[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

November 1, 2011 - 9:12 am

Didn't Steve just announce he will take 30 people on tour of the States next year, not real sure but I think he said all expenses paid (flights, accommodation, meals etc) $10,000  … sounds great! Now I just have to sell a kidney.

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

November 1, 2011 - 7:55 am

I'd like to know what books Steve McKnight would recommend.

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November 1, 2011 - 4:11 am

And now we wait a month or 2 for the banks to move hahaha

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November 1, 2011 - 1:57 am

Thank you Terryw,
                                That explains the government rebate but not the credits received from your energy supplier for your power savings.

                                Any ideas there?

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October 31, 2011 - 12:35 pm

Buy the latest copy of "Smart Property Investment" (30 sizzling suburbs on the front cover)….page46 "Park your profits" an article on car spaces…..

 it says…."Top car park returns"…WA-13%….QLD-12.6%….VIC-8.8%….NSW-6.2%

Also says…."Capital Growth:analysis of average car space price changes over past 5 years" and the growth was…. NSW-25%….VIC-44%….QLD-85%(AVERAGED17%PA)….WA-77%….

So I guess that's a big PHOOOOEY to the no Capital Growth Theory!

Elsewhere it says as long as your buying Strata title the major banks should offer up to 80%.

Says costs are significantly higher in NSW & VIC where owners are subject to congestion tax, in certain parts of Melbourne for example investors are subject to a yearly levy of $880, in Sydney a similar levy costs investors $720 in some areas & up to $2040 in others.

Here's a reply to a query I sent in…………..

Dear Jason , This car park has just been reduced to $37,000. Probably the lowest priced car park this close to CBD. Details are annually : rent : $4,717 less outgoings : strata levies : $800 council rates : $606 capital work deductions :$585 government car space levy :$1,600 Please let me know if you are interested. I expect to sell this car park within 30 days

When I looked at this ad today it was $39000 reduced from $45000……. It's returning something like 3%……….sell within 30 days my backside!!!

Hope that answers a few questions.

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 21, 2011 - 1:53 pm

Thank you for your time Catalyst,

Yes I was confused, thanks for clearing things up, I have done some research & understand now how the Body Corp' works.

Building & pest are booked to look at the property & give me a better idea of possible future costs.

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 19, 2011 - 10:54 pm

No, not Sydney.

Thanks for the Info.

I'm finding it hard to understand then why a Body Corp would take on this property if there's possible sinking/ ground movement issues that have caused cracking in most walls, termites nesting in the Besser block and possibly in the roof, rusted/ leaking guttering. I have just read that they're legally bound to fix repairs (i read some court cases as examples), so if the money box is empty then it will take a big cash injection from the property owners to get repairs done.

I've now been told Body Corp is $30.95 a week … Admin-$950pa, Sinking-$659.18pa = $1609.19pa … times 6 units =  $9655.08pa ……………. ($3955.08 for the sinking fund) (mmmm not much!)

The units are VERY positive cash flow, but an empty Body Corp money box now worries me.

I haven't been told about an upfront cost either,…. more to think about!

Maybe I should see my Solicitor.

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September 18, 2011 - 3:16 pm

The building is 20years or more old.
 I was considering buying a unit and the agent told me that the Body Corp isn't sorted yet.
 My knowledge on the subject is zilch.
 Are Body Corp's similar to how Insurance companies run as far as they have money in their coffers already?
Maybe I should go Google it.

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 17, 2011 - 1:07 pm

Shape wrote:

JaSin66 wrote:

I tried http://www.ratebusters.com.au  max LVR 90% they said 4717 was out of their jurisdiction but they are processing it now,.

This is not good, it means they will reject your 90% LVR but still have a "credit" check done so it's harder for you to move and shop around. —- Firstly postcode 4717 is def under 80% LVR, you will not find ANY LEADER that will do this at a stand alone 90-95% LVR, i say stand alone because you can x-cross — but it still means your LVR in affect is still under 80% for the deal. http://www.genworth.com.au/ YOu can check postcode restriction here – http://www.genworth.com.au/ , theres really only 2 LMI provider in aus – genworth and qbe and they both pretty much have the same or similar postcode list ( note ANZ , St George and another banks do have their own internal LMI- but postcode restriction would still apply to 4717) Regards Michael

UPDATE…ratebusters excepted loan even thou it's out of their post code requirements, I wasn't personally chasing a 90% LVR just very good rates. Still waiting for a reply from Aussie on their best deal.

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 9, 2011 - 6:32 am

I think if you want to start with reno's then your on the right track to seek more knowledge in that area,  while your doing your trade you can still be saving for that 1st deposit & gaining knowledge through reno workshops, books etc.
 Basic reno's would be the way to start, no good biting off more then you can chew. I wish I was as smart as you when I was much younger.good luck.

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 6, 2011 - 12:09 pm

coalstar wrote:

update or washpool coal project near Blackwater; http://www.aquilaresources.com.au/files/Washpool%20Hard%20Coking%20Coal%20Project%20-%20DFS%20and%20Rail%20Capacity%20Update.pdf

Great update Info on Washpool. Spot on with leasehold, I think most buyers would prefer to stay away from leasehold unless the property was particularly attractive or high returning. My PPOR was advertised as leasehold but we somehow convinced the seller too pay to make it freehold, I remember him saying it was $70000, so spot on there too!

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 6, 2011 - 11:36 am

JaSin66 wrote:

shoooshoo wrote:

yeah i hope so.  also is that your Lambo?

Not that lucky to throw away$200k on a Lambo yet, she's just a dream car…

Thank you Coalstar, I had me a looksee.

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September 6, 2011 - 11:07 am

shoooshoo wrote:

yeah i hope so.  also is that your Lambo?

Not that lucky to throw away$200k on a Lambo yet, she's just a dream car…

[JaSin66Member@jasin66Join Date: 2011Post Count: 30]

September 5, 2011 - 12:32 pm

With Subway in Blackwater & now Macca's being built that's gotta be a good thing right!

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September 5, 2011 - 12:09 pm

Subway has opened in Blackwater, their building a Macca's now behind Red Rooster.

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September 5, 2011 - 11:51 am

A bit late by the looks. Blackwater Real Estate.com.au –  Joy Fernie, long time local. 0419772178

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September 5, 2011 - 11:47 am

fingerscrossed wrote:

Hi Mel

Regarding Blackwater, I read last week that Anna Bligh has given the nod for 300 blocks of land to be released in blackwater within the next 12 months.

She has also done this for Moranbah in the Bowen Basin and Roma in the Surat.  This release of land is due to the impending demand on accomodation due to future mining projects.  She is trying to make accomodation more affordable in these towns.

I dont see this land release as a good thing – maybe for tenants but not landlords.  Just means more supply for the demand which could keep the rents down.

I have owned property in both moranbah and dysart which i purchased 2 and 3 years ago.  I have done VERY well out of both of these proerties both in terms of capital growth and rent returns.  I have since sold Dysart (panicked when the GFC hit) but kept Moranbah which is ticking away very nicley indeed.

I have just had a major Company sign a 2 year lease at $750 a week with 6 montly rent reviews.  The same Company were reluctant to sign anything more than a 6 month lease 12 months ago and refused to pay an increase in the rent which at the time was a modest $550.00 a week. Gotta be a good sign for the area when they did not hesitate to sign a 2 year lease.

Personally I would recommend Moranbah as a great place to invest as far as mining towns are concerned.  There are so many major projects on the drawing board there that the 300 blocks of land will make no difference to accomodation demand.

Check out the ABARE report for more information on these major projects.

I agree that the timing has to be right and getting a lease with a Major Company is a big bonus.

This of course is just my personal opinion and as with purchasing an investment property personal due diligence is required.

Happy investing

Fingerscrossed

  

Crystal Ball 1 year on & the demand for rentals are through the roof, 0% rent availability, workers hotseating beds at worst, families renting rooms from $200 – $300, companies renting houses to house their workers & paying up to $1200 a week  & mining companies subsidising their employees because rents are too high.

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September 5, 2011 - 9:58 am

DWolfe wrote:

Lol Jamie! You beat me to it!

Flat pack kitchen from Bunnings, Flat pack laundry trough from Bunnings, all in one bathroom vanity from Bunnings, misc materials Bunnings, Plants Bunnings lol Customer of the year here Mitre 10 in regional areas are ok and Home Hardware store in regional areas as well. Find the handyman, ask him for quotes and then ask him where he buys his materials from, then go there and have a look.

D

How about IKEA, we used them after looking at Bunnings, IKEA looked more expensive, a better finish and the soft closing doors & drawers are brilliant, spent just over 6k then lashed out for granite because of the savings me made (our own home) The only downside for us was living 9 hours away from IKEA, going there & grabbing all the flat pack & wheeling 6 trolleys to the counter took a full day, it was then sent on transport to our front door, once fitted thou it was worth the effort for such a lovely kitchen, now if we only lived closer! Next reno will be Bunnings thou, only cause there closer, 200ks east or 80ks west. 

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September 5, 2011 - 9:26 am

JaSin66 wrote:

I'm 4717, just tried http://www.statecustodians.com.au they had max LVR 95% with LMI… I'm sure I could hear them laughing when they checked their area codes. I tried http://www.ratebusters.com.au  max LVR 90% they said 4717 was out of their jurisdiction but they are processing it now, They won GOLD in the 'Australia's BEST home loans' in the 'Your Mortgage' magazine edition no 104.

A quick scan of the mag shows these LVR 95% with LMI Companies ; NAB, MyRate, IMB, SCU, ME Bank, HomeStar, Mecu, Not sure if that's of any help as a starting point.

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September 5, 2011 - 9:18 am

I'm 4717, just tried http://www.statecustodians.com.au they had max LVR 95% with LMI… I'm sure I could hear them laughing when they checked their area codes. I tried http://www.ratebusters.com.au  max LVR 90% they said 4717 was out of their jurisdiction but they are processing it now, They won GOLD in the 'Australia's BEST home loans' in the 'Your Mortgage' magazine edition no 104.