I am using the first person to make the phrasing easier to write:

History: I live in the U.S. In November 2002, I signed a contract to
buy unit #4207 in the Q1 Tower in Surfers Paradise built and managed
by the Sunland Group. I signed the contract to buy the property for
$710,000AU with a 10% deposit of $3,800US into an Australian escrow
account. The property was scheduled to complete construction in fall
2005. Construction is on schedule.

I have the property listed on the market, but the market is slow. I am
trying to figure out if I should continue dropping the price, or
attempt to finance the property and lease it out. I can lose my
deposit if I don't sell it or finance it asap.

Question #1: If I finance the unit at 100% and lease it out with a) an
annual renter's lease or b) using Sunland's "holiday pool", will I
make at least $500 US / mo in net profit? And if so, with which
strategy do I profit more?

subQuestion #2: What is the most likely monthly net profit / month on
owning and renting the unit?

subQuestion #3: What are the likely monthly expenses including a
mortgage (with credit score of 700)?

subQuestion #4: I also want a "most recommended strategy" or other
ideas that are outside the box, and produces the most profit with no
additional investment money ($0) from me.

* Format request for Answer #1: I'd like a yes or no answer with
supporting evidence. If yes, I want enough evidence that I can
convince a bank to loan me the entire 100% purchase price to finance
the property. If no, I'd like some strategies for selling the property
faster.

Other details:
-The property is still under construction. A mass closing of all units
will happen near August of 2005.
-Because of resale laws, this unit must be resold to a AU or NZ resident.
-I have no money at all to spend on this.

Probable research (not required, but I would love to see any of this
in the answer if you have it):
- Current Comparables on Q1 unit sales
- Rental Comparables for a 2br 2 ba in Surfers
- Avg vacancy rate or likelihood that it will rent out
- Likely monthly payment of financing a unit in australia (100% financing)
- List of likely monthly expenses for owning the property and renting
it out, including costs of maintenance, taxes, insurances etc
-Costs involved with Sunland's holiday pool

Thanks in advance! You all are amazing!

Mark

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Clarification of Question by markberry555-ga on 03 Jun 2005 22:21 PDT

Resources:
http://www.qtallesttower.com/main/home.htm
Unit is Plan J on http://www.qtallesttower.com/main/floorplan.htm

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Clarification of Question by markberry555-ga on 03 Jun 2005 22:22 PDT

Surfer's Paradise is an Australian city in the gold coast, east of Brisbane.

HI Mark,

This is just a comment trying to help with some info, for you or for a
researcher who may post an answer.

This site offers a few Q1 flats for resale, mentioning (of course)
that they are seldom offered.  You have to ask about prices. (But one
may be your listing ...)
But another realtor had a remark on 22. april that they have been
signed up to market Q1 units.

http://www.goldcoastprestigerealestate.com.au/Properties_For_Sale/

Here is another realtor site.  The page it opens has outgoing cost
estimates for another new building (scroll down).  If you click on
Real Estate, you can get items in Q1 with prices and ask (no doubt)
about ongoing costs and rental outlook, but both could be optimistic.

http://www.goldcoastaustralia.com/106260.php

This realtor's site as many listings, 14 pages of units, on page 10, 3
in Q1 and then on a later page 2 very expensive ones, perhaps
"sub-penthouses".

http://www.raywhitesurfersparadise.com.au/

As you can see, there are many units for sale.  Australia is into its
fourth year of drought.  Another site showed that housing prices in
the main cities were all down 2-3% in 2004 (S. Paradise not
mentioned).

This is Westpac bank's site for real estate lending:

http://www.westpac.com.au/internet/publish.nsf/content/PBHLHCPI+Interest+Rates

I hope this can help.  THe place sure has changed since I was there,
which is why I took the time to do a little looking around.

Good luck, Myoarin