Illegal Granny Flat

Generally it's better to do your sums and move on rather than trying to force it.
There will be more around, hang in there

 

That is sounding like a good option. I would rather do it by the book and sleep easy at night knowing that if it burns down I'm covered!

I'm going to invest in a meeting with @Terry_w to get the legals and strategy right but school holidays are making it difficult.

7.5% is great, any suggestions around what sort of research/reading I should be doing to be able to identify deals with that potential? I was thinking an RP Data or PriceFinder subscription may be the way to go

 

What kind of budget have you got mate? Might be able to suggest some areas.

 

I'm hanging...but it's by a thread!

There really needs to be a 28 hour day for people with young kids!

 

$500k with no LMI, $600k with LMI.

I have been looking from Petrie to Deception Bay. Hoping the new rail, Ikea etc. will encourage future growth.

 

Not sure on the rules in Northern Brisbane. South you can build them in Logan or Ipswitch. Just something to be mindful of if you are considering building one, a lot of the time people find they don't value up so you need to put in more of your own money. Have you considered a dual key home? There are a few builders offering them in Logan and Ipswitch. Basically it is a duplex but one side is classed as the flat. You would be able to just squeeze one of those in under 500k in some areas. Brand new so you wil get great depreciation, yield around 6.5%

 

I had looked at those but I was concerned that because they are in newer estates and generally a good distance from railway stations, town centres etc. that I may struggle to tenant the flat side and I know from my IP on the Central Coast that most families didn't want to live in a house with an attached flat.

What are your thoughts on tenanting them?

 

Not sure, I don't own one. I don't think you would find it difficult to find tenants though. It's like a duplex or townhouse.

 

Some bloke has been emailing them to me for a year, I actually think he unsubscribed me a few months back, I'll take a look at those.

For your dual occs did you try to buy corner blocks?

 

Nope mine are all battle axe style. Good corner blocks are hard to find and at a good price even harder.

 

What about QLD TH on NRAS with approx 8% gross yield? O/O $300k, rent including NRAS payment is about $480 per week. I haven't got body corp figures, I'm assuming around $4,000 p.a.

I know from a previous NRAS in Sydney they manage it and charge a fairly high management fee (possibly 10%?) which put me off because I manage my own places when they are Sydney Metro/ Within 1.5 hours drive.