Wednesday, August 24, 2005
Day 52
Today, amid preparation of 900 flyers which I will be sending out at the end of the week, and the following up of people who came through my open homes during the weekend, I went an had a look at the apartment building I will be buying in. I was quite impressed.
Essentially, the building was formerly a hotel, but a developer bought the tower, is converting every two hotel rooms into a single room which can then go back into the hotel rental pool (which is what I will be doing), be rented long-term or lived in. The standard of finish was quite impressive, and because the building is simply refurbished, rather than rebuilt, the cost/square metre is 75 to 50% of what you will usually pay in the area. Consequently, the returns are very good, and the potential for capital growth is pretty significant too.
I have an appointment for 11.00 Saturday to finalise which unit I want, and put a deposit down. Exciting stuff!
Tip of the Day:
If you are working in a desirable building/development/area, send out flyers to the residents in that area, advertising what you have available and encouraging them to refer you to friends and relatives who also want to move in there.
Essentially, the building was formerly a hotel, but a developer bought the tower, is converting every two hotel rooms into a single room which can then go back into the hotel rental pool (which is what I will be doing), be rented long-term or lived in. The standard of finish was quite impressive, and because the building is simply refurbished, rather than rebuilt, the cost/square metre is 75 to 50% of what you will usually pay in the area. Consequently, the returns are very good, and the potential for capital growth is pretty significant too.
I have an appointment for 11.00 Saturday to finalise which unit I want, and put a deposit down. Exciting stuff!
Tip of the Day:
If you are working in a desirable building/development/area, send out flyers to the residents in that area, advertising what you have available and encouraging them to refer you to friends and relatives who also want to move in there.
# posted by Nils : 7:44 pm
