Forum Replies Created
basically –
– talk to broker and see if you can get lending for what you are looking for
– due diligence on area
– do the numbers on the property – know your numbers so you know what to offer to make the project work for your goal eg buy, reno, sell or +ve cash flow
– speak to accountant about best purchasing entity
– when you’re ready to make offer contact solicitor – they will help with your offer if you want and do the conveyancing
– make an offer with your conditions eg subject to finance, building inspections, access etc with the terms you are looking for
– if accepted then book valuation, building inspection
– liase with broker to get finance
– if conditions met – finance approved and building inspection stacks up then go unconditional (or go back and try to negotiate price down if building inspection not so good)
– if you don’t go unconditional due to building inspection you will still have to pay for the inspection and valuation.
– if to be tenanted , have the property manager you got your rental assessment from in your due diligence period to start advertising so you can get tenant in asap.hope this is a help
josie
residex offer a report that gives projections for growth
you would have to pay for the report.
you would also need to do your own due diligence.
Josie
I have made an enquiry with an accountant in reagrd to renting off your own trust and claiming interest etc. and have been advised that you can’t do this if you are associated in any way with the trust.
Also advised that the best way to protect PPOR is with debt – if the debt is used for purchases of other property then can be claimed against the IP legally. But if someong were wanting to ‘sue’ you then it would appear that there were a high mortgage on your property so no value there.
This is a very simple explanation of what I was informed. Probably best to get advice from an accountant that is experienced with property investing.
Hope it helps
Hi all
In case anyone is interested in attending – there is a seminar in Sydney on 28th May specifically on investing in the USA. Setting up LLC’s, financing and inter-state buying and what’s involved are just some of the topics. I have nothing to do with the seminar just am attending as interested in investing in the US. I can pass on contact details if anyone else is interested.
i’ve heard the name Jan Somers but haven’t read her books or attended her seminars (if she has any). Sounds like something I should do then.
in regard to the location It appears to be between 2 highways. I ordered the residex budget price growth guide for the top 50 postcodes in Brisbane area – there doesn’t appear to be any mention of Dinmore/ Ipswich area in the top growth areas as predicted by residex in the next 5 to 8 years. This seem contradictory to articles I’ve read about this area. Any comments appreciated?
Hi Jenny
I would also check the management rate of 11% each. This is on the high side for Canberra and given you have multiple properties you should be able to negotiate a better rate.
The property manager I use does a written detailed list of marks etc and general condition when new tenants move in.
thankyou to all that have contributed.
I was thinking cash flow neutral looking for capital growth. The block of units were listed as all having ocean views and close to cbd. I’m a beginner in property investing so will do some more homework.
