zaph

Zaph's real estate adventures

306 posts in this topic

On 17/06/2018 at 3:19 AM, zaph said:

When I sell and know the sales price I will provide a comparison of renting vs owning this property.  

I've sold and are unconditional. I don't trust the dodgy Chinese buyers till the money is cleared and in my account.

Purchased 575k, no stamp duty, first home. 65% lvr. Break even cash flow. 4 boarders = loan repayments, rates, water etc. Maintenance over 7 years is around 2k. A few plumber visits and pool issues. Probably going to end up with around 400, 150 more than purchase. 

Everything considered, owning vs renting was around the same, with owning slightly ahead. 

If I have enough then I will buy a bed sit in the Valley. Otherwise I'm off to Santiago De Cuba...

 

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19 hours ago, zaph said:

I've sold and are unconditional. I don't trust the dodgy Chinese buyers till the money is cleared and in my account.

Purchased 575k, no stamp duty, first home. 65% lvr. Break even cash flow. 4 boarders = loan repayments, rates, water etc. Maintenance over 7 years is around 2k. A few plumber visits and pool issues. Probably going to end up with around 400, 150 more than purchase. 

Everything considered, owning vs renting was around the same, with owning slightly ahead. 

If I have enough then I will buy a bed sit in the Valley. Otherwise I'm off to Santiago De Cuba...

 

Ops. Purchased for $475k, not 575. Put in $200k, borrowed $275k, owe around 240. Sold $650. Only three boarders, not 4. I must have been high yesterday. You can do the maths.

Although I left for open homes I camped out in the neighbours yard and could see who was coming and going. Not a single white person inspected my property. Most would be Aussies of Chinese heritage. So I don't think it's a sign of Chinese buyers in the market, given this is china town. 

My buyers first finance was knocked back. The second bank approved them - they may have put up additional security.

 

 

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1 hour ago, zaph said:

...they may have put up additional security.

 

 

otherwise known as parents acting as guarantors...

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1 hour ago, cobran20 said:

otherwise known as parents acting as guarantors...

It's an investment so I doubt it. The property backs onto high voltage power lines so the max LVR would be 80%. I doubt the broker or buyer new that. They probably just had to stump another title. 

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