SA Adelaide Southern Areas

Discussion in 'Where to Buy' started by jim1964, 18th Jun, 2015.

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  1. jim1964

    jim1964 1941

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    Christies Beach..........................the only place i know off where the vacating tenant leaves the fridge full of food, cuts the power off and leaves the owner/manager to deal with.What sort of upbringing do these disgusting pigs get...i am dumbfounded, Christie Downs wasnt far behind. Makes Murray Bridge look good.
     
  2. jim1964

    jim1964 1941

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    Life in Adelaide Australia,around mid 1960,s.Love the history.

     
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  3. jim1964

    jim1964 1941

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  4. tmanski

    tmanski Member

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    But just how much would you make off all that effort... Rough costs would be as below.

    Rough Figures
    $400k Purchase Price
    +$25k Purchase cost
    +$35k Sub Division
    + $750-800k Build Cost
    + $30k Finishes/Site work
    + $30k misc
    = $1.32M / 4 = $330k each... Leaving you making roughly 20-30K Per property.... And they you have to add holding costs on-top of my calculations, leaving not much room.
     
  5. jim1964

    jim1964 1941

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    Good point!Holding the crystal ball and having a look,5-10 years from now it would be quite profitable.I would sell it with a DA only.
     
  6. D.T.

    D.T. Specialist Property Manager Business Member

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    Selling the blocks as h&l packages might be better
     
  7. jim1964

    jim1964 1941

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    Yes!! It would reduce your risk and exposure,not a 1st time site though,after costs of division, then a empty block/s with no income,with possibly mortgage payments, which are not deductible as you destroy the banks seecurity,they get a bit funny about that,dont know why.
     
  8. jim1964

    jim1964 1941

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  9. D.T.

    D.T. Specialist Property Manager Business Member

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    Not much margin in it though
     
  10. jim1964

    jim1964 1941

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    At present No !! i agree.The smart money is hold for the future,whoever bought this done well i think.
     
  11. 2FAST4U

    2FAST4U Well-Known Member

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    [​IMG]
     
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  12. jim1964

    jim1964 1941

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    ^^^^^^^^^^^^^ Yep....Christies Downs wasnt far behind.Damage bill around 8k
     
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  13. 2FAST4U

    2FAST4U Well-Known Member

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    What did they do!?
     
  14. jim1964

    jim1964 1941

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    This is the insurance statement,EBM were fantastic,we went back and argued a few points and they reviewed the damage and awarded another $2500.The bond was exhausted on the cleanup so another 2K on top of the claim, makes the cost of the policy a no brainer.

    Loss of rent 14/04/2016 to 25/05/2016 (42 days) $1,950.00

    Uninsured loss of rent 26/05/2016 to 07/06/2016

    Dishwasher $1,320.00

    Front screen door $1,012.00

    Window screen $269.50

    Electrical work $1,474.00

    Blinds $770.00

    Less excess (4) ($1,600.00)

    Total claim payable $5,195.50
     
  15. D.T.

    D.T. Specialist Property Manager Business Member

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    Sounds low. 42 days is only 6 weeks? My best is 20, but normally get about 12 with ebm.

    And can report the damage to police and reduces excess to 400 so would have had 1200 more in your pocket.
     
  16. jim1964

    jim1964 1941

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    Sounds like you have "pick of the crop" tenants as well.
     
  17. D.T.

    D.T. Specialist Property Manager Business Member

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    Luckily not too often, but insurance wouldn't need to exist if everyone was perfect.
     
  18. jim1964

    jim1964 1941

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  19. jim1964

    jim1964 1941

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    Oh Dear,Flaxmill Rd Today. Christie Downs.PNG
     
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  20. D.T.

    D.T. Specialist Property Manager Business Member

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    jim1964 likes this.