Looking at investing in Logan Central

[Francois]

Hi all,

While I have found the forums on this this site to be very informative in the past this is my first post.

I have decided to look for an investment property in logan central since prices in Sydney (where I live are too hot for my liking), that having been said, it would seem that logan is also on the move but still much more affordable than Sydney's west. I am flying up later in the week to have a look around but wanted to consult the collective wisdom of the forum to understand the dos and don'ts, so here are some questions?

- are some areas of logan central better than others? Any no go areas?
- should I focus on logan central, any other close by suburbs worth seeing while I'm up there?
- was this area affected by the floods?
- there are properties like this one (http://www.realestate.com.au/property-house-qld-logan+central-113211359) which raises my 'to good to be true' alarm. On enquiry I was told it was been rented to refugees... Is this common in the area? Is this a government scheme? Anyone know the story behind this property?

I think that is it for now but would appreciate any input you think my be useful to me.

Thanks! And a very merry Christmas to all!

Francois

 

[mikezen]

Hi all,

While I have found the forums on this this site to be very informative in the past this is my first post.

I have decided to look for an investment property in logan central since prices in Sydney (where I live are too hot for my liking), that having been said, it would seem that logan is also on the move but still much more affordable than Sydney's west. I am flying up later in the week to have a look around but wanted to consult the collective wisdom of the forum to understand the dos and don'ts, so here are some questions?

- are some areas of logan central better than others? Any no go areas?
- should I focus on logan central, any other close by suburbs worth seeing while I'm up there?
- was this area affected by the floods?
- there are properties like this one (http://www.realestate.com.au/property-house-qld-logan+central-113211359) which raises my 'to good to be true' alarm. On enquiry I was told it was been rented to refugees... Is this common in the area? Is this a government scheme? Anyone know the story behind this property?

I think that is it for now but would appreciate any input you think my be useful to me.

Thanks! And a very merry Christmas to all!

Francois

Logan is massive u couldn't cover it all in one thread, best to narrow it down then phone the local pms , they will give u the low down on what areas/streets to avoid,

I would be focusing more on the deal and the street rather than what part of Logan, but places like marsden, holmesview and Waterford have a bit of land develoment going on so growth might be slightly slower IMO, however for me personally I think these areas are slightly more attractive to live in

Some of Logan flooded, pull out the flood maps

I wouldn't be paying more than 230-270 for a high set like that one in most parts of Logan w similar sized block,

Also 600 may seem a lot for most families in Logan so your market for rent maybe smaller better check that out w a local pm

I think that if anyone could buy at 270, Reno and then rent out at 600 we would all be doing it

If your looking at spending 300-350 there may be better areas to check out first

Not sure about the other questions happy hunting and merry Xmas too u to

 

[Francois]

Logan is massive u couldn't cover it all in one thread, best to narrow it down then phone the local pms , they will give u the low down on what areas/streets to avoid,

I would be focusing more on the deal and the street rather than what part of Logan, but places like marsden, holmesview and Waterford have a bit of land develoment going on so growth might be slightly slower IMO, however for me personally I think these areas are slightly more attractive to live in

Some of Logan flooded, pull out the flood maps

I wouldn't be paying more than 230-270 for a high set like that one in most parts of Logan w similar sized block,

Also 600 may seem a lot for most families in Logan so your market for rent maybe smaller better check that out w a local pm

I think that if anyone could buy at 270, Reno and then rent out at 600 we would all be doing it

If your looking at spending 300-350 there may be better areas to check out first

Not sure about the other questions happy hunting and merry Xmas too u to

Thank you for taking the time to respond. I am mainly focusing on Logan Central at this point.

As for the rental return, the $600 is due to dual occupancy. I am aware that the suburb has a low socioeconomic status. Would only look at going north of 300k if the return was there to support it and, as mentioned, I'm very suspicious of this property since it has been on the market for a while and I'm sure someone else would have snapped it if it was such a good deal...

 

[marg4000]

Thank you for taking the time to respond. I am mainly focusing on Logan Central at this point.

As for the rental return, the $600 is due to dual occupancy. I am aware that the suburb has a low socioeconomic status. Would only look at going north of 300k if the return was there to support it and, as mentioned, I'm very suspicious of this property since it has been on the market for a while and I'm sure someone else would have snapped it if it was such a good deal...

Be very careful. Just because a property has been built in underneath and has two separate tenants does not mean that it is legal. Make sure you check that the dual occupancy is registered and approved by the local council before you take the rental income into account.
Marg

 

[Francois]

Be very careful. Just because a property has been built in underneath and has two separate tenants does not mean that it is legal. Make sure you check that the dual occupancy is registered and approved by the local council before you take the rental income into account.
Marg

Thanks marg4000, will definitely do all required due diligence. I used this property as an example of one that does not look quite right, just concerns me that others in the area might be the same.

How about the type of building in the area, I read two posts yesterday one saying a property they were considering was infested with termite (a pest inspection will reveal this so not too worried) but another mentioned asbestos. Is asbestos common in this area? Will a building inspection report mention asbestos if it's there? And if so, is it still 'safe' to buy the property?

Sorry for all the questions, but this is a brave new world for me, first IP in QLD and must admit that I've always been a bit nervous about investing there...

 

[strongy1986]

Thanks marg4000, will definitely do all required due diligence. I used this property as an example of one that does not look quite right, just concerns me that others in the area might be the same.

How about the type of building in the area, I read two posts yesterday one saying a property they were considering was infested with termite (a pest inspection will reveal this so not too worried) but another mentioned asbestos. Is asbestos common in this area? Will a building inspection report mention asbestos if it's there? And if so, is it still 'safe' to buy the property?

Sorry for all the questions, but this is a brave new world for me, first IP in QLD and must admit that I've always been a bit nervous about investing there...

Unless its a newish property the chance of it containing asbestos is high

I don't think people seem to care as much up there. Have a look at redcliffe peninsula houses for sale - without being sure it would be a good bet to say most internal walls were asbestos

Building report will probably say its likely to contain asbestos - without testing it
You can always plaster over it

If its bonded asbestos it might cost 5 - 10 k to remove
If its friable you will have a heart attack (2.5 times the price)

 

[Truly Exotic]

+1 to most older styles especially highsets having asebestos

some of the roofs have asbestos in it too,

Local rubbish removalists are also surprisingly diligent on removal too!

had a skip full of rubbish with one piece of asbestos that was the size of a4, and the guy managed to pick up on it, when it was in the middle