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From: Mike .
Calling Melbourne experts
From: Jacques
Date: 06 Feb 2001
Time: 08:16:16
In the Thread entitled "The Investor's Club strategy", Anna wrote: "My strengths are knowledge of Melbourne market, renovation/refurb skills, people management including tenants. I have been bought my first property in Melbourne over ten years ago so I have experienced high interest rates, flat growth years, boom years."
I am a Melburnian, and as a novice investor (looking for a mentor!), I thought I would call Melbourne experts in this forum. I have a number of IPs in my sight, and the Melbourne ones include a mixed commercial-residential off-the-plan unit in a complex, and the one I would like advice about in this post.
An Arab country has made a deal with some of the Melbourne Unis, and are sending their people to be trained here. These students are Moslems, and as they are only here for a max of three years, want to live close to a station and close to a mosque. The only place in Melbourne where that combination works is in Newport. But where it gets harder, is that these guys prefer to be within walking distance. So I need to find a property real close to the station (referring to a Melway, it must be a property on 55 J3 or J4). That's a pretty small area. I know that prices have already gone up in Newport, and I am ready to put in $200k to $250k. I have no worries with yield at that level (the tenants are Arabs from an oil producing country, sponsored by their government, so will pay the fair price within reason), and no problems with tenancy rates, as one Arab leaving is replaced by another coming in. How should I approach this? Should I flood the local RE agencies with my request? Is there a buyers agent that I should use? I have been scanning the web pages of property.com.au and realestate.com.au looking for something suitable but with no luck. Also, these people would prefer a decent property with mod cons. I guess I can learn about renovating, but how does one go about finding what developments are about to happen in the Newport area I am interested in, so that one can approach developers about buying off the plan?
I can see a good opportunity for me, as I know the tenants, and then it is word of mouth referral, but given the number of tight variables, is this a bit of a pipe dream?
Thanks for any comment/help/advice/information.
Cheers Jacques
Calling Melbourne experts
From: Jacques
Date: 06 Feb 2001
Time: 08:16:16
In the Thread entitled "The Investor's Club strategy", Anna wrote: "My strengths are knowledge of Melbourne market, renovation/refurb skills, people management including tenants. I have been bought my first property in Melbourne over ten years ago so I have experienced high interest rates, flat growth years, boom years."
I am a Melburnian, and as a novice investor (looking for a mentor!), I thought I would call Melbourne experts in this forum. I have a number of IPs in my sight, and the Melbourne ones include a mixed commercial-residential off-the-plan unit in a complex, and the one I would like advice about in this post.
An Arab country has made a deal with some of the Melbourne Unis, and are sending their people to be trained here. These students are Moslems, and as they are only here for a max of three years, want to live close to a station and close to a mosque. The only place in Melbourne where that combination works is in Newport. But where it gets harder, is that these guys prefer to be within walking distance. So I need to find a property real close to the station (referring to a Melway, it must be a property on 55 J3 or J4). That's a pretty small area. I know that prices have already gone up in Newport, and I am ready to put in $200k to $250k. I have no worries with yield at that level (the tenants are Arabs from an oil producing country, sponsored by their government, so will pay the fair price within reason), and no problems with tenancy rates, as one Arab leaving is replaced by another coming in. How should I approach this? Should I flood the local RE agencies with my request? Is there a buyers agent that I should use? I have been scanning the web pages of property.com.au and realestate.com.au looking for something suitable but with no luck. Also, these people would prefer a decent property with mod cons. I guess I can learn about renovating, but how does one go about finding what developments are about to happen in the Newport area I am interested in, so that one can approach developers about buying off the plan?
I can see a good opportunity for me, as I know the tenants, and then it is word of mouth referral, but given the number of tight variables, is this a bit of a pipe dream?
Thanks for any comment/help/advice/information.
Cheers Jacques
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