Hi all,
Been following this forum for a while, its a great collection of knowledge...
I thought I post my dilemma and get some input and your thoughts.
I have made an offer on a 5 bedroom 2 bathroom house, cross lease with 1 other, in Wellington.
More specifically in Karori central, 10 mins by car from CBD.
There are some pros but there are some cons...
am not 100% decided on which way to go.
pros;
buying at GV price
$500pw rent
7.9% gross yield based on 50weeks and $490pw (7.3%inc other costs)
good location
$25k instant equity
has the potential to be converted into 2x3 bedroom units
However my biggest porblem is the lack of permits for alterations and no current floor plan
What would you do?
Is there anything else you would suggest I might have overlooked?
many thanks,
Been following this forum for a while, its a great collection of knowledge...
I thought I post my dilemma and get some input and your thoughts.
I have made an offer on a 5 bedroom 2 bathroom house, cross lease with 1 other, in Wellington.
More specifically in Karori central, 10 mins by car from CBD.
There are some pros but there are some cons...
am not 100% decided on which way to go.
pros;
buying at GV price
$500pw rent
7.9% gross yield based on 50weeks and $490pw (7.3%inc other costs)
good location
$25k instant equity
has the potential to be converted into 2x3 bedroom units
However my biggest porblem is the lack of permits for alterations and no current floor plan
What would you do?
Is there anything else you would suggest I might have overlooked?
many thanks,
Comment