[D.T.Participant@dtraegerJoin Date: 2014Post Count: 128]

October 9, 2015 - 11:19 am

All banks calculate your income and your expenses using different methods. The income minus expenses creates either a surplus or deficit. You’re likely in a deficit with your current bank. You may well be in a surplus situation according to another lender. Not really possible for anyone on here to give you hints on which bank because we don’t know your income, circumstances, current debt levels, goals, etc

@cjaysa above can likely give you a hand.

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October 6, 2015 - 10:36 am

Really Sorry – I was mistaken for another program of similar name.

I’m sure the MAP program is good but haven’t done it myself.

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September 22, 2015 - 10:42 pm

Wouldn’t put any hope in Whyalla at all.

Assuming you want to buy in South Australia – You’ll get more chance of growth, and probably about the same yield in metro Adelaide.

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September 20, 2015 - 6:47 pm

lsreng wrote:

The lesson that I ‘Ve learnt is never get both building and lanlord policies from the same insurer. $100 cheaper for combining premium is not worth it at the end

In my experience, I highly recommend getting LL and Building at the same insurer. Otherwise, they’ll try to send you to each other for claiming saying that it belongs to the other’s policy.

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September 20, 2015 - 6:38 pm

JohnnyK wrote:

Using Steves rule the following is my 3rd property with this rule 8.4% and each has been getting better returns .. but the trick is in the research finding properties which are straight away returning $$$ .. I don’t see any point in putting my money into subsidising someone else’s rent
$220/w x 52 = $11440$11440 / $135000 x 100 = 8.4%4.5% interest plus 1% = 5.5%
the other two properties return 7.6% and 8.2% all bought this year

Well done. Where are they located?

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September 20, 2015 - 6:35 pm

Worth noting that this is not possible in South Australia.

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September 20, 2015 - 6:26 pm

Hiya,

Nice thread.

Adelaide is pretty good for cashflow positive deals which fit Steve McKnight’s formula.

I have a portfolio full of these but here are a couple of more recent examples:

Craigmore:
$175,000 purchase, had a sitting tenant paying $220 per week which I recognised was under market. Their lease ended within a couple of months, let them out and got another tenant paying $250 which is increasing to $255 this week. This is 7.5% yield on purchase. Nothing spent on it at all.

Elizabeth Downs:
$250,000 purchase for a pair of semis on 1 title. Has sitting tenants paying $375 per week between them which is under market. When the leases finish will easily get $400 between them which represents 8.3% yield on purchase. No reno done but could achieve more rent if one was done.

Morphett Vale:
Client’s property. $190,000 purchase, $20,000 renovation done, I did a rental appraisal at $305pw. This is 7.5% yield based on combined purchase price + reno cost. It was revalued by the bank at $275,000 after the reno.

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September 17, 2015 - 9:02 pm

Unless you’re in a flood area, EBM Rentcover is definitely the way to go.

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September 17, 2015 - 9:00 pm

I use and recommend @cjaysa , he was initially interstate when i first began using him and it was really easy to get everything done by email. I moved to SA (same state as him) and we still do things by email, so I doubt a face to face broker would have made any difference.

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September 17, 2015 - 8:57 pm

Thats a great outcome, well done.

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September 17, 2015 - 8:52 pm

Hiya,

That’s the correct way to apply the formula, and satisfies Steve’s rule for CF+

However, the property is a semi which I wouldn’t buy because
a) Lower quality tenants usually apply for them
b) You have no control over what happens to the adjoined semi. If it burns down or gets an unsavoury tenant then that’s going to impact on you as well.

I’ve found Salisbury North to be a decent enough area for CF+ though.

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September 17, 2015 - 8:36 pm

Hiya,

Luckily you’re in WA – this is the only state that allows a pet bond. The maximum you can charge is $260 on top of the standard 4 weeks rent.

You’re not allowed to charge / collect any additional rent though I’m afraid. Indirectly however, allowing for pets increases the size your prospective tenant base, thereby increasing supply and possibly allowing you to have a higher price than those don’t allow pets.

Given the current state of the Perth rental market (highest vacancy rate in 20 years), I think allowing pets is necessary to not rule any potential tenants out.

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September 8, 2015 - 5:51 pm

Hiya,

When I was living in Perth I was using @cjaysa in Adelaide from these forums. For these sorts of things you really ought to use the best in the country regardless of where they are. You’d need to email your documents back and forth anyway.

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August 19, 2015 - 11:14 pm

I’ve used them for all of my purchases and been happy with them. They always go out and inspect on the day i request, send a report later that day then follow up with a call to clarify the report. It’s good service IMHO.

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August 19, 2015 - 11:12 pm

1 block into 2 new torrens titles will run you about 20k-25k in Adelaide

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August 19, 2015 - 11:03 pm

Cattleya wrote:

1. Budget 400-500k though can go much higher; 1-2 bedrooms; suburbs adjacent to Brissy CBD. Reasons:
a. 1-2 Bed, this is because I am after rental income. My research found that the smaller size properties are better at cashflow but worse on capital gain. I prefer cashflow.

Hiya,

I’d suggest avoiding 1-2 bedroom properties close to Brisbane CBD for 2 reasons. Firstly you’ve suggested you like cashflow and these will be severely eaten into by strata levy / body corporate fees. Secondly because there’s about to be another 1000 apartments in Brisbane once http://www.news.com.au/finance/real-estate/new-brisbane-residential-tower-to-become-citys-tallest/story-fndbalka-1227114828591 is completed. This will majorly effect the supply / demand equation for 1-2 bedrooms close to Brisbane CBD and everyone will have to reduce their rents (and thus their cashflow) to compete.

With your budget, might I suggest 2 x 250k cf+ 3 bedroom houses in Adelaide metro area instead?

Cheers,

Dave

• This reply was modified 8 years, 8 months ago by  D.T..

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July 17, 2015 - 6:03 pm

Hey mate

Well worth having a chat to @cjaysa , he knows how to get these sorta deals over the line every time

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July 14, 2015 - 7:24 pm

Pretty easy

– Review your current management agreement in terms of costs or notice periods to terminate.
– Notify your current PM in writing.
– Get management agreement in place with your chosen PM , in some states they’ll also do a letter of authority to allow them to deal with the existing PM.
– Have PM collect keys and documentation from current PM such as tenant ledger, ingoing inspection report, lease, etc
– Have PM do a bond transfer so that it’s registered against their agency so that they can disburse it at the end of the lease if need be.

As you can see, it really only takes a signature or 2 from you and a bit of collecting by the PM on your behalf.

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March 12, 2015 - 2:44 pm

Just the usual stuff we all have to pay like $550 insurance, $1200 council rates, Property Management, Water, etc.

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March 11, 2015 - 12:45 am

My strata just emails them to me.
I dont think there’s anywhere in the Act that specifies you must have an Australian address. Probably just a limitation in the software they use.

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