Total Members: 158,309

gafama

  • gafama replied to the topic To buy or not to buy – That is the Question…. in the forum General Property 16 years, 11 months ago

    Hi NickI have a couple of properties in the western Subs of Melbourne (even though I'm based in Sydney).  You're right – that close to the beach in Sydney would be worth a lot more.Don't know much about Altona and up until recently I have been ecstatic about my properties in Melb however the last 6 months have seen massive rental increases for…[Read more]

  • gafama replied to the topic expression of interest in the forum General Property 16 years, 11 months ago

    I just ask the agent .  Sometimes they're cagey but I always press for a price – I tell them I'm not interested in wasting time.  I usually get an indication.RegardsMegan

  • gafama replied to the topic Subdivisionin Brisbane in the forum Value Adding 16 years, 11 months ago

    Hi LilyhutchThere are  a number of costs associated so I'm not sure if you mean council costs (which should be available from them) to the actual costs of the subdivision.  The costs relating to the subdivision depend very much on what needs to be done.  Are there existing services to the block, how far do you have to run them to the new bl…[Read more]

  • gafama replied to the topic THE NEXT STEP in the forum Help Needed! 16 years, 11 months ago

    Hi JohannI agree with both Rob and John. To me it's all about leverage and the return you can get on the money you have available (cash or equity).  Do the sums – if you have $30K in savings you can probably borrow foro another investment property and the capital growth of two would more than likely outweigh the capital growth from the one you…[Read more]

  • gafama replied to the topic Manage own rental in the forum Help Needed! 16 years, 11 months ago

    HI LyndonThe Rental Bond Boards in each state plus Dept of Fair Trading in each state will have all the info you need and point you in the direction for the forms.Intervew carefully, reference check carefully and inspect regularly and set the ground rules up front for what you expect – e.g. garden maintence is something that gets overlooked. …[Read more]

  • gafama replied to the topic How to invest in property via SMSF? in the forum Creative Investing 16 years, 12 months ago

    I believe it can be done through a JV agreement and had some advise from a lawyer recommended by my accountant re this which all seemed to make sense.  JV agreements need to be set up so it does cost to do this.  I can give you the details if you want to email me.REgards

  • Have been in the same position myself.  Sometimes it's just a matter of sitting it out.  Depending on where the properties are, there's a thought that the market is about to pick up esp in view of the fact that up to 30th June there are huge advantages to making large super conts.   Some of the banks economists are predicting that the market wil…[Read more]

  • gafama replied to the topic Private Money Lenders or Vendor Finance? in the forum Creative Investing 16 years, 12 months ago

    HI RebeccaI'm not sure what you're looking for finance but we use an assortment of lenders – including private money.  Solicitors often have rosters of clients with money to lend around the rates you mentioned.Try the classifieds of Sat paper (Herald in NSW)  There's usually a list of them in there.Regards

  • gafama replied to the topic Unit Renovations in the forum Value Adding 16 years, 12 months ago

    HI I agree with the above – the thing you need to ensure is that you don't overcapitalize esp. on a 1 bedder which is a bit more limited in growth than a larger one.  I'm all in agreement however about the "worst unit in good block" strategy.Have been looking for some of these myself.Regards

  • gafama replied to the topic Business Plan in the forum Help Needed! 16 years, 12 months ago

    HI GaryI wouldn't get bogged down on the format – just use an excel spreadsheet for your financial plan – income vs expenses each year – and word for the other stuff.Action is more important that having the right format.  Plus using the above allows you to make dynamic changes regularly – which is how a business plan should be – a working…[Read more]

  • gafama replied to the topic Tips for Dealing with Real Estate Agents – I need some! in the forum Help Needed! 16 years, 12 months ago

    Hi MickyDIscussions on agents always get interesting responses.  WeI've just had a 15 unit site to sell – had it with 3 agents for 4 months, they averaged 6 lookers each weekend – no sales.  We took over ourselves – sold 7 in the first weekend and the rest in 4 weeks.  My opinion is that just because you pay a good price doesn't mean an agent is…[Read more]

  • HiSure, you can talk to the landlady – it's worth a try.  Alternatively, talk to some of the agents around the areas you like, especially about places that have been on the market for a while – those vendors are often more keen to "deal".  Because a lot of people still don't know about vendor financing, it scares them off so the hardest part is f…[Read more]

  • gafama replied to the topic Any ideas or suggestions….? in the forum Creative Investing 17 years ago

    HIPeople make money from all of the ways you've mentioned – and more – in real estate.  The thing is to do what you like, what you feel comfortable and what you KNOW how to do well so I agree that you should perhaps start looking around at materials to read and learn and then make a decision based on what sits best with you and what you can best…[Read more]

  • gafama replied to the topic the investor club in the forum As far as I’m aware, 17 years ago

    As far as I'm aware, Investment Club finds properties for investors plus they have affiliations with financers and other supplies.  I'm always a fan of taking charge of your own destiny. 

  • gafama replied to the topic Reno: Hold and rent, or sell ? in the forum Value Adding 17 years ago

    HI BradAdrian has the numbers right – and a good philosophy – one that I've also supported however, at the end of the day, it all depends on your circumstances.I've always founds the big "achilles heel" in the buy and hold strategy is the cashflow issue.  The more you buy and hold the more cashflow drain there is – unless, of course, you find a…[Read more]

  • gafama replied to the topic The process of selling on Vendor Terms in the forum Help Needed! 17 years ago

    HiYou don't say whether you're financing the whole of the sale or only a part of the sale price.  If your purchaser is getting first mortgage finance from another source, you will still, quite rightly, need a contract of some sort, (Vendor terms, Loan contract etc) for the amount owed to you.You should also think about your own protection of the…[Read more]

  • gafama replied to the topic design and development application quote in the forum Value Adding 17 years ago

    GavinI agree with the above posts.  Seems very cheap.  Designers are, of course, cheaper than architects however a word of caution – make sure it's "horses for courses".  If your development is in the higher calibre range, you'll need to go more upmarket.  You don't want to build the cheapest looking place around – no offsense to designers but the…[Read more]

  • gafama replied to the topic Small Bathroom Reno in the forum Value Adding 17 years ago

    New tiling will make the biggest difference – you can do a lot with a simple white tile with one wall of feature or a vertical strip of nice features in a contrast (but neutral) colour.  Can look really great and add $$$$ to the value.  Also, taps – try the auction houses.  You can get vanities and taps there.  Also nice toilet seat (not the pla…[Read more]

  • gafama replied to the topic Development process in the forum Value Adding 17 years ago

    HI GavinMost financiers will want to see at least rough plans as they do their own feasibility on your site before they decide whether or not they will lend on the project.  We get provisional finance all the time for developments without a DA but you do need to have at least some concepts and a property prepared feasibility with ALL the…[Read more]

  • gafama replied to the topic how much does it cost to buid in the forum Value Adding 17 years ago

    Hi noclueGood question – and the bane of every developer's existance – especially in the early stages.Some of the Quantity Surveyors around have guidelines – I use BMT as a guide for my feasibility calcs – http://www.bmtqs.com.au.  Of course, as you get closer, getting builder's quotes will give you a much better idea.RegardsMeganwww.propertyhub.net

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