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Looking Outside the Square for Growth/Adding Value

Discussion in 'General Property Chat' started by MTR, 13th Sep, 2016.

  1. MTR

    MTR Well-Known Member Premium Member

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    Buy and hold strategy may be difficult moving forward as we have already seen significant growth in many major capital cities. Need to look outside the square and be more selective

    Something like could potentially be interesting, its like having an insurance policy.....
    (I have not completed DD on this)

    8 Carlyle Street Croydon Vic 3136 - House for Sale #123559038 - realestate.com.au

    Ticks many boxes...
    currently a hot area
    has dual income
    potential to grow in value/add value as its unique
    development site - develop in the future, when timing is right
     
  2. Perthguy

    Perthguy Well-Known Member

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    Nice one @MTR. Definitely has potential.
     
  3. melbournian

    melbournian Well-Known Member

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    Number 8 too.
     
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  4. Big Will

    Big Will Well-Known Member

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    Nice find and price seems competitive from my limited knowledge of the area.

    My biggest issue is that it is nearly 30km from CBD, there is a crap load of houses between there and the CBD.

    I myself would prefer to be 10-15 km from CBD, I would prefer closer but can't afford it (comfortably).
     
  5. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Looks the goods.

    Agree that the traditional buy and hold strategy is not enough anymore.

    Its about seeing and solving problems that others dont see or dont want to solve.
     
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  6. MrFox

    MrFox Well-Known Member

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  7. Big Will

    Big Will Well-Known Member

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  8. MrFox

    MrFox Well-Known Member

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    Its been on the market for about a week. The first advertised price was $1,365,000.
     
  9. Leo2413

    Leo2413 Well-Known Member Premium Member

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    That's by far what has yielded us the most profits.
     
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  10. yorkie

    yorkie Active Member

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    Hi mtr.
    Looks good and is a great area, i know i lived just around the corner for 10 years and just sold my weatherboard on 1000 m2 last year 4 bed home fully reno, d for $625.k. in hindsite maybe sold it too early. But the market was hot then and who knows, crystal ball stuff. This is good having the dual income and this is the strategys that i have been employing for a few years now. My frankston house i just sold last weekend was a old house with termites and asbestos roof. Most people ran away. I picked it up for $183k in 08 and the agent at the time said this is the first house ive sold under 200k for 2 years. 3 months later and 35 k reno revalued by bank at $270 k.set me up for 2 more ip in frankston. Sold 6 arabil st for a new record price for karingal frankston area of $486.5
    Currently relocating 3 old weatherboards in my location tallangatta. 1700 m2 block in town paid $70 k sub-divided to 3 & put in 4x2 & 2 no 3x2 houses in for a total of $170k + $120k land and sub division . Re value approx $750k'- $800k. Rent approx $ 800 pw.
    Onwards and slowly upwards. But thinking out of the square is the only reason ive gotten ahead as a self employed tradie banks didnt want to know me for finance. They did for a while when wife payg was good. Then babies came along and that was it for the next 7 years and gfc and apra and and. Always now in a position to do all my current stuff with the bank of me and not begging the banks. Will get mortgages on once done. P.s also built my own house for $ 430k 45 acres over looking lake hume with views to die for, now valued at $750 k and no mortgage. Its achievable just got to do your d.d and read lots and learn but then act on it. The last part is the most crucial.
    We all get analysis paralysis its part of the process once you becone more knowledgable to second guess yourself thinking theere may be a better deal out there just need to do more searching.... it happens as i sure most people will agree.
    Good luck to out of the box thinkers.
    Yorkie
     
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  11. MTR

    MTR Well-Known Member Premium Member

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    Brilliant Yorkie, you don't go broke taking profit:)

    @RetireRich101 I wish you would post some of your deals, really outside of the square, usually great cash flow, immediate equity and properties which can be developed lower end. Amazing stuff.
     
    Last edited: 14th Sep, 2016
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  12. RetireRich101

    RetireRich101 Well-Known Member

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    lol I don't know what you're talking about mona :p..

    I lost $100k this year, and $200k the year before in development in lower end. I forecast to lose another $300k next year, so I can claim on tax :D. now that's thinking out of the box.

    there's no money developing in the low end...move on.
     
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  13. Elives

    Elives Well-Known Member

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    i thought in Victoria you couldn't rent 2 properties on 1 title out legally? same with granny flats "dual occupancy" or what ever it is.