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Looking to invest in NSW or VIC pre approved for 350K

Discussion in 'Where to Buy' started by Vinh, 10th Aug, 2015.

  1. Vinh

    Vinh Member

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    Hi guys

    Can anyone suggest which suburbs in these states i should be considering? I'm looking to invest in a positive cash flow property. Is it worth using a buyers agent as I have no experience in this?

    I have been doing a lot of research in the past week and is overwhelmed with data and stats..

    Edit:
    Apologise, i should have said NSW or Victoria instead of Sydney and MELB
     
    Last edited: 10th Aug, 2015
  2. ej89

    ej89 Well-Known Member

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    @sash does a lot in this price bracket in Melbourne. Could be worth asking him. He's got 25+ properties.
     
  3. Inov8ive

    Inov8ive Well-Known Member

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    Its really not that easy to buy positive cash flow properties in Sydney or Melbourne. In Sydney, you are definitely going to be looking at an apartment for that budget, which would make it hard to be CF positive due to strata, water bills etc. I would suggest the northern suburbs of Melbourne around Dallas as place that could suit what you want in these locations but even then CF positive will be a challenge if you are not going to value add. Perhaps you are better off looking in a regional area if positive cash flow is your main aim.
     
  4. ej89

    ej89 Well-Known Member

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    What's the yield in Dallas? Quite low I thought. My question for CG is why would someone purchase in Dallas when for a little bit more they can get a H&L package not much further away.
     
  5. Vinh

    Vinh Member

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    Apologise, i should have said NSW or Victoria instead of Sydney and MELB

     
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  6. jins13

    jins13 Well-Known Member

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    how about tell us the areas you looked at and we cam tell you about it
     
  7. Vinh

    Vinh Member

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    I was considering Lithgow NSW, Geelong VIC, Newcomb VIC, Tamworth NSW.
    And from reading the forums, Central Logan seems to be good?
     
  8. Hodor

    Hodor Well-Known Member

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    You can find a cashflow prop around Geelong. Not sure of other areas mentioned
     
  9. Chilliblue

    Chilliblue Well-Known Member

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    Avoid Lithgow and look at Bathurst instead.
     
  10. Inov8ive

    Inov8ive Well-Known Member

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    The reason I said around Dallas was because of his budget and for the possibility of adding value. A friend recently bought an IP here for 300k, did a bit of work to it and is renting it out for 350 per week. But like I said, positive cash flow would be challenging in these cities without doing a Reno or development of some sort.
     
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  11. cherubym

    cherubym Well-Known Member

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    @Vinh It also depends on how much LVR are you looking at. I bought 2 IPs in Ballarat with 80% LVR and they both are positive-geared. Pretty happy with the result.
     
  12. jins13

    jins13 Well-Known Member

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    My advice is to go and have a look at the area. I know some people in the forum buy properties unseen but that is not my strategy. There is an article out on YIP on people being burned with buying a property unseen. Besides these days the real estate agents like to touch up pictures and its not really reflective of what it really looks like in real life. Yes, google maps are good to check if there are any powerlines or what may be in the area, but again I like to check the area and do my research by talking to several real estate agents, hang out in the RSL clubs and talk to some of the locals. My aim is to know as much as the local does. Know where the undesirable areas are and what street to avoid.

    Also, many people talk about Logan Central and there are people in the forum that have done very well by investing in these areas, but at the same time they bought these properties when the prices have not peaked. Seems like every Bill, Bob, Jack and Jill are talking about Logan Central. (Sorry if I offend anyone) I think other parts of Queensland are alot better. Don't look at Southport as well due to the oversupply of apartments and when I looked at Price Finder, many properties were on the market in excess of 300 days. You are making decisions that may set you back several years if you make the wrong choice. I have previously talked about a friend who got burned by investing in Cairns and he owns two apartments which are not rented and paying an arm and a leg for strata. His brother and cousin ripped him off but at the same time, he didn't do his due diligence on checking the facts himself. They provided him bogus figures that was so far fetched and fanciful.

    Come to the meet ups and talk to people.
     
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  13. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Central Coast , Lake Haven, gorokan , kanwal,
     
  14. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    People can through towns at you but that wont make much difference as it is all about the research. +cf properties are usually unlocked not so much bought off the shelf. Very occasionally they come up on south coast, probably easier to get close to neutral cf somewhere like tweed or logan, but either way you need to know why you are buying and what you are hoping to achieve. Without that the odds of buying badly go up.
     
  15. CCHO2015

    CCHO2015 Member

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    I agree with Hoder re: Geelong :) but Im also not familiar with the other suburbs you mentioned
     
  16. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Look around the NSW Central Coast theres plenty of positive cash flow properties !! Search Lake Haven , Gorokan.
    You will pick up in some places $320,000 rent for $320
    I picked up my IP recently $302,000 will rent out for $320-350 pw in Lake Haven once I have done some renovations.

    Sydney still has 2 bedroom units in that price range at Warwick Farm, although im nit sure of Strata fees.

    Regional areas , search Moree, high yield Country area of NSW
     
    Last edited: 12th Aug, 2015
  17. Phil_22

    Phil_22 Well-Known Member

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    @Darlinghurst Boy I'd advoid Tamworth I think there will be an oversupply of stock there soon...

    Have you considered Armidale NSW traditionally always been good for yield and some really good potential for capital growth over the next ten years.

    Your budget suits nicely also

    Cheers,

    Phil
     
    Last edited: 12th Aug, 2015
  18. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    As a couple said Geelong. Maybe areas east Geelong, Corio, Newcomb for cf. Hamlyn heights, Herne hill and Belmont for value adds.
     
  19. ej89

    ej89 Well-Known Member

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    Question. Why does it have to be positive cashflow? If you found something that was negative $50/week would you take it?
     
  20. York

    York Finance Broker Business Member

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    It was possible to get CF + in Logan up until say 6 months ago. Now it's very very difficult as prices have moved already. If you are interested in using a buyers agent @Simon L is good. Knows the area better than most. He has about 10 properties in that area.