Total Members: 158,085

wilko1

  • wilko1 replied to the topic Quotes of note !! in the forum Forum Frolic 7 years, 1 month ago

    “Doing the right thing, is always the right thing” Gary Vaynerchuck.

    and not sure who quoted this one but I think its a partial Tony Robbins quote.

    ” I believe life is constantly testing us. For our level of commitment. Life’s greatest rewards are reserved for those who demonstrate a never-ending commitment to act until they achieve”

  • wilko1 replied to the topic Cherie Barber – Reno for Profit – Is the course worth the $ in the forum Buy, Swap & Sell 7 years, 1 month ago

    Yes, If you have not done it before.
    Youll make your money back in your first 2 renovations by just using the bunnings trade card that is linked to her account.
    20-30% off kitchens etc.

  • wilko1 replied to the topic Can anyone reccommend and Adelaide Demolition Company in the forum Help Needed! 7 years, 1 month ago

    SA Demolition and Salvage,

    Usually standard house just under $10k, asbestos extra budget $2-4 depending on how much etc. Speak to Joanne in the office she will organise a quote for you. Have used them many times before always good and accommodating

  • wilko1 replied to the topic property software in the forum Help Needed! 7 years, 1 month ago

    Options

    Xero with add ons – (either pocket rent) or released
    Property tree is a online cloud based software (usually used by RE agents, slowly replacing the server based

    Pick your accounting software first there is heaps of add ons, for xero, quickbooks etc.

  • wilko1 replied to the topic pre sale apartment in the forum Heads Up! 7 years, 2 months ago

    And we all know how the “invest in mining towns for positive cash flow story ended”.

    http://www.afr.com/real-estate/property-investors-lose-50pc-in-qld-mining-towns-20160302-gn8qv9

  • wilko1 replied to the topic subdivision in the forum Finance 7 years, 2 months ago

    Hi Mido

    Any more detail that you can give ?
    State, suburb,
    Purchase price, Current Value of the property, current value you think now you have a DA (was it a complying 4 siter or did you squeeze the 4 on), Current LVR

    All the options Benny suggested,
    – Plus knowing the above you might have some more equity in the deal then you think
    -…[Read more]

  • wilko1 replied to the topic (Small) development finance in the forum Finance 7 years, 2 months ago

    Hi Cliff

    You might find it difficult to get rid of your personal guarantee over a small development, Unless you can get your loan to value ratio down on the whole project. I.e. down to 50-60% as a limited recourse or non recourse loan.
    But if you are up above that you might just have to suck it up and sign

  • wilko1 replied to the topic How to choose surveyor/town planner etc.? in the forum Help Needed! 8 years, 8 months ago

    Whitehorse tend to be a bit on the expensive side. But if it’s your first time and you are completely green, worth spending the money. Otherwise just break it down into the sole operators or small business as their over heads are less and therefore prices being a bit more competitive.

    And I would just ask their hourly rates. And don’t be Afraid…[Read more]

  • wilko1 replied to the topic Small development in the forum Value Adding 8 years, 9 months ago

    1) get the actual bank valuation – around 500k is only a starting point. You need certainties
    2) from there equity Available without selling the investment property around $157k
    3) where do you live if if you have a rental property and then a block of land. / additional funds might be there
    4) incomes would have to be sufficient to support the…[Read more]

  • wilko1 replied to the topic Multiple Trusts in the forum Finance 9 years ago

    Kind of how you used to have low doc loans where you just signed a stat dec or had a letter from your account saying xyz He earnt 200k a year and could therefore service the loan.

  • wilko1 replied to the topic Multiple Trusts in the forum Finance 9 years ago

    If the income from the properties is cashflow positive (in the eyes of the bank this would mean that 80 % of the rent covers your repayments) then each property would increase your borrowing capacity.
    So you could purchase one property 1 in trust 1 and then property 2 in trust
    2 and property 3 in trust 3. So long as servicing was met (and…[Read more]

  • wilko1 replied to the topic Help on my commercial investment strategy in the forum Commercial Property 9 years, 1 month ago

    I suppose that depends on how much, considerable it is for you. The size of your inheritance. If it was a decent amount, your should change your focus from working to investing that money.

    Firstly I would question have you bought any property at all period?

    Secondly commercial lending is at a lower LVR typically then what’s available to…[Read more]

  • Some banks don’t like 2nd mortgages. It’ll be that you are taking a line of credit out with anz and then use that money to find the deposit, with the remaining finance coming from NAB.

    CBA are one of the banks that will go 2nd in line on a mortgage. Most banks policy is to be 1st and 1st only.

  • wilko1 replied to the topic Positive gearing in the forum Help Needed! 9 years, 2 months ago

    I wouldn’t say there is a abundance of cashflow positive properties in metro areas. Certainly the exist. Most larger commercial buildings would be, units can be, houses rented out by room can be. Houses with granny flats, houses which you might do a quick renovation on to bump the rent can be, subdivisons where you buy house and sell land or…[Read more]

  • Wow

    My partner works in insurance and I think I might be sending a link to see if that clause is in building warranty polices.

    That is not a good result. What have you done since? Or planning to do

  • wilko1 replied to the topic WHAT CAN I CLAIM (TAX) ON WHEN DOING RENOS PRIOR TO SETTLEMENT? in the forum Help Needed! 9 years, 3 months ago

    Btw those bad scenarios

    – can’t settle, you just did the guy a favor and fixed up his house for him
    – not finished the renovation and the valuer comes out because you are trying to
    Borrow 95% with LMI, so they always request to come into the property . Meanwhile you haven’t finished and you have no kitchen and no bathroom—- valuation will come…[Read more]

  • wilko1 replied to the topic WHAT CAN I CLAIM (TAX) ON WHEN DOING RENOS PRIOR TO SETTLEMENT? in the forum Help Needed! 9 years, 3 months ago

    Make sure that early access condition is water tight in the contract. A lot of bad scenarios can arise from early access, often they don’t but if they do you want to make sure you are protected by your contract special clauses conditions.

    Short answer is no, renovations done before a tenancy will be treated as capital. Must then apply…[Read more]

  • wilko1 replied to the topic Bus Stop in front of a potential develpment site, good or bad ? in the forum Value Adding 9 years, 4 months ago

    Max $1000-$1500 for a full report. Some advice you might be able to get for free

  • wilko1 replied to the topic Bus Stop in front of a potential develpment site, good or bad ? in the forum Value Adding 9 years, 4 months ago

    Just look at where your crossovers are going to be for the new dwellings / one that faces the bus stop. If they are already existing crossover at the front. Design your house to suit that cross over. If not you don’t have to hire a traffic consultant . But just have him review the minimum distance as required in the Australia Standards for…[Read more]

  • wilko1 replied to the topic Commercial financing for a property development in the forum Value Adding 9 years, 4 months ago

    How about which banks are more considerate then others when it comes to accepting different gst figures then a standard 10 percent.

    Ie when calculating their in one line net of gst approach.
    Say 1.7 mil end value. They go take off 10 percent – 170k. This is a bit cut and dry over the top in my opinion and is more then the gst which would be…[Read more]

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