investor wanted- MELBOURNE

[cain family]

Can anyone help me try and find a property investor? We have our house for sale in Melbourne, which is tennanted until March 06. We need to sell the house, obviously with tennants in it.
Any ideas on where to find an investor? House is in Sunbury, $218k rental @ $867pcm, tenannts want to be there indefinately!
Excellent property, all modern and fresh, we just need to sell it to buy our own home
if you know where I can find investors, please email [email protected] or 0423513776

 

[cain family]

details of property- as requested

The price on the house is $218,000.

The house is in a court location, second last house in the court on the left hand side. There is a new estate being built and almost completed at the other end of the court and is on the freeway side of Sunbury 33km from city itself (MELBOURNE VIC), very sought after area for tennants.

3 bedrooms, ensuite, kitchen/meals, gas wall furnance, BRAND new Hot water service, air conditioning, WIR in main, very modern, modern and tasteful blue carpets with quality thick gorgeous yellow curtains (alone around $5k)

The tennants have been in the house since March 04 and wish to be there for at least the next 3 years. they are on a lease until March 06 @ $867pcm. They havent had a rent increase since they have been there so they are due for an increase in march.

The house is located in Sunbury Vic (33km from Melbourne City on Freeway) and about 12 mins from Tullarmarine airport

Block is 550sqm, very nice block.

Room for car accom, tennants happy without it, but always can use this as an imrovement if wanting to later.

Rates are $679 per year, HUme City Council
Water is around $160 quarterly.

House is 8 yrs of age, but had a full refurb 3 years ago. New curtains, carpets, full painting, new oven, airconditioner and only 2 weeks ago hot water service. So realistically NO EXPENSE needed.

Its a lovely home, lovely and reliable tennants, fantastic location and not a cent to spend unless you wish to put in car accomodation

 

[Bill.L]

Hi all.
Cain family, firstly welcome to the forum. Secondly it is regarded as bad form to join with only the intention of getting some free advertising. You are probably lucky some moderator has not nuked the thread.

Can I assume your property for sale is this one??

http://www.realestate.com.au/cgi-bi...0&p=30&t=res&ty=&snf=rbs&ag=&cu=&fmt=&header=

Why do you think this is a good investment for someone?? From my perspective it is in a not so attractive suburb that is a long way from the CBD and is on a small block. The house is also cashflow negative at a price of $218k and returning only $200 pw. There are over 200 properties for sale in Sunbury advertised on realestate.com alone, so it would seem that it is a definite buyers market out there.
You claim the area is highly sought after by tenants, yet there appears to be 33 houses for rent in this suburb. There are also many other 3 bd homes available at under $200 pw.

You will find most investors who know what they are doing will pass on this one, unless the price was substantially lower.

For me PASS.

bye

 

[Monopoly]

Hi Cain family,

Welcome to the forum.

With respect to your first post being a free plug to advertise your property, I have to agree with Bill, sorry but it is in bad taste.

Unfortunately, I also have to agree with Bill, in that (albeit a lovely home, if the link he has provided is indeed your property) is nothing out of the extraordinary, and as an "investor" (which is what you are seeking to find) this property is not one that would capture my interest. For starters, at $218K with $867 pcm or (more loosely translated) a 4.8% gross rental yield is a tad low for my liking. I can get the same return, if not better, from a much more established area.

I know Sunbury well, it is a nice enough area, but still has a long way to go. Strictly from an investors perspective, it would not be worth buying into as predominantly most households are owner-occupied, thus the rental demand for this area is statistically low in comparison to many surrounding suburbs. That is why (as Bill pointed out) you have in excess of 33 rental properties listed on realestate.com alone (not to mention those "off the books").

Sorry, but as an investor, it's a PASS from me also.

Good luck with it though, it is a pretty little house, and I'm sure someone will fall in love with it and make it their home.

Cheers,

Jo

 

[cain family]

thanks for your email Bill.

I havent used this site to advertise, in fact I have spoken to a number of people from this site who are very positive people. I am not a millionaire sitting here trying to make a quid, I am married with 3 children and just want to sell our house in Sunbury to buy a home for our family and want some advice, not negative criticism.
The post initally was where to find investors, not to advertise, and it was requested I give further information, maybe you should gte your facts straight. I am unsure as to why you even took the time out to reply, you dont OWN this website, please let small people who are just trying to move on with their lives be able to have a chance at contacing people with some REAL advice be able to have some exposure to knowledgeable people!

If I annoy you so much and you get a kick from public humilating people by writing negative and unecessary comments, maybe its time you did some silent reflection about yourself and whether its necessary.

This certainly wasnt a ploy to advertise, it was a simple pro-active attempt to get some guidance. You have done your homework and found my house on the net already agent listed, so if I wanted to advetise wouldn't I just leave that to the agents, which is what I am paying them for afterall isnt it?

I found the every other person whos contacted me, regardless if they choose to spend their money on my house or not, has been supportive, which has been fanastic- thank you everyone.

 

[Monopoly]

thanks for your email Bill.

I havent used this site to advertise, in fact I have spoken to a number of people from this site who are very positive people. I am not a millionaire sitting here trying to make a quid, I am married with 3 children and just want to sell our house in Sunbury to buy a home for our family and want some advice, not negative criticism.
The post initally was where to find investors, not to advertise, and it was requested I give further information, maybe you should gte your facts straight. I am unsure as to why you even took the time out to reply, you dont OWN this website, please let small people who are just trying to move on with their lives be able to have a chance at contacing people with some REAL advice be able to have some exposure to knowledgeable people!

If I annoy you so much and you get a kick from public humilating people by writing negative and unecessary comments, maybe its time you did some silent reflection about yourself and whether its necessary.

This certainly wasnt a ploy to advertise, it was a simple pro-active attempt to get some guidance. You have done your homework and found my house on the net already agent listed, so if I wanted to advetise wouldn't I just leave that to the agents, which is what I am paying them for afterall isnt it?

I found the every other person whos contacted me, regardless if they choose to spend their money on my house or not, has been supportive, which has been fanastic- thank you everyone.

Hey relax,

Bill wasn't trying to humiliate you, well not as I read it. But then, you may think I was just as harsh.

You called for "investors" and as such, you got investor comments, which are IMO unemotional when it comes to the business of buying property.

You seem very emotionally bound to this property, as expected, after all it is your HOME. But as investors, we tend not to be. I am sure, someone out there will see the picture of this little house and fall in love with it enough to want to make it their own home.

Please don't be angry; I'm sure there was no ill intent on Bill's behalf.

BTW....I have sent you a PM (private message)...I hope you read it, and understand, no one is out to try and upset you here.

Cheers,

Jo

 

[duncan_m]

Can anyone help me try and find a property investor? We have our house for sale in Melbourne, which is tennanted until March 06. We need to sell the house, obviously with tennants in it.
Any ideas on where to find an investor? House is in Sunbury, $218k rental @ $867pcm, tenannts want to be there indefinately!
Excellent property, all modern and fresh, we just need to sell it to buy our own home
if you know where I can find investors, please email [email protected] or 0423513776

Hey Mrs Cain, welcome to the forum.. Are you sure you really HAVE to sell this property to get your new home?

 

[Macca]

Well , I for one support Bill and Mono, they gave you a realistic assessment of WHY you aren't finding an investor to buy your property and you flame them in return.

It is true that these posters don't own the website, but they are regular posters who are well aware of the required protocols that make this site the popular place that it is.

As Mono said good luck in quest, but just because you don't like the message, don't shoot the messenger

 

[Twitch]

I think to dismiss what Bill.L has said would be a mistake. Yes it was a little harsh, but it reflects the thoughts that most property investors will have looking at your property.

It looks like a lovely home, but for a PI it is a long way from the CDB so capital growth might be limited, it is not a subdividable block so opportunity to develop is limited, on the surface the risk of vacancies is there, and the yield is such that it is still quite negatively geared. On the plus side it sounds like there is some nice depreciation benefits, but that is small consolation.

Perhaps you need to re-think your target market. I would sugest an owner occupier would be interested in your home, much more so than investors.

This isn't a bad thing anyway, investors are only about 30% of the market. So by marketting it the way you are now you're restricting yourself to them. Best go after the other 70% for whom yield, vacancy, sub-dividability, even CG issues, are all unimportant.

I hope you don't see this as too negative, it isn't meant to be.

 

[Bill.L]

Hi all,

Good grief!!

"I havent used this site to advertise"

but in post number 1

"We have our house for sale"
"Excellent property, all modern and fresh, we just need to sell it"

Sorry, but to most of us that consists of an advert.

Perhaps you could have contributed to the forum by asking what people thought of Sunbury as an area for investment. Or perhaps you could have asked for advice on your dilema, as in wishing to move and what are the best ways to purchase in xxxxxx when we have already used up our borrowing power etc,etc.

Do you really need to sell into a soft market?? Have you explored other alternatives?? Are you prepared to sell at a loss if necessary?? What made you think it would be a good IP in the first place??
If you need a home for your family, what is wrong with the one in Sunbury, if it is in such a lovely area??

bye

 

[skater]

The post initally was where to find investors, not to advertise, and it was requested I give further information, maybe you should gte your facts straight. I am unsure as to why you even took the time out to reply, you dont OWN this website, please let small people who are just trying to move on with their lives be able to have a chance at contacing people with some REAL advice be able to have some exposure to knowledgeable people!

If I annoy you so much and you get a kick from public humilating people by writing negative and unecessary comments, maybe its time you did some silent reflection about yourself and whether its necessary.

I have to agree with Bill & Monopoly. Now I know they don't own the website, but we do have guidelines that everyone abides by and your first post WAS an advertisement for your home.

It may be a beautiful home in a lovely area, but you are talking to investors, not home owners & you can not take to heart some of the comments that may be made. Investors do see things differently so remember it's not a personal attack if you are asked some tough questions.

Now, take your homeowner hat off for a second. Do you really need to sell this property? Can you refinance & release equity to buy your next property? It is a soft market at present, so it's not the ideal time to sell.

 

[JoannaK]

Hi Cain Family,

Firstly, welcome to the forum.

If you are looking for investors to purchase your home, you have found the right place. We are all investors here; some of us experienced and some of us still finding our feet.

The responses you have received are in no way meant to humiliate you at all. This forum first and foremost is about education, and the sharing of that education.

The responses you have received are quite informative and contain some excellent advice and opinions from seasoned investors. Bill et al have very clearly explained, from an investors perspective, why an investor may not purchase your property as an investment property.

This post is in the Caveat Emptor forum. Whilst you didn't originally post in the Caveat Emptor forum, it was moved here as it was the most appropriate place for it.

Having said that, I'd like to draw your attention to the link below, which outline the guidelines for this particular forum.

http://www.somersoft.com/forums/showthread.php?t=89

These guidelines may go some way in explaining the responses you've received and again I reiterate that the responses you've received are not negative or attacking in nature, nor are they timewasting, they are simply observations made by some investors that you may wish to ponder upon.

Good luck, and please enjoy the wealth of information and education contained here.

 

[grossreal]

hi all
couple of things
Cain family if you ask a question don't complain about the answer. look at the answer and see if it reasonable, reading Bill.L and Monopoly, yes its reasonable.
You are looking at investors here not sure about the rest but I look at return and Im sorry I wouldn't look at your property.
If and when I advertise it will be with a return.
I dont mind you putting up this add, good on you put don't shoot the person telling you why you shouldn't have put it here in the first place.
I'm not trying to find my feet and my advice is don't sell, look at other ways of getting out of your current position, there are a number options but this is not the place to voice them.

 

[michaelg]

Hi,

Just a thought, but if the tenants want to stay in that house...

The tennants have been in the house since March 04 and wish to be there for at least the next 3 years.

Then why not ask them if they want to buy it?

If a deposit is an issue then you can vendor finance them the deposit, or...

Give them a lease option and let them pay for the option via periodical installments.

You could make it a 3yr lease option, and crunch the figures so that its positively geared.

Just a thought.
Michael G

 

[cain family]

House For Sale In Sunbury

Hi All

This house is still for sale, we took it off the market to refinance and took the equity from it to buy our new home, but we have decided to sell, and would like a quick sale so are prepared to drop the price in order to sell quickly!
The bank valued it @ $225k for the refinance, and we now are prepared to take a $205ish offer, even less for a QUICK sale.

Tennanted @$867pcm, due for increase March 2006!

NOTHING needs doing, all applicances are within 3 yrs of age, paint carpet and curtains good- only update would be car accomodation!
I can even supply all the material to build a 4mX 4m pergola if wanted!

If you are interested in buying, the quicker the sale the cheaper! If we do need to hold onto this until after settlement of our new property in November then we may as well hold out for our price!

SO IF YOU WANT AN EXCELLENT LITTLE HOUSE PLEASE CALL 0423513776

I APPOLGISE IN ADVANCE FOR THE "ADVERTISING" BUT WANT TO GIVE ALL READERS OF THIS SITE THE OPPORTUNITY TO CONSIDER- AND I DID TAKE YOUR ADVICE AND USE THE EQUITY FROM THE HOUSE_ BUT NOW WANT TO SELL AND LIVE A SIMPLE LIFE!

 

[cain family]

house in Sunbury

Hi All

This house is still for sale, we took it off the market to refinance and took the equity from it to buy our new home, but we have decided to sell, and would like a quick sale so are prepared to drop the price in order to sell quickly!
The bank valued it @ $225k for the refinance, and we now are prepared to take a $205ish offer, even less for a QUICK sale.

Tennanted @$867pcm, due for increase March 2006!

NOTHING needs doing, all applicances are within 3 yrs of age, paint carpet and curtains good- only update would be car accomodation!
I can even supply all the material to build a 4mX 4m pergola if wanted!

If you are interested in buying, the quicker the sale the cheaper! If we do need to hold onto this until after settlement of our new property in November then we may as well hold out for our price!

SO IF YOU WANT AN EXCELLENT LITTLE HOUSE PLEASE CALL 0423513776

I APPOLGISE IN ADVANCE FOR THE "ADVERTISING" BUT WANT TO GIVE ALL READERS OF THIS SITE THE OPPORTUNITY TO CONSIDER- AND I DID TAKE YOUR ADVICE AND USE THE EQUITY FROM THE HOUSE_ BUT NOW WANT TO SELL AND LIVE A SIMPLE LIFE!

 

[Monopoly]

Cain family,

I know I can be a bit "blonde" at times (especially when I have been called out in the wee hours of the morning) but I think I got your message loud and clear in your last post (on page 1). Repeating it won't necessarily attract any more buyers for your home.

I am sorry you are having such a time of it, and I do hope you secure a sale soon, but in the meantime, perhaps you should consider a PLAN B as Plan A (getting a quick sale) doesn't seem to be working.

All the best,

Jo

 

[shaunwalker]

Hi,

Just a thought, but if the tenants want to stay in that house...



Then why not ask them if they want to buy it?

If a deposit is an issue then you can vendor finance them the deposit, or...

Give them a lease option and let them pay for the option via periodical installments.

You could make it a 3yr lease option, and crunch the figures so that its positively geared.

Just a thought.
Michael G

i agree with michael on this one,
find what the problem is exactly then try and find a solution.
ie, maybe offer long settlement, give the tennant to offer to buy at a discounted rate if they are "quick" to make an offer.
perhaps offer the buyers a smaller deposit with the understanding of a balloon payment in 12 months time.
sell at a loss (never nice), maybe you should "listen to the market", whats it telling you? is it over priced, is it an ordinary deal. investors here are telling you its a below average deal, what can you do to make it a good deal?
have you looked at leasing to defence housing authority??

as someone once said
"problem plus solution = profit"

cheers
shaun

 

[cain family]

Response

Hi Shaun

Thanks for your input. Our tennants are not wanting to buy this particualr house, we did explore this even before we put it on the market!

What we have done since this last post, was use the equity against this property and did in fact pull it from the market with a small goal of keeping it as an IP.
But again have changed our minds and SLASHED the price. $197k is now the price and thats to cover all debt and nothing further! THe bank valued this at $225k on 08/10/05 (refinance)
THIS IS FOR QUICK SALE so the price it sells for and the price we accept will have 100% to do with the settlement time....

Rent is $867pcm until March and due for increase then.

So if any investors are looking for a BV 3 bedroom house, tennanted, with modern services and prepared to settle quick, then please consider....

but thanks for your advice, and to an extent we had already taken it

Danielle
[email protected]
0423513776

 

[ggumpshots]

Hi Bill and Monopoly, your responses were spot on.
in fact excellent.