Forum Replies Created
I stand corrected… my apologies [embarassed]
Always more to learn.Sharon
Gidday Giddo[biggrin]
Here is the link for one of the mappers websites… They look like they are still powering ahead doing renos, adding value etc.
Maybe you could contact them through their website to see if it is indeed possible today.[biggrin]…http://www.dynamicduoinvestments.com/about_us.asp?cat_id=18
Regards,Sharon
Congratulations!
Don’t forget the building inspection[biggrin]
Regards,Sharon
Hi Nads,
Be convinced you can do this – of course you can! [biggrin]
Be totally passionate about property and what it can do for you and your family.
There are plenty of people here who will tell you that +CF properties are still available (but you are more likely to have to ‘make’ them rather than ‘find’ them. That is to say renovate/subdivide/add a bedroom etc.
Learn all you can, read more books, go to the seminars, subscribe to property investing mags, visit this forum regularly – its a great way to learn.
In my opinion, you don’t need to be in a rush at the moment. The property cycle has just been through a boom, and things will probably be flat for awhile (maybe 3-4 yrs) You may pick up some good bargains during this time as people needing an urgent sale can’t find buyers. Always put in a low offer – up to 20% below asking price. You make your money when you buy, so they say.[biggrin]
Some accountants prefer different types of investing, I think that’s what you have come across. My advice would be to keep looking, or ask the forum members to recommend an accountant in your area.
I bought my first IP 3 yrs ago, just before the boom[biggrin] and haven’t been in a position to buy another since then, so I have used this time to learn all I can. Now we are over the boom, prices are coming down from what I can see, so both you and I are becoming well positioned to take avantage of the next flat period in the cycle.(The property cycle usually runs 7-9 yrs)
Hope this has helped, all the best! [cheesy]Sharon
WhichBank, WestBranch, or NationalFashionable???
To answer your Question: No, But…(apologies for being slightly off track)
I had a loan come to the end of its term recently(3yrs fixed) and my broker rang the bank to ask if the loan could be ‘rolled over’. Back came a NO reply.Next day, bank rings me up, says – would you like to continue your loan?, we can do that for you.
[saywhat]Now me thinks, so the bank doesn’t want to pay the commission to my broker. [blush2] Broker want be too happy about that I shouldn’t think [angry2]
Is this common practice brokers? Maybe more common than you think.[angry2]
Sharon
Talking about insects…
Kooties = head lice
Katapo = redback spider (similar, if not the same)
Sharon
Hi all,
These people might be able to help you… I haven’t used their services. All their fees & terms are readily available..
http://hunterhousehunters.com.au/Also you might like to do a search on this site. Look under forum boards on the left. Type in ‘spotters’, ‘spotting’, ‘bird dogs’ and see what it turns up for you.[biggrin]
Regards,Sharon
Borers attack timber, though not as destructive as termites.
Servery = a hole in the wall between kitchen & dining room.
Wood box = storage area for firewood, accessable from both outside & inside.
Space heater = early style slow combustion heater.
Hot water cupboard = very common to place a hot water cylinder inside. Great for drying clothes and storing linen.
Oil fired central heating = underhouse unit with grate in floor. Early models erupt on ignition with a plume of black smoke entering the house, but they kept you WARM. [biggrin] Hope they have improved or died out since I lived there, always thought they were a little dangerous – especially the ignition stage![bomb]
Porch = veranda
kai cart = harrys cafe d’wheels (in case you get hungry while renovating)[biggrin]
Regards,Sharon
Mmmmm, to CF+ or not to CF+, that is the question.[blush2]
At this particular time in the RE cycle it does seem that you are putting a good argument forward in favour of CG.
I believe IMHO both are possible, but would lean towards purchasing properties for CG in the next 2-3 yrs, then get set for the next round of CF+ properties before the next boom. At that stage rents will have increased, and prices remained flat (in some areas). Hey presto CF+ readily available again. [
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Nothing like a balanced portfolio[biggrin]
Have you read Peter Spanns book -$10mil property portfolio in 10 yrs? All about CG.
Regards,Sharon
stuffed if I know – some kind of unthinkable punishment for having knowledge?[angry2]
don’t come the raw prawn – well no, I’d rather it cooked[blush2]
she’ll be apples – comparing apples to oranges, something to do with insurance for over 55’s?[blink]
sweet as – as what? (one for the kiwis)[biggrin]
Sharon
There’ lots of very knowledgable people like Jo on the forum who will help you get started, and keep you going on the road to property investing![biggrin]
I know a little bit about this and that, but most of all I come here to learn. It’s a great place for that, so you are on the right track already.
[biggrin]
Regards,Sharon
You might like to do a search for spotters/bird dog. The search function is under Forum Boards on the left. Might help you find someone.[biggrin]
Regards,Sharon
Hi Spanky,
Neil Jenman has something that might interest you. Here is the link… look under B for ‘Buyers Price Declaration’
http://www.jenman.com.au/A-Zindex.php
Regards,Sharon
Hi,
First thing to do is choose a valuer. You could look in the Yellow Pages under Valuer-Real Estate.
Then ask the vendor (through their RE agent) for a time that is suitable to them, for your valuer to visit. Part of your due dillegence. I would also get a pest and building report. You don’t want any nasty surprises[blush2]
You will of course be up for the costs wheather you end up buying it or not.
A suggestion also is to talk to all the RE agents in the area and ask them about recent sales similar to what you are looking at. You never know you could find a little gem in the process.[biggrin]
Don’t think there are any privacy issues involved.Sharon
Is it an old unit?
I would ask the writer of the report what they would suggest was the cause. If it’s water damage, you would want to make sure the problem is fixed. Maybe the owners insurance covers repairs.
Perhaps it’s faulty workmanship/OR faulty materials [biggrin]if it’s fairly new.
If you purchase as is, you’ll need a gyprock fixer, try the yellow pages or talk to a property manager at the local RE. They usually know all the tradies in the area. Get them to give you a quote.
You could try DIY if you’re a bit handy.[biggrin]
Hope it works out for you.
Regards,Sharon
Don’t think it would be illegal[blink]
You could ask the Real Estate Institute of Vic, here’s there link:
http://www.reiv.com.au/home/default.asp
Regards, [biggrin]Sharon
Hi Soum,
You will definately increase the value of the property if you renovate. [biggrin]
You should always shop around, but my rough estimates are as follows:
[blush2] Assuming you are doing it yourself.
1. exterior paint – allow $500
2. interior paint – allow $300
3. kitchen – maybe $10,000 depends on size/quality of fixtures (cheaper for kitset DIY)
4. bathroom – maybe $6-10,000 depends on size/quality of fixtures/if you need a plumber/tiler (cheaper for DIY)
5. Carpet change – consider polishing the floorboards if they are in good condition, it looks great and cheaper than new carpet. If carpet is the go – $3000 upwards for 3brm house/depends on quality.
6. Double garage – around $5000 for colourbond plus cost of concrete slab -??
7. landscaping – $1000 plus/depends on how big and if you choose young plants or mature plantsI think the most important thing to do is shop around and ask for quotes. Also sort out what you are comfortable doing yourself, you can save heaps of money if you DIY. Landscaping for example – cheack out the glossy magazines and copy it with plants from a wholesale nursery.[biggrin]
Hope this helps,
Regards,Sharon
Hi icerip,
You will need a loan from a lender who is represented in both countries.
If you set up a trust in NZ, this will mean you don’t pay aust tax on that income. This guy had a post on the forum recently and will be able to help you:
Christopher Raynal
Master Accountants Group Limited
PO Box 46018 Herne Bay
Auckland New Zealand
Ph +64 9 360 3259
Fax +64 9 360 2180
http://www.masteraccountants.co.nzAlso if you need help (for a Fee)finding an IP in NZ, these people are spotters/bird dogs: Weston, MiniMogul,Castledreamer. Their details are in the members section if you want to make contact. There could be others, not sure.
Regards,Sharon
Have you thought about Landlords insurance which would cover your buildings, public liability, damage to property, loss of rent etc?
It gives me heaps of peace of mind, and not too expensive at around $3-400, and is tax deductable anyway as an expense associated with the property.[thumbsup2]
Maybe if you could contact an insurance broker and talk it over with them, they should be able to find an insurer who is interested.
Regards,Sharon
On the home page of your website you say that this is the best investment of your life, but in your post you say you need help to rent them out???[blink][blink][blink]
Please explain[biggrin]
Regards,Sharon
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