Elizabeth Downs -Hot lead for low cost Mortgagee Sale

Joeyv · 18th Apr, 2014

Anyone have any suggestions where I should buy next ip?

Somewhere that is not Elizabeth as I have a couple here already.

Was thinking somewhere closer to the city (>10km distance) prospect, green acres etc something around $300-350k

What is good value? Don't really know a bargain out of Elizabeth

Corey Batt · 18th Apr, 2014

It's mostly sub 5% yields and high SD that close to the CBD. Good luck finding anything near 300k in Prospect. Double your budget and you might get some decent.

D.T. · 18th Apr, 2014

Joeyv said:
Anyone have any suggestions where I should buy next ip?

Somewhere that is not Elizabeth as I have a couple here already.

Was thinking somewhere closer to the city (>10km distance) prospect, green acres etc something around $300-350k

What is good value? Don't really know a bargain out of Elizabeth

I saw some splittable houses in gilles plains that might suit ya?

Joeyv · 18th Apr, 2014

CJay said:
It's mostly sub 5% yields and high SD that close to the CBD. Good luck finding anything near 300k in Prospect. Double your budget and you might get some decent.

Doesn't have to be immaculate. Wouldn't mind a Reno that could rent out for a few years

Joeyv · 18th Apr, 2014

D.T. said:
I saw some splittable houses in gilles plains that might suit ya?

Oh yea any links to them?

Just want to buy something out of Elizabeth to diversify

Corey Batt · 18th Apr, 2014

Joeyv said:
Doesn't have to be immaculate. Wouldn't mind a Reno that could rent out for a few years

I've seen unhabitable houses selling in Prospect for 500k. A reno project house two months ago sold at auction for 606k, price guide of 550k.

D.T. · 18th Apr, 2014

Joeyv said:
Doesn't have to be immaculate. Wouldn't mind a Reno that could rent out for a few years

So not looking for houses then i take it?

Joeyv · 18th Apr, 2014

http://www.realestate.com.au/116308519

Under offer now but that would have been good?

D.T. · 18th Apr, 2014

Joeyv said:
http://www.realestate.com.au/116308519

Under offer now but that would have been good?

Above Regency Rd isnt really Prospect
And that went for well over 400K

bez23 · 18th Apr, 2014

DaveM said:
Bez how is your double block in liz south going?

Hahahahaa, guess i got caught out?

Not too bad. 10k reno. Still have an asbestos garage to remove in the near future. Rented out for 260 pw to a nurse working in Ashford, North Adelaide. Being close to the train station attracts different tenants i guess.

Initial consultation shows that I can retain and possibly cut 3/4 blocks out the back. Will create a new post when i have more numbers. Planning to subdivide then build/ sell off land depending on the market when it is finished.

Corey Batt · 19th Apr, 2014

bez23 said:
Hahahahaa, guess i got caught out?

Not too bad. 10k reno. Still have an asbestos garage to remove in the near future. Rented out for 260 pw to a nurse working in Ashford, North Adelaide. Being close to the train station attracts different tenants i guess.

Initial consultation shows that I can retain and possibly cut 3/4 blocks out the back. Will create a new post when i have more numbers. Planning to subdivide then build/ sell off land depending on the market when it is finished.

Be sure to take lots of photos and start up a thread to show the story behind this buy as time goes on.

DaveM · 19th Apr, 2014

bez23 said:
Hahahahaa, guess i got caught out?

Well you were so anti/negative on it, it was clear you were secretly coveting it

Corey Batt · 19th Apr, 2014

Just for everyone as well, next Adelaide meetup is on the 28th. Details here:

http://somersoft.com/forums/showthread.php?t=84714&page=9

For all our Adelaide based slum (and non slum) property acquisition chats.

bez23 · 20th Apr, 2014

DaveM said:
Well you were so anti/negative on it, it was clear you were secretly coveting it

Well the only negative thing that i posted about it was the easement, which the agent tried to hide. Only picked it up when he sent me the floorplan which i shared on ss. After that, all i did was question anon's posts about how unlivable/ bad the property is...

http://somersoft.com/forums/showthread.php?t=76530&page=42

bez23 · 20th Apr, 2014

CJay said:
Be sure to take lots of photos and start up a thread to show the story behind this buy as time goes on.

Will do, still in preliminary phase and too busy working these days to make any progress after renting out. Sad that i am going to miss 2 ss catch up - cant dig your brains about it.

DaveM · 20th Apr, 2014

bez23 said:
Well the only negative thing that i posted about it was the easement, which the agent tried to hide. Only picked it up when he sent me the floorplan which i shared on ss. After that, all i did was question anon's posts about how unlivable/ bad the property is...

http://somersoft.com/forums/showthread.php?t=76530&page=42

Oh was that anon? Oops!

How much did you end up getting it for?

Anon_ · 22nd Apr, 2014

Yeah I would love to see those pictures to prove me wrong. I still stand by my initial comments about the condition. 10k reno to get that place liveable would be an amazing effort.

Corey Batt · 22nd Apr, 2014

So, the Royals will be going to visit Elizabeth tomorrow. I was driving there recently, and have noticed the council has re-landscaped a lot of the area + put up new suburb signage for the visit.

Reminded me of an old joke a Scottish client once told me, that the Queen thinks the world smells of wet paint. (because there's always a brigade of maintenance crews sprucing up the place 50m ahead of them.)

bez23 · 22nd Apr, 2014

Just a sneak peak. Will create a new thread when I know more about the division plan.

Also like I pointed out before, the 10k doesn't include removal of the garage which might be thousands. I'm happy with the result so far renting out for 260 (slightly above market) with purely cosmetic Reno's.

Waldo · 22nd Apr, 2014

CJay said:
So, the Royals will be going to visit Elizabeth tomorrow.

Seems like a random place to visit?

Bez23 - it looks good!

Elizabeth Downs -Hot lead for low cost Mortgagee Sale

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