ANOTHER pointless and belittling post Phil.
BTW, did you ask repetitive newbie type questions when you started out on the road to your â€œincredible wealthâ€ or where you just born with unlimited knowledge?
Check potential yields on this set-up. Sometimes the vendor has a slightly higher price on this arrangement. Tenants could possibly shy away from this (potential privacy issues, fighting tenants etc) and the only way to attract them is to lower the rent! Worst case you might have a situation where the yield equals a standard house in…[Read more]
Ready to leap into the unknown? Make sure you know the â€œunknownâ€ before you leap anywhere!!
I would seriously consider buying again once I saw prices starting to trend up which wonâ€™t be for a number of years yet in most areas.
In the meantime keep reading guys and improve that â€œunknownâ€ bit.
Iâ€™ve been property investing since the mid 80â€™s and you only get to enjoy PI 2 years out of about 10 (the boom phase). The rest of the time is full of repair costs, vacancies, rent defaulting, damage, overheads, crappy PMâ€™s, etc, etc, etc.
Sometimes you should look at the â€œsmart guysâ€ and observe what they do. The smar…[Read more]
Check with a few panel beaters as they deal with them everyday. Tight insurance companies usually â€œforceâ€ the panel beater to do a lower standard of work just to score the job.
I have found AAMI to be a good compromise between quality repairs and reasonable premiums. AAMI will also allow you to increase your excess and lower your pr…[Read more]
When the RE marketâ€™s not so red hot as itâ€™s been in the last few years this issue may come back to haunt you. Buyers become very fussy when the market cools. If the new buyers get an inspection done repair work will be noted and they could try to negotiate a lower price or just walk away.
IMHO, repaired termite damage can be ju…[Read more]
Hasn’t Rocky already gone up considerably over the last year or so? Check the SS forum there’s a lengthy post about Rocky (lots of great info too).
The vendor is probably selling to grab the CG’s for something better. This deal could leave you with a property that will stagnate in value for years without providing an income.
Do your DD…….
What you have in place wont save you in the event of your defacto claiming non-financial contributions in the event of a break-upâ€¦â€¦â€¦
Purchasing a property between you should just be done as tenants in common to spell out the desired % you wish to hold.
With solicitors (and tradies etc) you pay for what you get.
Just had my domestic relationship agreement finalised about 2 months ago…….lucky you!
If you can keep your financial affairs seperate to you GF you dont need a DR agreement although, she can claim from you non financial contributions to the relationship. Non finanacial contributions are, for eg, her forgoing a career to raise your…[Read more]
My experience with kids is that once the first bub comes along the maternal instinct kicks in big time. Then number 2 comes along….[blink]
I had a lot of trouble getting my â€œcareerâ€ wife back to work!!!
See you on the beach at North Narra some time. (BTW imagine what that caravan parks worth!!!!)
I remember pre boom Tasmania had houses perpetually for sale from the last boom! (some 10 years!)â€¦â€¦â€¦â€¦â€¦Then along came the investorâ€¦â€¦â€¦..
You can see why remote some vendors resort to dirty tricks to move â€˜em because out of a boom he might be holding it for a mighty long time.
In my view the CGâ€™s at the northern beaches has been way too hot over the last few years. I put it down to the baby boomer phenomenon. Well off north shore people are selling up and buying units/ townhouses down there for cash mainly (with a little bit left over to â€œpartyâ€ with). These people are less affected by interest rat…[Read more]
A few more:
Brothers IP at Sydneyâ€™s Northern Beaches. Late last year could get approx 1.3 mil (based on sales in the area) today agent reckons â€œhigh 900â€™sâ€.
Same brother same area has a property pursued heavily by developers. Last offer 2.3 mil. Marketâ€™s changed and the developers have lost interest. Street value today is $950k (if his lucky).
First Mistake, donâ€™t believe the agent when he tells you that it will be worth high 300â€™s when its finished. Things are pretty lean for agents ATM and heâ€™s probably looking for his commission above your concerns! See what refurbished places like this actually sell for. Note carefully what the market is doing in this area. Is it stagnating…[Read more]
Your last post was absolutely spot on!
I have been paying land tax on my IP’s since 1987 and its a tax that isn’t easy to pass onto tenants. Although, over time, landloards do raise the rent to cope.
…. thereâ€™s fear of further price softening in those areas…….
I know every successful investor is supposed to go against the herd to make the “real bucks” but sometimes the herd can be right!!
IMHO I donâ€™t know if owning property in Hunters Hill is the answer either. Two things that come to mind is if the property sits on a substantial block land tax would kill you and your potential pool of tenants is considerably smaller.
Iâ€™ve noticed in the past that when the economy is going bad these high ticket properties become difficult…[Read more]
- Load More