Hi all,
Figured it was time for a bit of an update, since it's been 20 months since I posted here.
Wellington is a tough suburb to rent a house in. If you can find a tenant that is decent, hold onto them with dear life. There are *plenty* of riff raff that want to rent, but can't, because they're well known to the 4 local real estate agents as being troublemakers, thus nobody will touch them with a 40 foot barge pole.
After I purchased this place and renovated it, it took 2.5 months to get a tenant. She moved out and the place was vacant for 6 weeks, in which the place was vandalised - the hot water system had to be replumbed. That's the issue - kids in the town are bored out of their brains and vandalise empty houses for fun.
I'm going to reval my house later this year and see what the new valuation comes in at; you're right - hasn't been much CG for a while. However, my 3 bedroom house rents for $170/week (should be closer to $180/week now), and my mortgage is $60k. Do the maths. This sort of property (or 4 of them) would be great to balance out any negative cash flow from other IPs.
Good luck!
Figured it was time for a bit of an update, since it's been 20 months since I posted here.
Wellington is a tough suburb to rent a house in. If you can find a tenant that is decent, hold onto them with dear life. There are *plenty* of riff raff that want to rent, but can't, because they're well known to the 4 local real estate agents as being troublemakers, thus nobody will touch them with a 40 foot barge pole.
After I purchased this place and renovated it, it took 2.5 months to get a tenant. She moved out and the place was vacant for 6 weeks, in which the place was vandalised - the hot water system had to be replumbed. That's the issue - kids in the town are bored out of their brains and vandalise empty houses for fun.
I'm going to reval my house later this year and see what the new valuation comes in at; you're right - hasn't been much CG for a while. However, my 3 bedroom house rents for $170/week (should be closer to $180/week now), and my mortgage is $60k. Do the maths. This sort of property (or 4 of them) would be great to balance out any negative cash flow from other IPs.
Good luck!