Waterfront unit 4 years old $212,100 renting $320pw

Not a massive fan of this one.

Had a bopeep at rentals avaliable in the area

- 40 avaliable 2bed units in sub 350pw price bracket
- some of the places are furnished 250+pw
- the 7.8% gross yield might not look as flash when u factor in vacantcy and body corp fee's (which i presume are high because lifts and things like that)

From the purchase point of view.

Can you provide the nett return (ingoings - outgoings, make sure to include vacantcy)
i presuming this is still CF-

and any direct compariable sales 2 bedroom units (same size, location, features) in the last 3 months. they have prices from high 100's to 500k (on the market)

Not a great fan of massive unit complexes, the developer has millions of dollars to spend on marketing them to sell but the individual doesn;t.

just feels like alot of hype

Regards,

RH
 
Nope,

RpData 54-66 Hutton road.

The units were sold new for that price, I purchased these for $212,200.

The units rent straight away without any dramas.

There no hype as I have no interest in market and there is none for sale I simply put together a video of what is considerd an outstanding purchase.

Strata is $700 pq. Which is irrelevant seeing that the property is neutral cashflow on current rates, and was positive before the rates went up, and thats factoring in all holding costs. Other thing to consider as a positive in a large block is that land tax is very low aswell.

No need to hype these, and just to clarify;

I have no gain out of talking about my purchase, as I have purchased and dont wish to sell, its merely just for educational purposes to show what great buying is out there.

Nath.
 
tall poppy syndrome strikes again.

good work mate :)

Thanks mate,

I think dont think RH intends to do so, I know he is a fan of house and land, however the numbers dont lie, thats why I tried to break them down on the unit.

Its not a holiday style unit and has permenant residents.
 
Hi Nathan,

Great work again. :D

What are your thoughts on their current market value? Since market values are based on comparetive sales, and the most relevant would be yours that have been purchased at half price??

I'm guessing that after the required time has lapsed before you can refinance the values should have reverted to their real value? i.e. given time people should pay "normal" prices..
 
Hi Vb,

Well based on other market comparable sales.

Closest things are 1 bedders in he block selling for $220-240k.

Outside the block 2 beds are selling for $300+

Can only ever get a true value by selling it however I am always conservative when quoting the numbers.

Nath
 
Hey Nath,
I understand that units in other complexes are sold for twice as much as what you paid, but won't you have to wait quite a while before your revalues are at real market value??
 
Hi Nathan

Like your little videos.

Were they your tenants in the place or were they prior to your purchase?

If they were your tenants were they paying the $320 pw.

Just amazes me that even in the new property you still get senseless damage.:( and theft.:mad: At least they didn't damage the kitchen.

Just some comments re camera work. When you have a bright background the foreground does not show detail (unless you have some bright lights for the fore ground) ala your face is a silhouette when showing the view.

Also when walking around the unit you have camera focused on walls which looses the concept of space or dimension - maybe a longer shot or maybe focus on the skirting area.

Its all a matter of experimentation.

Cheers
 
Hi Nathan

Like your little videos.

Were they your tenants in the place or were they prior to your purchase?

If they were your tenants were they paying the $320 pw.

Just amazes me that even in the new property you still get senseless damage.:( and theft.:mad: At least they didn't damage the kitchen.

Just some comments re camera work. When you have a bright background the foreground does not show detail (unless you have some bright lights for the fore ground) ala your face is a silhouette when showing the view.

Also when walking around the unit you have camera focused on walls which looses the concept of space or dimension - maybe a longer shot or maybe focus on the skirting area.

Its all a matter of experimentation.

Cheers

Hehehe, funny story about why the walls.

My G/F was laying on the floor 1/2 asleep while I was doing some "work" and i walked in the room and kicked her to get off floor and didnt want to show her in camera... LOL


With tenant yes tenant was there @ $290pw, however others are getting $320pw.

It will all come from their bond so they will pay. Silly really....
 
Hey Nath,
I understand that units in other complexes are sold for twice as much as what you paid, but won't you have to wait quite a while before your revalues are at real market value??


Yeh for $400-500 i will have to wait somewhile for stabilise... however there are comparables right now for $300k, hence the buying under market value of what it would sell for today...
 
Thanksfor feedback, I am trying to make it interesting and bring a sense of humour to it :)

If I didnt do that video, everyone must think I have down and out properties, like the other videos.. :)
 
Good video, you mention purchasing 14 of them to get the deal, but only keeping two. What happened to the other 12? You posted you're not selling any earlier in the thread, have you already sold off the additional ones?

Bit of a stretch to call those waterfront IMO :D, I guess they are some of the closest to the water, but looks like a bit of a hike from the beach...
 
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