Slacks Creek #5

Glad we could help.

New planning scheme in Logan looks like it will let you convert underneath to a granny flat and rent out separately too. Final plan not released yet but should be only a couple of months off

Yeah I've been hearing a lot about this. The house has a separate meter in the meter box already so the owner might of been planning to do something similar!

Plenty of places i went through had loads of people living in the high sets seems the p.m's are fairly relaxed with the laws.
 
Glad we could help.

New planning scheme in Logan looks like it will let you convert underneath to a granny flat and rent out separately too. Final plan not released yet but should be only a couple of months off

In NSW, a fire separation is required between ground and 1st floor to separate this into dual occupancy/secondary living. This cost is often too high or builder walk away from it.

Be very interested to see what the QLD, specifically Logan council legislation on this...
it make sense to have this separation if ground tenant is unrelated to 1st floor tenant. Without this fire rating, the accidental fire would go through the floor instantly rather than a 60min fire rating material.
 
Good work mate, that will surely get some nice CG as well. I personally love Slacks Creek as it is so undervalued compared to the better logan suburbs to the East, North and South. It has all the same amenities and access to the freeway but is about 100k cheaper.

I have a couple of houses close to the freeway just off the service road and both have come back with good vals.
3/1/1 on 930sqm purchased in 2006 for $220k and spent approx $20k came in at $340k valuation 14months ago
rent is $330pw no property management very good tenant who fixes things as they break for cost (tradie/handyman)

3/1/1 on 930sqm purchased Feb 2014 for $295k spent aprox $5k on tidy up and valuation on purchase came in at $310k.
Rent is now $360pw and this one is property managed.

The area has increased between 6-9% depending on what data you read in the last 12 months and is sitting at around $305k median. This is still under the previous peak. I beleive this run will take the median to at least $350 -$360k over the next couple of years before it plateaus again.

Good times :)
 
Thanks Richard! how did you go with your hunt for something under 350k? i started off hoping to do the same with a house around 15km out, but quickly realised i had missed the boat so decided to get one north and one south of Brissy instead.
Looking on real-estate.com plenty of places similar to what i bought have started to move in price already , so hopefully within 12 months ill do a reval and be able to continue buying!

That post was actually about 2 years old. I put my cash into Marrickville and built some equity.

However, I'm looking to grab two around that price point this quarter in Bris. I'm just awaiting equity release, then I'll be flying up every weekend until I have two accepted offers.
 
Good work mate, that will surely get some nice CG as well. I personally love Slacks Creek as it is so undervalued compared to the better logan suburbs to the East, North and South. It has all the same amenities and access to the freeway but is about 100k cheaper.

I have a couple of houses close to the freeway just off the service road and both have come back with good vals.
3/1/1 on 930sqm purchased in 2006 for $220k and spent approx $20k came in at $340k valuation 14months ago
rent is $330pw no property management very good tenant who fixes things as they break for cost (tradie/handyman)

3/1/1 on 930sqm purchased Feb 2014 for $295k spent aprox $5k on tidy up and valuation on purchase came in at $310k.
Rent is now $360pw and this one is property managed.

The area has increased between 6-9% depending on what data you read in the last 12 months and is sitting at around $305k median. This is still under the previous peak. I beleive this run will take the median to at least $350 -$360k over the next couple of years before it plateaus again.

Good times :)

congratulation northy uve gotta be happy with those vals! how have the tenants been? yeah I've been looking at similar data on real-estate.com i worked out the price i paid is around the 2007 july median so hopefully with the tidy up i should get close to the 305k median
are you planning on buying any more?
 
That post was actually about 2 years old. I put my cash into Marrickville and built some equity.

However, I'm looking to grab two around that price point this quarter in Bris. I'm just awaiting equity release, then I'll be flying up every weekend until I have two accepted offers.

You would be sitting in a good position with the place in Marrickville, bet your glad you did that instead of buying in brissy !

Good luck with the brisbane purchases!
 
coastal i haven't taken in any maintenance on my calculation as i find its abit hard to predict I've done calcs on 52 weeks rent as thats what the tenants have signed up for. the property will be around 1800 a year positive on the 52 weeks so that should hopefully be enough to cover most maintenance issues, the last owner sent me through around 10k worth of maintenance they have had to take care of in the 6 months before selling it so hopefully with all that work plus the work I'm undertaking 'fingers crossed' it should be fairly trouble free.

Excellent work

You will be in an awesome position when your are 30
 
Thanks mate, yea I'm pretty stoked. From what you've said about the house and you're intentions I'd definitely think $300k+ would be achievable. I really want to buy another one but I'm kinda forcing myself to expand horizons and look at different areas. Currently I have 2 NRAS properties (1 upper coomera and 1 Robina), so I'm fairly exposed to the South East market. I should be in a position at the end of the year to buy again (approx $500k to spend). However I am hearing a bit about a share market correction soon and I'm thinking holding some capital in reserve might be the best option, just to swoop on potentially cheap shares.
 
yeah I'm cheering looked at around 15 high sets that day around kingston , logan central ,wood ridge , waterford west , beenleigh and defiantly liked slacks creek area the most

Flew up to Logan yesterday and man slacks creek was expensive. The highsets in the area was selling for 350+. Same house in other parts of Logan would only be 320+
 
Brilliant work Tom - thanks for sharing. Great achievements!

Euro trip well deserved. :)

What do they say in all those investing books, invest first and then pay yourself? At 24, i'm pretty sure by most people definition, you've hit home runs on the investing front!

Cheers,
Redom
 
You would be sitting in a good position with the place in Marrickville, bet your glad you did that instead of buying in brissy !

Good luck with the brisbane purchases!

Definitely. After sussing out finance (awesome broker!) I had deeper pockets than I thought so I grabbed 2 x 2 beds ($460k September 2013 and $500k May 2014). Bought well and have seen good growth. Still expecting more.

Brisbane looks a great prospect now and serviceability is tighter so my choice is easy!
 
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Flew up to Logan yesterday and man slacks creek was expensive. The highsets in the area was selling for 350+. Same house in other parts of Logan would only be 320+

awesome! great to get some feedback on whats happening up their on the ground, it was a ghost town when i put my offer on this place everyone was apparently holding back awaiting the election outcome guess i got lucky with timing!:D
 
Brilliant work Tom - thanks for sharing. Great achievements!

Euro trip well deserved. :)

What do they say in all those investing books, invest first and then pay yourself? At 24, i'm pretty sure by most people definition, you've hit home runs on the investing front!

Cheers,
Redom

Thanks redom! think I'm on to my 9-10 investing book this year so very familiar with that saying.

Plenty of my friends all seem really interested in what i'am doing and have millions of questions so i always recommend reading some of these books (richest man of babylon , millionaire next door or any of rich dad poor dad books) and 99% of the time their response is i "don't have time to read books"!
 
Congrats! Tom. So did you pay 10% deposit in cash?

Yeah I'm finding the time to read. I've just finished 0-260 Steve McKnight, Money secrets John Burley, I've also just started(what I didn't learn at school but wish I had) by Jamie McIntyre and I have started Millionaire Steve McKnight also.

Big thanks to (The Black Duck) who loan me the books to read:)
 
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