Successful property investor and advisor Cam McLellan reveals where he found his recent best deals and why
What have been your best recent deals and why?
One of my best recent purchases has been in the northern Brisbane suburb of Mango Hill. Mango Hill is perfectly positioned adjacent to the major growth hub of North Lakes
, easily accessible to the CBD via the Bruce Highway, and has an abundance of existing housing with very small amounts of available land in the southern parts of this suburb.
What made this property deal profitable?
Affordable purchase price a little over 12 months ago, at under $450K, but with really strong rental yields. Rent currently being achieved is $435 per week, so the property is cash flow positive from day one. While I don’t mind a small holding cost to hold quality growth property, if it grows in value and pays for itself, then it is the best of both worlds.
Why did you choose this area/property?
What was your strategy for buying it?
I chose it because it fits my map process. This is a process of elimination to target the best capital city, market, area and a specific property at any point in time. I like the potential that Brisbane has had and continues to have, and I chose Mango Hill because of the proximity to North Lakes, the superior yield and more affordable purchase price.
I bought it brand new to maximise depreciation and tax benefits in general. While a lot of investors only look at rental yield, they neglect to see how much cash flow can be contributed by the tax benefits, which made this property cash flow positive from day one.
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