I'm 21 years old and have just gone unconditional on IP no. 1 in Jamisontown which will yield 7% gross making it neutral, give or take $10/week. I have seen properties in lesser condition than mine sell in the last 2 weeks for $15-20,000 more than mine so I am convinced it is a good buy.
I have about $230,000 to spend on No. 2 and I've been looking in Penrith, St Marys, Mt Druitt areas for the last month or so and it's proving very very difficult to purchase at good prices. Even properties that haven't even been advertised are selling at "VIP OFIs" for 6.5% yields which is not what I'd be willing to purchase at.
I am close to a deal on a 2bdr unit in St Marys at $225,000 which is rented at $310/week which is good condition and is an off-market deal, so I think that represents good value and a positive cash flow.
If this doesn't come together though, I'm not liking my chances of finding a good buy in Western Sydney, especially after rates have dropped again and once the election is over I think we should see further increased confidence in the market, so I don't want to get caught up and overpay.
Are there any metro areas I should look at where properties yielding around 7% can be found in the <$230,000 price range?
My goal is to purchase 2 properties per year, so I need short term growth to help me achieve this, and it needs to be neutral/positive.
Any help would be appreciated.
I have about $230,000 to spend on No. 2 and I've been looking in Penrith, St Marys, Mt Druitt areas for the last month or so and it's proving very very difficult to purchase at good prices. Even properties that haven't even been advertised are selling at "VIP OFIs" for 6.5% yields which is not what I'd be willing to purchase at.
I am close to a deal on a 2bdr unit in St Marys at $225,000 which is rented at $310/week which is good condition and is an off-market deal, so I think that represents good value and a positive cash flow.
If this doesn't come together though, I'm not liking my chances of finding a good buy in Western Sydney, especially after rates have dropped again and once the election is over I think we should see further increased confidence in the market, so I don't want to get caught up and overpay.
Are there any metro areas I should look at where properties yielding around 7% can be found in the <$230,000 price range?
My goal is to purchase 2 properties per year, so I need short term growth to help me achieve this, and it needs to be neutral/positive.
Any help would be appreciated.
