Who Is Looking For An Investment Property?

[TTT]

I guess it could fit in to the for sale section somewhere but not really.

This is rather a question to the NSW gang.

Studio apartment- recently renovated

price - $165K not negotiable and not through realestate (advertised through realestate for $179K)

Location - Shore Inn Appartments.

rental return - $250 pw easily (as non reno ones get that)

unit is air con'd and newly renovated.

complex has pool, tennis court, spa, sauna, gym and a full time care taker.

I can tell you now that a $150K loan has repayments of about $820 per month.

as you can see, rental return more than covers that.

any interest?

serious post here..

[d0p3y]

Hmm.. sounds interesting.. Got pics?

[d0p3y]

btw; what bank did you base your repayment estimate on?

[TTT]

hey.. pics can be found at..

http://century21.com.au/office_property_li...00&propertyID=2

If that doesn't work, go to http://century21.com.au/lanecove/ and search for units in artarmon between 150K and $200K

her's is the $179K one.

[TTT]

sorry.. she got the loan from colonial

Aussie home loans found it for her.

[N1GTR]

Im a fully licensed agent, and to help the buyer of this, ill do the management for 5.5% inc GST.

Usually its around 7 or 8 PLUS GST

[evil_weevil]

thats a very good price !

time to have a chat with the mrs about it

[S13Deviat]

I own an apartment in the same complex and had mine evaluated recently. So from the general info given on the site (not sure of size *square meter*), this price seems pretty good!

Also I can comment on the extras....all very schweet! All are well maintained!

Cheers,

[TTT]

Thanks for the kind words peeps..

that is a good deal for managing agent too.

I think her unit is 23sq meters or something.

I'm pretty sure they are all similar.

Just to give you guys a rough idea on returns..

My parents own a 2br unit in Auburn (I know, I know... what were they thinking)

it is worth $200K on a good day.

they struggled to rent it out at $200 per week.

I own (an trying to sell) a 2br unit in Bankstown.

currently trying to sell for $239K and since new paint and carpet, agent estimates rental for $230 per week.

So from a pure investment point of view, I can't see any place that can provide the same returns.

If anyone is seriously interested, let me know and I can organise a viewing of the unit and all the ammenities.

Also, you'll find that these units are rarely left without tenants.

being so close to chatswood, north sydney and city, alot of single or young couples rent these out..

safe area, and at a location near everything..

[Morgs]

Not too bad a deal, strata fees not even that bad

Just be careful that you're not tied into paying century21 agent commission, even if you sell it yourself - just check your contract !

[Moanie]

i've been thinking about looking for investment propertyl.. that looks more in my league!!!

so how come you're advertising about it?

[TTT]

Morgs.

I had asked the question before I signed up with them to sell my unit (which they did in 3 weeks)

and their policy is, you can cancel the contract at any time for any reason you want.

you just need to pay your marketing costs to date and that is it.

I checked the contract and there is nothing about a commission if sold within contracted period once cancelled.

She is moving to Brisbane with us (well 6 months after us anyway).

so she needs to sell it so that she can cover things like, moving costs and bond for rental place in Brisbane and a cheap car to get around in once up there.

so she can't afford to keep it.

the reason for the sale price is that she has calculated what she needs to discharge her current loan and pay current agent marketing fees, and her conveyancer fees.

so it is not negotiable from that price.. unless you wanna pay more..

As I said before, she is also willing to sign a 6 month lease directly with the person that buys it so there is no loss of income and you start getting rent the week after you buy it kinda thing.

and she can pay the new owner directly instead of thrue an agent saving you X amount of dollars (n1gtr mentioned something before).

The rates are also very competetive considering what the complex provides and where it is located.

I'm surprised at how many PM's I got regarding this..

should have tried this before going to an AGENT..

this might actually sell here..

Mona and all those that PM'd me, if you want to contact me for any more info or to see the place you can get me on my mobile..

Edited September 15, 2006 by GTST

[MANWHORE]

Is this that ex motel that was converted to apartments?

[wrxhoon]

As long as you haven't signed an "exclusive" agency contract you can sell it yourself but careful , alot of agents ask you to sign an eclusive contract .

Also make sure if you sell it yourself that the buyer hasn't contacted the agent and they have been introduced to the property by them because then you will pay commission.

Good luck with the sale dude , you have to be brave to invest in real estate right now . Different of course if you want it for own use ..

[TTT]

thanks for the feedback.

there has been heeps of interest and still getting PM's.. probably more than the realestate does..

hahahaha

if anyone really cares, I am also trying to sell my own investment unit in bankstown..

2br

undercover secure carpark

top floor

close to shops blah blah blah..

advertised for $239K

rental return is about 230-240 per week

[steve_gts4]

As I said before, she is also willing to sign a 6 month lease directly with the person that buys it so there is no loss of income and you start getting rent the week after you buy it kinda thing.

and she can pay the new owner directly instead of thrue an agent saving you X amount of dollars (

Is she willing to sign this lease at the aforementioned $250pw?

Why is your estimate on this so much higher than the estate agents estimate of a max of $240pw?

[TTT]

no.. she has said she will rent at a max of $240 pw.

I said that there are other appartments in the same complex that are renting out at $250pw and are not even renovated.

the reason for the $240pw offer is that it helps the person buying it in 2 ways.

1.) no need for an agency for 6 months who will take up to 7% of your rental income.

2.) no need to advertise for tenant through agent and wait a for a few weeks without tenant.

it also helps her cause she doesn't have to move to another place for 6 months.

I'd say that getting $240pw from date of settlement is better than wasting 2 weeks tryign to find someone at $250 and then paying agent fees also.