For $20k and you get the small punt, why not? Not sure why everyone's analysing it like nuts
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As for the error..... Its no error its based on fundamentals I will get $160 for it. I was told less from the agent but I do my own due diligence to come up with the number of $160pw.
These things are part of holiday resort, yet they rent private rentals. Strata is high, but at the figures purchased using cash it is 10%pa return on my cash purchased
I love games; Lets say $150pw and for every dollar less I receive I will match it personally and donate to charity?
Nathan.
Looks like a newby/beginner purchase. High costs, and promised high rental return. What about vacancy rates.
$20000 for $160/wk rental income. Isn't the saying that if it looks to good to be true, it often is.
hahahahahaha * breathe in * aaaaaahhhhhhh hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaahhhhhhhhhhhhhhhhhhhhhhh
Have you got that in writing
Michael,
I knew a woman back at least 10 years ago who was trying to sell her unilodge 'broom closet' for $130,000. It apears not much growth since then.
drunken nude pole dancing on the streets, ??
You make it sound bad? ahahh kidding...
with 20k, you bet you will see it at least double in few years time!I don't suggest anyone follow me on buying here. Nor do I on any of those cheap regionals I buy, just sharing what I am up to. It does have its risks but I have minimised these. I have found with Cairns units when tenant moves in they stay long term. I will have this rented to a permanent tenant, not as a holiday let so vacancy minimised. I bought it cash, and not after anything really except the opportunity to sell it in the next few years for quadruple what I paid for it and it be covering itself till this day arrives.
Not one of Nathan's best buy unfortunately...
1.service apartment
2. small, a lot of another unit in the complex has gone on sale for a low price as well
3. im guessing strata is extremely high for the size!
4. high vacancy and rent will be short term ( <3-6month)
5. Management control.
6. hard to sell
Reminds me of the student accommodation on top of Broadway- UniLodge
- City location, $150,000 --- rent for $340pw! --- but def a poor buy.
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/NSW/Broadway/?adid=2009197977
Either way; without some risk you wont see return, and Nathan is still within his element and good at what he does; good luck with the purchase mate, hope it goes well
Regards
Michael
Seen some units up in cairns in A current Affair last night. Right opposite a backpackers. It seems its 24 hr noisy partying up there with drunken nude pole dancing on the streets, projectile vomit competitions etc.. I wonder if you one is near there??
A quick google shows body corporate rates of over $3000 a year for studios. Based on $160pw rent, thats more than a third of your rental income eaten up.
Still for $20k, returning $5k, better than ubank
Gross Rent (less 4 weeks vacancy) - $7680
Strata - $3000
PM fees - $600
Insurace - $250
Repairs - $200
Rates - $600
Water - $200
Remaining - $2830
Have I missed anything?
Yep over 10% yield now thats a crap return and debt free!