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$1400 – $1500 per square metre has been the known estimate for construction of very good quality finished apartments since around 1997.
I know that top quality in Queensland is not like top quality that you would find in Sydney or Melbourne.
No offence to Queensland residence but it’s true.
And as for 4 bedroom houses for $138k, makes me question many things:
– are they kit/project/spec homes??
– how expensive are the finishes??You have to understand the market you are pitching the property at to understand the expense you need for the finishes!
In other words, a $138k 4 bedroom home may only have basic white bathroom items, simple shower screen, plastic floor wastes, basic chrome (possibly even plastic) towel rails, etc, etc.
And this may be fine for a young family in an outer suburb that on average has poor quality, old housing. But a $300k luxury apartment that is pitched toward a young single person or couple will need to have items and finishes that are of higher quality and therefore higher price.
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Are you selling the property or the business?
It seems that nobody wants to run a diner, which is why they are looking at the land for other options.
Maybe you could loook at ways of building the business up and sell the business (not just the property). Have you discussed this with your accountant?
Also, is the 1 acre lot in/near the town’s centre? Is there something missing from this town that other nearby towns have? Could you offer a different service/product that will attract another income stream?
This will increase the property value but also make it more attractive to buyers.
And what buyers have looked at the property so far? Are they all investors? Are the all developers? What is the mix of buyers?
If you know what the buyers want you can taylor what you have to their needs…
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Establish what type of reno’s you want to do. I.E. Do you want to subcontract for somebody and get paid to complete their reno, or do you want to do your own development of your own property?
Once you work out what you want to do, just get out there and get amongst it!!
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eBay!
depends on exactly where you are…
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I try not to reccomend a “good accountant” simply because what I feel is good, someone else may not like.
There are many accountants out there that are good, especially with property, and most accountants know about trusts. I think their rates are generally similar, depending on their level of experience and qualification.
Perhaps try a yellow pages search. Some of the reults from this search has links to accountant websites. Here you can find information on what services the accountants provide.
You could then call them and ask them some questions…
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I think furrymoggy is new to this site and possibly wants to increase the number of posts entered on this site…
None the less, welcome to PI.COM!!
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good for you!
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The way I understand it is you are not obligated to place a deposit at all. Although the standard (because most people believe this is law) is 10% there is no law requiring any deposit at all.
However agents do like 10% deposits as the deposit usually covers their charges to the vendor (their client). That way they know the deal is done and they can invoice the vendor.
Think about it: you can always “have a chat” with the agent and advise them that you are an investor and you only place $1000 deposits to free up your cash so you can acquire further properties. Then ask to see what properties they have on their books. You never know – they may have a deal or two ready to be purchased. That way the agent is scratching your back and you’re scratching his!
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Sometimes life throws lessons your way so you can learn to deal with them. If you don’t do something about this person then what will happen if you get a new job in another organisation and you have to work with somebody just like the person you hate now?
Sure you can look for a job elsewhere, but you still have to front for work and you’ll have to deal with this person.
There’s nothing wrong with putting in a formal complaint – nobody should have to put up with an abusive colleague. And you can’t get shown the door for complaining!
Have you tried aking this character why they are so aggressive? Maybe they have something wrong/stressing and possibly haven’t got anybody to talk to, and venting their aggression is their way of feeling better…
Or they could just be an arsehole…
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It could happen I guess, but it would depend on how much your combined (total) annual income would be, which would depend on what tax bracket you find yourself in.
One thing to note is that there is no allowance for your tax free threshold on any second (or more) job as this is taken up by your first and primary job.
So you may find the income from the second job gets taxed at a higher rate than your primary job, but it could even itself out at the end of the financial year.
It really depends on your individual circumstances.
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It’s hard to make a judgement on the deal without any further information. You haven’t provided much detail on all of the numbers involved, location of the property, type of dwelling/s on the property.
Though you did mention that it is “going to cost” you $80 per week. Is that after everything has been paid? If so I’m thinking the deal is negatively geared, which makes me ask you this: Is that the type of investing you want to do?
If your answer is yes, then maybe it’s a good deal for you – only you can decide that after doing your own due diligence.
If your answer is no, then the deal would obviously not be for you.
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Seems to be a breakdown or perhaps a lack of system in place in the areas of:
1 – Selection/screening of Property Management
2 – Selection/screening of potential tennants
No doubt big lessons for all of us here.
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You could also call it punting.
You can win big, but if you lose, you’ll be out on yer bum in the middle of winter without any clothes on!!
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Oh, and there is also a small RE wrap-up in both the Sun Herald and Sunday Telegraph in Sydney (these are the two major Sunday rags).
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You sound a little down on yourself. Let emotion assist you in driving yourself forward, but don’t let it get involved in your decision making processes.
Always ACT on FACT!
Good luck!
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Do you really need a mentor, or do you need to learn how to find and qualify property deals?
I thought I always needed a mentor, but I recently attended both the Masterclass and Power Workshop events, and now have a greater understanding of how to search for property deals, how to talk to agents, what information I need to seek, and how to qualify properties.
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Just tell them that you “work in real estate” for an independant agency/company.
I’m assuming that you’re using the same if not similar structuring with trusts and companies when making your property deals, so aren’t you technically an employee, or even a Director of one of these companies??
You can really tell people anything they want to hear.
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RP Data provides real estate reports with this information. You have to pay for it but it might be what you’re looking for.
You used to be able to get it from the local governing council for free but the State Gov changed the privacy laws several years ago and you must pay for it these days.
You can find the RP Data link via http://www.realestate.com.au
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For sales I would look at the Sydney Morning Herald (SMH) on Saturdays.
However if you want a specific area you may want to try the local paper of the area you are seeking to invest in. The Cumberland Newspaper Group has many local newspapers in different regions across Sydney. Each Saturday has a RE liftout on that local area that the paper services.
Wednesdays and Saturdays Cumberland papers are also very good for rentals in their local areas.
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All of these responses have been (pardon the pun) bang on the money!!
I find with many people it can also be a case of the old Aussie tall poppy syndrome. If someone else is doing better financially then they are either cheating or are born in the money.
What the majority fail to realise is that you have your dreams and are actually on the path to realising them and turning them into reality. Where as the majority have their dreams, but either lack the courage or confidence to chase theirs, to make themselves (and their egos) feel better they will try to bring you down.
They also don’t understand that it is not always about the materialistic things. You leverage money, through investing, to provide you and your family the opportunity to do what you want, when you want.
That is living.
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