Hi, I am looking at cash flow positive properties in Inverell regional NSW. Does anyone know some back ground on the town ??? I know it has a large meat works that seems to keep the town ticking along.... Has anyone got IP's there ?? If so are they performing ???
On a whim I bought a little of block of flats there a few years ago with absolutely no research and sold it for a modest profit a year or so later. It was a bit of a headache, though I had an amazing PM. I found out some months after buying it that I had bought on the 'wrong side of town'. So all I can tell you is that Inverell, like all towns, has a wrong side and a right side.
It's not a bad town, though. It seems to draw people from outlying towns, so they're struggling - I'm thinking places like Tingha in particular. TC will know more about Inverell.
cheers for the response mate, I'm looking at a block of flats at the moment. I haven't been to the town as yet.
Do you remember which was the good side of town ??
Did you have any trouble with tenant vacancy's ?? I wasn't going to be relying on massive capital growth but would be a bonus.
No, I can't remember which was the good side.
Yep, I had tenant problems - mostly non payment. Another PM took over and she was great. Got all the non payers up to date. I asked her how she did it. She said, 'I know where they drink. I went down to the pub on dole day and told them that if they didn't give me the money owing I was going to go and toss all their stuff out on the street.'
I sold the place because there was some profit there. So you're not punting on growth? I don't see the point of holding a regional property for the sake of a bit of cash flow. All it takes is some vacancies and a couple of hot water heaters to go and your cash flow goes too.