The Entrance Commercial Property Bargain

Non taken, but your dealing with "peanuts" and posting "not many people have approx 400K$" when it's far from reality as i know at least 50 people who could if they wanted to.
The players looking at properties like the one you posted ( and needing major work) are generally not interested in a 200k apartment.
I never said there's no money to be made sub 200k bracket and/or renting to people who live on gov handouts, I specifically posted about the property on this thread.

And the obvious answers came from Nathan & HandyAndy.
My point being if the deal is good, risk low and there's money to be made, there's plenty takers.

Those were only examples, i have plenty of min $600K ones too.

You must know a lot of people who love to keep a lot of cash or can get it very easily. And this is coming from someone who is in IT contracting in Canberra earning $150K+ p/a. Even I dont know that many people who would be able to get $400K cash so "easily"

All I meant was its well worth looking into, its great Nathan and HandyAndy found the type of work involved etc. Now all they need to do is look at the numbers and if it works.......
 
Omg after posting that my inbox is going to be bombarded with everyone's get rich scheme :eek:
Actually I dont think most have ever even earned 150k in paye, but they have been RE investors for many decades.
And if you think I'm cynical... I got nothing on them lol.

Why do I ask what's wrong with it?
Because there are plenty builder types out there who could do it much cheaper than a retail investor but did not bite, hence the suspect that something aint right.
And confirmed by those who looked.
Btw those builder types looking for renos & land to build are forever pestering REAs, so there's a good chance they'll get first look at it.
And ftr, I've had those types approach me via REA about selling land to be developed.
They are out there and cashed up in the Sydney >20 dwelling market.
 
hi eternit
thats not cheap for that area
there is or was a development site for 48 unts sold just around the corner to this site about 6 months ago now that sold for the same price
just down the road about two suburbs away there as a completed site without any issue like this one sold at 115.00 per 2br unit finished and brand new
18 units
just to give you an idea about price
 
Whoever payed the $1.28 has overpaid.

I was at the auction and so were a lot of older crusty builder types and they all left it early in the bidding. Even the dude who eagerly bid it up to the 1.1 mark had run up to his limit.

I suspect that the eventual buyer really hasn't understood the level of work that is required nor the competition right on his doorstep in the form of a brand new building and now on the market.

Cheers
 
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