Elizabeth Downs -Hot lead for low cost Mortgagee Sale

Waldo said:
Toff - may I ask what makes that particular place so appealing? Excuse the dumb question, I'm trying to learn about the area & how to pick the good properties! Is Elizabeth East considered once of the better areas?
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Hi waldo,

I haven't purchased in the area but I am attracted to it because I work in the area currently on a daily basis. Some of the streets are real gems, others are terrible (I'll leave that up to your imagination)
There is development happening everywhere out that way, lost of knock downs and turned into 2 or 3. In my position financially I am also attracted to it because of the low price as I currently am
Paying a mortgage in morphett vale.

I could afford a place right now for 150-200k however I need to decide weather I want to:
A) buy investment property out north and hold, eventually develop when profitable
B) save more $ bigger deposit buy a house in port noarlunga/ Christies 1 or 2 streets back from espy and rent out current place.

Decisions decisions....
 
I would buy in Elizabeth Downs for the prices, but i'm totally worried about the area being Elizabeth and seeing the house possibly being damaged or trashed.

What are our experiences with renting out around this area with tenants?
 
That's what landlord insurance is for. To date I haven't had to put in a claim on any of my properties.

Thoroughly check your tenants applications, keep inspections running like clockwork and nip late repayments in the bud and it will be just the same as any other area. My only complaint with my tenants across the board have been fairly poor in their ability to maintain gardens, but that's very minor in my concerns.

I find it amusing when people think most 'scary' tenants live out in the boondocks - one of my colleagues recently showed me a 900k two storey house in Lightsview which was raided by police, turned out they were running a drug growing op + drug lab in the property and had removed most of the internal walls + flooring. It was being rented for in excess of $800 per week.
 
Corey Batt said:
That's what landlord insurance is for. To date I haven't had to put in a claim on any of my properties.

Thoroughly check your tenants applications, keep inspections running like clockwork and nip late repayments in the bud and it will be just the same as any other area. My only complaint with my tenants across the board have been fairly poor in their ability to maintain gardens, but that's very minor in my concerns.

I find it amusing when people think most 'scary' tenants live out in the boondocks - one of my colleagues recently showed me a 900k two storey house in Lightsview which was raided by police, turned out they were running a drug growing op + drug lab in the property and had removed most of the internal walls + flooring. It was being rented for in excess of $800 per week.
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Thanks Corey!!
 
Corey Batt said:
I find it amusing when people think most 'scary' tenants live out in the boondocks - one of my colleagues recently showed me a 900k two storey house in Lightsview which was raided by police, turned out they were running a drug growing op + drug lab in the property and had removed most of the internal walls + flooring. It was being rented for in excess of $800 per week.
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Preconceptions are funny things. All the 'bad' tenants live in the scary ex-housing commission areas, and everyone else are 'good'. I'm presuming the tenants of Elizabeth would be of a similar calibre to the ones out in Western Sydney ex-housing stock. We knew a couple at one stage in an ex-housing place that was earning in excess of $100k, but wouldn't move from the area as they had family there. Add to that, that these people couldn't save a deposit to buy, because as soon as the money came in, they spent it all.
 
Anon_ said:
Anyone keen?

15 + 17 Wilkins Road, Eliz Sth. Beautiful ambiance.

http://www.realestate.com.au/property-duplex+semi+detached-sa-elizabeth+downs-118877227

http://www.realestate.com.au/property-house-sa-elizabeth+downs-118877319
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Haha ! I talked to the agent months ago on this one, it was when bank first engaged him to appraise for loan default purposes. I have pics I'll forward if anyone wants them. Word of warning though, check the block out becausethe back is subdivided off.
 
I see they made the wise move of painting over all the lovely comments spray painted onto the walls to make it easier to sell.

If they hadn't sub'd off the rear they might have actually been a decent pair to pick up.
 
Truly Exotic said:
True. It'll need a couple of $1000, obviously a yield strategy on that one. You could buy next door and make it a super yield as well :)
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Yup, wouldn't ever buy 1 side of a semi (unless it was an extraordinary deal), because you have no control what happens to the other side. If a dodgy tenant (or owner) goes in there and wrecks their side, it brings yours down in value / desirability with it.
 
D.T. said:
Yup, wouldn't ever buy 1 side of a semi (unless it was an extraordinary deal), because you have no control what happens to the other side. If a dodgy tenant (or owner) goes in there and wrecks their side, it brings yours down in value / desirability with it.
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I know next to nothing, yet I do know this.
 
Has anyone had a look at these two? I'm in a position to buy again and am contemplating flying down to SA. If these are decent, I might go to the auction on the 25th.
 
Yes, I thought it looked good as well. The only concern is that I'll fly down and it'll go for $300k+ or has something obviously wrong with it. There don't seem to be too many other properties that catch my eye on the market currently.
Maybe I should just go down, as it could always sell for less.

Is it standard in SA to sign a contract for yourself or a nominee? I'm not sure whether I'd be able to get the money to fund it yet (with the 0.25% drop, I should though), but my fiance definitely will.
 
spludgey said:
Yes, I thought it looked good as well. The only concern is that I'll fly down and it'll go for $300k+ or has something obviously wrong with it. There don't seem to be too many other properties that catch my eye on the market currently.
Maybe I should just go down, as it could always sell for less.

Is it standard in SA to sign a contract for yourself or a nominee? I'm not sure whether I'd be able to get the money to fund it yet (with the 0.25% drop, I should though), but my fiance definitely will.
Click to expand...

It is common in SA to include a 'And/Or nominee' clause, so no issues in that respect.

Just had a look through the photos for that pair of semi's, if you have a look at the rear of the property, there seems to be a distinct lack of copper/HWS on the side with a rear photo.

I'd imagine a pair of semi's in good condition like that would probably fetch around 270k - even in Elizabeth Downs. Auctions in this area seems to be a hit and miss - some will get absolutely no interest while others will go way above what one expects (saw a pair of semis on Johnston street go for 265k & they were an absolute tip).
 
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