http://www.realestate.com.au/property-unitblock-nsw-drummoyne-113229411
I would be grateful for your opinions on this property as an investment.
It is expected to sell for about 2 mil.
Currently rented for about 1500 gross return per week.
Located close to CBD in an area with good CG potential and past history. Good rental demand in this area.
I pay only one set of transaction costs.
Some problems: very old property - could require costly maintenance issues.
Would be negatively geared which could cause problems if there was disruption to my income.
I am thinking of buying, holding and selling later with a view to CG. There should be further room to renovate the interiors with painting and flooring to increase rent and resale price?
I am thinking of borrowing against my PPOR for deposit and the rest against the property, therefore, effectively borrowing 100% secured against two properties with no cross collateralisation.
I would be grateful for your opinions on this property as an investment.
It is expected to sell for about 2 mil.
Currently rented for about 1500 gross return per week.
Located close to CBD in an area with good CG potential and past history. Good rental demand in this area.
I pay only one set of transaction costs.
Some problems: very old property - could require costly maintenance issues.
Would be negatively geared which could cause problems if there was disruption to my income.
I am thinking of buying, holding and selling later with a view to CG. There should be further room to renovate the interiors with painting and flooring to increase rent and resale price?
I am thinking of borrowing against my PPOR for deposit and the rest against the property, therefore, effectively borrowing 100% secured against two properties with no cross collateralisation.