I owned the land, and was…[Read more]

I have a property in the area, managed by an Agent based on Church St, Brighton. I presume you are talking about Vic. 

Managed for three years, rental of $565 per week currently, I've had 2 excellent tenants, mgt fee of  less than 7%.

The Property Rental director is very professional, and himself involved in the…[Read more]

the job has been done, as a variation – and the price was a lot more than I expected. (Yes should have checked price before going ahead…)  You're right I should call some tradies and get some firm quotes,  was just hoping there might be some out in the forum that may be able to quote me per square metre as a rough…[Read more]

the firb link was the website I was seeking. ie rules and regs surrounding tax and law.

My uncle wishes to put an offer in very soon, it sounds like he may need to fill in some paperwork first……

Thanks, plenty of reading for me.

Cheers

It sounds like this area has been popular with asian buyers. Any particular reason? Schooling? Other?

Loads of investors (mostly mum and dad investors) were sold into the idea of building in Point Cook through a number of companies in the name of “wealth creation”. Point Cook has enjoyed substantial growth in recent years. Many of these houses have now been completed, the investors are realising the consequences of an…[Read more]

mccoz

Can you define NOE? BTW we are in Victoria.

From my understanding, the builder has organised the point of attachment, but we are all waiting for Jemena (distribution co) to come in and install the meters.

The builder’s electrician then organised the paperwork for Jemena to make the final connection. It sounds like both the…[Read more]

mccoz

No not yet. Just wondering whether any one in the PI community had any experience on this one. You’re right though. The solicitor will be the final call.

mccoz

– finishing a rear s/s storey unit development
– starting build on a 3 unit res .development in , and be close to finishing by the end of the year. Permits pending any day now. (famous last words)
– hopefully ending a vendor finance deal (client is finally ready!) so I can release cash for the next deal.
– finding the next…[Read more]

In the meantime, are there any developers who have recently taken out loans for a 3 unit development, and who did they end up choosing and why? Res/commercial/which bank? etc. Would be interested to hear their stories.

Thanks again

i’m building in the Se Suburbs in Victoria.

Are there any particular competitive products that come to mind as a starting…[Read more]

Can you clarify what a GR loan is? I assume it’s a loan that is based on end value.

mccoz

I joined up back in November and have been receiving information on a monthly basis since then.

Regarding value, for a newbie who intends to be active in property investing, I think it would be excellent value. You’ll get access to a wide spectrum of property related info.

As someone like myself who has attended a few PI seminars in…[Read more]

As a Victorian, it’s a system that i am used to. When I sell my property, I go to the Conveyancer to organise all the legal stuff, and to the REA to find the purchasers. Sounds like…[Read more]

When doing my initial numbers, i hadn’t even considered salvage costs, so anything i can gain will further protect my profit position. That’s great.

Andrea, i just bought signed contracts on a block of land in Ashwood. it’s an above average block for the area at 1200sqm, siiting on the edge of the ex commision area. plan…[Read more]

A couple of weeks ago, I purchased a block of land 1170 sqm, in the inner SE suburbs of melbourne, with a 6 month settlement. At this stage, will be building 3x3bed on the block . This will also be my first development project.

Things I needed to consider before signing the contract that was specific to the land:
– trees. Two great…[Read more]

Things I needed to consider before signing the contract:
– trees. Two great cedar trees on the property which were potentiall a problem. Hired an arborist in…[Read more]

I agree with Erika. Regardless of whether you intend to invest or not, you should proactively take an interest into the money affairs of your household and be aware of outgoings and incomings. If not just for extra mental stimulation (i’m a fellow stay at home mum), but also to be better prepared for worst case scenarios. (god…[Read more]

good luck with this project, it’s a winner. i use skip hire from a company who does the same thing in the outer SE suburbs of Melbourne. Their clearance rate on rubbish is up in the high 80s/90%. Because of this, their costs are significantly lower than other competitors, which mean their skip hire charges are alteast 30% lower than…[Read more]

Hadn’t thought about funding from the bank using 80% of the perceived value of land plus plans with permit. i will certainly look into this.

Thks for the tip

Mee Chee

I started my journey in property investing earlier this year. My husband wasn’t sceptical, but I knew he felt fear. i researched myself, carried on and at the end of the year have 2 investment properties under my belt, with bigger ideas coming up for 2006. Within that year, I got hubbie excited about getting involved in an renovation…[Read more]

Great to hear you did it in a relatively short time. I will definitely pursue this further, but am a little bemused as to why it hasn’t already been done. perhaps someone has already tried, but unsuccessfully,

Thks again,

mccoz

I have faced a similar situation from husband, when I embarked on this journey earlier this year. It wasn’t until I picked up my first property (renovation property), and showed him around it, talked him through the plan, and the numbers that he started showing some excitement, and support. 8 months on, he’s keen to listen, but happy for…[Read more]

I also agree that Buyers advocates can be a useful as part of a strategy for property investing. However, people need to be aware that having a BA doesn’t mean that the research is done for you. I believe you still need to carrry out your own due diligence. For example, I am on a few agents’ databases. One property came up recently on one…[Read more]

It wasn’t great science really. In hindsight, I just needed to realise the view from the Vendor’s side.

I had realised that I was letting the agent control the process and from their experience, they kept focusing on the importance of a licencing agreement to protect the Vendor, which sounded all too hard from the Vendor’s point of…[Read more]

It wasn’t great science really. In hindsight, I just needed to realise the view from the Vendor’s side.

I had realised that I was letting the agent control the process and from their experience, they kept focusing on the importance of a licencing agreement to protect the Vendor, which sounded all too hard from the Vendor’s point of…[Read more]

Some progress on this property. Following advice from Steve’s PPP workshop and some of the replies above, I realised I needed to be in more control of this negotiation.

Have since got back to the agents and have managed to negotiate access without the rigmorole of the licencing agreement. The Vendor is happy, so am I,[biggrin] a win/win…[Read more]

I hoped to do the same too, ie without a licencing agreement.
Despite assuring i would 1) only carry out minor renovations, and 2) insurance would be taken out by me, they are still nervous. Doesn’t help as the estate agent in question is strongly advising the vendor to have one drawn up. Regardless.

never mind, just means more…[Read more]

Yes I would really appreciate if you could you fax me a copy. 03 9885 8909.

My offer for this property is still under review with a keen buyer waiting patiently behind me. (My bid was just $401 above his….

The vendor is quite nervous about access prior to settlement despite them being minor cosmetic changes. I was going to…[Read more]

I can see now that they need some assurance (understandably as I haven’t communicated what renovations will occur).

Thanks again,

mccoz

Based on my research, I believe it’s reasonable to request 9 to 10 month contracts for students to take them from end of January to end of November. Hence they will not be subject to summer holidays, unless they want to stay for another year.

Does this sound reasonable to people?

meecheec