The dilemma of whether to live in a property I own, or rent something else is something I've been pondering lately.  I've come to the conclusion that there are too many things in life I enjoy (eg being on holidays every weekend, and a long overseas trip each year) to have the nuisance of a landlord announcing at an inopportune time that I need to…[Read more]

Why sell?  Another idea to throw into the mix is:Get the bank to revalue the house and try to refinance to give you a cash injection to help you for the next year or so while you can't workPersonally I think there is such a small gain in it if you sell this house, it just isn't worth it.  The banks are being quite difficult with dishing out l…[Read more]

hehehe love it DWolfe – can't wait to meet you at the gathering next week

I agree – I doubt  you'd be in a position to take on more debt at the moment – and I'd be surprised if the bank gave you a home loan at this point.  They'd want to see that debt cleared down first, I'd think.Clear those loans, starting with those charging the most interest.  And read up as already suggested.  I'd take a look at your spending patte…[Read more]

Your council will be able to tell you things like what the minimum size block is for your area, and what percentage of each block is permitted to be built upon.  (In some cases the council won't allow further subdivision in a particular area.)Naturally there needs to be vehicle access to each property, so you might have some dead space that is a…[Read more]

Wow sounds like you need to hike the rent up.  If the gap was only $20 it wouldn't be worth upsetting your tenants over it.  But a gap of $95 is difficult to ignore…

Brilliant!  Can't wait!

DWolfe wrote:
Hey JacM are you coming on the 4th of Feb?

Yes. 

Great work in organising this Adam.  As per my email, I'll be there with bells on.  Who else is going along?

Personally, I don't expect to make serious money from property.  If I do, bonus.  However at the bare minimum, I do expect it to fund a certain percentage of my retirement income.  The prospect of putting all my retirement eggs into a super fund managed by someone else who could manage it well or could manage it badly, is too much of a risk for me…[Read more]

You'd want a good accountant too – one that's specialised in the field of property investment.  A book I'm reading at the moment has a section on Adrian Hill.  He sounds like he knows his stuff.  This is his accounting company: http://www.superiortax.com.au/

wow awesome – how long did it take to go from 120k to 500k?

hahaha fair call It's none of my business, but if you fancy, it'd be super interesting to see what sort of % growth over x number of years your investments in the area have enjoyed?

wealth4life.com wrote:
Can you convert the hotel rooms to strata … we are looking at doing a goldie conversion in Sydney at Hornsby … room cost $70k each rental $250.00 a week …..

!!  Are you serious??   This sounds very awesome w4l… are you converting the whole building or just one hotel room?

I wasn't referring to an article but the tables at the rear of the magazine.  That data is sold to API by "Australian Property Monitors".  I can't imagine the data is an opinion – it would have to be based on actual fact…Confusing.  I have written to "Australian Property Monitors" to see if I can get some clarification.

Hi wealth4life – Thanks again for you reply.  I agree that investing is for the long term – I'm merely nervous about apartments in that they don't have the land factor that is relied upon for capital growth.  You obviously have property in the area and have been happy with performance.  I am as such genuinely interested in your opinion.  The API…[Read more]

Thankyou everyone for your time thus far.Hi Wealth4Life,The average annual capital growth over the last 10 years for both Elizabeth Bay and Potts Point units/apartments as published in the January edition of API was not good.  ie less than 3% per annum.  These figures are confusing given the hype about these areas.  Do you have some knowledge th…[Read more]

Either way, it might be an idea to consider refinancing the Joondalup property to be an IP loan, and pull some money out of it (then the costs associated with the property would be deductible).  This money could be used to get rid of the investment loan in shares & managed funds, while you rent something to live in elsewhere.  Or it could be u…[Read more]

Wow $30k, for some reason I had guessed a much lower figure.  I guess it depends on the council being dealt with, and the number of pieces you're subdividing the original block into.Pretty sure I can make it on the 4th, have to wangle a couple of days off work as I am currently doing a contract in Sydney I'll let you know!!

You might consider the following option:Refinance the unit to be an investment property loan, and rent it out.  If you are really precious about it, sure, buy another house for yourselves to live in.  Put as much cash in as you can, keeping the debt on the IP high.    However, it could work out cheaper for your second property to be another IP,…[Read more]