All,
Need some advise.
Have an op to secure a small one bedder privately and the only two reasons that I may be interested:
- 300m from Freshwater Beach, nsw (Future CG)
- Seller and I have agreed to split the agent's potential commission (2%)
Been valued by Westpac $460k
Rent will be $400 - $410 max (without reno)
Reno (Kitchen mainly) - $8k
Old building - mid 70s, so I guess no depreciation?
The plan would be to buy and never sell. I want to use the equity from PPOR (Valued $550K, bought $500k and owe the bank $400k) to help with stamp duty and probably take a 90% loan.
The issue:
I have done the numbers and it just doesn't work.
Pessimistic calculations would probably cost me around $100 a week to keep it.
Does this sounds right? I was expected the smaller places to carry more yields? It seems that Freshwater gets only 5% yield...
Also, my LVR will be a bit high and I have $ on the offset proving I can service two loans no pb.
Need some advise.
Have an op to secure a small one bedder privately and the only two reasons that I may be interested:
- 300m from Freshwater Beach, nsw (Future CG)
- Seller and I have agreed to split the agent's potential commission (2%)
Been valued by Westpac $460k
Rent will be $400 - $410 max (without reno)
Reno (Kitchen mainly) - $8k
Old building - mid 70s, so I guess no depreciation?
The plan would be to buy and never sell. I want to use the equity from PPOR (Valued $550K, bought $500k and owe the bank $400k) to help with stamp duty and probably take a 90% loan.
The issue:
I have done the numbers and it just doesn't work.
Pessimistic calculations would probably cost me around $100 a week to keep it.
Does this sounds right? I was expected the smaller places to carry more yields? It seems that Freshwater gets only 5% yield...
Also, my LVR will be a bit high and I have $ on the offset proving I can service two loans no pb.