Forum Replies Created
Hi all
Great info Amanda, I have printed it out and will read it when the 5yr old is in bed.
I haven’t gone down this track yet, I have started researching it and trying to figure out the Rcodes, so I will be able to spot a potental property and the likely hood of all the approvals.
I have so many questions that when I try to think of what to ask I can’t.
one just poped into my head.
I would like to know the differences / variations between strata / subdivision not the legal side (title side) but the council requirements and land requirements. Also, do you need council approval to divide a house up to rent rooms individually ie student housing oh no there all coming out now. think I better stop or I will be here all night.I should be planning my next reno I start in 3 weeks.
Celeste
Hi all
In Perth it is simpler, the REA uses a standard form issued by REIWA and you can get your own from stationers and news agents, if you are private selling.
It is filled out where ever you are, at the property, their office your home. I did one on friday at the property, once I had inspected, it was subject to various things that I had 7 days to complete and the deposit to be paid within 7 days of acceptance. the REA rang them from the property and the deal was done, the REA went to their house for the signitures and then faxed me the copy.
3 hours done deal. After I finish chit chatting on here I will transfer the deposit. P. S there is no cooling off period here at all.
I used to live in Melbourne I thought there was a standard contract you can get the same as here.
Any one out there know about this? Perhaps you can get one on a site some where? I thought I saw some somewhere in my internet travels. You could probably get a solicitor to draw a standard on up that you can add to.
I thought I saw a link some where on this site for contract clauses?
Sorry I seems to have added more questions than answer for you, though it may jog other memories.
Celeste
Hi all
Why 2 blocks? with that size land I would go 3.
Celeste
Hi all
These are the costs I got 2 weeks ago for subdividing a block in Perth. these costs came from a surveyor.
Paper work / council stuff
His costs $6000-7000, this covers paperwork side ie: all the stuff the council needs for an application from permits to surveys and thetitle office stuff.work commencement stuff
He then said the head costs (I think thats the term) ie demolition, connection of water / electricity / gas / sewer etc $13000-14000The total tobudget to get building stage or selling off the blocks is $25000.00
I have only approached 1 surveyor at this stage to get a rough idea may be cheaper else where. This costing was for a straight forward subdivision. I believe Strata to be cheaper
Celeste
Hi Blogs
that’s a beauty. can not find that quality and size in Perth for that price.
I am originally from Melbourne and thats not a bad suburb either.
Celeste
HI Sarah
You can do up a 1 beddy for $5000 – 7000 very nicely.
If your handy or have a handy friend.I love IKEA,
I buy/reno & sell 1 bed inner city apartments, I think my last one is still on realestate.com.au address unit 4, 23 Tenth ave Mayland WA
have a look this reno $7000.00 TOTAL kitchen and bathroom renoIf its gone send me your email and I send you a couple of B4 and after photos
Celeste
Hi Christopher
I am in Perth, I have no idea where those suburbs are ypu mention, I just thought country because you mentioned water tank.
“Colourbond Roof.(Cheaper than tiles,Easier to install,
Lighter=smaller rafters,better security,More Water tightness).”re the above quote there are building codes that dictate the size and spacings of roof timbers you cannot change them willy nilly.
the specifications depends on type & size of timber/metal used, plus expanse and finishing materials.Hope this clarifies this.
Celeste
Hi all
Australian rental forms – offer and acceptenaces etc. try sands & mac. The real estate institute produces some for general use and you can get these from large newsagents or the office supplies mentioned above.
Any way you can in Perth.
Celeste
Hi again
sorry I clicked twice. I left a bit out ,I did have the book and don not think I do now any way would be 15 years old, I think I ditched last move.
oh buy the way a good interior or exterior colour is
Dulux – Buff it , it is an even mix of grey and brown so you can put warm (yellow tones) or Cool (blue tones), it will change with the colours around it. It beats cream Yuk. Dulux has a colour combo card which gives you the colour that go with it. It reasonably new.Celeste
Hi christopher
I gather this property is in the country.
1st do you know anything about roof construction specks.
re the rafters there is a formular for size and spacing to meet standards ie 4 X 6 no less lan 900mm apart etc. I did have a book re all this check with a builder.2nd if its old put a new toilet in it is easy and cost $200.00. I so had reno’s with the old toilet yuk!
3rd hide pipes – box in or what ever definitly make a place look new.
no mention of kitchen appliances ovens etc. plumbing / electricals.
to comment further need more info
celeste
Hi christopher
I gather this property is in the country.
1st do you know anything about roof construction specks.
re the rafters there is a formular for size and spacing to meet standards ie 4 X 6 no less lan 900mm apart etc. I did have a book re all this check with a builder.2nd if its old put a new toilet in it is easy and cost $200.00. I so had reno’s with the old toilet yuk!
3rd hide pipes – box in or what ever definitly make a place look new.
no mention of kitchen appliances ovens etc. plumbing / electricals.
to comment further need more info
celeste
HI
It is common practice in Perth to add subject to clauses:
common ones are
pest control
building inspection
finance
and my new one – subject to me ringing the Stata Manager to check on any potential expenses other than normal levies and that I can pull out if I do not agree with them. ie pending liability suits / new roofs etc I am finding that this info is not always in the last strata meetings minutes.though in Perth we use a standard REIWA offer and acceptance form and settlement agents, this may be different in the East,if I am correct you guys use solicitors for settlements????? and I do not remember what form the offer and acceptance was???is it a standard form or contracts drawn up by solicitors??? it was 1988 when I left Melbourne
Celeste
Hi all
Goody another interesting topic.
Of course I would like to add my 2c worth.
I myself have been looking for other female investors to talk to, my friends do not invest etc as I do and they get bored with me talking about my projects.Therefore I would think this is not an uncommon problem, and the group would also mean new friends as well as advise and ideas.
You cannot have the same conversations with Men as with another female.
well thats my 2c.[suave]
Good luck with the group I would come but I am in Perth.[thumbsupanim]
Celeste
Hi all
Very interesting forum.
Now for my 2 cents worth.
Something is happening in Perth re slow down.
I purchased 2 apartments 5 min from the city 4 months ago, both I brought at the 1st home open and they had lots of interest (not needing finance helps out bid others), most properties in this area were sold b4 being listed.
This Monday I made a cash offer on an apartment in the same suburb at 220000.00 ,13500.00 under the buyer from price of 234000.00 (a bit cheeky but my gut told me there is a change in the air) They said no.2 days later the REA rings me they have dropped the buyers from price to 228000.00 and told me they would reduce it to 225000.00
if I still wanted to buy. I said I would re crunch my numbers and get back to them.I am on a stricked budget,as I have only just started buying/reno/selling (may 06 quit work and now do this full time) . I have made enough profit on my 1st project for the business to self fund its self (I thought this would take me a year) ie pay the loans, fund the renos and pay me a wage etc.as long as I stick to my budget.
So, I rang him the next day and said 220000.00 is it and is on the table until I find something else. I found something else the next day, for 209000.00 (which is better I now have 15000.00 buffer on my budget) These people had in 3 weeks dropped the price twice and then again for me. definitly slowing.
I look for properties that I can turn around in 3-4 months and make min 10000.00 my 1st property I turned around in 3 months and made 35000.00 my second one which had a 4 month settlement (this one still surprises me, that in Perth boom when some properties had 11 offers during the 1st home open, some one would accept a long settlement ? she was chinese and the day she was present with the offer was the 7th apparently luck for them????? I do not know about them, it is for me the value has gone up a least 30000.00 in the settlement period.[biggrin][biggrin]
I also spoke to my real estate agent who told me the same story for a property worth 700000.00.
So a change is afoot NOW!!!
I WILL HAVE TO BE MORE DILIGENT WITH MY PURCHASES NOW.
Celeste
Hi all
1st I would go shopping!!!!! clothes / shoes etc
Then I would go down to the block of apartments I came across the other day by the river buy the whole complex.
Then Find a bank to lend me the money to knock the lot down and build new delux ones right on the river.
make heaps of profit jump on a ship and go on a cruise.[biggrin][biggrin][biggrin]
Celeste
Hi All
I forgot to say that I buy renovate and sell 1 bed apartments, so far profit, profit, profit.
I cannot think what I could be sued for at this stage, when I expand into to developments I may need to restructure ie. set up a company or something for more protection.
Celeste[blush2]
Hi
No $ for a quote and ideas as far as I am aware.
I was in a hurry and had gone thru 7-8 who quoted and then could not do the job when I wanted it. I found him by accident when I was picking up my water feature and complained about the one who walked in had look and said to hard and went home? The fellow at the shop said he new one who was having a break from a site where there were to many tradies on site, so he rang him and he came and looked 2 hours later and started work the next day. After 7 quotes I had an idea of price, I just needed someone to start.
Celeste
Celeste
Hi
I built my new home 2 years ago and used “Garden Gnome” ? The?
he organised paving / brick walls for my spa inclosure / turf retic etcHe is quick and reasonable priced. I do not have his number should be in the book. if you cannot find him email me and I will go thru my old paper work & find it for you
Celeste[biggrin]
Hi all
I buy my properties using a discresionery trust, the titles are in my name but my accountant said make sure all other doc’s ie offer/acceptenance are filled out saying I am acting as the trustee for the trust. ( all parties need to be aware I am acting on behalf of the trust)
As for the loans I get the loans from the bank and lend the money to the trust, I have a generic Loan doc (from my accountant to document the loan) still acting as the trustee
So for all accounting purposes the trust owns the properties and it owes me not the bank the loan monies. All the expenses go thru the trust for the properties. I do not have a company I operate staight from the trust.
I have justed signed off on my 1st tax return and all is sweet.
I piece of advice get a good accountant – ie one that actually gives you advice on things b4 you ask.
Any one in Perth I give you the name of an excellant account (note I have been a senior bookkeeper for 30 years I have encountered many accountants in that time and know a good one when I talk to him)
celesteCeleste
Hi all
Adding to the discussion on bank fees.
When I went to the Bank to get a loan for my 1st IP, I checked out most of the other lenders 1st then approached my bank with the loans I wanted ie $ 170k fixed,interest only at 7% NO FEES WHAT SO EVER and a equity line on our home for $100k NO FEES
I told them this is what I want, if you cannot do this I will go elswhere – guess what I have exactly what I want.
and my 2 others since then are exactly as I want them. my last one I lodged the paper work friday and had approval tuesday, the papers were ready for signing 3 days later and the did the settlement I week later – there you go lodged, approved and settled in 2 weeks no hassles.[biggrin][biggrin][biggrin]
By the way that was NAB – garden city perth.[biggrin]
I have also in the past used a broker to source finance for me to remortgage my home when the banks would not. they sourced it from private investors. no problems. slightly higher interest rate though.
Celeste
