Hi everyone,
Just wanted to share my recent purchase with the forum, I know a lot of people are investing in the area and I found these posts useful when looking for mine as to what is out there.
I live in Sydney and wanted a buy and hold property for good short to medium term CG, with a neutral to positive cashflow.
I purchased in Waterford West last year and was very happy with the process and decided to buy in Logan again, I found a very helpful property manager which inspected potential purchases for me and gave a very honest opinion in return for the management post purchase.
I was open to a few suburbs including Crestmead, Bethania, Slacks Creek and Waterford West.
After my PM inspecting around 5 properties in the area, some very bad ones and some overpriced ones, I came across this 5/1/0 in Waterford West on a 700m2 block which ticked all my boxes, my PM gave it the nod so I travelled up for an inspection ASAP and soon came to an agreement of $310,000.
What stood out with this house in particular was that the lower level was legal height and already divided into an additional 2 bedrooms, bathroom and laundry but had only ever been used as storage and there is very limited 5 bedroom houses in the area so it is expected to rent well.
Settlement has now occurred and I am beginning renovations, as I am unable to do the renovations myself at the moment I will be using local tradesmen and keeping them very limited at this stage, my plan is to carpet the two downstairs bedrooms, add a toilet downstairs and carry out some general carpentry repairs and painting.
After this we are hoping for a rental return of $430pw, giving a gross yield of 7.2%
Big thanks to Michael who kindly met up with me and pointed me in the right direction, also talked me out of a not so good purchase and Jamie who made finance an absolute breeze.
Just wanted to share my recent purchase with the forum, I know a lot of people are investing in the area and I found these posts useful when looking for mine as to what is out there.
I live in Sydney and wanted a buy and hold property for good short to medium term CG, with a neutral to positive cashflow.
I purchased in Waterford West last year and was very happy with the process and decided to buy in Logan again, I found a very helpful property manager which inspected potential purchases for me and gave a very honest opinion in return for the management post purchase.
I was open to a few suburbs including Crestmead, Bethania, Slacks Creek and Waterford West.
After my PM inspecting around 5 properties in the area, some very bad ones and some overpriced ones, I came across this 5/1/0 in Waterford West on a 700m2 block which ticked all my boxes, my PM gave it the nod so I travelled up for an inspection ASAP and soon came to an agreement of $310,000.
What stood out with this house in particular was that the lower level was legal height and already divided into an additional 2 bedrooms, bathroom and laundry but had only ever been used as storage and there is very limited 5 bedroom houses in the area so it is expected to rent well.
Settlement has now occurred and I am beginning renovations, as I am unable to do the renovations myself at the moment I will be using local tradesmen and keeping them very limited at this stage, my plan is to carpet the two downstairs bedrooms, add a toilet downstairs and carry out some general carpentry repairs and painting.
After this we are hoping for a rental return of $430pw, giving a gross yield of 7.2%
Big thanks to Michael who kindly met up with me and pointed me in the right direction, also talked me out of a not so good purchase and Jamie who made finance an absolute breeze.
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