Forum Replies Created
Remove remove carpet / under lay air the house out before laying the new carpet
Hi chris, I would use vacancy rates in conjunction with speaking with a couple of local property managers, they are usually more than happy to answer these type of questions, as they could get your business, and they are usually the most informed as they are in the rental market everyday
Hi Guys,
for cash pos stuff Ive been buying Northern suburbs of Hobart in some of the low soco econimic areas, there will be little to no growth in the short to medium term, but im not to concerned as Ive been buying well below market value and getting great rental yields (Nathan birch style) I got one that was 10.4% and this is in a capital city, entry price is cheap 115K-150K for a housefor growth Im watching Gladstone in and around the CBD not the house and land packages out of town
Thanks Mike your reports are great, love your work
Thanks for your help guys Ive started my Cert 4 in Real-estate (property services) online through TAFE NSW a few weeks ago
Hi guys,
yes I agree with you Paullie, if you are using LMI as a leveraging tool then it must be for a property with good CG prospects but to add to what Paullie said or positive cashflow, and ive made cash doing both on 90-95% lends plus LMIeg I purchased an IP 3 years ago (GFC days) inner-ciity sydney brought 95% plus LMI 325K sold last week 455K = 130K CG this property was Neg geared to the tune of 5K per annum, but as you can see the growth more than made up for it
Another deal I cut 3 months ago I brought house (ex housing commission) in outter suburbs if hobart (some call it rough area) brought 125K 90% lend plus LMI
now, I excepted the fact that there would be little no growth in the short to medium term but it rents 250pw (no reno came with tenant) 10.4% rental yield so it more than covers all its out goings and generates a small income,
in summary I think if you can mitigate the risks as i did in the above examples then yes LMI can be an investors best friendHi Amnesia,
xmas and its lead up, is historically a slow period in the realestate market, my guess is the average person puts off buying big items cars houses ect, becaused everyone knows its an expensive time of year, there is the odd exception I know the Sydney property market is still busy due to first home owners losing there stamp duty excemption 1/1/12 in NSW, I sold an inner city apartment of mine last week 20K above asking price as there was a lot of interest in it
Hi fredo it depends what its for,
for a stock standard reno on a rental property I recommend a Dulux whisper white, I use it on the roof and walls
I use a airless spray gun on big jobs, if its only a couple of rooms I roller it on, I water it down a little tooHi guys I read that article to,
he had high LVRs all 95% bar 1 which was 90% he has used LMI as a leveraging tool to amass properties quickly I would say .
In reference to what some of you guys have said about the risks he took, risk is individual no 2 peole have the same risk profile, i think good on him for having ago,
Im an avid reader of API YIP SPI every month, what surprises me is the amount of immigrants who have come to Australia and amassed decent port folios within 10 years or less, I guess they can see the oppertunities most Australians cant see right in front of themI think his book, rich dad poor dad is way to vague, give me steves books any day, they are a proper step by step manual
Hi buyerseller,
I would wait for confirmation from the mining companies in Gayndah otherwise I think its to speculative, for my taste anyway
also 3000 peeps is a small town, I had a quick look my research says its more like 2000 peeps in that town.I think its lower risk by paying a bit more and getting on to a place like gladstone in a rising market where money has been committed to projects, as appossed to your idea buying something in a town while you potenially wait years for the mining company to make a decision, in the mean time you could be stuck with the place with little to no growth
anyway thats my 2 cents
I agree with all of the above forumites, run and you shouldnt have paid the $100, if anyone asks for money up front to show properties they are selling walk away, alarm bells should be ringing, this type of sales/marketing is preying on people with little to no experience, so they can sell overpriced off the plan apartments and house and land packages ect
my advice for what is worth Jonesy is read as much as you can on this forum ask lots of questions, you will learn very quickly and will be finding your own better deals in no timeall the best
thanks for your help Scott
Hi Jack
I own the complete reno system by Dean and Louise parker ill loan it to you for free its great
private msg your address ectIm trying to get more deposits, I have been buying stuff below market value, i need to wait 6-12 months to get them revalued then ill release some equity from them, I have one last cash deposit, Im looking at a house in Gladstone with subdivide potenial
they might have been refunding a little to much !!
Hi guys I agree with most of the above
they over capitilized, they paid top dollar for places that were clearly condemed, I wouldnt have paid a penny over the land value on most of the properties in there pre-reno state, also it goes to show its much harder it is to make a profit doing structural renos,
I believe the smart money for the average person looking to do a reno is to stick with cosmetic renos, buy a tired looking property undermarket value and not spending more than 10% (less if you can) of your purchase price on it, and if you look at what guys like Nathan Birch do you could spend even less..
Hi Guys,
its not hard finding the deals in NZ its getting decent finance, I approached a couple of lenders in NZ 2 months ago (Im an Australian citizen) and the best LVR I could get was 70% and on top of that I need X amount of cash in a bank acct there as a security
has anyone heard different ??
and on another note Ive been finding plenty of cash pos stuff in the outter suburbs of Hobart, there nothing flash but i havent had any dramas with the ones Im holding and the numbers do stack up…
I wouldnt be buying for growth anytime soon down hereHi Gumtree,
If i was keen on it I would definately get a building inspection done, you could use the findings to get a better deal on it, or if its to much hassel walk away, its up to you, it depends how hands on you want to be and how much money you have to play with
I agree with Terry there are alot of what ifs
every time Ive fixed ive lost out, in the end the House always wins, variable all the way
Pre-GFC my wife and I fixed one of our loans in for 4 years with ING 8.99% (It matures in 6 months) not long after rates went way down, at the same time I had few variable properties with CBA that at their lowest went down to 4.94%, it made me sick to look at the other loan lol
I think you would do almost as well to ask for a discount on the Variable rate, call the bank and say you want to speak to the retention guys, explain your looking at going else where, its there job to try and keep customers from going else where, it worked for me with CBA, I did it a month ago, a guy at a school re-union who worked at CBA told me to do this
all the best
