Lately Frankston North has been hopeless for investment where as Shalvey, Letheridge Park, Tregear etc have been doing well. I have an IP in FN that I am REAALLLYYYY tempted to get rid of an a place in Shalvey that is doing great.
This thread started by Investor2009 is about similar issues http://somersoft.com/forums/showthread.php?t=86655
Here are the numbers
FN
Bought Dec 2009 (the worst time, a bad mistake)
On Monterey Blvd
$268 000 purchase cost
$275 current value
$270 last rent, currently vacant for 6 weeks, rent $260 and no takers
$2500 repairs about to do on it
Shalvey
Bought Dec 2012
On Koomooloo Ave
$245 000 purchase cost
$255-265 000??? heard prices have gone up by upto $20k since then
$300 rent and tenants easy to find
PLUS have a GF almost ready that will boost yield to over 8%
Can any one give me ONE good reason why I should not get rid of this FN IP and put that money to better use else were? ie another Shalvey IP or under my mattress
This thread started by Investor2009 is about similar issues http://somersoft.com/forums/showthread.php?t=86655
Here are the numbers
FN
Bought Dec 2009 (the worst time, a bad mistake)
On Monterey Blvd
$268 000 purchase cost
$275 current value
$270 last rent, currently vacant for 6 weeks, rent $260 and no takers
$2500 repairs about to do on it
Shalvey
Bought Dec 2012
On Koomooloo Ave
$245 000 purchase cost
$255-265 000??? heard prices have gone up by upto $20k since then
$300 rent and tenants easy to find
PLUS have a GF almost ready that will boost yield to over 8%
Can any one give me ONE good reason why I should not get rid of this FN IP and put that money to better use else were? ie another Shalvey IP or under my mattress