Out of Moree

Discussion in 'Where to Buy' started by skater, 16th Aug, 2019.

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  1. skater

    skater Capitalist -- www.skatepro.com.au Premium Member

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    Do you know what today is? Today is Ka'ching day! :D

    It is the day that we settle the last of our Moree properties.:D:D:D:D:D

    To be totally honest, Moree didn't do that badly for us. We bought there for the great yield at a time where we absolutely needed good yield in order to expand our portfolio and had 2 houses & a block of 4 Strata Units. The first house sold quickly & we made decent CG, percentage wise, on it. The units were trouble at first due to a bad Agent, but after a change were decent workhorses for around 10 years, and sold quickly for nearly double what we paid. But the final house! OMG! What a drama that has been.

    The area was decent when we bought there, but the troublesome area has grown over time, & you now have to drive past some really scary properties to get to this house.:mad: It sat on the market for ages & we were getting to the stage that we'd almost give it away to anyone who wanted it.

    But, it sold! And for a slight CG! They even brought settlement forward by two weeks. Yay! Happy Ka'ching day for me.:D
     
    SOULFLY3, KateSydney, Gockie and 11 others like this.
  2. Sackie

    Sackie Well-Known Member Premium Member

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    No more Moree.

    Congrats on the sale!
     
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  3. Phar Lap

    Phar Lap Well-Known Member

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    Id be so relieved to be out of Moree too.
     
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  4. turk

    turk Well-Known Member

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  5. Luke T

    Luke T Well-Known Member Premium Member

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    Well done Skater ! You are someone I have learned heaps from and look up to.The cheapy and better areas strategy worked well for you -incredible -great patience!!
     
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  6. TMNT

    TMNT Well-Known Member

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    Congrats!

    The feeling of leaving a slum, is soooooooo weight off your shoulders

    Every time I've sold there has been not an ounce of regret
     
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  7. skater

    skater Capitalist -- www.skatepro.com.au Premium Member

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    Awe, thankyou. I don't know if I've got good patience, or I'm just stubborn, if I'm honest, but yes, the cheapies have worked well for us. We've just sold another too, but too early to post about it yet. :D
     
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  8. skater

    skater Capitalist -- www.skatepro.com.au Premium Member

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    The house isn't a slum....neither are the tenants, but entering retirement there were a lot of properties that were earmarked to go, this being one of them. The fact that the slummiest of slum areas has grown and you have to actually drive past it, has certainly had a flow on effect on selling the damn place, together with finance being hard to get for investors.

    We have no regrets on selling any of the ones that have gone. Some great properties, some not so. They are not prized possessions to be kept at all costs, merely an income stream.
     
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  9. sumterrence

    sumterrence Well-Known Member

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    Im also considering if I should sell my moree property, good rental yields in percentage wise, but with a the inflation catching up the actual dollar return just doesn't make too much sense to me anymore, I felt like I'm running a charity more than anything lol
     
  10. skater

    skater Capitalist -- www.skatepro.com.au Premium Member

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    Haha, good luck! One of the issues we also faced was the Agents are completely HOPELESS at sales. Someone has to basically come up and beg 'Can I please, please PLEASE buy this place for the full asking price'. Negotiations seems to be something they are incapable of doing.
     
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  11. TMNT

    TMNT Well-Known Member

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    maybe, thats how they get a higher price out of the buyer

    that would make them a good agent :D:D:D
     
  12. skater

    skater Capitalist -- www.skatepro.com.au Premium Member

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    OMG! No! You have to beg to purchase something from them. You have no idea until you've experienced it. :eek:
     
    TMNT likes this.