Forum Replies Created
If it's in the blood, it's in the blood, and we just can't help ourselves.
I believe in always looking at our portfolios as a flexible process, that as we learn further adjustments can be made.
The co-owned property was probably a good idea at the time and sometime one half will want out for lots of reasons.
If the new deal is far better say in 3 yrs time than hanging onto the other then of course you will be going through the ringer, the question is can you get out of it soon enough to proceed with the new one.
Been in the same spot twice, once it came together, once I missed it.
Enjoy the process
Barry
If the property is 40+ years old there is no building write off, and unless some major new stuff has been added to the place ( aircon, stove, carpets, etc) in the last couple of years there is nothing there either
Barry
Couldnot pm you, Ross @ TCB 08 83762299
You are in for a class 3, so fire hose reels, exit signs, etc, 1b is 13 or less
My broker said that he has insured a old church over here converted to student acc so it is commercial not residential and was under 2,000, he ran me through all the reasons why they can etc, so will pm his details to you.
To Mr Wolf, I have 8 rooms, return 1,100 p/w, my average investment cost me 100 p/w to hold, rates, insurance, management etc, this one is 300 p/w elec/gas/water/internet
Barry
Bob The Builder
The 1b normally covers up to 13 people and has regulations like fire escape door and door sets, interconnected smoke alarms, I have 11, lights that come on at the exits with the alarms. My council allowed 10 in my house based in size. Its a bit of work to set up but not to much, anything above 13 then it gets more complicated.
My broker is going over my insurance again hope not to open a can of worms.Barry
Hi
I brought in Palmaston, Darwin 7 yrs ago, Delfin estate, purchased 227k now 500k+ rent 490p/w, speaks for itself.Bary
Hi
If you are putting a cash deposit down + you have to pay the buying costs, then your loan would be 134k. Based on 7% + 3,000 p/a in holding costs this should cost you 2,500 p/a to hold before tax. Is it a good buy, Cairns has boom & bust cycles because it relies so much on tourisim, at the moment tourisim is low, gfc, unemployement is high, so you are not buying at a peak, so it could be.
Just do your homework, enjoy the rideBarry
Hi
I have student accomodation in Adelaide, 8 bedroom house, if you want the return it does not come for nothing, sometimes I don't have any hassels for 3 mths, then all at once, it is basically having 8 seperate tennants.
Don't have a lot of time now, however if you want to list questions, either pm me or on here I would be glad to help.Barry
Hi
An agent can always list and sell it as a inestment only, investors will love long term tennants
Barry
Hi
By the look of your user name you are a builder so I take it you understand the build regulations on this type of house, as in more than 5 individual tennants its a 1b, if council has approved this you should be able to show it to a insurer and all should be fine. I have student acc in Adelaide and have policies with CGU and they were told what type of house it is. If it is not council approved or set up as a 1b don't worry about insurance as they would not pay you out once they found out anywayHave fun
Barry
Gavross
Don't understand, if you owe 120k @7% = 8,400 P/A + 5,000 in costs =13,400 costs. Rental income 17,160 + interest payment from gov 1,440p/a = 18,600 income. Is it not cf+ already.
As well you equity should give you a lot more than 30k if you owe 120k and the value is 350k, should be around 180k
Barry
Hey Sam
The house is at Modbury Hts just off Ladywood Drive, so it is on a go zone to TTP and city, and woolworths is 1 block away. The house is 70's/ 80's built so no depreciation on build, however heaps on internals.
I take it your from Adelaide if you have further interest send me a PM through my username
Always interesting to meet and talk to other investorsBary
Hi
http://www.planning.sa.gov.au/index.cfm?objectId=950D9953-96B8-CC2B-64953DBFDB91F7E1Look up your council on this page and in the documents it will give you the requirements for subdivision.
Have fun
Barry
Hi Tom
I remember when Dysart was under $100k for a house and during the last boom before the GFC these houses tripled in price. The main thing with these areas is to get somewhere where new mines etc are happening. The qld gov has a web page that covers all these areas telling you existing and new mines etc, sorry can"t find the link, start with Bowen Basin/ qld gov type search. Dysart and surrounds have come back a bit in the gfc, with prices, rental returns and employment, if you look any existing properties with a lease they still hold a good return, any looking for a new lease are now not as good a return.
Because these towns rely on 1 thing to survive you need to understand coal and the future of coal and base your decision on that.
As far as your deposit for a ip you will need 20% + costs, so for a 400k purchase you will need 50k approx, even at 80% lend I would believe some borrowers would want lmiHave fun
Barry
If you have done your homework and have 100% decided you want to develop properties it can be worth it, if you are starting out go to everyone's free intro course and see which avenue suits you before committing to big $ courses, read their books first as well. Do not get caught up in the buy course now price, or the fact they donate to worthy causes, there will be heaps of opportunities to do their course in the future
Keep learning
Well I have just joined so I am able to comment on this topic.
There are heaps of cf+ properties available!
I brought sept last year, with a 13% return. Either those who know stuff don't want others to know, or want $ to tell.Have a look at Port Hedland, WA
Have a look at Morranbah, QLDUnderstand what is going on in these communities, one is coal based the other iron ore. Do not jump without understanding first.
I have a house for sale in Adelaide for $550,000, it returns $1,100 PER WEEK. A normal house costs me $100 a week to own for costs like rates, insurance, maintenance etc. This one cost 300p/w, so you do the numbers.
I am an investor only and I make my living from property, I do not develop or renovate, just buy houses.
Maybe this sort of thing has been said before, I couldn't read all 16 pages. Hope it sparks some interest
