Tula's Saturday night GRAND IDEA! Need 5 investors to form consortium

T

Tulamalula

http://www.realestate.com.au/property-house-wa-bassendean-115253763

I WANT IT!!! I don't know what I would do with it, but I want it. $3.2mill - all I need is 5 people to cough up $600,000 each and it's ours.

I don't know what we'd do with it. Maybe sell off all the stuff inside (if it comes with the property). How could we make bucks out of this place (without dividing up the land and sticking blasted little boxes along the river)

Hey Westminster, this is one acre in driving distance of JSR, the cars would look GREAT littering the manicured lawns.
 
Tulamalula said:
I don't know what we'd do with it. Maybe sell off all the stuff inside (if it comes with the property). How could we make bucks out of this place (without dividing up the land and sticking blasted little boxes along the river)
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Reno Funders. Renovate it with pure luxury
 
Nice little B&B.

Purchase Price $3000000 plus 5% costs =$3150000 x 6% Interest Only Loan = $189000

10 rooms x 200 p/night = $2000 x 50% conservative occupancy rate p/annum = $364000 income.

$364000 less $189000 = $175000 p/a Positive Cashflow less holding expenses, depreciation & tax.

Just brain storming.
 
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Tulamalula said:
http://www.realestate.com.au/property-house-wa-bassendean-115253763

I WANT IT!!! I don't know what I would do with it, but I want it. $3.2mill - all I need is 5 people to cough up $600,000 each and it's ours.

I don't know what we'd do with it. Maybe sell off all the stuff inside (if it comes with the property). How could we make bucks out of this place (without dividing up the land and sticking blasted little boxes along the river)

Hey Westminster, this is one acre in driving distance of JSR, the cars would look GREAT littering the manicured lawns.
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I have checked it out and it's on the NO list. The main reason is that it is wedged immediately between Guildford Rd bridge and trainline. And I mean not close by but immediately next to.

Bet the plane noise is terrible - though might drown out the trains :)

Check out the satellite photos
https://maps.google.com.au/maps?ie=...3519&ei=c_XsUrGUO4WpkQW4kIBY&ved=0CJQBEPwSMAo
 
westminster said:
I have checked it out and it's on the NO list. The main reason is that it is wedged immediately between Guildford Rd bridge and trainline. And I mean not close by but immediately next to.

Bet the plane noise is terrible - though might drown out the trains :)
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Could explain why its been on the market so long plus the asking price wouldn't fit to many peoples budgets, except for yours Myf ;)
 
Bona Vista

This one was on the market for a very very long time, has city views, most elevated part of Mt Lawley, hence Bona Vista (good view)
The original owners some years ago now, split the block as its a corner lot, still massive at approx. 1500 sqm. I think this property was once a nursing home many moons ago.

The upper end in Perth has still not recovered, anyone wanting to update primary residence.... now is the time:)


http://reiwa.com.au/Buy/Pages/More-...gid=10323981&listingno=3325634&puid=findagent
 
MTR said:
This one was on the market for a very very long time, has city views, most elevated part of Mt Lawley, hence Bona Vista (good view)
The original owners some years ago now, split the block as its a corner lot, still massive at approx. 1500 sqm. I think this property was once a nursing home many moons ago.

The upper end in Perth has still not recovered, anyone wanting to update primary residence.... now is the time:)


http://reiwa.com.au/Buy/Pages/More-...gid=10323981&listingno=3325634&puid=findagent
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Nice, what do you think that would have sold for?
Some reading on Bassendean for Tulla
http://www.momentumwealth.com.au/si...PI, Beautifying Bassendean, December 2013.pdf
 
westminster said:
I have checked it out and it's on the NO list. The main reason is that it is wedged immediately between Guildford Rd bridge and trainline. And I mean not close by but immediately next to.

Bet the plane noise is terrible - though might drown out the trains :)

Check out the satellite photos
https://maps.google.com.au/maps?ie=...3519&ei=c_XsUrGUO4WpkQW4kIBY&ved=0CJQBEPwSMAo
Click to expand...

I was looking at a place a couple of years ago on the other side of the river near fish market reserve, on swan st. The amount of noise those trains make as they cross that bridge is quite loud. Not a fantastic location.
 
Tulamalula said:
INVSTOR - interesting article, there's a whole load of ugliness for a whole lot of money in Bassendean. This one would take up my whole investing budget.

http://www.realestate.com.au/property-house-wa-bassendean-114748035

most are around the high 6's, though this one is cute

http://www.realestate.com.au/property-house-wa-bassendean-115364819

Sending my mum over to look at that one I showed you at the meet up in Yeerongpilly on Tuesday
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The top Basso one has been on the market for about 6 months. It's a nice location. I think it's worth about $600,000-$620,000. Would be a good PPOR with Reno.
Second one has been on the market for a month or so. Possibly overpriced. There was one I saw today, new listing, Iolanthe Street I think around $600,000 that has potential.
Would that Yerrongpilly house be worth more turned into a house?
 
Earls ferry. All the land has already been subdivided and built on, the owners struck a deal with the council years ago to allow the subdivision so the house could be renovated. Already used as a B and B, has been for yonks. Bad part of Success hill! lots of undesirables about, particularly near the railway line/station. Been used for lots of different things, at one time as a home for wayward girls. Certainly is meant to have ghosts, no doubt it would if you were a wayward girl! Right up there with the local haunts (boom, boom) such as the Rose and Crown. Beautiful house though.:)
 
INV: it would be worth much more as a complete home to sell which would be my long term plan, however as a rental it rents more as 2 flats than one house. Anything fully done up with deck on back and a bit of landscaping in that area is selling for well over the million

MORI: I did some reading up about Earlsferry last night, top section was almost destroyed by fire, so I guess that's when the reno deal was done. It really needs to be moved onto a lovely piece of land overlooking a better part of the river, e.g. Kings Park :) .. oh, and gifted to moi ;)
 
moridog said:
Earls ferry. All the land has already been subdivided and built on, the owners struck a deal with the council years ago to allow the subdivision so the house could be renovated. Already used as a B and B, has been for yonks. Bad part of Success hill! lots of undesirables about, particularly near the railway line/station. Been used for lots of different things, at one time as a home for wayward girls. Certainly is meant to have ghosts, no doubt it would if you were a wayward girl! Right up there with the local haunts (boom, boom) such as the Rose and Crown. Beautiful house though.:)
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Interesting! When did it get reno'd. I remember some time ago 12 years maybe seeing a beautiful home in success hill with drunk/step up from homeless men hanging about. Thinking that might have been it before Reno. I have some friends directly opposite train station and they do get a few ferals hanging around. The rest of success hill I haven't heard of issues.
Tulamalula said:
INV: it would be worth much more as a complete home to sell which would be my long term plan, however as a rental it rents more as 2 flats than one house. Anything fully done up with deck on back and a bit of landscaping in that area is selling for well over the million

MORI: I did some reading up about Earlsferry last night, top section was almost destroyed by fire, so I guess that's when the reno deal was done. It really needs to be moved onto a lovely piece of land overlooking a better part of the river, e.g. Kings Park :) .. oh, and gifted to moi ;)
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cool, if all looking good make sure you have correctly worded clause, eg. Subject to purchaser being
satisfied with building inspection' I would start calling qld solicitors now for advice/view contract of sale.
 
I have people in Brisbane, have bought there twice. Have to call the council about the easement and whether it would affect future reno plans, so depending on how that conversation goes, it may be all good or bust. I always buy subject to finance and subject to building and pest. Am feeling nervous as this is the first property I have been serious about, $600K of the bank's money is a LOT of money to play around with. feeling a bit anxious about it all now but i would with any property.
 
Tulamalula said:
Am feeling nervous as this is the first property I have been serious about, $600K of the bank's money is a LOT of money to play around with.
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I like to look at it like this...You have the banks money, they dont have yours. If things go pear shape they're the ones with the problem. :)
 
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