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Whereabouts are you thinking? The buy reno market varies greatly ( in profitability ) from spot to spot.
BuyersAgent | Precium
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Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
1 property managers vary greatly, I always advocate using local (to the property) but do thorough interviewing to ensure they are ok
2 lots – all the same due diligence is required as if it were local, perhaps a little more as you don’t have local knowledge. Do your numbers, understand the markets before committing,
3 personally I Always travel and still do regularly. Some folk buy sight unseen in areas they have never been I think it’s too risky.
4 yes, I have done small subdiv type interstate. I used a surveyor who Essentially project managed most of it for me. I paid a margin for it but still got it done. Next time I might try myself
Hi everyone I have a few questions about investing interstate.
Im from sydney and am looking to buy my second property interstate as i feel sydney is about to slow down. Im looking at perth victoria and qld.
1 What agencies or property management companies are people using to manage their IP interstate?
2 What are some things to look out for when buying interstate?
3 Is it a must to travel and see the area?
4 Has anyone ever developed in another state whilst not being able to liase with everyone in person or inspect?Any help, info would be great! Thanks in advance.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
I have done a bit of this over the years. Not spousal transfers just open market sales to take profits. Spread each one out to its own financial year, 50% reduction is great. My wife wasn’t working at the time and was half owner so her bit as super low, Never ended up paying more than around 10-12% of total net gain when her and me were averaged out. It you make lots of money at some point you will pay some to the ato – I am ok with that.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Great job! Certainly there are some risks with this strategy but there are far greater risks with doing nothing. Love it!
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
If not western Sydney, where would you suggest to look?
researchgeek – with a name like that I think you will do well!
There are loads of options to consider outside of Sydney. They differ widely depending on the population bases, economic activity, growth drivers and stage in the property cycle. You need to think about your long term goals and work backwards. Ie Positive CF is great, but it might be that manufactured equity is your immediate key to multiple purchases. These may or may not be mutually exclusive.
If you haven’t seen a good broker (like Jamie above, he is one of the good ones) then you need to do this and also spend some time thinking about the kind of portfolio you actually want, then choosing individual properties becomes easy.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Hi all just starting out and keen to get my first ip. I’m from the northern beaches in sydney, but it’s too expensive for me around here and was thinking of either the south coast or central coast. Is this a good idea and does anyone have any experience with these areas. Thanks
Thanks very much for the mentions Redom and Jamie.
Hi Derric. Sorry I didn’t notice your post I was flat out all December with the Christmas rush. These guys are great brokers if you need help with finance. I have had some horror stories with clients using their local bank branch (who 9 times out of 10 have NO idea about investing) and then if they go see one of these guys they get real service and the right set of loans to go from zero to multiple properties. That is really what you want long term.
If you want central coast you should call a guy called allan fox from propertunity. He is excellent up that way. As mentioned I cover Wollongong and South coast. The Sydney ripple is moving down so down my way we are seeing properties that are good value, have just started growing, have reasonable cash flow (not massive regional but certainly better than Sydney) and you can choose your entry price depending on your budget.
Keep reading, there is a wealth of knowledge in forums like this and heaps to learn. The more time you have the more your vocabulary and understanding will improve so that you can at least understand any professional help you might use.
Feel free to call if you want to explore using the service, otherwise best of luck!
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
I increased The height in a lower room that was 2.2m to 2.4m by digging the floor, underpinning the footing and dropping the slab. Cost including extra drainage was about $25,000
Depending on the house either dropping the floor or raising the top is the professional way to do it. As described here its not cheap. But if you do it right, get it approved, then you have actually added some real value. Depends on your numbers and your area if it will add up.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Have you got any criteria regarding town size or more specific location issues?
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
House89 and thecrest I think you are requesting info regarding my post above? If so the mention in the above post is Metropole. The have offices in all three cities and specialise in inner city only property. Nothing in outer suburbs, but if inner is what you want, they seem to do this well. I have a friend who has used them in Sydney and Bris with happy outcome. Obviously Richard Taylor, Andrew Allen and a few others offer Brisbane specific services and are worth checking out too. Brisbane and GC appear to be at the right point in the cycle currently for investing.
If you are thinking Sydney is past its prime for investing, I agree. I am finding a lot of the Sydney investor money is also heading down the NSW coast and creating a ripple of growth, as usually happens at the end of each boom. The trick is to know what to buy and not get caught just behind it! Up to you there are a number of good options, depending on how far you want to look. All the best.BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
That’s a great book, first real estate book I read.
Yep I read it around age 18 and a few times since. Probably Im due for another round. I remember it being very encouraging.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
…and some of this story is included in his main (first I think) book “Real Estate Riches”. Its a good read.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Is the property for investment? Probably need to check with your accountant about this but personally I would get a new one. Most 2nd hand property transactions have the benefit of the ATO assuming you don’t have the previous details, and you can usually claim off a new DS, which will get you more tax back over more years. Technically this might mean you “should” use the existing one. Call your accountant I think would be safe.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
The brokers can comment on specifics re which lenders treat extra rental income more generously, as they do vary. However all extra income improves serviceability. As investors we generally hit a ceiling in 1 of 2 ways. We either hit the servicing ceiling or the deposit ceiling (we max out our dsr or our lvr) when either one stops you its frustrating. If you have deposit money or equity available but are told you can’t service then yes, the simple formula is that making more cashflow (either from high yielding property, or from a pay rise, second job, extra small business etc etc) is the solution. The banks have formulas for living costs so when you earn more $ above this the increased borrowing is quite dramatic per $ earned.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Thanks PHP! Good data you have posted there to see what numbers are actually behind that growth story. To the original poster if you can find a house in a decent street for $350k then you will do ok most of them are over 400k now.
Time in the market is vital long term, but my view is that timing also counts. Comfort is a funny thing too – some people are comfortable or uncomfortable with areas, I tend to be comfortable or uncomfortable with sets of numbers. Different ways to look at investing, and both have their place. Best of luck!BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Tai,
I can’t help re 10kms of the 3 mentioned cbd’s. Metropole are large and active in all 3 cities if you want consistent service. There are numerous smaller operations in each city too. If you decide to look at Wollongong cbd feel free to contact me.
But in terms of brokers I can vouch for Jamie Moore at passgo he is excellent.Matt
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This reply was modified 9 years, 5 months ago by
BuyersAgent.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Or any other location in Australia that is going to have good capital growth with a good yield.
This is what we all want obviously. Can you specify what you would consider to be a good yield? And what your timeframe is for growth targets. There are lots of markets that all differ and the ripple effect from Sydney is moving out, but also the SEQ and other markets are all worth thinking about but you need to be sure you are getting a fair deal in a good area or you will not benefit from the investment.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Corey and Terry’s points are valid. If you can’t resell it then it hasn’t really gained value. The question then becomes: How sure are you that the property WILL be saleable at the increased price for you to realise the gain, and in what timeframe? If you can confidently answer that and it fits your goals, then go for it. If not, walk away.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Yes if streets are chosen carefully the area has some very nice pockets, and some big picture improvement as mentioned. I am just a bit wary of the prices these days the last 2yrs have really seen some growth so your yields are right down. You can do better elsewhere for yield and for more short term capital growth. If its long term and you want to be in the Campbelltown market (or are just desperate to get into Sydney) its fine. If you want to catch the ripple you sort of missed it.
BuyersAgent | Precium
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Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Its an area with long term potential, due for some growth just be aware it typically gets capital growth run a bit later in the brisbane and gold coast cycle. I used to have several in the B area. I still have family with a few around here and I tell them not to sell now as next 5 yrs should see some growth I reckon. You can track the median house price from highs on gc and bris down all the way and Beenleigh/Eagleby is the low point in the middle of that corridor. Plusses are it a key infrastructure corridor, yatala industrial has continued to grow, can commute to both cod’s and its closer to the beach that Ipswich. Negatives, still a big bogan element. Slowly getting population growth and diversity out of logan I have seen, probably helping the vacancy rate a bit. If you can afford a house on a big block, go for it. If you want low entry and low maintenance then by all means a townhouse but as stated by others the numbers quoted seem fair but not a screamer bargain. You should get some nice tax out of it with the recent construction, make sure you do a QS report. Scott from Depreciator is awesome if you need one done.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Dave, sent you response to pm as well.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
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This reply was modified 9 years, 5 months ago by
