and then develop then when hopefully land has gone up.

I don't like to leave the rent the same for any year as then they will question it in coming years. Even $5 - $10p/w in a flat market is acceptable.
Click to expand...

+++

Exactly right. On interest only this property should be neutral, couple this with putting upward pressure on the rents and the investment should be a lot more attractive for you.

Elizabeth Downs is currently going through quite the transformation, much like Elizabeth in general. Construction of new houses is altering the profile of the area, so you may find these minor changes may allow you to take a much longer term benefit.
 
CJay said:
Elizabeth Downs is currently going through quite the transformation, much like Elizabeth in general. Construction of new houses is altering the profile of the area, so you may find these minor changes may allow you to take a much longer term benefit.
Click to expand...

Hadn't checked out the Elizabeth East property in a while, was going past the area and decided to swing past and have a look.

Was plesantly surprised to see on the street my property is on someone has developed a corner block and put 3 houses on and another house had been knocked down and two are in the process of being built. Great sign as I already believe it to be a nice street for EE.
 
Any ideas what something like this might go for?
http://www.realestate.com.au/property-house-sa-elizabeth+south-115858843
It's directly behind mine and thinking about giving it a go.

Also went to a couple of doubles on the weekend which would have been a good buy
http://www.realestate.com.au/property-house-sa-parafield+gardens-115788903 - went under contract the next day
http://www.realestate.com.au/property-house-sa-salisbury+north-115795819 - looks like still available, i liked this one., very nice street it was on.
 
jim1964 said:
Well done! Have they seperate water meters & sewer points? also are fire/party wall already in the ceiling? Being on the 1 title,are the rates notice for council already split into seperate entities ?
Click to expand...

Jim's already firing off the questions!

Nice purchase Anon, what are your thoughts on Pennington in general, or just interested in yield plays?
 
jim1964, not for most. Regrettably that's what you get from old housing trust in this area. Builds are 1939 also so quite old. Had to factor in later costs to correct that when it's time to sell.

Oath, I had never even heard of Pennington before I went to the first inspection. It's still quite a run down area, probably a bit better version of Salisbury? Never looked in this area before, but after seeing this property and researching, the yields are good.

I got at the reserve of $380k. Bank valuation came in at $400k so I was willing to bid more. Speaking to 2 agents in the area, these will rent at 250-275/each.

Looking at past sales, maisonettes of the same size usually sell for 200-250k individually.
Examples:
http://www.realestate.com.au/property-house-sa-pennington-111349211
http://www.realestate.com.au/property-house-sa-pennington-105377028

Strangely though, unlike in Elizabeth/North where you pay a premium for doubles, they go for less in this area.
 
Off topic, but I was fairly shocked at this one in Norwood which I inspected also
http://www.realestate.com.au/property-house-sa-norwood-115855691

Tiny 1 bedroom. The way it is connected to the house on the side, it could never be touched or extended. I thought it was overpriced at the $330k reserve and ended up selling close to $370k.

AND

New Parafield Gardens double listed which would be a good buy. Inspection Saturday.

http://www.realestate.com.au/property-house-sa-parafield+gardens-115965635
 
Anon, Congrats on your Pennington purchase. That is a nice quiet suburb.

A while back you mentioned a property manager with reasonable charges around Elizabeth. Have you had a good experience with them, and if so could I please ask who thy are?

Our semi at the Vale has become vacant and after some renovations are completed we will need a good property manager. Not happy with the charges of our current pm.

Stangman.
 
Last edited:
Anon_ said:
Off topic, but I was fairly shocked at this one in Norwood which I inspected also
http://www.realestate.com.au/property-house-sa-norwood-115855691

AND

New Parafield Gardens double listed which would be a good buy. Inspection Saturday.

http://www.realestate.com.au/property-house-sa-parafield+gardens-115965635
Click to expand...

Saw this one a while back. Went to inspection today, so many people, must be a good 40 and many offers in. Is that the general trend nowadays or is it mostly for housing commission?
 
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