Total Members: 148,364

GeraldineM

  • Hi Steve.I just came across your question as we have offered on a property in Port Lincoln on large land, etc.My partner has family over there so I have been watching the area off and on over the last 20+ years.My feeling is that there is currently a sense of vitality in the town, with Coles and Woolworths doingbig expansions.  The hospital has…[Read more]

  • Hi.  I am glad you have found your way to Margaret Lomas' books.  I have found them to be very practical for the average person.I am not sure how to go about sharing a barcode though.  If you can tell me how to do it I'll share with you gladly.Regards, GPS Thanks Yannick, I just downloaded the book you mentioned above!!

  • Hi.I could talk to the duty planning officer at the relevant council, to double-check that the size of block can fit the two units/homettes on it.  A large surveying company can be useful, as they tend to know the council rules, plus can advise about sewerage connections/levels etc. which can be an issue on some sites.  Also determine the c…[Read more]

  • Hi Novice,I think your daughter is very lucky to have a parent like you who is keen to set her on a profitable path.  Another benefit of property is that your daughter probably won't be as tempted to tap into her inheritance, as say, a share portfolio.I agree with others who've warned against serviced apartments, for all the reasons mentioned,…[Read more]

  • Hi Lesia,I think you will definately need a sense of humor and perspective, as things are bound to go wrong.  Its human nature that some tradespeople will go off the rails when you are not around – they do that to you when you are right there in the same city.  I think regular trips down, and possibly bonus payments for work completed to date c…[Read more]

  • Hi rockdaggioh22aI'd agree you definately need to see the banks/mortgage brokers to get your finances in place for the apartments.Assuming you need twenty percent deposits on the completed valuation, you will need to set aside half your $400,000for that purpose.That still leaves you with the other half.  I agree you need to diversify, and it…[Read more]

  • Hi Koiking.It might be possible to buy just enough land from your neighbour, at a reasonable cost to you, by having the boundariesrealigned.  Basically you would be buying some of the adjacent property, while both of you retain your titles.  I'd enquirewith the local council before contacting the owners directly.Regards,G

  • Hi all.My humble dealings with TIC have been attending a few meetings, receiving their regular newsletter and getting a financial evaluation a couple of times.  We also used one of their loans brokers to borrow money for an independent development project. (Wish we hadn't actually as Challenge Bank not that competitive at the moment).I have a few…[Read more]

  • Hi.I am sorry to hear about your situation, as you are obviously trying to be really sensible by offsetting costs with boarders,but I know this can be a nightmare in reality!  Well done though in having started so well as an independent young woman.Here are some options that sprang to mind:1.  Terminate boarders and start again with new ones.  2.…[Read more]

  • Hi all.This is a great line of discussion as I can remember wondering the same thing, about twenty years ago, and if I had looked through a crystal ball and seen where I'd be in that twenty years ahead, I think I would have been very pleased.  My advice is to buy something you can afford and that has potential of some sort (renovate, subdivide,…[Read more]

  • Re. the superannuation contributions,It is essential to bear in mind what $745,000 will be worth in 15 years – not what it is worth now obviously.For example, looking back to 1995, you could buy my previous house in Mount Hurtle, Woodcroft, Adelaide forabout $130,000, but now it is worth around $450,000.  Hence the spending power of $750,000…[Read more]

  • Hi Chris.I'm not familiar with the area, but I'd check the population trends (should be stable, but better to be growing) and talk to a couple of property managers to see if there is 1. good rental demand,  2.  a reasonable type of tenant, and  3. double check the rent you have been quoted to make sure it is achievable.  The nearest council web…[Read more]

  • Tips -1..  It the goal is to BE rich, you can't afford to be focusing on LOOKING rich.2..  Treat tenants as YOU would like to be treated.3..  Buy in areas that have more than one type of appeal – e.g. beach-side living, retirement destination.4..  Build/buy properties that target smaller families – its the future.5..  Its the land that ulti…[Read more]

  • Hi Daniko.I have thought about large houses which could be used as student accommodation, but realized I would need to put in a lot of time to manage it.  This leads me to think that you could actually approach property owners with a business proposition.  Show them how much more they could get if you were running it for them as a student b…[Read more]

  • Hi there.Dwolfe has given you some good tips.  I will try to add a little from my own investigations (we've all looked into this type of investment!).  Basically as mentioned, they are managed by an organisation (hotel group, retirement village, university accommodation company, etc. etc.) and they take their profit before you get paid.  This is…[Read more]

  • Hi Losty.If you think you might need support to get on, and keep on the path, you could investigate Margaret Lomas's company Destiny Financial Solutions. I am not a member myself, but did look into it.  Basically she believes in lower priced, positively geared property which will need less of a financial commitment from you, and could (with…[Read more]

  • Hi Andrew.In answer to your question about any up side to interest rate rises, my understanding is that any foreclosures thatresult from mortgage stress will mean more people renting.  Also more people tend to hold off buying when ratesare higher (creating that pent up demand you hear about when the government introduces help for first home…[Read more]

  • Oops,I meant buyers market, sorry!  G

  • Hi Toyah.I like the advice above.  We are currently one one wage too and I've outlined a strategy for us that involves selling one half of property we previously developed to enable us to leapfrog on to the next development project.  I don't want to sell either but I think divide to multiply can be the best strategy at times to improve cash flow a…[Read more]

  • Hi D.I haven't done a large subdivision personally, only small ones.  I have heard the figure of $45,000 per blockdiscussed, which presumably includes subdivision costs, services and road.  I will be interested to hear what more experienced people say.G

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GeraldineM

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