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

The best part about this is that he did not get focussed a particular city or region. Rather he was focussed on getting the best possible investment (which is also my approach by the way).

 

Just read your story and it's very inspiring! Congratulations on putting your head down and getting the work done to build your portfolio! And your new purchase at Scarborough is very exciting! Such a beautiful spot!

 

Thanks for this info. I don't really understand this part.
"His strategy now is to buy homes that are 10 to 20 per cent under market value, often requiring minor renovations, and negotiating early access with the vendor.
This allows him to renovate before settlement, meaning as soon as he owns the home he can have it re-valued with the bank and pull out the deposit again to buy his next investment."

 

Hey @Taku Ekanayake , how is Scarborough these days?

 

The area has been moving along nicely. New builds or full renovation's are in higher demand lately .

Units are moving slower as newer complex's are coming online.

There will be several high quality unit developments coming up along Landsborough Ave so buying older type units will be a no-no


Stick to land only on the Peninsula.

Clontarf
Scarborough
Woody Point

For the win. (Biased as we hold there )

 

You aren't helping me

You are supposed to say that buying an older unit at such a small cost base will give many years of good yield with minuscule BC fees

 

If your holding already then not really an issue if have good tenants and minor BC fee.

These buyers of the higher standard units will be paying minimum 5k a year in these complexes. (Big pools, bbq areas and lush gardens) . That eats away at their yield.

I personally have been a resident for 40 plus years in 3 locations on the peninsula and Scarborough was my original PPOR .

Having recently moved to the other end of the peninsula (golf course district) I've seen alot of activity with the newer builds around here also.

The place has changed alot and the ones that can't afford rents here now are moving to Deception bay, Kallangur and further north Caboolture.

Alot more English residents are moving from North lakes to Redcliffe. ( Wife is agent at North lakes)

Bang for buck the peninsula has alot to offer.

 

You arent helping @Angel with this comment either!

 

It's tracking along nicely. I'll more than likely hold on to this long-term. Well positioned near the water. Free standing houses are continuing to see demand from what I'm hearing.