NSW Moree

I have two properties at Moree, since 2012. Both have tenants on Centrelink, and I've had no problems with rent arrears. One property did suffer a broken window, owing to vandalism. The way I look at it, they are both cost neutral and as each month passes, I own a bit more and the banks owns a bit less. So, I consider it all trouble free. There may not have been major growth with them, but I'm more than happy with not having fork out some of my hard earned to keep them.

As for Ice, well guess what, no one's ever tried to sell me drugs along the Main Street, at the spa baths or in the back streets - a scenario that the media tend to portray about the town.

 

Thére's a bit of speculation and scaremongering in this thread. Are there some problems? Well, yes there is BUT if you look around the country, there are plenty of areas that have problems, including some that are have a high demand.

Living in a town, suburb or city does not make you an expert there. Until about 7 years ago we lived in Lethbridge Park, a suburb of Mt Druitt. I can't count how many 'experts' have told me how dangerous it is, how stupid you would be to invest there because everyone is violent or on drugs.

The fact is that YES there are some dangerous people living in the Mt Druitt area. There are druggies as well! BUT the majority of people are normal people.

If we all read the newspaper and based investment decisions solely on news reports about an area, most of us would be scared to invest anywhere at all.

The simple fact is that almost ANYWHERE in Australia can be a good investment. No, not anywhere for any person, but based on each persons specific goals, income levels, risk profiles, timing, and/or the entry price of the investment. So....Moree may be the perfect investment for someone based on their specific situation, while Point Piper would be perfect for someone else.

In fact, I remember well many years ago on SS there was someone who was unemployed with a bit of contract work via internet that bought some disgusting grotty place out in the boondocks to live in. Over a period of time they painstakingly turned it into a home of sorts, then moved onto the next one and rented the first one out. They couldn't use a PM because there weren't any in that area. This was an area of very high unemployment, because there was NO jobs available at all.

Anyway, what I'm saying is that while there would be no way in Hell, that I would have touched the properties that this person bought, they made it work for them, and they eventually moved up into a proper, larger town (one that even had a Real Estate Agent) buying something much more liveable.

 

Lethbridge Park is a nice area to renovate but missed the boat with that one.

 

I suppose you need to be careful and a good judge of character. But my best and most rewarding tenant was a centrelink tenant. Desperate to get out of a crappy location, RE agents wouldn't consider her. She paid a premium to get the house, it was brand new bright and airy, she was very house proud never made any requests she even installed the T.V antenna herself, was very grateful, unlike the moaning entitled RE agents put in. She paid in advance and with all those kids had plenty of money from centrelink. It changed her life around she went from being depressed to happy and motivated, went to TAFE and got a job.

 

Great story Fargo and good on you for giving her a go.
Sometimes people only need that small lift up to get back on track.

 

Nice one Fargo!

Great story and great forum name (just finished the series Fargo, loved it).