Total Members: 158,662

Derek

  • Derek replied to the topic Advice for a newbie please in the forum Hi Donna, 10 years, 12 months ago

    Hi Donna,

    Recall an article by Michael Matusik about 10 years ago which stated, in part, that proximity to train stations & other transport nodes (Eg. bus terminus) had a signifcant effect on property values. This was more the case the property was up to 1km from the transport node – the growth of these properties was approx 15% higher than other…[Read more]

  • Derek replied to the topic Partners in investing in the forum General Property 10 years, 12 months ago

    Why?

    The underlying reason to 'pair up' is the key.

    Being joined at the hip even in a trust needs to be carefully thought through.

    If you are seeking a sounding board – find someone who is in the same sphere and meet up for coffee on a regular basis. Share ideas and stay on track that way.

  • Derek replied to the topic Pay off IP or save for PPOR in the forum Help Needed! 11 years ago

    Hi Kali,

    Without knowing all of the details it may be to your long term benefit to look at shifting your loan across to a bank.

    Grab yourself a decent broker – Jamie has already given you a lot of good advice so give him a call – and explore the plusses and minusses of moving over to a bank.

    It may be a case of one step backwards to make many forward.

  • Derek replied to the topic First Home Buyer in WA in the forum Help Needed! 11 years ago

    Congrats on your purchase Dan,

    Your buy sounds a little like our first – we had lemon yellow walls with burnt orange bench tops in the kitchen, timber panellng on one wall in the third bedroom with wallpapered large ships on the other walls, burnt yellow carpet throughout and so on. 

    We painted and profited and I am sure you will too. Start…[Read more]

  • Derek replied to the topic Fully securing Investment Property with PPOR in the forum Help Needed! 11 years ago

    Sounds like cross-collateralisation to me.

    If I am right I think you can get a better structure. Structure is more important than interest rates.

    Agree with Jamie on deductibility issue.

  • Derek replied to the topic Hi guys in the forum General Property 11 years ago

    Hi Nathan,

    I assume you would like to build your flat in WA.

    Legislation relating to Granny Flats in WA has recently been relaxed a little partially in an effort to provide cheaper housing for the less well off and with minimal Govt assistance.

    The WA Planning Commission recently released a new set of guidelines relating to zoning and by…[Read more]

  • Derek replied to the topic OTP Contracts in the forum Help Needed! 11 years ago

    Hi Spearsy,

    Some of the issues will remain – particularly those related to market conditions which are always a consideration for 'longer term' contracts.

    Have you inspected the block? Often with build contracts there are provisional costs for things such as landscaping costs. If your block has any slope the provisional cost allowance may be…[Read more]

  • Derek replied to the topic OTP Contracts in the forum Help Needed! 11 years ago

    Sounds like this is more a house and land deal than off the plan. Is this correct?

  • Derek replied to the topic Borrowing 20% deposit to avoid LMI in the forum Legal & Accounting 11 years ago

    Certainly time to take one step back and get the structuring right (from tax perspective and future investments) so you can forward from there.

    Even if you need to refinance to 'tidy things up' it will be worth it in the long run. Clean is good.

  • Derek replied to the topic How to pick a location worth investing in? in the forum Help Needed! 11 years ago

    Hi Ash,

    I do recall reading an article written many years ago by Michael Matusik which claimed property located within 1km of train stations, bus transit stations, transport hubs/nodes out-performed the remainder of the suburb by 15% (from memory).

    For this reason we tend to start near transport nodes and work from there when doing our…[Read more]

  • Derek replied to the topic Borrowing 20% deposit to avoid LMI in the forum Legal & Accounting 11 years ago

    The interest on the $115K is deductible as the expenses were incurred to buy an income earning asset.

    Try and separate the redraw funds into a second facility so it is nice and clean from a record keeping perspective. If you can do this there is no question, from a deductibility, ATO accountability perspective. 

    Your bank statement/s will verify…[Read more]

  • Derek replied to the topic You get what you pay for in the forum Finance 11 years ago

    Hasn't that trend been around since time immemorial?

    And then there are others who see the value of professional service and knowledge and are happy to pay for it – in some ways this is an investment too.

    The challenge is trying to work out who can legitimately charge the 'big bucks'

  • Derek replied to the topic due diligence checklist for development land in the forum Help Needed! 11 years ago

    oc1 wrote:
    A town planner or companies specialising in obtaining the relevant permits/DA would be the way to go in order to see if you can develop your block and to maximise the block e.g. how many units, highest and best use etc

    This is the key to your success – we do some work in this sphere and have had instances where planning departments…[Read more]

  • Derek replied to the topic Property next to golf course and landfill in the forum Help Needed! 11 years ago

    Methane fumes at Cranbourne anyone?

  • Derek replied to the topic Most common selling agent lies and tricks? in the forum Help Needed! 11 years ago

    On the other hand all agents/sales representatives are bound by ACCC legislation on a national level and by state legislation/codes of conduct etc.

  • Derek replied to the topic Need Advice on Universal Property Group Sydney in the forum Help Needed! 11 years ago

    Apparently they have also traded or do trade as Bhatla Property Group. They have come up in discussions a few times.

    Might be worth a search of the forum – top right corner = search facility.

  • Derek replied to the topic purchasing a rental property in the forum Help Needed! 11 years ago

    jo660 wrote:
    oh also, l can only work wth the NAB or the commonwealth bank in the town as no other bank will be willing to lend because of the remoteness

    This statement is enough for me – walk away.

    As Luke said – if all of the Big 4 don't like the property then potential resale later is somewhat problematic and as a property investor you…[Read more]

  • Derek replied to the topic purchasing a rental property in the forum Help Needed! 11 years ago

    jo660 wrote:
    I was going to put 20K down and borrow the rest.

    There is growth but yes, its very slow.  The good thing (i think) i may be wrong is that there are no rental properties available in this town at all, and the list is very long.  

    My girlfriend has finished renovating the property and so has a complete new bathroom and kitchen, and…[Read more]

  • Derek replied to the topic purchasing a rental property in the forum Help Needed! 11 years ago

    With a gross rent return of 9.1% sounds like this will be a 'cash flow' only type of buy.

    If your girlfriend has to sell to release equity it suggest the banks are not overly comfortable with the area, or the property's value has not increased, or there are underlying problems with the town/property. You'll need to investigate further.

    How are…[Read more]

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Derek

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