[RockianMember@rockianJoin Date: 2008Post Count: 85]

February 11, 2012 - 8:05 am

g0biin wrote:

Yeh not sure it would be worth it, starting to sound like the costs will add up and the sale might just break even !

No point assuming this. It would be well worth investigating just in case. Strata titling is a great way to make serious money – especially when the land values are high. What would the block of dirt be worth if it was vacant land?

[RockianMember@rockianJoin Date: 2008Post Count: 85]

February 10, 2012 - 9:52 am

Flat Granny, Geriatric St, Wrinkleton.

Actually, council may have a preference but it won't matter to the postie as long as he can relate letter address to letterbox. I also prefer A's and B's for dual occupancy.

[RockianMember@rockianJoin Date: 2008Post Count: 85]

February 10, 2012 - 9:34 am

You definitely need to strata title the duplex . To achieve this you will have to satisfy local council planning requirements. This entails engaging a town planner and a surveyor who is familiar with the process. You could try to use the local council planning staff to help you with valid information as to the process of approval. You will also have to pay section 94 contributions. In my local area it will cost up to 35k depending on the number of bedrooms above the original allowance for the site.

So,
1) Consult planners to ensure compliance
2) Engage surveyor to draw up plan of subdivision
3) Lodge plan with council for approval
4) Engage solicitor to handle registering title at Land Titles Office

The stratas I have done range between 5 – 7k (surveying, council fees, legals, and registration) and the council contributions have ranged between 14 – 32k. You may be also up for some work to comply with council codes regarding fire and safety.

There is a possibility that it may prove uneconomical if there are substantial works involved to comply with council.

Good luck,

[RockianMember@rockianJoin Date: 2008Post Count: 85]

April 4, 2008 - 7:56 am

And what reason would that be Alistair?

Cheers, Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

April 2, 2008 - 9:32 am

Lorin wrote:

Just to add to that – if you are buying a piece of land and adding capital value to that land through renovation, rebuilding or subdividing, your profits are in a sense buffered by the value YOU are personally adding to the land.

Loz

That's true Loz, that's why I am building duplexes. I get instant equity gains of over 100k and this is a great buffer against any dramas in the market. Personally I would not be purchasing an investment property without this development potential. Too risky for me!

Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

April 2, 2008 - 9:22 am

JoH wrote:

Hi Rockian, yes we will be attending the Brisbane seminar on Sat 12th April. We have attended one of his previous seminars and found it really beneficial.

We are also going to the Brisbane event Jo. Not only that. We are also doing the build and hold strategy.

Thanks, Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

April 2, 2008 - 2:43 am

Linar wrote:

For a rental property I would choose tiles every time. Not only will they last longer they will look better longer. If you have a tenant who doesn't respect your property then timber flooring will look shabby VERY quickly. An inconsiderate tenant can destroy timber flooring within a couple of weeks.

Cheers

K

Thanks K and Luke,

Tiles it will be! Start construction in a week or so!

Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

April 2, 2008 - 2:29 am

JoH wrote:

Hi all, my partner and I a relatively new to property investing and saw Doug Bannister from Investors Direct in September last year and was very happy with his advice. I just called their office to make another appointment with him and have been informed that he has left the company and if I wanted to make an appointment with a consultant it would need to be a phone appointment as there are no consultants in Brisbane. So where to now?
I know other members are clients of Doug's who are you seeing now?
Thanks
Jo

Hi Jo, I am also a new client of I.D. and was surprised when Doug suddenly left as he seemed like an excellent strategist. I really appreciated the initial free phone consultation which went for over 1.5 hrs – no obligation. Really got into the nitty gritty of where we were at and where we wanted to go with our careers – personal and investment. Well rounded overall assessment of our situation backed up with an itemised plan of action for us to act upon if we felt comfortable with it.
I guess his place will be filled soon enough but in the meantime I might take Darren's advice and contact Michelle.

BTW, anyone going to the upcoming round of Bill Zheng seminars?

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 12, 2008 - 8:35 am

Qlds007 wrote:

Lodoc maybe different but not Nodoc.

Easiest thing is ring them ask them.

All I am going by is from the information release they put out to us Brokers.

I will investigate tomorrow and report back.

Thanks, Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 12, 2008 - 1:24 am

Qlds007 wrote:

Yes it will and maybe ok but it will not be considered on a Nodoc basis only full doc from now on in.

Are you sure Richard?

I have just discovered that a low doc loan contract – (Perpetual Trustees as Lender) – that I am just about to sign is being funded by Mac bank. It is for a block of land that I will be constructing a duplex on in a few months. Are you saying that I have to go full doc to get the construction loan?

Ian 

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 7, 2008 - 2:46 am

If this is true Lucky then I would be reporting the council to the State Planning Minister or at least go to your local member and demand for an explanation. That is atrocious.  I have recently put 2 successful D.A.'s for dual occ through Byron Shire Council who have been notorious for hold up's. To my amazement the first was approved in 5 weeks and the second in 8 weeks. I do my own Statement of Environmental Effects based on the local DCP and LEP and on top of this I go and have a meeting with the head planner at council to run over the proposed development. It has been really helpful to study the DCP and ensure that all requirements are met. Remember that if you can meet all the requirements then neighbours have no grounds to object.

Good Luck Lucky.           

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 6, 2008 - 9:02 am

With all respect cu@thetop,

Maybe so – but I would never judge a persons motivation or integrity based on this method of earning a livelihood at least until I had personal dealings with them.

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 6, 2008 - 1:39 am

Never heard of Iron Fish Eddie but it is good to shop around and find what suits you. I agree it is difficult taking the leap and there are so many options it can get really confusing. What strategy? Who to trust? etc etc….

Give yourself some research time to decide and then make a choice based on who you feel most comfortable with.

Good luck

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 6, 2008 - 1:28 am

Local agents can get you a tenant even if you want to manage it yourself. They usually charge 1 or 2 weeks rent for the service.

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 5, 2008 - 9:32 pm

Qlds007 wrote:

Rockian

You have until this Friday to have a loan lodged and approved or it will be rejected.

To be honest if it is for a lodoc loan you can do a lot better than Mac Bank anyway.

Fortunately I can handle rejection Richard. I have had plenty of practice over the years.     

Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 5, 2008 - 8:29 am

Thanks for the info Richard. My broker has just sent me a Macquarie application form for an upcoming loan. I wonder if it will be an immediate winding back? Will make enquiries.

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 5, 2008 - 8:21 am

kean wrote:

I am 14 years old and i would like to know how to invest in property

You have already started Kean by joining the forum and asking for advice! Well done. I guess a good start would be to begin saving for a deposit. You have a few years to save up before you can legally own a property in your own name. I think some of the others on this forum will give you some other advice. I am not sure if it is possible to have any ownership at your age in a Trust structure. Maybe someone else can provide this information.

Good luck, Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 5, 2008 - 8:12 am

wealth4life.com wrote:

The largest growing disease in the word today is SADNESS … lets run a seminar on "how to get rich in real estae and build yr self esteem at yr same time"

Human suffering has always been with us Wealth4life. Not only that – it appears as commonly in wealthy countries as it does in poor countries. I think that running a seminar on how to get rich will do nothing to correct this problem.

Maybe character building to assist people to be content with life despite all the external ups and downs would be more appropriate.

Regards, Ian

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 5, 2008 - 2:48 am

Qlds007 wrote:

Ian

Backdating your ABN when you only started to carry on an enterprise 6 months ago with the sole purpose to obtain finance would be seen as fraund and certainly not recommended.

There are a couple of lenders that do not require you to state your ABN on the application form so as long as you understand the term lodoc this is achievable.

I am not surprised Richard. When I heard that this person had done it I thought it was a bit suspect. Interestingly enough he was advised to do it from a non-bank lender who had the mortgage over his PPOR. He wanted to do a duplex development and it was the only way for him to get a loan to finance the project. ie: top up his loan to access equity to get the deposit for the land and then the construction loan.

Cheers

[RockianMember@rockianJoin Date: 2008Post Count: 85]

March 5, 2008 - 2:40 am

eddie01 wrote:

Thanks all for your comments.

Since my meeting I have planned to wipe out my debt first then look at future investment.

The proeprty firm is called Property Secrets, has anyone dealt with them, I would love to hear your views. So far I am pleased with there approach. Any comments will be great.

Hi Eddie,

I have had material sent to me by Property Secrets. It is a company run by Paul Giezekamp in Leichhardt. They concentrate on buying tired properties in the western suburbs of Sydney at well below market value – usually at auction. Then they do a reno and revalue to access the increased equity to get the deposit for the next property. They also look for property with future subdivision potential. Of course they charge for finding you the property and doing the reno.

I didn't really feel comfortable with their strategy however that doesn't mean that you couldn't benefit from their services. I actually contacted them for Mortgage Broking services but decided on a different company. I spoke with Paul in a phone interview and could tell that he was well experienced. However he is definitely a very good salesperson and throughout the conversation was talking up his companies' attributes and "secrets". This turned me off a bit. The fact that he was marketing to the masses.

I guess Paul has a strategy which either suits you or doesn't suit you. The choice is yours. If you are not in a position to do your own purchasing and need to rely on a firm such as his then it may pay to contact a few others to compare their strategies.

Go through Australian Property Investor magazine and you will find plenty to choose from. Go to their websites and research them.

Good Luck, Ian