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Hi @gaving
There are very strict rules regarding what you can and cannot do or buy, regarding real estate, in a super fund.
Best to speak with your accountant and solicitor to seek their advice and guidance prior moving forward/spending money.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Happy to help. Good luck with it @jemfraser :)
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Jemfraser,
You need to do thorough due diligence on whether this model is going to work for you.
1. make sure that you can indeed build within a national park. What are the restrictions and ongoing costs?
2. right now, COVID-19 has put a huge dent in the Air BnB market. People are self-isolating, staying home and not traveling.
Perhaps creating/running an Air BnB is better looked at when the travel industry opens up again?
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Our Challenge.
I’m happy to recommend the painter that we used for our recent reno project. Very prompt and a meticulous painter.
PM for his details.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
It’s a red flag that they are not allowing a building inspection.
That is a major red flag that should be setting off alarm bells.
In my experience, a vendor generally has no issues with a building inspection being done. Where they do, it begs the question… why? What are they hiding?
We always suggest to clients that they get a building and pest inspection done. We have pulled out of proceeding with properties many times based on what has been discovered during a building/pest inspection. A very worthwhile investment to save a hip pocket hit down the track.
Hope all worked out for you on this one.
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This reply was modified 4 years ago by
Wendy Chamberlain.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Do your sums and offer what you're prepared to pay and what stacks up from a numbers perspective.
Don't be bullied into making an offer above what you've previously determined you wish to pay and don't let the agent play the emotion game of "make an offer or you'll miss out". There's always another property around the corner. Always.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Total lack of due diligence. Silly woman.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Grant,
See you've posted this in various spots, so just covering off here too.
If you are serious about using renovating as a strategy to build wealth through real estate, then I can fully recommend Ana's course. She works very closely with each client to make sure they achieve win:win outcomes.
What Ana offers is weekly support and she will go over any deals you find with you, to ensure they are on track for what you are looking to achieve. Ana's a renovation specialist and that's what she'll cover with you – renovating.
I hope this helps. All the best Greg, no matter what you decide.
Wendy Moore
http://www.Affluencia.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Grant,
If you are serious about using renovating as a strategy to build wealth through real estate, then I can fully recommend Ana's course. She works very closely with each client to make sure they achieve win:win outcomes.
Regarding Philip's post about the online course – this may suit you too. It comes down to how you best learn, what you are most comfortable with and how you digest information. If you are happy to follow modules and have the self-motivation to do this, that course may suit. Also, find out how many modules specifically cover renovating – you've mentioned that is your area of interest.
What Ana offers is weekly support and she will go over any deals you find with you, to ensure they are on track for what you are looking to achieve. You'll receive far more "human" time than you would following modules. Ana's a renovation specialist and that's what she'll cover with you – renovating.
Wealth4Life – Ana runs Winning Formulas for Success, the coaching program asked about by Grant at the start of the thread. Chrstine Stow (RahRahPrincess) runs get togethers for women in Melbourne. Totally different people and they are not associated.
I hope this helps. All the best Greg, no matter what you decide.
Wendy Moore
http://www.Affluencia.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Wealthyyjvd,
Rather than what you should ask, make sure you think about first what you are looking for. A good broker is going to want to know what your goals are, what you are looking to achieve, what your investing strategy is, etc. They'll also need to know your current financial status so they know your starting point.
They need to know this so that they can best advise you regarding the type of loan you need, the best structure that you should purchse through, what is going to be the best fit for you.
So to flip it, you could ask them, based on your goals, strategies, outcomes you are looking to achieve, what they could suggest and recommend (from a loan perspective). For example, if you are buying to hold short term (even 3-5 years) and then sell, the product/loan they recommend may be different to what they'd suggest for a 10+ year hold. For a short term hold, there would be higher exit fees on some loans/products for example.
Ask them to explain the difference between IO and P&I and how it would affect your own scenario – both pros and cons. Brokers earn their money from a trail fee from the banks. The majority do the right thing and put you into the best loan for you, not the one best for their payment, but worth asking the question around that too.
Your broker can best advise you when they know more about you.
I hope this helps.
WendyWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Ness1474,
I agree with Erik. Each of these figures will differ for each deal that you look at. You are best to start collating actual $ costs, so that you can get an idea of what each of these is as you move from deal to deal. Then at least you'll have "ball park" figures to go by for the next deal.Body Corporate fees (where applicable) and council rates you should be able to gather from the contract documentation.
Capital appreciation – you'd need a crystal ball to get this one right. Depends on market factors, location and so many other variables.
Loan Application fees – will vary lender to lender and may even be waived in some cases: speak to a good finance broker.
Mortgage registration – is usually a standard fee but can differ state to state: again a finance broker can give you a figure on this
Capital costs – talk to an accountant on this.
Depreciation – highly variable and will depend on age of property, fixtures, fittings, method of calculation: talk to a good accountant
Maintenance costs – will depend on the age of the property, etc
Utility rates – water costs will usually be part of contract documentation
Builders inspection, Quantity surveyor and Pest insepction will vary depending on the location of the property and the detail of the report, but allow at least $400+ ish per report. I've had QS quotes for $1,000s for blocks of flats.I hope this helps.
WendyWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Cowless,
I think you'll find those signs will be posted by various different people, so you may find it harder than you think to get rid of them as the next person will just put another one up. But I guess you can try.
Wendy
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi all,
This teleseminar is now available for download:
http://www.realestatewomen.com.au/freecall.html
Regards,
Wendy
http://www.getstartedinproperty.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Zoning does affect LVR, so best to check with a broker or your bank. It may not, however, affect any current lend, just potentially down the line if you try to sell. The next buyer may only be able to get a lower LVR due to business/mixed use zoning.
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Crashy,
I'd take it up with the relevant tenant tribunal. Were all those issues there before you moved in and when you first inspected the place?
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Trigger22,
Potentially, you can do both. You've built up some equity in your PPoR that you could utilise via setting up a line of credit. You can then continue to pay down your PPoR loan (non deductible debt) whilst utilising the equity funds for investing purposes.
Just make sure you get the whole thing property structured so as not to mix up the two sets of funds, as the government is very strict with what you can and cannot claim. Keep it all separate. Speak to a good finance broker first to sort it out for you.
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi laurieload2,
I'd ask the accountant how many investment properties she has or how many clients they have own substantial investment property portfolios. I think you need to get a second opinion from someone that actually deals with people that invest in property.
If you are happy to continue to rent your IP to good tenants and can release equity in the property to continue investing, that is certainly a strategy worth more investigation. Also, whilst you are comfortable renting whilst building up your investing portfolio, as long as the numbers stack up, why not continue to do this? It comes down to what you are comfortable doing and what suits your lifestyle and investing goals.
You definitely need to seek the advice of another accountant as you need to correctly structure your purchases. If you current accountant doesn't like trusts and companies, you definitely need additional unbiased advice so that you 1) understand what each entity does/doesn't do for you and 2) can make an informed choice for yourself as to how to structure any further purchases.
Good luck.
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Silverrookie,
I'd suggest you speak to a good finance broker first, so you fully understand your position right now. That way you'll know whether you can start investing with what you've saved, or whether you need to look at other avenues. Any bank is going to want to know you can service a loan. Get some sound advice first so you can work out your next move.
I'd also suggest getting advice from a knowledgeable accountant about the structure that most suits what you wish to achieve through your investing.
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Bespoke,
I think it all comes back to what you are trying to achieve through your investing. Which property is going to get you closer to your investing goal sooner? What is your investing strategy? Once you know this, run the numbers and see which one has the better return for what you want to achieve.
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Tony,
Yes, in Victoria you need the Section 32 first in order to make an offer. I'd ask for the Section 32 without further discussing the price with this person. Once you have the S32, you can make your offer in writing. Agents are supposed to present all offers to the vendor, however they may merely tell the vendor an offer has been presented but it is far below what is being asked.Ask for the S32, make an offer in writing and if the agent is still being difficult report her to REIV. At the very least, give them a call to see what their position is on the matter.
Good luck
Wendy
http://www.realestatewomen.com.auWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
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This reply was modified 4 years ago by
