My latest purchase: 3 bedroom house in Wellington, NSW.

Maybe this one is next..

http://www.realestate.com.au/property-house-nsw-wellington-114453335

I laughed at the tenant in the photo of the whipper snipped, one bare foot, one sock on...

Crazy stuff going on in there!

A priceless snapshot of life in that poor little house, crying out for some love. If this is daytime visitor presentation what does this place look like when the tenants are chilling out? And what on earth was the RE motivation for this pic? Fascinating...
 
A priceless snapshot of life in that poor little house, crying out for some love. If this is daytime visitor presentation what does this place look like when the tenants are chilling out? And what on earth was the RE motivation for this pic? Fascinating...

Quite defiantly some mental health issues going on..
Sorry to hijack your thread mate.
 
Hi... what do you think the growth outlook might be in this area ?

cheers :)

Well, the rents for Dubbo are making people move out to Wellington, where it's cheaper, and that demand is pushing rents up, so it's hard to find a 3 bedroom house in reasonable condition for less than $200/week.

The houses that need a complete makeover are asking $70k upwards, so it's hard to find a house that only needs cosmetic renos for under $100k now.

Some major projects are listed here:

* http://www.wellington.nsw.gov.au/economic-development/major-programs

Growth potential? No idea; I'm buying in this town for cashflow, as that needs improvement in my property portfolio.
 
Will the big 4 not lent at 80%

or is 70% the best you can do

No they will. Theoretically you can go to 95% but what may stump you is the potential risk ratings for the suburb (similar to places like Singleton).

I haven't done a loan for a wellington property but I could imagine high risk ratings for the suburb which will prompt the lender to enforce LVR restrictions.
 
No they will. Theoretically you can go to 95% but what may stump you is the potential risk ratings for the suburb (similar to places like Singleton).

I haven't done a loan for a wellington property but I could imagine high risk ratings for the suburb which will prompt the lender to enforce LVR restrictions.

so 80% is easy to get for a Cat 3 town?
 
The postcode isn't the issue per se. The issue is the risk rating within the valuation. A valuer may mark a 4 or 5 based on certain aspects of the property.
 
Westpac will only lend up to 70%; other lenders can go up to 95% without issue (I'm revaluing right now with one to draw out the most equity to go again).
 
Well Done Mate

Well Done MJA,

What an inspiring story.
Would love to hear more true life experiences like these.

Just wondering if you got the bank loan from the bank directly or using mortgage broker.

Also how often do you visit these properties for inspection considering it is in rural area. Do the realstate guys take care of properties well?

Cheers,
ipguy
 
Well Done MJA,

What an inspiring story.
Would love to hear more true life experiences like these.
Thanks! There are many other stories littered throughout these forums.

Just wondering if you got the bank loan from the bank directly or using mortgage broker.
Direct; I highly recommend a mortgage broker when you start out, as everyone's situation is different.

Also how often do you visit these properties for inspection considering it is in rural area. Do the realestate guys take care of properties well?
You mean my property manager? Yeah, she handles the tenant. I handle the PM.

I'd love to visit this property more; I probably need to soon to do some maintenance touchups, but 4.5 hours drive each way is a bit of a commitment. For this one, I drove to see it before the contract became unconditional (don't buy sight unseen), and once more with my trades to kick off the renovation. I haven't been back. Yet.
 
Quick update: I took the 4.25 hour drive to Wellington last week and inspected my property plus took a look at a smattering of others in the town. My one needs maintenance again (it's almost been 5 years), including paint internally and some proper garden and landscaping out the back. Otherwise, it's holding fairly good shape!
 
Hey mja, love your story! I have some similar properties, I think I posted earlier. These can and do grow lots and give excellent cashflow, it's all about buying well. Keep posting the updates :) We've made most of our money by increasing our salaries, buying good cashflow properties in the middle of nowhere as many would describe it, which increased in value and then paying them off.
 
http://www.realestate.com.au/proper...essageid=179808043&rsf=emailalert-propdetails

another similar has popped up,

could be a goer, but its only 2bdr

Maximum rent for a 2 bedder is around $185/week, but probably less in this part of town. I haven't personally inspected this property, but it's heading towards the part of town (around Elizabeth St) where nobody wants to rent, and those who do want to rent there aren't the tenants you would want to have. The other part is up near the hospital, around Walker Crescent.

That and a tonne of work would need to be done on this property to make it liveable, and it's still only a two bedder at the end of the day, unless you can do something funky to make it a three bedder.
 
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