Fiends of mine have a few IP's under water.

Could just be that there was a new development in the area. These are usually higher in price than the standard. Sell a few of those and it looks like p[rices have risen. Same as when an old area has lots of sales of properties that have been renovated. Looks like a price hike but it doesn't show the money spent on upgrading the houses..

duplicate

I've done a few renos and one fire damaged one (not structural). I'd suggest starting with a basic reno first. eg paint, carpet, maybe new vanity, toilet, maybe even a new kitchen before tackling a fire damaged property. Having some basic experience under your belt gives you the experience to deal with the extra issues associated with fire damage…[Read more]

If you could get a 90% loan you'd need 10% deposit                      $25,000Stamp duty (that's for NSW) $8,000solicitor                              $2,000 LMI                                    $6,000 (at a guess) So $41,000 minimum plus reno costs.  You can do a lot for $10,000.  So absolute minimum $50K

Only the people on the title can claim (not your whole family). Also if going overseas, for example, if you have a holiday while your there you only claim the % of the trip that was associated with managing the property. There isn't a limit but the ATO will question if it's unreasonable. When we did our reno we were there everyday for a months 30…[Read more]

Terryw wrote:
hi CatalystYes, renovation and selling would be good. But I took the term flipping to mean just buy and sell straight away – possibly without even settling on the property.

OK. Yes in that case I agree.

As Goldies said- there are good and bad parts. You really need to be on the ground looking. You can't see things on the internet. You need to be aware of the difference in the suburbs. One house may look cheap compared to another but it's suburb and even street will make a difference. Look at the number of private owners VS housing commission…[Read more]

Terryw wrote:
Good in theory, but virtually impossible in practice.

I disagree. My last 3 reno's would have profited me $20-25K after tax (paying the full CGT) if I had sold them.  Not a bad profit for 4 weeks work (after my day job). You do need to buy under market and be pretty hands on but it's doable. We are accumulating and don't need the…[Read more]

latormor wrote:
And what do you guys think of units vs houses in Mt Mt Druitt / Blacktown as investment options ?

I have both in the Blacktown LGA.  For me it's never a case of unit VS house. It's about the numbers. My villa and unit in Blacktown were under market and I didn't need to do anything to them. Put the rent up to market value and…[Read more]

Yeah and there's a reason they have 11 and will always have them available for purchase. Because those that have them know they are going nowhere and want to offload them. They have hardly gone up ion the last 10 years and the rent quotes is a gross rental figure. Take out all the costs and it's not an attractive yield.You have been told (on other…[Read more]

Shape wrote:
My comments are directed more towards St marys, Willmot, Dharruk and those surrounding areas ( Blacktown is ok)

St Mary's Willmot and Dharruk ARE in Blacktown LGA. Mt Druitt subburbs make up a VERY large percentage of the Blacktrown LGA.

Shape wrote:
Experts been saying the area is going to grow for the last 5 years, but most…[Read more]

I agree with the above posters. I wasted MANY hours doing the financial planner run around. In the end ALL just tried pushing me into the product they were getting commissions from. Even when one who said he was into property investing- still no joy. Getting the structure right is important. As is having a goal.Networking is also a great way to…[Read more]

Shape wrote:
If your buying in St mary an Blacktown, you won't be waiting for CG, because it may be a long wait…just remember who you will be off loading your property too? other investor; These area are purely for investors who are after good cash flow, say at 6-7% yield…but if you hold the property long enough due to rental increase the…[Read more]

1) Go with recommendations.    I recommend http://www.depreciator.com.au     Used many times. Competitive price, great service. 2) For building depreciation I'm guessing3)CGT is worked out on buy costs/sell costs (not market value) so can't see the point. It may have been worthwhile getting one when it changed from a PPOR to an IP though..

They might be upgrading and the house they want to buy will go up even more. Some people overpaid in 2003 and are sick of waiting. Some may have had bad tenants and have had enough. Some people do not believe there WILL be capital gain. Some people believe the hype that property values will DROP by 40% (like USA). Papers were full of this as…[Read more]

Bear- maybe you need a push. If you get the chance go to a Chris Howard weekend. VERY motivational and free. They do have extra courses you can sign up for but there is no hard sell.I highly recommend it for anyone who has lost direction and needs some rahrah!! encouragement to get moving (whether it be losing weight, investing, or just sorting…[Read more]

I'm still perplexed as to why you bought into this complex in the first place. Why would you sign up to buy a unit when you didn't know which one you'd get? Surely this isn't the only accomodation in your area????Anyway- are the bins easily seen? I thought you meant they were under your unit. If they are in an area sitting under the balcony I…[Read more]

Qlds007 wrote:
In regards to the FHOG you can actually move into the property one day short of the first year that the property was available for occupation or the property being ragistered in your name and occupy the property for 6 continous months. You do NOT have to move in within 6 months.

You are correct. Thanks for clearing that up.I th…[Read more]

tiger_ra wrote:
yes but its in hopes of making $2 extra in the future!

Hope is not a strategy.

tiger_ra wrote:
If i can manage to buy at a 'discount' AND 'value add' (through renovations) targeting a 4.8% yield, would this seem to be a smart enough move or it is still a less than desirable time to buy considering we are in a flat market. I…[Read more]