I’d weigh up how much you would have to discount the property due to presentation vs how much rent you would get. I’d be inclined to move them out, give the place a quick spruce up & put it on the market. I’m currently researching the southern suburbs of Adelaide & anything well presented is snapped up quickly. Suggest you have a…[Read more]
Advised by my mortgage broker when initially self employed that most banks want 2 years of financials, tax return completed & payments up to date. I was able to get a loan after just over 18 months with tax done & 2-3 up to date BAS statements for the current year. The only bank that would do this ( via broker) was ANZ. You do get more choice of…[Read more]
The area I’m looking at is in Kempsey, NSW. The areas concerned have a long term reputation for being difficult to sell, you can buy 2 houses here for the price of one in a better area. I think I’ll steer clear & go for slightly lower return with the promise of some growth.
Just looking at my local area, best returns on IPs are all in areas with reputations for high crime/ housing commission areas. Range from 8-11%. Would you buy in these areas( with tenants in place), knowing you may have difficulty selling down the track? My plan is to buy & hold long term.
I contacted the council on Monday, they are known for being very slow to reply/ make decisions. I rang on Wed to be told the person I was told to contact was "out of the office" this week. Will see if I can speak to somebody tomorrow.
The council is Kempsey Shire, NSW.
If it's a 2 year wait I won't be buying this property, it would be…[Read more]
Hello Jamie & Shahin,
Thanks for your replies.
I'm looking at buying an established property, can draw my funds after 1st July to pay the deposit. The way I see it at the moment, the only advantage is I can secure the property before somebody else buys it, & have 6 weeks head start ( settlement time) on if I waited until July.
The owner wants full…[Read more]
I've been looking into them as well, read that if for some reason you can't settle on the property, you lose your deposit. Does this only apply if the Buyer can't settle, or if the owner can't? I'd be really annoyed if I bought, the owner breached the contract of sale in some way & settlement wasn't achieved.
Also, can you pay back the deposit…[Read more]
Thanks Shahin & Jamie,
I actually went in with a list of properties I wanted to see, asked if could make a time to see them. First visit they asked if I had pre approval & clearly weren't interested when I said no.
This time I had pre approval ( lesson learnt).
It took nearly 24 hours, but the principal did ring & took me to view the properties…[Read more]
I have spoken to Building Dept rep. from the council, I don't need to rezone, just meet their requirements for parking/ toilets etc. If I build new I would probably share with one other Health Professional.
Thanks for the tip on ownership. I am a sole trader at present, so this may need to change in the near future.
I am aware of…[Read more]
I'd advise you to purchase Steve's most recent book, advertised on here. It has quite a different take from the first 2. It's also an easy read – devoured mine over 2 nights!!
I downloaded a commercial lease template today, makes interesting reading.
It states that the lessor is responsible for the costs of the agreement, as you said. It also said that landlord is responsible for security & locks, but whether this is strictly only the outside of the building is open to interpretation I suppose.
I've been…[Read more]
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