[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

January 27, 2008 - 3:24 am

Hello all,

Would like to hear if any one has engaged as a client to Metropole GRoup company as a buyers agent or source the company for property development.  Would love to hear your experiences with them as a buyers agent and your opinions on the value they add in your property portfolio.

Thanks in advance

[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

January 22, 2008 - 2:04 am

Hello scott no mates,

Some clarification on your comments please?

1- apply for any required DA during the settlement period – make purchase conditional upon vendor agreeing to signing a DA. If the work requires a DA after you settle, the holding costs will bite into your profits.

What is a DA?

2- get a delayed settlement (to cater for 1)
3- CGT is applicable at your marginal rate of tax on the full value of the profit (house sale price – purchase cost – stamp duty – holding costs – legals etc). If the property is held more than 12 months you recieve a 50% discount. If the purchase is done through a company and this is the business of the company then you will be taxed at the corporate rate of 30% not your mrt and no CGT is payable
4- do an owner-builder course. You will learn how to deal with contracts, trades, organising quotes, project management, budgeting etc.

Any good owner-builer course in victoria?

Thanks

Rich Mum

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[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

January 14, 2008 - 3:35 am

kum yin lau wrote:

Hi, I bought a house in Blair Athol & have approval pending to sub-divide it while retaining the existing house. The old house is a bit tired looking & requires an update.

The house is on 500m2 originally just under 800m2. The new allotment alongside is 295m2.

The project will suit a handyman or someone looking to expand a rental portfolio or a 1st homeowner. The reasons: it's under $250000 & will qualify for the grant.  The reno will bring its value up to the present average price. Similar houses are quoted at $320-350000.

I'm not efficient at renos.[don't know a hammer from a nail]

So I'm passing it on to anyone who can efficiently do the alterations. A licensed builder would be great. I reckon the work will cost $30000 but if I do it, it'd likely cost $50000 so I've budgetted $50000. I call it the inefficiency buffer.

It's currently tenanted at 5% yield. It can be used for student accommodation. We had ten parties looking to rent it because we had the lowest asking rent.

Anyone in Adelaide interested can contact me via email. Meantime, I have lined up Rocca's to give a quote on the alterations.

Have a good day,
Kum Yin

Hi Kum Yin,

Can you also email me some more details of the property?  [email protected].

Thanks

RM

[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

January 6, 2008 - 2:00 am

Hi Megsaletta,

I am currently reading Michael Yardney's book How to grow a Multi-million Dolalr Property Portfolio- in your spare time and found it an essential reading to prepare your mindset as a property investor.

Regards

Rich Mum

[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

December 26, 2007 - 11:22 pm

SteveMcKnight wrote:

Hi,

To throw in a different opinion, if I was betting on the next city in Aus to experience above average growth, I'd be putting my money on Sydney.

Adelaide is at the tail end of a recent boom, Queensland is experiencing a increase in prices, but when Sydney goes again, it will make both look insignificant by comparison.

All in all, there is money to be made everywhere. Your choice is best determined from your experience and skill base rather than picking a location and trying to strike it lucky.  That is, what you do is more important than where you do it.

Cheers,

Hi Steve,

Firstly, thanks for the tips you have imparted in your books abour property investing. It was reading your books that got the ball rolling for me on investing..

You said it does not matter where you invest, but more important what would you do? Then in you opinion, what would you do given the economy and expected rate rises?

Thanks in advance,

Rich Mum

[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

December 26, 2007 - 11:01 pm

noobie wrote:

I only invest in Adelaide – yet I was originally from Brisbane. I'm still learning, but I currently have 6.

The way I saw it was easy – I bought 2 units for the same price as 1 unit cost in Brisbane. But the rent is 1 1/2 times more than I would have received on that same cost if I'd bought in Brisbane.

So I'm out of pocket the same amount of money for purchase costs  – but I got 2 properties instead of 1 and I get 1 1/2 times more rent than I would have otherwise received.

Plus there is the immigrant thing going on right now – where new migrants get extra credit for coming to Adelaide, so the demand for housing is crazy!

Just a thought

Noobie

Hi Noble,

May I ask which areas you have invested and get good yields in Adelaide as mentioned above. I just cam back from Adelaide for a holiday and driving from the airport to my friends place, the streets were very empty, could be that it is the xmas break.

Anh other thoughts welcomed on which areas to invest. My budget is 250K-300K.

Thanks

Rich Mum

[Rich MumMember@rich-mumJoin Date: 2007Post Count: 11]

August 30, 2007 - 11:56 am

Thanks Terry.

IS there a way to mitgate the risk for the buddy as well?