QLD Cut losses and sell logan Property ??

Discussion in 'Where to Buy' started by yoyo_guitarist, 5th Jul, 2017.

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  1. Pentanol

    Pentanol Well-Known Member

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    Don't trust her, she hates Logan :p
     
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  2. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Title should be changed to -
    Cut profits and sell logan Property ??
     
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  3. JDP1

    JDP1 Well-Known Member

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    I would agree with this and some of the comments above.
    OP- you have had it since april 2016. What exactly were you hoping would happen meagre 1yr and a few months you have had it for? There is, as with almost all property, opportunity costs that only you can answer.
    If it were me, I would see that most of SEQ is on an upward cyclical trend and there is money on the (future) table - hold for at least another 5 years and then re-evaluate. RE is a longer term game and ill suited to short termism.
    Unless....you have identified a better use of the proceeds of sale and are certain you can get that, and fairly easily.
     
  4. The Y-man

    The Y-man Moderator Staff Member

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    Exactly that - unless there is a definite plan (strategy) behind it. For example if @Brett1709 was planning to buy, hold for a year and sell - then hell yeah, it was a bad decision. Or if the intent was to refinance quickly, access equity etc. Without knowing the intent, hard to know what the issue is.

    That is why I am at a bit of a loss when people ask me "Should I buy in XYZ? Will it go up next year?" - because I don't know the strategy behind the question.

    If the issue is crime and new developments, are these things that have cropped up lately? Is crime rates in Western Melb any better? Has Western Melbourne got no new developments?

    The Y-man
     
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  5. melbournian

    melbournian Well-Known Member

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    Well I would say some western melbourne suburbs has demand and some good "indian restaurants" :) that are regularly sold out.

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  6. JesseT

    JesseT Well-Known Member

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    Waterford west number of sales increasing every year since 2011.
    Only just passed its 2010 peak in 2016.
    Good vacancy rate.
    8% growth 2016
    6.5% growth 2017
    High yields, should be positive cash flow.
    Lots of investors and buyers agents still buying in this exact suburb.

    Bases are loaded, your in a good position, I don't know why you're second guessing yourself, has someone been in your ear about the area?
    Why are you worried about crime?
    Much better than some surrounding suburbs.

    Like others have said this is a long term game if your strategy is buy and hold this needs 5-10 years to work. Changing your mind just sets you back further...
     
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  7. Rozz

    Rozz Well-Known Member

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    Hi Brett.

    I have freinds who also have investments in Logan, both are talking of a 20 - 30k value gain over two and a half years, so you are not alone.

    I almost joined you in 2015 from all the positive banter about the area and from seeing friends invest there. Although I have been very very fortunate with my Helensvale houses which I estimate an approximate 100k gain on each in just 18 months, I'm doubtful of any future gains like they've had and can't decide whether to hold them or sell. Are you seeing a rapid increase in the number of houses for sale in your area as Im seeing down here?
     
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  8. melbournian

    melbournian Well-Known Member

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    @Brett1709 yeah u name rings a bell I remember u msg me coz u wanted a handyman to do gates etc in Melb

    How did ur ip in Melb perform against ur Logan ip?
     
  9. RetireRich101

    RetireRich101 Well-Known Member

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    And here goes the egging post. Once a Logan hater always a Logan hater. Isnt it obvious that Melbourne is in a different cycle to Brisbane?
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    You can buy into Melbourne at the top of the cycle and then complain about the lack of growth. :confused:
     
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  11. melbournian

    melbournian Well-Known Member

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    Well the bloke is just being honest and wants to refinance to buy another ip. Nah not a hater just calling it as I see it and nothing more. Better To have both sides of the views.

    Nothing to do with Cycles this one. The poster bought well. wasn't gonna check it out but since u posted I did check it. It is one of the worst suburbs in Melbourne for crime yet within 3 months that ip growth is 5x more than the Logan ip assumed growth.
     
  12. Connor

    Connor Well-Known Member

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    Should the OP decide to sell...here another way to look at it.

    Today, 370k invested in Waterford West VS 370-400k invested in Werribee.
    It's gotta be Werribee.. heaps more potential for CG and currently a rising market.
     
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  13. MTR

    MTR Well-Known Member

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    I did not know that:p
     
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  14. JesseT

    JesseT Well-Known Member

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    And approximately $40,000 down the drain in transactional costs...

    Waterford west currently a rising market with most of its growth cycle still ahead of it.
     
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  15. fols

    fols Well-Known Member

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    I've got Logan and West Melbourne IP's. Western Melbourne has absolutely killed Logan in terms of growth.

    I put $3m into Brisbane in 14/15. I hit Melb in 16/17. If I had of sunk the BNE cash into Melb in 14/15 I'd be sitting on a beach.

    But it is what it is. Am I going to offload BNE and redeploy into Melb at this stage? No that doesn't make any sense to me.

    Diversified, long term buy and hold is my go.
     
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  16. melbournian

    melbournian Well-Known Member

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    Isn't the stamps like 11k, lmi ard 5.5k say Legals fees etc 1.5k that is only 18k and the op said bought 350k and said can sell 370k say agent fees selling 6k that is only 24k - more like out of the pocket 4-5k. Which if he did and structured a h&l could easily get u 30-60k

    40k tran cost sounds like more for a 700k in Victoria not qld
     
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  17. yoyo_guitarist

    yoyo_guitarist Well-Known Member

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    Hi Mate,

    Well I paid 275k for the place in Broadmeadows on 370m block. I used the guy you recommended for painting fence and a few odd jobs. He was really good, Thanks! I spent about 8k all up on freshing it up. In 3 months of purchasing from what I have seen I could get 340- 350k, so has well out performed Logan. I think waterford West will be a 10 year hold. It will just slow my progress down.

    Theres a lot of feedback on here which is helpful, I think I will hold onto the Waterford west. The Plan was to buy an H&L in Western Suburbs of Melbs or outer suburbs of Geelong. Do you know of any new estates or potential estates coming up?
     
  18. melbournian

    melbournian Well-Known Member

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    Well numbers speak for themselves 3 months nearly 75K. Cycles maybe but Broady is like some part of logan. Yes the guy I recommended is a very good fencer and affordable too. just helping out a fellow property investors who owns in vic and logan etc. :)

    There are quite a few estates to get H&L in Melbourne you have to do some DD on the locations etc , budgets etc. I'm looking for one or two so will see if I can get something this year.
     
    Last edited: 6th Jul, 2017
  19. Shawn

    Shawn Well-Known Member

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    One day you will be rich.
    Time in market beats all in most cases.
     
  20. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Similar here.
    We put 6m into Bris from around 2011-2013, went a bit early because Sydney looked done to me at the time.
    If we'd bet on our own backyard in Sydney, would have made huge gains.
    Anyway, what's done is done.
    Now we just have to hold on for longer to realise some gains.
    Selling now would be a massive waste.
     
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