Technically you need to provide 3 comparable sales (this website may help http://house.ksou.cn) however I have contacted several valuers and discussed with them what we need done together with additional commentary and they have increased the valuation (but this is limited to a certain amount).

If your banker/broker is confident get them to call…[Read more]

Personally Gold Coast is not my cup of tea and I have been looking at it over a long period of time. I can think of a dozen places that tick more boxes in terms of Equity, cash-flow, renovation, etc plays. 

Why are you looking at the GC and what is the strategy?

Regards

Shahin

Perhaps you are referring to SMSF purchases? You only need approximately 8%-10% deposit for purchases.

Regards

Shahin 

NRAS is great but good stock is extremely hard to find. The last thing you want to do is to work with negative equity.

Pros:

1. Up to 10 Years Tax Free entitlements of approx $10,000 per year

2. Good Depreciation

Cons:

1. Due to the above benefits – many of the NRAS stock is notoriously overpriced which means you are working with negative…[Read more]

Who has told you that you cannot borrow based on your low income?

Regards

Shahin

I have got my eye on a property currently in the Maitland area – its a reno, equity build, positive cashflow play. Its going to auction so hopefully there is not a lot of competition. 

You need to always keep your eye out for a bargain when it presents itself.

Regards

Shahin

Its really a question for your accountant, what the picture will look like in the future, asset protection, land tax, etc.

Regards

Shahin

If you are in the building game then different story but if you were going to get a builder to construct the above the obviously it would be much more. 

Good strategy though – have you validated the sale price with a few agents?

Regards

Shahin

Ok that's fine. I think 2 things – firstly you have underestimated the build and secondly you have not included all the additional costs such as site costs, stormwater drainage, retaining walls, fencing, rainwater tanks, selling agent fees, etc. 

In theory though its a great idea.

Will you get the DA prior to you buying the house or…[Read more]

Are you planning to purchase the property from your dad and then develop it?

Regards

Shahin

Schedule of finishes are one thing – workmanship is another. I have seen many OTP properties that have been quite poorly finished.

Regards

Shahin

Floor size similar to a studio and hardly any living area even for a 1 bedder.

Regards

Shahin

Yes! Or houses that are outside outside the price range you have entered.

Regards

Shahin

That's great! You would be surprised how many people still going ahead with OTP purchases even though I explain the risks and cons.

Do the numbers and work on alternative strategies.

Regards

Shahin

I agree and very common. Then theres ones that are technically a one bedder but really are a studio.

Regards

Shahin

Here is a quick snap shot on the pros and cons of OTP:

Pros:

1. High depreciation benefits 
2. Able to secure a property today with little deposit and can settle at a much later time say 1 or 2 years

Cons:

1. No guarantee when the property will be finished and normally it never finishes when the developer says it finishes
2. Workmanship is…[Read more]

Ok just a few points – firstly they are not selling out and those that are buying in the kuring gai area are mainly from Asian decent and a lot of buying newer properties for their children (students). 

Treat this as as a business. Run the cashflow numbers and you will see how negatively geared these properties are. Also think about the property…[Read more]

Depends on the area but easements are a common point for people to negotiate. 

I purchased a property in a very affluent area simply because it had an easement running through the front. It just happened to be located in an area where I wasn't going to build anyway.

Regards

Shahin

One of the biggest problems with OTP is the strata – its a killer. Also there is a massive number of developments going up in Kuring Gai. Virtually at the same price you can buy land which is slowly disappearing in that area.

Regards

Shahin

Depends on the area – I have one client who owns a block of land in a semi Resi/Industrial area and he is renting the land for cars to park their cards. It does have a gate.

Regards

Shahin