QLD Just bought in Scarborough, QLD - you little beauty!

Hello all!

Thought I'd share with you details of my latest purchase which I won at auction 2 weeks ago, and I would have to say my most below market value purchase to date!

I wasn't planning on buying in Brissie for this purchase and had my eyes set on Adelaide again. But then a REA I knew rang me up on the Friday and told me they had a deceased estate which had to sell the next day (Saturday). A conditional contract had crashed due to finance a week prior.

At the time of the call, they only had two registered bidders, both were interstate and both hadn't viewed the property. Because of this I knew they would be pretty risk adverse also. I figured if I can pick it up for less than or at land val than I wasn't too concerned buying sight unseen. I knew it was habitable though because people were living in it only a month ago.

I won't bore you with the details that followed during the auction, but I ended up snagging the property for $300K and negotiated an 80 day settlement. The extended settlement takes me well past the holiday period (Xmas, New Year, Aus Day) which will make it a lot easier to find tenants and gives me more time to sort my finances together.

The location is pretty stellar. So close to the water/Queens Beach (5 min walk). I spoke to a couple of owners of different RE companies in Redcliffe, and they reckon I've made at least $100K on the way in. My builder went to go view the property the following Tuesday and he said it was very solid, no structural issues and quite tidy. Could do with $5-$7K worth of work i.e. paint, fix bath, minor fixes.

It's a 2br freestanding house. The garage has been converted into a utility room. There's also a 3 x 3.5m room inside which could be used as an extra bedroom/study. The property has 1 bath and 2 toilets. After minor cosmetic work done it will rent for $350-$360/week. The plan is to rent it out for 10-ish years. Then knock it down and re-build.

Let me know if you have any questions at all!


Cheers,
Taku

 

Congrats on the buy @Taku Ekanayake. I recall seeing it when it was 'offers over 349k' prior to auction. Looks like a great buy, especially given the price!

 

Congrats! Go again Taku! Always love to read your purchases

 

cheers @Art Vandelay!

thanks for the support @samiam !

 

Keep raising the bar mate!

 

Good one !

I may be going up in new year, so what about a meet up and beach party as you fixer up....lol

 

Amazing buy!! Congrats Taku!!!

 

always chasin my tail @Steven Ryan

lol @dabbler you're on!

thank you @Gockie !

@Rolf Latham I can't argue with that!!

 

Very nice - Scarborough probably the nicest pocket on the peninsula! Not an asbestos ridden dump like most properties around that price range either.

Watch out - The Don is moving South!

 

300k in Scarborough is as rare As rockinghorse poo! We'll done!

 

wow...congrats Taku
Have you hit the QLD land tax threshold yet?

 

Nice buying. On fire mate- well done.

 

Congrats @Taku Ekanayake . keep it up.

 

You're an inspiration .

 

Awesome work Taku!

 

Woohoo!!!

 

It's not what you know, it's who you know!

Going great guns! Those qld auctions are a secret garden of bargains

Any word on the next chapter? Or still in planning stages?

 

I'm branching out in to multiple income streams but this story is a great starting point for inspiration!
Hopefully get it on a wrapper very soon

 

@Taku Ekanayake ,well done mate, great progress with your property empire.