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Winterose
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@winterose
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Post Count: 31
August 23, 2011 - 1:51 pm
Vacancy rates are much higher in certain parts of the citycompared to others. When the tenant looses their job they still make promises to pay rent for about a month (or 2), then the eviction process takes a month (or 2), finding a tenant a month (or 2) and then the agent takes one month's rent for finding a tenant.
Rental is about $250/bedroom so 3 bedder $750 (section 8 $700)
Don't expect capital growth to start any time soon with over supply of properies and no finance available.
Rents have not moved in the last 5 years and are not about to start now, but this is still avery good return.
If the property has not had a full rehab maintanace costs will be constant
Winterose
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@winterose
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Post Count: 31
August 23, 2011 - 1:40 pm
Hi Portpirate,
Your purchasing costs should be under $1000,
Winterose
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August 22, 2011 - 1:01 pm
Try Xilo, they are affiliated with Westpac, but call and speak to them first toget your info because they are a pain to set up.
Winterose
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@winterose
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Post Count: 31
August 20, 2011 - 7:34 am
Hi, my properties are in Kansas City, Missouri.
Thank you for your reply.
Vicky
Winterose
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Post Count: 31
March 26, 2010 - 12:41 pm
my forum post came up followed by a million lines of gibberish and I can't find the edit button anywhere…
Please help
Vicky
Winterose
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March 26, 2010 - 11:03 am
Hi Dean,
You seem to have a clear grasp on the situation.
Dymphna has a program for buying real estate in US, she ran a 2 day course in Feb in Sydney which was the precursor for it.
Carly went to US last year for 1 or 2 months and bought 120 properties. She has a program now, she is not running it herself, but it's through ccorp.
I am off to US on Sunday to look at properties.
The way I see it, you can either do it yourself, but only if you have lots of time to go over, stay and study the market and renovate. Or you get a buyers agent that you can trust, who will make his margin, but will make sure you will buy in a good area – go over yourself check out what they recommend and get a feel of the place and for your agent. Most importantly they will set you up with a good managing agent. The quality of the managing agent is as important as the purchase itself.
We have friends in New Jersey, they bought a property in Texas – also thru a buying agent as they can't renovate and manage it themselves even though it's only 4 hours away.
If unemployment goes up then more people will be renting rather than being owner occupiers. This only applies in areas where there is job growth. Americans are much more likely to pack up and move where the jobs are (and Detroit is definitely not it).
The maintenance is not expensive as labour is cheap, clearing the snow is similar to mowing the lawn here – we have been quoted $15/month (he had to repeat it "that is one five not five zero"). Utilities are paid by the tenant unless it's a duplex or an apartment building with a single meter.
If you check out real estate websites you can get the council taxes (rates). They can probably be adjusted if the property fell in price since they had it valued last.
Cheers
Vicky
Winterose
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@winterose
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Post Count: 31
March 15, 2010 - 9:43 am
Wow, Michael and Bronwyn, I have been reading this forum and your blog with huge interest but you have just shot your credibility right out of the water! And I am not sure what your association with Vincent 888 is.
I have been also doing a lot of research and going over to US on the 28th of March to buy some properties. Here some facts
"According to the most recent U.S. Census Bureau estimate (for July 1, 2008), the population of Atlanta is 537,958 which would make it the 33rd largest city in the United States. The estimate for Metro Atlanta (the Atlanta-Sandy Springs-Marietta MSA) for the same date is 5,376,285. The estimate for the Atlanta-Sandy Springs-Gainesville Combined Area is 5,729,304. This takes in 30 counties comprising most of Northwestern Georgia."
The states with highest rates of foreclosure (more than one house in 150)
1. Nevada
2. Arizona
3. Florida
4. Idaho
5. California
These are states that had the highest drop in real estate prices and will take the longest time to recover as they have huge oversupply. (Georgia is #9 on that list) Sure there are pockets that this does not apply to, but care needs to be taken. Miami certainly has dropped considerably in value.
Prices have fallen 30-50% in good neighborhoods, that's where there are a lot of owner occupiers, white collar workers, job security etc. A neighborhood where the house has gone from $320,000 to $40,000 I would be worried about – if it sounds too good to be true, it probably is. It sounds more like Detroit rather than Atlanta, where the whole neighbourhoods just picked and left.
Saphire said that he take his hat off to you – because you are doing exactly what needs to be done to buy property overseas. At no point had he slammed or slandered you. He does point out however that a month in Atlanta does not buyers agent make. That's not slander that's a fact.
Kind regards
Vicky
Winterose
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@winterose
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Post Count: 31
November 8, 2003 - 3:04 pm
Yes, please Fudge
[email protected]
Thanks
Cookie
Winterose
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November 3, 2003 - 1:57 pm
Hey Glenn,
I subscribe to Australian Property Investor and it’s fantastic, also, as well as Steve’s course, I have done Peter Spann’s course (good course) and he did a large chunk on renos; and Stuart O’Neil from Guerrilla Real Estate has a renovation kit.
Make sure you get a building and pest inspection -these guys are good for contacts for tradesmen.
Good luck
Cookie
Winterose
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Post Count: 31
November 3, 2003 - 1:01 pm
Hi Roxie,
If you have not bought an investment property before you need to do the legwork yourself. If you have bought before, buyers agent are great especially for interstate purchases, I have bought one property in Qld with one, and now on the lookout for a second one with a new agent. However they do not tend to have much knowledge about country propertie or positive gearing.
Best of luck [:X]
Cookie
Winterose
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@winterose
Join Date: 2003
Post Count: 31
November 3, 2003 - 12:53 pm
Hi everyone,
We replaced the kitchen bench and all the knobs on cupboard doors and the agent, who saw the property prior to renovation, asked if we installed a new kitchen. We attached mirrors to the outside of the bedroom robes with double sided tape – it made them look new and detracted from how uneven they were and made the room look bigger.Timber venitians are great to give room warmth and class.
Happy renovating!
Cookie
Winterose
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@winterose
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Post Count: 31
June 22, 2003 - 1:09 pm
Hi JWalker,
Peter Spann is about to run another day course – captal growth/-ve gearing and shares, he is pretty good; and keep reading this forum it’s great!
Cheers
Winterose
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Post Count: 31
June 20, 2003 - 1:16 pm
Hi Pleong,
I think you’re confusing positive cashflow and positive gearing. Margaret Lomas is into positive gearing. You can find a couple of posts on this forum on this topic.
Both of your properties will be cashflow negative.
Steve’s 11 sec solution is property price divided by 1000 and multiplied by 2 should give you you’re desired rental.
Good luck
Winterose
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@winterose
Join Date: 2003
Post Count: 31
June 20, 2003 - 1:08 pm
Hi Jullian,
I am also paying 5% for my Melbourne property but in regional areas I am paying 6.5% and that’s because they manage 3 for me, otherwise it’s 7-8%
Cheers
Winterose
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@winterose
Join Date: 2003
Post Count: 31
June 20, 2003 - 1:01 pm
Hi JohnBoy,
Were there any dates for the Victorian shortage and the Tasmanian oversupply?
Thanks
Cookie[]
Winterose
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@winterose
Join Date: 2003
Post Count: 31
June 20, 2003 - 12:56 pm
Hi Fullout,
If you have only one IP and you have your own maintanance team, you probably could manage it yourself. When you have several properies and your tennants can contact you at any time of day or night it becomes a problem. You also have to remember that there is as much work for the agent in managing a $80,000 IP as there is $800,000 (probably more) so that’s why the management fees appear so high as comared to rental.
Hope this helps[]
Winterose
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@winterose
Join Date: 2003
Post Count: 31
June 19, 2003 - 1:40 pm
Hi ken le,
You need to do your research from home, via internet, property section of Brisbane papers, suburb reports and talking to people. Your budget will dictate how far from CBD you can buy. Once you decide on a couple of suburbs, you will need to set up some appointments with agents[}] and go up. From then on it’s internet and you go up if you think you’ve found something or, like me, you appont a buyers agent[8D], who will do the legwork for you.
Good luck
Cookie
Winterose
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Join Date: 2003
Post Count: 31
June 19, 2003 - 1:24 pm
Hi, I am Vicky, 41, married with 2 girls 8 and 13 going on 17. We live in Glen Iris in Melbourne in our 3rd house, which badly needs to be renovated -untouched since 1964.
But instead we are buying IP’s – a flat in St Kilda -ve geared last year, and 4 houses in Traralgon this year. We renovated the houses long distance – I have not met the tradespeople face to face, everything over the phone! When we started going to Traralgon there was a shortage of rental properties – now there is an oversupply (Steve – what have you done?) We are having problems renting out our 4th house and I am thinking about wrapping it.
I have also appointed a buyers agent in Brisbane and we are about to purchase a duplex outside Brisbane at 10% return.
I love houses, I love renovating, and I am also trying to help my friends to understand that the middle class notion of paying off your house, contibuting to super, and buying some shares in BHP isn’t going to go very far when you retire[8D]
Cheers
Winterose
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@winterose
Join Date: 2003
Post Count: 31
June 16, 2003 - 2:15 pm
Hi,
I organised my insurance through broker and they recommended CGU – I have landlords insurance but I insure for replacement value if the place burns to the ground how much will it cost to rebuild $10,000/sqr say 17 sqrs. However Ihave since found out that brokers do not recommend certain companies eg AAMI which provided me with considerably cheaper car ins compared to the broker.
Cheers
Cookie
Winterose
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Post Count: 31
June 16, 2003 - 2:02 pm
Hi amni23,
I would be looking at a house that needs some work (no restumping) in Western suburbs or along the proposed Scoresby freeway corridor – as I believe that this areas will still grow.
Good Luck!