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Hi TDorgan,
My solicitor details are below … he has a wide range of experience including second mortgages, vendor finance and your run of the mill property transactions
Andrew Wheldon
Andrew Wheldon Solicitors
Office: 538 South Pine Road, Everton Park QLD 4053
Mail: PO Box 808, Everton Park QLD 4053
Phone: (07) 3855 8880
Fax: (07) 3855 8881I hope this helps.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Fredo,
It depends on the information that you want updated.
Ownership Details and Address Details: I have had this happen and contacted the local council or lands title office to find out the status of the information and then they guided me through the process of getting it changed.
Property photos: RP Data like keeping their property database current so I would assume that if you called them they would be more than happy to update your property photos. Give it a go they can only say no to your request.
I hope this helps you.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Martin,
I was offerred a property last week with a long settlement and declined it due to the uncertainty and possible downturn in the market. If there was market growth I would have considered taking it on.
The way I handle those situations where tenants are involved in the success of the transaction, is we approach the tenant and offer to buy them out of their lease. $1,200 to $1,800 in my experience is enough for a tenant to terminate their lease and find somewhere else to live. Therefore resulting in a normal purchasing period. Win-win deal alround.
All the best with your property purchase.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
MrsC,
From our personally experience we thought that a Bunnings & IKEA kitchens would be the way to go. I do not know whether it was our inexperience at the time but it took twice as much effort getting the kitchen installed (being a handyman and having patience might help allot). We tried ours, then a handyman and then finally a tradesmen (too much time wasted). We then networked to find a cost effective cabinet maker to do all the work for us … It took a bit of time and 2 renovations later we had one and still use him today … He is a great guy. The thing I love is the customised aspect of it as not all kitchen layouts are alike.
I hope that helps.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Catalyst,
Sorry, I was doing two things at once and might have not made myself clear in my post.
I have been a full time property trader for 10 years and compiled the shortlist using the net (RP Data, PriceFinder, http://www.realestate.com.au, google streetview, google maps etc) with 3 computer monitors (helps stop alt tabbing all the time). In my earlier days I had to pound the pavement and physically see the properties, agents and only did the Logan area in Brisbane.
I look at buying in South East Queensland from the Gold Coast, Ipswich, Toowoomba, Sunshine Coast and Brisbane. To me it is a definite numbers game and I have taught myself to identify, shortlist and analyse potential properties quickly. According to RP Data tonight there is 37,072 properties (all types) on the market at the moment in my areas of interest.
In the last 12 months we have acquired properties in Kingston, Logan Central, Gailes, Nerang, Wynnum, Strathpine, Crestmead and Rochedale South.
I hope this helps answer your questions.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi there …
Other than focusing on doing cosmetic renos the other important factors are …
1. You make your money when you buy … so buy extremely well … many people do not buy well and suffer the pain once they have finished and can not recoupe their money when the try to resell it … commonly known as over capitalisation.
2. Remember the discount you get the house for must cover the following costs … [1] purchase costs [2] holding costs (4-6 months) [3] resaling costs [4] renovating costs … do not under estimate this as it has a habit of eroding your profits [5] your safety margin … market corrections etc [6] last of all your profit margin.
3. Therefore spend most of your time buying well … putting in heaps of offers … for example I looked at about 170 houses today and shortlisted it to 21 houses that i would be interested in pursuing.
If you want any more tips just follow us on our website.
All the best.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Ha Joel,
The renovation looked fantastic. Good on ya!
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Matt & Jess,
Thanks for the compliments on the Nerang house.
If I remember I will post the figures of the property once the house has sold so that you have an accurate account of the renovation project.
However, in the meantime the custom built kitchen installed with the appliances (not including the tiling) cost us $4,757.90 includes GST.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Jess,
To reduce our costs we could have either rendered just the front or the front and sides of the property. I think that is doing a half ass job and you would probably get that feedback when you placed the property on the market to sell from potential buyers.
The rendering on this job cost us $5,654.00 which also included the rendering of an internal wall in the fourth bedroom.
To us it was well worth the investment as it modernized the home. Lucky for us the house directly across the road had been rendered recently so we have a really good idea of the transformation that was going to take place.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Joe,
We have come across a few properties that have had extensions done to them with different types of bricks in them. Our quick solution to this situation is just to render them, the transformation is amazing.
Our most recent project (Renovation – Nerang House Project) illustrates this … It had a mixture of old dated bricks and timber (covered the timber with blue board and then rendered the blue board). Now it looks uniformed and modernized …
Check it out … http://bit.ly/aF5Vu7
I hope this helped!
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Mav,
One question you might want to ask yourself (I personally focus on my exit strategy first and then my entry strategy second) … "Is there sufficient demand in the market for this style of home that has been restored back to its original glory days and will someone pay a premium for it" as you have stated " I can't find anything else that looks like it" and finding these original items to go into that house might be hard to find and expensive. You might get away with freshening it up (a light cosmetic reno) and selling it.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Mav86,
The quickest and most accurate way you are going to know the style of the property is to ask a local real estate agent who would know alot about the area and the style of homes that exist there and the ones that most appeal to people buying in the area.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
MLK,
In my experience, investing your time in finding and understanding motivated sellers will get you the discount that you are after faster.
Case in point, in a Brisbane suburb at the moment the numbers for listings at the has doubled going from an average 60 listing for sales to over 130 with buyers far and few between with them being extremely non committal to signing a contract. If a life situation is forcing a seller to sell their property fast, a seller will drop their price dramatically to attract a buyer.
Agents in this particular area are doing it real tuff at the moment and will indicate the sellers that need to sell and who will take a significant price discount to do so.
Tip bit … On http://www.realestate.com.au you can research a suburb quickly. When you lookup a property on http://www.realestate.com.au it gives you the last 5 recent properties sold in the immediate area. Lookup 10 houses across a suburb and you will have 50 comparable sales to compare houses that you are interested in. Next when you talk to real estate agents about motivated sellers you will know that houses are worth to do a quick comparison and know when you come across a great deal.
I hope this is helpful to you.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Romeop,
In my experience this would seem to be a small issue and I have installed a bathroom exhaust fan to solve this issue. I am assuming that most people do not want a window open when they are taking a shower. Try for a discount off the purchase price but be realistic … say $500 and expect the vendor to reject it, however you do not know until you give it a go.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi doublekfarm,
It was great to read the posts from Nigel, Josh & yourself.
In response to your posting …
" … but if anyone is interested to look at what is for sale I can send you links to the realtor we use, and several others who are reputable.We charge rent from $700 up to $950 per month,on houses that were bought at $25K and $35K, and the apartment blocks were around $90K a year or so ago for 6 X 2/ 3 bdr flats that were and still are 100% tenanted … "
Can you please send me the links … We are considering the USA as members of my family have moved to the USA as well as other close family friends who are in the property game over there who have a contact base. However … Early days yet in our research, we are doing well here in Australia in the renovation game. You can get me on the email below.
Thanks in advance.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Mav,
We have 4 renovation projects on the go at the moment in Brisbane and the Gold Coast at the moment. We will be onselling them for $270,000 (Gailes House), $370,000 (Nerang House), $290,000 (Logan Central House) and $275,000 (Rochedale South Unit). All at the affordable end of the housing market.
In my personal opinion only and I have been doing it for 10 years and done will over 100 properties is that … "You make your money when you BUY!!! This was drummed into me early in my property venture by John Burley (USA property educator … if you did not know him).
Renovating the property and possibly selling it for a premium is for us simply icing on the cake and makes it sell faster.
I believe the main reason why people do not make money out of renovating is that they do not buy well in the first place.
Therefore you can make only in the sub $430,000 market … you might make a bit more in the $650,000+ market. Just be careful you do not over extend yourself if you are new to the game in the higher price property.
All the best …
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Toyah,
We have clients that are in a similar position to you, mainly CEOs and surgeons that are equity rich, busy with other priorities and want to make their equity work hard for them in a passive nature.
Please email me at [email protected] and I will email some information you can look at to see if what we offer would interest you.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi there,
From my experience when I have property specification questions I do the following …
1. I ask a number of local real estate sales agents what potential buyers are looking for as a bare essentials and what would be the nice to haves. A part of our business is that we renovate houses, so I get an agent to come out to inspect the property and get their opinions what what we need to remove, add or change to appeal to people in the area.
2. I then ask a number of local property managers what are the bare essential for renters and what are the nice to haves that will get me additional rent.
3. I then go to a number of similar stlye open homes in the area to gauge what the competition is providing the buying and renting public.
I saw a house a couple of years ago where the renovator had installed a large water tank, if she had done her local research she would have found that no one in the area has water tanks or would buy one. Therefore it was a waste of money.
She had also done a number of other things that were not in alignment with what is deemed normal in the area. What made it worse was she had paid too much for the property and was trying to sell it at close to 17% above the market and was wondering why it was still sitting on the market 9 months later.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi there,
That seems extremely expensive … I would look elsewhere.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Daniel,
According to an article last year, depending on where you are doing the property transaction, a vendor who becomes a tenant will fall outside the residentual tenancy authority (RTA) and if a dispute arises it will be a meesy one.
It really seemed odd to me.
While I am looking for the article … ask the RTA in the respective State if there are any future complications with a previous seller becoming the new tenant.
Queensland …
"The original intention to exempt tenancies arising out of contracts of sale (section 20A) was directed at situations where property settlements may be delayed and the seller remained in the property for a short time and may be paying rent. The RTA has noted that different arrangements are now emerging, where the seller may agree to rent back their house from the purchaser for a longer period, such as six months, and is clearly a residential tenancy but is exempt because of this section. All sector groups agreed that these tenancies should be covered, which would provide clearer tenancy rights and obligations and easier dispute resolution processes. However, the sector agreed that short-term arrangements resulting from a sale, suggested to be limited to 28 days, should continue to be exempt for ease of administration for the parties."
Sources: http://www.rta.qld.gov.au/zone_files/Docs/policy_review_paper-tenancies_act_review.pdf
Daniel just ring the authority and check it out … I might be wrong.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
