Is it time for Frankston?

Hahah here is a post I found a few years ago...very true!!!

Toni said:
Don't get caught up on the whole image thing. Look at where it is and what it has to offer. This is how you make your money. It's too late when the ugly ducking becomes a beautiful swan. Everyone wants the beautiful swan, but it's the ugly duckling that will make you rich.:D

Happy Investing.

Toni
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got this in the mail yesterday....

I would of thought this was high for the area, whats everyone else think ????
 

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Frankston really has gone up in price so it's no surprise there aren't many tyre kickers around now. People are committed to buy. With less house on the market now it's only pushing prices up.
 
Julian. said:
got this in the mail yesterday....

I would of thought this was high for the area, whats everyone else think ????
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yeah its a little bit high, but saying that its in the middle of the golden triangle, in terms of reputation its got a good one .........for frankston!

Either that one on dell or next door sold for $420 in 09 when everything surrounding it was selling for $320k, not sure why or whether it was an outlier
 
Truly Exotic said:
yeah its a little bit high, but saying that its in the middle of the golden triangle, in terms of reputation its got a good one .........for frankston!

Either that one on dell or next door sold for $420 in 09 when everything surrounding it was selling for $320k, not sure why or whether it was an outlier
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It's definitely good for the area and even Stanley st has been pushed up with prices and everything around it!

Plus all new jobs will be coming into frankston which is good. New developments happening. The place is definitely changing that's for sure
 
propert managers

impala67 said:
Extensive cosmetic reno and yard clean up, and a new & proper experienced PM led to no problems in 5 years of ownership, 21% rise in value & 18% rent rise, which led to multiple other purchases elsewhere for diversity and also the confidence to buy again. :) It was a good starter for me.

A lot of prospective investors would just drive in, and drive out of the suburb, thinking it was too hard. I gave it a decent go and it's all worked out well.

I think presentation and quality of stock has a lot to do with the tenants.
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Hi again Impala,
Can you please let me know who your PM is?
 
neeko said:
I have excellent tennants in my frankston property and they already want to stay long term 3+ years so im really glad that has helped me alot.

if your PM isnt working for you, **** them off! cause they'll most likely give you anyone. the PM im with said to me that i only consider families or professional couples and thats what i got. true to her word and she is wonderful to deal with.

Nick
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And Nick,
Your PM sounds great - who is that, please?

wattle
 
Someone has made a killing on this dual occ site.

http://house.ksou.cn/p.php?q=Frankston&sta=vic&id=352098

$287,000 for a house on a subdivisible block is damn good value and almost $100,000 below the current median. Those who do their homework in Frankston will find situations like this from time to time. Every month or so I see a deal like this get snapped up.

The house is dated but more than habitable. Might cost $5k to spruce things up. Once that happens, it should rent for clost to $330 a week. That works out to a yield well above 5%. Which means it's close to being cash flow positive.
 
Beat me to it, grandad. Was keeping my eye on that one and wondering how much it went for. $330 might be a bit ambitious for the rent but it's certainly heading in that direction.

An excellent street, of course. Golf course at the end of the road.

There's another one in that street that was going to be auctioned on the same day but they've now put it on the market at 440K. Aleady has the subdivision papers.

One more for sale in that street comes from a subdivided block and the other half already sold off. Selling for 330K I think.

Things are looking up. But as you say, still bargains to be found. That one was a beauty!
 
WattleIdo said:
Beat me to it, grandad. Was keeping my eye on that one and wondering how much it went for. $330 might be a bit ambitious for the rent but it's certainly heading in that direction.
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you'd be lucky to get 290/300 a week for it. flat roof, there a bloody pain! noone wants that for a start, mines fully renod and its getting $320...

flat roofs are the worst! they hold they water and slowly rot your roof... remeber water is an element, its gotta go somewhere.
 
So $500k for the land + stamps + interest. 4 x 150 sqm townhouses which will cost you about $800k. You think you can sell for $1.6m all 4 brand new. After adding in costs and deducting GST that means you probably make a profit of $50k....not a good investment or development in anyone's books.
 
Aaron_C said:
So $500k for the land + stamps + interest. 4 x 150 sqm townhouses which will cost you about $800k. You think you can sell for $1.6m all 4 brand new. After adding in costs and deducting GST that means you probably make a profit of $50k....not a good investment or development in anyone's books.
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well, you get the plans and permits with it, theres 10k just in itself. owner builders , or even companies like turnkey will be jumping at this it'll get snapped up quite fast i think. houses in that street dont last long, one sold recently in 5 or 9 days.

so lets have a look at it.
500k for land + plans & permits. The block over the road sold for 500k a few years ago, its got 8 units on it , but thats like 2000 sqm i think from memory.

200k for each unit to be built x 4= 800k
sell 4 at 400k each theres 1.6mil
$50k profit? wha....riiight. whats building rates you going off? union EBA???

it'll take you like 4 months to build it if you got all your trades together , properly if you didnt **** them around.

i know the area quite well aaron i reckon im on to something here just quietly. your opinion is your own and i understand that. houses in this area are going for 350-400k
i'll even bet itll sell in the month...providing they got there **** in order.
 
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