Forum Replies Created
I’m currently reading Michael yardneys new book “How to become a Millionaire in your spare time”
I’ve also enjoyed reading Secrets of Property Millionaiares Exposed by Dale Beaumont andCathy Jayne Pearce “Real Estate Cash from Treasure and Trash”
The best book however is Property Development in Australia by Ron Forlee, a little boring to read but great practicle advice for subdividing and developing landAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I think you need to work backwards by determining your end buyer first and then target the reno to suit. If its a good sized house on a large block aim for a family friendly finish. If its more compact on a small block then aim for first home buyers.
Road appeal is very important you want a prospective buyer to get out of the car and be eager to enter the home. Pay attention to the front entrance being neat and tidy, perhaps replace the entrance set , and always have a small garden at the front to make it homely. A young couple will look for a few trendy finishes such as down lights and a stainless steel fan. Just replace the ones in the lounge and main bedroom. For a family look at improving storage space and ensure the yard is fully fenced and level with some shaded area for children to play.
If you’re stuck for paint colour you can buy from Bunnings a Dulux paint scheme pallette which has samples of recommended colour combinations. We’re currently using “Buff It” with glossy white trim.
When it comes time for carpet make sure you get the better quality underlay as it feels softer underfoot.
Look at buying from the auction rooms for vanity, bath etc or try http://www.xsstock.com.au
Hope this helps and if you ever need a reno problem solved as you’re going, please feel free to “PM”
Kind regards,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Agree with Danni and Derek but signing a contract after July 1 will also give you the advantage of not having to pay capital gains tax until you lodge your 2007 ITR in April 2008. Worth considering !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Dazzling and Gross you are both naughty boys !! Glad to see you’re back in the lucky country Dazzling we missed your posts.
Tamtam just do a search on “Cash Flow Positive Properties” as this subject gets a lot of coverage. Don’t loose heart they are out there you just need to be creative.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”When we were shopping around for a kit home I did consider them but in the end we went with Harkaway Homes that have similar designs.
http://www.harkawayhomes.com.auAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Richard,
First what is your investment plan ?
Are you experienced at reno’s and costings ?
Why keep a reno property for 12 – 18 months and risk a tenant destroying all your hard work ? You might save some tax but it also slows you down stopping you from moving forward with too much cash tied up.
First you need to research your target market and determine how much renovated houses sell for and then work backwards. Not all houses that need work will be suitable. Make sure the property is well located close to schools, shops and transport and preferably in a quiet leafy street surrounded by houses of a similar or better standard.
Having found a suitable property next do a 1klm radial search which will list all properties sold for the previous 12 months. Use this data to back up your offer to the agent. Knowing why the seller is selling and how long the property has been listed, may give you an indication of just how badly this person will negotiate.Never tell an agent your price just say you’d like to submit a written offer. An agent will try to talk you out of a low ball offer so only insert the amount at the last moment and make sure its always with a deposit cheque. Never tell the agent your strategy for the property or become emotionally involved, its just another deal.
If your offer is going to be substantially lower than the asking price ask the agent how did they arrive at that price and have they had any other offers yet ?
I hope this may help you on the way to success.
Kind regards,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Thats all great Derek but I’d also add “What can I do to make your job doing my tax return easier ?”
Record keeping for tax purposes has been covered numerous times on the Forum so do a search or check out the tax office web site for more details.
PS. You probably should have gone to see your Accountant first though to ensure you;re buying in the correct entity !Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Michelle, agree with the others its the date of the contract not when it settles. So in your case if you signed in March 2006 you’re the legal owner from that date, capital gains is calulated from that date and your insurance cover should also be from the date of the contract.
(Ex Tax Accountant of 15 years)Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Have a look at the “Decina” bath range. We once used a small flat bottomed bath which was wider at one end to allow a shower and then had a glass pivot door installed by “Stegbar”. With a modern flick mixer it looked very trendy indeed.
We had a similar situation at home but instead we used a large corner flat bottomed bath fully encased with a glass cubicle and pivot door. I think it cost around $1100 and is perfect for our kids. I can fit our youngest two in together and saves water wastage.
Can the toilet be moved in to the laundry ?
If you’d like some photo’s just send your email via PM
Good luckAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”All the auctions are listed in the Business Section of the Courier Mail each Saturday. Also have a look at this site
http://www.xsstock.com.au
If you’re after a good quality second hand kitchen go and have a look at Second Chance Kitchens at Kangaroo Point. A friend just had a 2 year old kitchen installed from them with new bench tops, new sink & mixer, Blanco wall oven and cooktop for $6000.
Happy renovating !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We use abr.com.au for our data and usually also do a 1klm radial search which will give you details of recent sales in the area. Then just drive around and check out each property.
Good luckAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Jarrah we were sitting at the same table !! I was not so impressed with the seminar and found it targeted “newbies” more so than more experienced investors. I felt it went over the basics quite well but didn’t really tackle any new ground for me. I’m a retired tax accountant (15 yrs) so I found the number crunching more valuable and would have liked to have seen more of this, and some live case studies. It was great to mingle with other like minded people and I made some good contacts.
On a seperate note I’v been sick for the last 24 hours with what seems like food poisoning. Anyone else get sick ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Xenia,
Being a Qld girl I can’t answer those questions but I’m most impressed with the reno in 4 weeks. Well done. I thought our 6 weeks was good so it looks like I’ll have to work a bit harder now!!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Mmmm !!! No replies..
Are you all shy ?
Surely someone out there is going if Steve’s sold all but 5 tickets ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We’re investing in the Ipswich area at present with good rental returns. A lot of development is occuring in the area with Riverlink, Ripley Valley, RAAF Amberley extension, Willowbank industrial park, recently completed International Hotel and Aspire apartments.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I agree, talk with your local Council first perhaps even ask for a pre-lodgement meeting with an Engineer.
A good book to read is “Aust’n Residential property Development” by Ron Forlee.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”One of my goals this year is to increase my knowledge so I’m on to book number 6 and very excited about attending the Brisbane Property Masterclass in 2 weeks.
Mind you who could go past this months edition of API magazine !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”First try the monthly magazine “Property Investing” which lists books in the back.
I found “Australian Residential Property Development” by Ron Forlee fantastic. A bit technical in parts but has very informative (around $30) available from DymocksAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I would engage the services of a professional valuer to do a valuation on the now subdivided property and apportion the interest accordingly.
should costs $500 – $600Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”WOW, is all I can say !!Feel like a job over Easter in sunny Qld ?
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
