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From: Rolly Taddeo
Hello all you keen investors.
I already own investment properties in NSW which i control and are doing quite well.I have been reading this forum for about 6 months and listening to all the experts and novices which has been entertaining and informative. I decided to get off my bum and search for another IP, but i didn't want to do in NSW because I would have to pay Land tax, so i decided to search in Queens land. Now reading the expert opinion on this forum and also reading API magazines I decided to buy a brand new 2 Bed unit 2 Klms west of Brisbane city.
I bought it the unit $249000 plus Stamp Duty,solicitors fees,insurances and plus government chargers on the LOC Loan which include
stamp duty registrations fees the total cost of the Unit was $261000.
Real Estate told me i would get $280 to $300 per week but the rental market told me i would only get $260 per week which i finally have tenant for.
My management fees are 7% plus 1 week letting fees
Land water rates are $1200
Body corporate fees are $900
Insurance $235
My total return on equity 3.8% on this Brisbane property.
Question is where did i go wrong?
Would i been better off to investing in a Managed Fund which gives better returns than the Brisbane property.
Any comments would be appreciated.
Hello all you keen investors.
I already own investment properties in NSW which i control and are doing quite well.I have been reading this forum for about 6 months and listening to all the experts and novices which has been entertaining and informative. I decided to get off my bum and search for another IP, but i didn't want to do in NSW because I would have to pay Land tax, so i decided to search in Queens land. Now reading the expert opinion on this forum and also reading API magazines I decided to buy a brand new 2 Bed unit 2 Klms west of Brisbane city.
I bought it the unit $249000 plus Stamp Duty,solicitors fees,insurances and plus government chargers on the LOC Loan which include
stamp duty registrations fees the total cost of the Unit was $261000.
Real Estate told me i would get $280 to $300 per week but the rental market told me i would only get $260 per week which i finally have tenant for.
My management fees are 7% plus 1 week letting fees
Land water rates are $1200
Body corporate fees are $900
Insurance $235
My total return on equity 3.8% on this Brisbane property.
Question is where did i go wrong?
Would i been better off to investing in a Managed Fund which gives better returns than the Brisbane property.
Any comments would be appreciated.
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