Hi everyone,
I guess I fall under the category of long time SS reader, but rare poster
I am pretty excited as I have already reached my goal for 2010 which was to purchase 2 IPs. After months of reading and evaluating I was lucky to join a mate of mine to travel up to Deception Bay QLD where I had identified a few bargains (at least for my newbie standard).
E.g. this property (http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=67674271&s=qld&tm=1266570817) was on the market (and still is) for so long, I was able to negotiate a very good price. While up there I was surprised to see that the inside was a lot larger than expected, but I was finally not convinced its 'strange' shape would help when trying to sell it in the distant future - so I decided not to go ahead with the purchase.
While up there, I talked to a few other REAs and one of them showed me a new property which just came on the market that day - they didn't even had time to take pictures yet.
I went through it, liked it and put in an offer which after a bit of negotiating was accepted
I guess this post has 2 purposes - the first one to encourage other SS members who are also in the early stages of building an IP portfolio - to just go out there, look at the researched areas and talk to REA. Sometimes you just might be lucky and you are at the right time at the right place and find a better deal than expected.
2nd purpose is to see what other SS members think of Deception Bay (and yes, I have searched the forum and found a few entries) but I think the market there has bottomed out and is going up again - quite significantly if one believes RPData. I bought well below the median, close to water, tenanted, it's in reasonable shape, not CF+ but close.
Comments would be greatly appreciated
I guess I fall under the category of long time SS reader, but rare poster
I am pretty excited as I have already reached my goal for 2010 which was to purchase 2 IPs. After months of reading and evaluating I was lucky to join a mate of mine to travel up to Deception Bay QLD where I had identified a few bargains (at least for my newbie standard).
E.g. this property (http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=67674271&s=qld&tm=1266570817) was on the market (and still is) for so long, I was able to negotiate a very good price. While up there I was surprised to see that the inside was a lot larger than expected, but I was finally not convinced its 'strange' shape would help when trying to sell it in the distant future - so I decided not to go ahead with the purchase.
While up there, I talked to a few other REAs and one of them showed me a new property which just came on the market that day - they didn't even had time to take pictures yet.
I went through it, liked it and put in an offer which after a bit of negotiating was accepted
I guess this post has 2 purposes - the first one to encourage other SS members who are also in the early stages of building an IP portfolio - to just go out there, look at the researched areas and talk to REA. Sometimes you just might be lucky and you are at the right time at the right place and find a better deal than expected.
2nd purpose is to see what other SS members think of Deception Bay (and yes, I have searched the forum and found a few entries) but I think the market there has bottomed out and is going up again - quite significantly if one believes RPData. I bought well below the median, close to water, tenanted, it's in reasonable shape, not CF+ but close.
Comments would be greatly appreciated