Forum Replies Created
Gday @kmu1
The best place to start is with education. Read this forum, plus the other forum property chat dot com dot au, plus any books by Steve McKnight, Jan Somers, Dolf DeRoos. Also regarding general financial literacy the book that has changed more lives than any I know of is Rich Dad Poor Dad by Robert Kiyosaki, that would be a great one to start.
Learn about investing fundamentals not so much real estate sales. (unless you want to become a re sales agent)
Have fun
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
Tied to Iron Ore and any other new major projects. Both are flat at present. Long term it could do well but will require global shift in resource prices to be booming again anytime soon.
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
My investment strategy is renovations with the intent of selling or flipping for a profit. Given Western Australia’s bleak economic climate and property price growth as well as the tightening of the lending rules by APRA, is this still a feasible strategy? Is there anything I could be incorporating into my renovation strategy to cater for the current environment? Thanks.
As mentioned above it is tough to make the numbers work consistently.
I would see market choice as 1 factor, APRA as a completely separate issue.
On the APRA issue – they haven’t made it harder for people to get PPOR home loans, and for flipping these are your buyers. So no issue there if you appeal to the ppor market. It might be harder for YOU to get your loan but that is up to you and your broker to solve.
On the market – I would say it is possible to profit in a flat market but it must be buoyant enough to have buyers active. Also most suburbs aren’t profitable so location choice is critical.
Once you solve that there is house selection, which is also very important and along with suburb selection will make or break the strategy.
Lastly, dont pay too much!
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
You will need to give us a little more detail for a sensible answer…
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 had budget direct landlord insurance on 2 rental properties, i have recently had bad tenants and had to have an eviction as a result the tenant did maliciously damage most of the walls carpet and doors. Now i will admit that i did not do due diligence thoroughly enough and thought all apples are the same, having said that i as a landlord feel very let down by the lack of cover and the massively excessive excess fees that came with the policy. So I’m now asking for other landlords to recommend reputable insurers that i should look at for future coverprice is not really an issue but a balance of price and reliability of service and cover isThanking you all in advanceKeith
Sorry to hear about the poor experience Keith. I have had a mixed bag of experiences over the years, some good and some bad. EBM and MGA are two of the common landlord brokers out there that people (and me) have used, not perfect but read the policy (whoever you choose). I have also had policy with Alliance for a few yrs.
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,
While on this topic, what is the main difference using someone like BMT / Washington Brown / Depreciator vs TaxShield who charges a fraction of the cost from the other companies? I understand that there is a comprehensive check-list provided by TaxShield that you need to conduct the onsite inspection and provide the details but wouldn’t it be worthwhile doing so especially if one can easily visit your IP to conduct the self-assessment through TaxShield?
Cheers’NM7Just my personal opinion…
1 – I have no idea if a self inspected dep schedule would be accepted by ATO
2 – If it isnt I am very nervous
3 – If it IS acceptable but then I happened to get audited, how would I feel being responsible for it? (nervous)
4 – Could I miss things an expert might see? (yes)
5 – Would I see this as a waste of my time? (yes)At the risk of labouring the point – tomorrow I am getting my car serviced by a mechanic. Could I learn to do this? Yes, Would it save me some money? Yes, DO I WANT TO?
NO WAY!!!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 @bla0018. Any reason they need to be in vic?
1 – if you dont want to you dont need to meet brokers can do everything remotely, if so there are a few great ones on this forum.
2 – if you DO want to meet you will be limited to where you can travel to, so we will need to narrow it down further.Regards
Matt-
This reply was modified 8 years, 7 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
…and for a blast from the past…
https://www.propertyinvesting.com/topic/4381354-depreciator/
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
You really are better off getting a QS report done by a pro. There are a couple listed above otherwise the 3 well regarded QS companies in this country seem to be:
1 – BMT
2 – Washington Brown
3 – DepreciatorI have personally (and my clients) had reports done by Washington Brown and Depreciator, both very good.
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
@maddog73 what a post! Sorry to hear that story. I can only agree with your last point:
“13. Do your own research and get qualified advice before even listening to this mob. A little effort on your part will save potential financial misery.”
This is always always good advice, and the point of places like this. Keep learning, one day you will be able to turn that experience into a stepping stone somehow.
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
Nice post @planning. Are most of your pro clients still working on 20% margins? I ran numbers on an 11 villa site with 20% conservative for a client recently and he told me his mezzanine finance group knocked him back saying inadequate margin. It seems they want much closer to 30% to fund and I didnt know if that is just one funder being difficult right now or if the market is generally getting 1 – Greedy, 2 – Scared, 3 Something else…
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 @roger-wong1982 welcome to the forum.
I don’t think there is an average because there are soooo many variable in what you have described.
Demolish
1 – What is the house built of?
2 – Is there any asbestos?
3 – Is there a lot of concrete to dig up?
4 – How easy is access for machinery and trucks?Subdiv
1 – Fees are highly council dependent?
2 – Is it easily compliant under current policies or do you require variations and exceptions?
3 – Are you doing project management yourself or outsourcing?If you want examples I could say I have seen houses demolished for 20k and a previous battle axe subdivision I did cost me 28k total but that wont be very accurate because of all of the above. Time to do some info digging with local contractors and consultants! Have fun and keep us in the loop its a great learning exercise.
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
What about if my house is interest only as well, we r thinking of upgrading in 5-10 years, we got suggested to use interest only loan for both home property and investment property.
Park all savings in the offset linked to your owner occupied loan.
When you move onto your next home – use this cash to cover deposit/costs and/or transfer it into a new offset linked to thew owner occ loan.
Cheers
Jamie@mddedf its great to come to forums like this an learn! Congrats on beginning the journey it is much cheaper to learn by asking than by getting ripped off with a poor transaction first time so well done.
The post above is the difference between trying to work everything out on your own vs finding a great team of partners to work with. Quality brokers like @cjaysa and @jamie-m will speed up the learning and ensure you get the right loans, instead of a bad structure or product. I have personally seen Jamie do some very fine work with my own clients and have never regretted 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
A drafty friend of mine regularly project managers small developments and he charge 10k for a dual occ (ie get 1 new home approved out the back and build it) and up from there. He has done villa developments that might have cost 100k but that would be a lot of units. I would think 30-50k max for an all inclusive project fee for 4 houses and all approvals.
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
@mohi785 good luck and keep learning, the response above by @benny is a good one. A steve mcknight 2 day seminar would pay thousands in property education so if you can squeeze it in its worth it. Also avoiding the spruikers of new development stock is important as the wrong choice can cost tens of thousands and make the wealth journey many years longer than it needs to be. Keep learning you will get there!
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
Ah ok. Lower risk +cf options in NSW for that price I would say either major diverse regional like Dubbo or Albury just ensure you don’t pick a town with a high vacancy rate. For lower cash flow but more growth something coastal within few hours of Sydney in either direction. Down my way I have done a few under 250k this yr though they are getting more rare. Units in tweed are an option, or in QLD the logan/beenleigh/gold coast stretch is pretty safe. Otherwise Adelaide suburbs if you want a 3rd state.
Avoid small and mining towns unless you really really understand what is going on. Much higher risk of extended vacancies.
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
Ok, and are you already paying land tax in QLD and NSW? I couldnt tell if you were saying you want more in NSW and QLD or if you want to diversify away from those states.
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
@alfrescodining how did you go?
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 Joey,
Is this for existing or new? If its existing you can get a building inspection done to ensure integrity of the structure. If its new I would have concerns about a builder who was unwilling to show me the plans. If they are worried about duplication or copyright breach then offer to look at hard copy plans in their office they shouldn’t have any objections to that. If in fact it is new and off the plan have you thought through why you are buying and what it will offer you? Many folks go in a bit blind on those I find.
Regards
MattBuyersAgent | 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
Howdy,
Where you should invest is determined by much more than just budget. What are your goals? What is the property supposed to do for you or your portfolio? What kind of strategies/techniques have you employed to get this far? All this will alter what you should buy next in my view.
Matt
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
-
This reply was modified 8 years, 7 months ago by
