Forum Replies Created
Hi Bob,
I have several houses in Collinsville which desperately need some work.
(mostly cosmetic) but as we own a business find it hard to get a couple of weeks to spend doing the work. Would you be interested in looking at them for us. We would go there to me4et you / your foreman or whowever to discuss it also can I perhaps contact you by phone or email (Remembering I have very basic computer skills)Hi steve,
With such high repayments and low rent you should be able to receive fairly high tax rebates for the cost of the house. See your accountant and make sure that this is all in place. Make sure they know what a quantity surveyor is and how they can be used. You can also apply to receive your tax refund weekly not anually. Again talk to your accountant. Unfortunately with houses with very low rental yeild it takes a long time for it not to cost a lot to hold the place. Also check the resale value of the home it may surprise you when you come to sell it.
Check with your real estate agent to see how the market for rent is and if raising it is an option. This seems very low for the value of the home. This will be a small help.Hi Beaniemonster,
I would not recommend managing your own properties unless you are very well organised, are able to be tough and at times ruthless (not swayed by sob stories) and actully live in the same town as your IPs. I have 13 IPs and find that my agents are much better than me at all the above. They also provide excellent records for tax at the end of the year. I am in contact with them each month if I need to be, and they know that if there are any default on rent I will want an explaination as soon as I get the statement. Dont forget the agent works for you. Change as soon as possible.
cheers Theresa
Hi,
My husband and I moved to a qld mining town in 1995 to get ahead. We were about 2.5 hrs from mackay and therefore did not feel so isolated. It took us 8 years and 4 kids to set ourselves up with 13 ips. in the end it was really worth it.
We found it hard at first as my husband was doing masses of overtime and the kids were small, we also found it hard without likeminded people around us and every one interested in parties, boats great furniture, great clothes and holidays while we stayed at home and saved.
Fortunately we are now reaping the benifits of our hard work, we were able to move into mky and start up a business while continuing to invest while many of the people we knew in the mines are still there.
What I am saying is that it is hard at times to stay focused and also to see the light at the end of the tunnel but keep it up and surround yourself with people who are also there to get ahead. You will be glad you did in the end.
theresaHi,
long time since I answered a post but thought I needed to add my 2 cents worth.
We bought a queenslander about 2 yrs ago which had many different coloured walls (including some texta) We went to an interior designer, cost of $250, She did colours for inside and out and they were brilliant. Inside coco creme and Keepsake Dulux and white ceilings. Go with the professionals. Good luck.Hi Veronica,
I have 3 properties in a small sapphire mining town which I gather may be similar to Coober Pedy. Very little capital outlay ( less than 75000) and recieve 200 pw rent) I also have 5 rental properties in a central qld coal mining town. With yeild of 20%. WLith the coal mining town I went there and spent time choosing the houses I bought and a lived 4 hours drive away and needed to rely on the local realestate agent and a small band of tradesmen to do any repairs which needed to be done. We ensured that all properties had.1. Good kitchens, 2. Fences, 3. Sheds and 4. were clean and neat and in good repair. We also impressed on the agent we needed regular inspections and reports. We made the last 5 purchases about 2 years ago and are very happy with them we are considering buying more homes in the same town. Investments in these areas can be very rewarding but you must do your homework and continue to be informed of what goes on with your investments. We have agents who we trust and this also makes it easier. PS do not hesitate to change agents if you are not satisfied, remember they work for you.
Best of luck
theresa[biggrin]Hi,
Check out Property Investing Mag. Has an article on Aust cheapest suburbs, incl Ipswich. Seems OK but I would do my due dil. if I was considering investing there. If I was to invest in an area with a low socio-economics I would make sure that I had landlord insurance. See other posts in this forum. Good luck
theresa[biggrin]Hi Fatboy,
We live in the Mackay area and I agree that the market here has gone up in value heaps in the last 12mths.In the previous 6-8 years there was very little growth in value of residential properties. In some years the growth was -ve. There has been lot of growth here recently with new mines opening which brings a great deal of money to the area, and due to the rosters in some of these mines many families live in Mackay and the men commute weekly to work.(My husband is about to do this again. We did it previously for 2 years.)There is also agreat deal of other industry which support the mining industry and Mackay is the main area which services this. There are still great deals to be had and as the rental market is so strong here the returns are good. (we rent out our IP, which we bought for 125k last year, for $190 a week. Had the place revalued last month to buy our next IP and was valued at 140k) Keep looking, good units and townhouses are easy to rent and if you stay away from the northern beaches areas the prices are not too bad.Hi all,
I just finished a conversation with my RE agent about insurance. Her opinion was that Barclays was mainly a debt collector and would cover the cost of getting rent from tennants who default. We chose to go with CGU who we insure all our IPs with. The cost is $80 ayear for loss of rent in case of fire etc and then the cost of default, damage,theft by tennants etc. was covered by a different amount depending oon rental income. Hope this helps.
TheresaHi all,
I just finished a conversation with my RE agent about insurance. Her opinion was that Barclays was mainly a debt collector and would cover the cost of getting rent from tennants who default. We chose to go with CGU who we insure all our IPs with. The cost is $80 ayear for loss of rent in case of fire etc and then the cost of default, damage,theft by tennants etc. was covered by a different amount depending oon rental income. Hope this helps.
TheresaHi all,
Its been great to learn what all these people giving me advice do. I am a school teacher but as I have 4 children i only work casual, My husband is a coal miner. We are in the older age bracket of people on this forum (Ian is 48 and I am 39) and it is great to see so many people who are prepared, at an early age, to do something about the future.(enough of the mum talk)We have 5IPs and by the end of next week we should have 11 IPs Our children are 12, 8, 7, and 3 years old and are at an age where we can now focus on our future again, which is why we have again begun in the property market. School time is when much of oru research is done. Mainly on the net as we are geographicly isolated.
This is a great forum as it has enabled us to be in contact with people who are interested in property.
Thanks.
If anyone is in the Mackay area and are interested in communicating you can contact us at [email protected]
Four feral children on the loose must go
Theresa[^]Hi all,
Very interested to read everyones opinion about b/bs. My husband is a b/b and I am not far behind. We have 11 ips and are intending to fund our own retirement. I agree that many bbs are not prepared for the future and therefore a thought is that there may be a market for duplexes etc. in which they can retire to after selling there own home.(Less maintenance etc.)
PS new to the forum and have learnt so much already, thanks.
Theresa[
]Hi Darth,
We bought a serviced apartment about five years ago in Melb.(Williamstown). We bought off the plan for 190K. We have had no problems with it, but at this time a 10yr with 3x5yr option lease was already in place. We get rental increase of 4% each year and have just had the apartment valued at 320K. The only problem we have found is that the banks are reluctant to loan more than 70% of the value. Otherwise it has been a good investment for us. It is also leased to a very reputable accom. firm.Just another opinion.
Be very careful and do your research.
Theresa
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