[merrycMember@merrycJoin Date: 2003Post Count: 27]

April 30, 2012 - 12:44 pm

Think Midland as well – huge government investment in infrastructure and planning. Formerly pretty low SES, but is still close to Perth and likely to grow over next 3 years

[merrycMember@merrycJoin Date: 2003Post Count: 27]

March 26, 2011 - 12:17 am

It’s called a marketplace people. Instead of getting annoyed then shop around the same as you do for anything else. If you are not happy with the quality or value you get from a tradie then go onto the Internet at sites like true local and let people know about it.

If you can’t find another tradesman because you bought a property in Port Hedland to cash in on high rents then you need to do better due diligence.

You choose not to buy a Gaggenau oven for your IP because it’s too expensive, but everyone knows it’s good quality. If you get a good tradie then expect to pay.

And, Rich Sparky, if even half of what you say you earn/ own is true then people should be congratulating your entrepreneurial qualities. I’m a surgeon on nearly double what you say you make and I haven’t done nearly as well as you have! Congrats!

[merrycMember@merrycJoin Date: 2003Post Count: 27]

October 29, 2007 - 6:41 am

Qlds007 wrote:

What about selling the investment property into a Unit Trust and borrowing the full valuation price being say $240K and then using the residual net proceeds ($240K minus loan owning of $100K) to pay down your PPOR non deductible mortgage.

This shifts $140K of the loan from non deductible to deductible debt.

You need to crunch the numbers depending on your marginal tax rates but if you intend to keep the property long term will certainly save you a considerable amount of non deductible interest of the coming years.

Richard, I have the same problem with 2 IPs – one has $130k equity (300-170) and the other about 120 (800-680). We owe 480k on a 600 PPoR. The PPoR and 2nd IP are in my wifes' name only (but the mortgage is in both names). I asked my accountant about setting up a Trust, he felt it wasn't worth it because we weren't cash flow positive, i.e there is no income to distribute.

As a second opinion, would it be worth looking into this again?

Chris

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 26, 2007 - 12:23 am

Stumunro wrote:

Awesome job mate. I am gobsmacked at how great you have transformed this house and on that good a budget. you are a deadset inspiration

Couldn't agree more.

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 26, 2007 - 12:19 am

Congratulations. Absolutely fantastic result for all your hard work.

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 24, 2007 - 6:07 am

oneplumber wrote:

The media reckon Doctors kill more people then Electricians.

Good point. Maybe if we gave Doctors beer when they treated us, they might do better too.

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 19, 2007 - 7:55 am

Try greysonline.com.au 
I haven't personally used them, but I have a builder friend who swears by them. They have online and on site auctions and are in cheltenham, bit of a drive but not too bad.

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 5, 2007 - 8:16 am

Buyers agents tend to help you source, value and purchase a property – they act on your behalf. In return, you pay them a fee – either fixed or as a percentage of the sale. Examples are Wakelin and Wakelin in Melbourne. They often have their own philosophy as to what is a good house which may not be compatible with yours. "Agents", as you know, generally are acting on behalf of the vendor (or themselves!)

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 5, 2007 - 8:11 am

House looks great!  Just a quick question. When you say you worked 77 hours for the week on it – is that you alone, or does that include all your helpers time as well?

If you are working 77 hours per week – that's hard going!

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 5, 2007 - 8:09 am

Australian Property investor usually has tables of info, but historical trends are a little harder to come buy. If you can narrow down the suburbs that you want then you can buy the RP data. It's sort of helpful, probably more if the suburb is a dud than if it is good. That is, if you are buying somewhere with a proven track record, then the data will support that. If you are buying somewhere dodgy, then there may not be enough sales, the houses may be variable etc.

Try looking at Realestate.com.au in the sold properties section, you can also check out house rental costs on there. API costs about $8 per month, and is well worth it – if nothing else it keeps you motivated.

The RP data I would only buy if you have a specific house in a specific suburb in mind and want to check that you are not being ripped off on the price.

Good luck

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 5, 2007 - 8:02 am

There is a new zinc mine going in near Zeehan, which is W coast tassie.

Check out :  http://www.abc.net.au/news/stories/2007/01/15/1827320.htm

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 5, 2007 - 7:29 am

Oh yes, there's real electricity in the air now. Perhaps the idea of a web page with quotes is just a pipe dream after all. . .

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 5, 2007 - 12:58 am

Whoa!
I take it that you've had some bad tradie experiences. There are good and bad ones, like in every profession – including brain surgeons!
Of all your suggestions, some of which I'm sure are not that serious, if anyone can list what a reasonable cost per job is, that would definitely be very helpful.

Chris

[merrycMember@merrycJoin Date: 2003Post Count: 27]

September 1, 2007 - 7:34 am

The potential problems here are usually

1) Delay in building – is the house built already? It can cost you big money if you are paying a mortgage and there is some problem with completion of the project
2) The property is worth less in 2 years time. This happened initially to a lot of people with Docklands apartments, but a bit of research, common sense and a very strong nose for the "it's too good to be true" deal will help avoid these issues.

Chris

[merrycMember@merrycJoin Date: 2003Post Count: 27]

August 31, 2007 - 8:04 am

Hi Richard – Full time property investors, Hotel Heiresses and minor European Royalty would be my guess. Unfortunately, we just leveraged ourselves to the hilt to buy a business opportunity which wont start to pay out for a while. I think if I try again in 90days I may be even further behind

[merrycMember@merrycJoin Date: 2003Post Count: 27]

August 31, 2007 - 7:55 am

Dont worry you guys, I scored -452. Yes, I may be the only person who could survive negative one year! Not the best time to quit work!

[merrycMember@merrycJoin Date: 2003Post Count: 27]

August 31, 2007 - 2:18 am

P.S. Yes, I live in the inner north

[merrycMember@merrycJoin Date: 2003Post Count: 27]

August 31, 2007 - 2:18 am

oneiricer wrote:

Hi guys,

i've just had a look at this month's API, and at the back is a map of melbourne with the suburbs growing in price. I noticed the majority of the fast growing suburbs is towards the east, where the east link is going to be built. Obviously this has a direct factor and is pushing prices up, but more importantly, why does the west side suck compared to the east side? Is it because canberra, sydney and brisbane are on the eastern coas tand hence more traffic flows through that way? what are your thoughts on the western suburbs?

The Western Suburbs is a generalisation. You cant honestly compare Williamstown and Bacchus Marsh, or Yarraville and Hoppers Crossing. That would make as much sense as comparing Carlton and Cranbourne, or Fitzroy and Glen Waverley. There are going to be good parts and bad parts of each. Obviously, suburbs like Yarraville, Williamstown, West Melbourne etc are close to CBD, heaps of great restaurants, views etc and are (or have been) great real estate opportunities.

Hoppers Crossing, Werribee, Point Cook, Truganina etc are further out, take longer to get to the CBD (if that is what you are interested in) and have a more suburban feel. Some would say this makes them less attractive to invest in, the same way that a South Yarra apartment is more rentable than a townhouse in Cranbourne.

Just do your research and make sure that you understand what you are buying, and why you are buying it, and you will be fine.

Chris

[merrycMember@merrycJoin Date: 2003Post Count: 27]

August 31, 2007 - 2:03 am

Once again, Marc has some excellent advice (I sound like a cheerleader!). If you dont take advantage of the FHB grant, then you need to earn 30% more than that before tax to have the same amount.

For you to make the decision you need to think about what's important to you.

1) How important is your 'lifestyle' now?
2) How far out are you prepared to live?
3) How much do you want to change how you live now?
4) How much can you do yourself – i.e. are you a carpenter/builder who can reno easily with experience, trade discounts etc or are you an accountant/clerk type person who will need lots of (expensive) professional help to reno?
5) How comfortable are you reno'ing in another state?
6) How much debt are you comfortable with?
7) How much security do you need?

I think that starting with a townhouse/unit within 12 k or so of the CBD of Melbourne is a winner at the moment. If you move in there, do some cosmetic improvements on something like this http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104255910&f=0&p=10&t=res&ty=&fmt=&header=&c=62153929&s=vic&snf=rbs&tm=1188525513 or http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104236185&f=0&p=10&t=res&ty=&fmt=&header=&c=31637324&s=vic&snf=ras&tm=1188525684 then you can stay in it, or rent it out as your earnings increase and the property increases in value.

My wife and I bought an undervalued apartment in a good area about 4 years ago, rented it out and then used the equity it gained as the deposit for our PPOR.

Good luck 

Chris

[merrycMember@merrycJoin Date: 2003Post Count: 27]

August 29, 2007 - 9:05 am

attrill wrote:

Three years ago I got Granite Transformations to do the bench tops in a unit of mine. The cost was double that of new laminate and half that of proper granite. It still looks like new and was well worth it. It has been a rental for the last two years and being able to put hot pans on it and cut on it makes it a sensible option. For not much extra they did the kickboards in the same stuff which was a nice touch.

Where did you get this done? It sounds great. I am in Melbourne, and presumably Granite Transformations is a company?