Cash Cows

Anyone doing the granny flat thing and cashflowing

i so regret selling my property in Sydney with g/flat. The property more than doubled so took the money and ran.... big mistake

i also did the granny flat thing in Brisbane an absolute flop..... need to chose the right market and location imo. I also sold this, no regrets here

 

No.

About 10 to 15 properties.

 

So you only have ten to fifteen years left to live

 

Umm... hello

 

https://www.facebook.com/video.php?v=1083352568680761

 

The worlds apparently ending in 2030 so it’s only 9yrs 11 months and 9 or so days

 

So can I buy your whole portfolio in 9yrs 11 months and 10 days time for a dollar ?
I will pay you $1 in advance

 

I did a granny flat and still own the property in the Livepool area.
Surprisingly i have both the original tenant who was there though the build and new tenant in granny flat now 3 years and 2 years respectively.

The cash flow is really good. Went from a very poor performer to cash flow neutral. If accounting depreciation and other things maybe even cash flow positive.
Considering the purchase and build were at the high time in the market.

Their are many draw back as well .In general for our property it was a good decision we never looked back on and still happy.

 

Thats good
My property was in Doonside, already had a granny flat so it was generating something like $13,000 clear cashflow pa. But I just saw massive profits as I purchased at $320,000 prior to boom

Yes, you need the right configuration with separate entries for each tenant, and privacy a must

 

Any idea how much would it be worth today and what sort of income would it generate?

cheers
Oracle

 

i think $650k-670k, older home, 3x1
So I sold for around $600k reinvested money in Melb which was also booming

but as this was cashflow and I had cash available I should have not sold

lesson learnt

 

Could you elaborate on this please?

 

1st and Most important . Does not increase value of the proeprty beyond the value of the build. Not even always the build. Its a cash flow palsy only in most instances.

2 Can make the block less desirable as it reduces yard and created extra driveway and neighbour.


I can go on. These are the most important 2 and than consider consequences fore resale.

The good thing is . Most granny flats will pay for them self in 10 years or much less.

 

So you have not sold a property since ?

 

Where about in Brisbane did you do a granny flat? I’ve just been looking at places to do that.

 

nerang

 

10-15 $500k properties or $20m properties? That’s the q

 

Nerang Gold Coast or nerangba north of Brisbane?

Granny flats don’t have the ability to be rented separately in Brisbane unless your in the MCC area so is not really a viable strategy up here.

 

It was approved business premises/small office at rear, which we modified

the problem was it took too long to lease, demographics not so great. Property had ongoing maintenance issues due to age

this just made it a poor investment that did not perform

i offloaded it 12 months later, after all expenses ended up making $12,000 which was surprising, this was without doubt a lemon

moral of story.... I did not do enough research on this product and the area, demand etc

 

i develop property, so I buy and sell just depends