Potential Bargains to Share Thread

I'm not in the market to buy anything but when I'm bored I still look up realestate to see what's on the market.

I thought I'd start a thread and put some links up to properties that I find with some potential to be bargains in case anyone wants to keep an eye on them if they are in the market.

This is one that I spotted today:

http://www.pt.qld.gov.au/real-estate/properties/25-Chalfont-Street--Cnr-Cubbit-Street-Salisbury.html

It's in Salisbury (10k's from Brisbane CBD). Close to griffith university. And in need of a renovation and it's a public trustee auction. So it may go below market value. It won't have developer interest inflating the price because it's only a 615m2 block, and the house looks like it has potential to create additional bedrooms by changing the layout inside with a few new walls, but until I see a floorplan I can't be sure of this. Also you could raise it and build in underneath. Meaning there is potential to get 5 bedrooms and rent them $160 each to uni students at the nearby university.

I think it would be a good buy if you could get it for around $350 000 and easily make a 4th or 5th bedroom if the current layout allowed for this.

Even with just 4 bedrooms the place will bring in $640 per week, minus about $80 per week to allow for internet, electricity, and water, which you would have to supply yourself. After interest and rates and insurance you would probably be positively geared and profit $8000 per year (self managed). Get a 5th bedroom out of the place and you'd be looking at $15000 profit per year. Renovated that house would also be worth about $420 000, so there is possibly room to make initial capital gain as well.

OR some idiot will pay over $400 000 for it at auction when they shouldn't and the above scenario is null and void.

Anyway that's just one that I found and others may be interested in.
 
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Looks like the original thread has been deleted?
Yeah I deleted the original post and put it in the right section. Then my new post in the right section got deleted because it was a "duplicate". Now I've put the info back in the first post which has since been moved to the right section lol. Next time I think I'll leave it up to the moderators to just fix my blunders rather than trying to fix them myself :p
 
What council approval (if any) do you need to rent a property out by the room?
You keep everyone on the same tenancy agreement, but you can do an annexure that specifies the bond and rent for each person/room. As long as there are no more than 5 unrelated people under one roof, no problems with brisbane city council. I've got a couple places with this setup in that suburb.
 
You keep everyone on the same tenancy agreement, but you can do an annexure that specifies the bond and rent for each person/room. As long as there are no more than 5 unrelated people under one roof, no problems with brisbane city council. I've got a couple places with this setup in that suburb.
Just from the sidelines Tim86,how does the landlord insurance stand up for this,do you let then know about the way this property is run?..
 
You keep everyone on the same tenancy agreement, but you can do an annexure that specifies the bond and rent for each person/room. As long as there are no more than 5 unrelated people under one roof, no problems with brisbane city council. I've got a couple places with this setup in that suburb.

Interesting, thanks for clarifying that. Do you self manage a property of this type?
 
Interesting, thanks for clarifying that. Do you self manage a property of this type?
Yeah I self manage 2 properties like that. $850 per week gross rent from one, and $750 gross rent from the other. First one cost me $400 000 including all setup costs (stamp duty, reno's, etc...) the other cost me $320 000 including all setup costs.

So you can get a good return.

I had a drive past that house yesterday on my way home from work. You'd probably be pushing it to fit a 4th bedroom due to the size of the house, but it might be possible. Sometimes you can sacrifice part of a lounge room to get another bedroom as well if the lounge room is big enough. Or if you've got the skills to build in underneath the place could be a winner as well.
 
This is a deceased estate in Loganlea. I had a look at it and it appears structurally quite sound and even has a fairly recent hot water system.
It does need a new kitchen, new bathroom and the carpets ripped out to polish the floor boards. Other than that, there's not really that much to do.
Great block of land and in a reasonable area.
If I had the funds, I'd buy it myself, but that's really out of the question for me right now.

The REA advised that he expects bidding from mid $100k, which I think sounds a bit low.
 
This is a deceased estate in Loganlea. I had a look at it and it appears structurally quite sound and even has a fairly recent hot water system.
It does need a new kitchen, new bathroom and the carpets ripped out to polish the floor boards. Other than that, there's not really that much to do.
Great block of land and in a reasonable area.
If I had the funds, I'd buy it myself, but that's really out of the question for me right now.

The REA advised that he expects bidding from mid $100k, which I think sounds a bit low.
ive had my eye on that one too, but it all depends on the $$$
 
Did anyone go to the auction or have some other way of finding out what the property at 6 Sylvia street Loganlea Qld 4131 sold for?
 
Under the hammer for $225K.

There is one across the road on the market for $256K in much better condition with similar position and land - so both seemed comparable.
 
Agreed - our interest was only up to $205K, which we thought was a reasonable possibility. It was a good block with a wide frontage.

Getting harder to find the bargains.
 
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