Forum Replies Created
Yes definately Ali go for the deck.This is relatively cheap and adds heaps of value if you open the property up.
I have just done one and doing another soon.Im no builder but found it quite straight forward.I would use a couple of french doors from bunnings too.(they are $159 each)
If you are handy and can knock it up yr self with a couple of mates the materials for a say 5.5m by 3metres deck would be
around
retail
$700 for the joists and bearers (hardwood or treated pine )
$700 for hardwood mabu top planks
$700 for 12 steel posts
$500 for a ready made railing
allow $300 to dig posts (we hired a jackhammer but hopefully youll just need a post hole digger at $150)
and to modify the house doors.
$400 max for a new lentil and timber for wall (and allow another $400 for extra gyprock etc )
$318 for french doors
and if its in nsw and above
a metre off the ground youll need council approval
allow $300.
so for a few grand youll prob add at least $15k if not more depending on area and view !Then you can do a few bits yrself using a bit of pine bark blue metal ,grass and some sleepers to tidy up the yard
Luke Taylor | Hope Property Investing
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Hi Keiko,
it all depends on what is written in the lease.
Usually it says the tenant must return the property back to its original state when they moved in before they fitted it out.I always put too that they must re paint the property fully on leaving. If they want money for the fitout ,and you believe it would be beneficial to keep it, try work something out with them
that worksd for both(ie for eg they dont have to paint the place and you will keep the additions and clean as needed)Luke Taylor | Hope Property Investing
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Hi guys,
good to hear from you Martin !
It all seems too good to be true doesnt it Jeff.
If this property is the same as most of the other properties at the price on the market in west new york,
the truth is that 40K property , was possibly(probably) purchased recently for around 3 to 15k ,
had 2 to 3k spent on a good tidy up and on sold .(or put on the market now.)
There are literally many many hundreds for sale and i know people who honestly have had trouble giving them away
,that have ended up letting the city re possess them.The tenants are tough,
and the management is even tougher,
and the integrity is even worse in the area so dont fry yr money mate.
Dont even do it if you can buy them at 3to 15k ,unless you are in the area yrself and can manage the whole of the deal ,
dont put yrself through the stress !Kind regards
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Thanks guys ,
appreciate yr thoughts .I went variable for now but will prob fix it with the next drop in jan or feb at around 5% hopefully haha,these times are good
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi Jeff,
thanks for the info .
Have you previously invested in rochestor ?Luke Taylor | Hope Property Investing
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yes Jl,
On my lease agreements(standard nsw) it states that if you have reason to believe the house jas been vacated you can enter the propertyLuke Taylor | Hope Property Investing
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If its tenanted ,yes you usually can claim it as a going concern and request yr solicitor to mention this in the contract
adjustments(no gst needed (if already put in as GST payable)By timing it on the end of the quarter it means when you would r putting yr gst quarterly bas report in with the ato you time the contract settlement around the same day you will receive the money back so you are not paying months and months worth of interest only a few days at the worst
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi Giver and Richard,
hope you guys are well !Give, You could try ,(if the props tenanted)
mentioning to the seller that on a going concern the ato dont require it.Luke Taylor | Hope Property Investing
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hi guys,
i just did a couple with "style "brand from big w(white).I got it at sale time for $3 a litre and it is quite a good paint for what you pay.
Ive also used the "flair brand "but it is very thin. (ok for out side though for a quick turn job.Luke Taylor | Hope Property Investing
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Hi Boys and Gals,
Yes Paul i was awarded a hsbc credit card and they re always wanting to give me more credit????Its no wonder so many people are smashed out on credit debts.
it was very easy actually ,too easy.
from memory i had to open a hsbc US and ozzie account and that was itLuke Taylor | Hope Property Investing
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Hey Rob,
yes mate it totally depends on how you choose to write the lease on set up.You usually negotiate with the tenant on specifics.Generally i set mine up so that the tenant covers all outgoings in regards to maintenance but i cover break downs.I put in the contract that the tenant must have a contract with a maintenance company to service every 6 months (or whatever) and he needs to keep records so if something actually breaks we can see if he has been maintaining it.
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Thats a tough one mate.
I feel for you .
What area is it in ?
Price needed for it?I had a lot of trouble finding a reliable trustworthy agent in their but i do have a connection who may be able to talk to you.
PM if needed
Kind regards
lukeLuke Taylor | Hope Property Investing
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Ha ha ha Seth hey man ???
Hes well and truly bankrupted and liquidated now thank God!!Hey Bardon I just connected onto the forum and caught yr name ,
hows things?Mal you could try Ben Carmona but im not sure if hes still in business after the crash.
he has integrity which is hard to find in this game.(but dont take anyones word for it check him out!)
http://www.bencarmona.comLuke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi Richard,i see yr still on this forum 24/7.Keep up the big efforts man !
Try a broker mate,they ll do the running around for you and save you stress.
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
hi Mal if you are looking for retail prices look at http://www.realtor.com but
if you are buying you are much better looking at wholesale properties and their are heaps available currently.To get the best deals you need to be their on the ground and the deals are close by .
Among other things,I personally would place an add in the local paper in dallas or wherever you are in texas .
Try buy a distressed property and arrange a minor rehab on it.You will make good dollars this way and build quick equity.The labour is very cheap over their and if you arrange the workers yr self and manage them you will get a rehab cheap.
Also materials are very cheap also compared to aus,substantially.
Kind regards
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hey Guys,
Mal the Usa is great but i reckon you need to be on the ground to manage it well and keep yr hands on it.
If you are wondering why the returns are at 20% on paper ,some are ,but do a little calculation as an example,
on say,(put in yr own prices)
property cost-
(incl settlement etc)
mortgage cost
3% gross taxes annually
insurance ,
thenyr tenant leaves ,leaves house untidy ,
property manager steps in charges $800 plus (to clean and do minor repairs)
Then it takes say about 8 weeks to get new tenant in.
then you owe yr property manager about $500 to $800 for finding the tenant,
.Then yr tennant doesnt resign lease after 12 months and
you have to start over.
Just this cost alone is enough to take yr investment well into negative territory.
Then add costs to a usa accountant etc etc etc,
without being negative im just showing you how it can be ,setting aside the hype and emotion and excitement that comes when we see mention of 20% returns on paper.The property management is different to aus too and its tough when you cant just duck over to sort out issues yr self and you have to stay up half the night to talk in their time zone.
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi Mal,
I have a good connection at HSBC(the business banking manager) and they tried everything they could to get me a loan being a foreign national with no credit score or SS number.They said they could do it but then later realised they couldnt.I did get a credit card though from them quite easily and this can help with a loan later.
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Hi guys and gals,
some really wise words from other members.After having a few years experience investing in the states from oz i would also say take care.
If you havent invested anywhere yet it would be much smarter to stay local and get a feel for things first.
It is much harder doing things from over here !
The systems are very different too and there are alot of hidden costs .Then you have the problem of finding people to work with that you can trust and rely on. This takes time and is much better done face to face .
So if yr living in the states and learning the ropes and actually spending time in the area before you step out,
i would say go for it ,
as now is a great time for exceptional deals in the usa.But
Remember talk is cheap and many people give you what you want to hear .(whether its the truth or not)
If yr dealing with people assisting you to buy over there ,be very careful. Make sure they have many years experience and
have had long term investments themselves.
Also speak to people who have used them in the same areas.
double and triple check everything yr told before acting on it also.Personally, i reckon yr better doing yr own leg work "on the ground"
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
Thanks guys for yr comments,
It brings up another issue as to valuations too,
,what has what a buyer is paying for a property got to do with what its valued at ????
I think its wrong that often you have to tell a valuer what yr actually paying for a property before they do a valuation.
I reckon thats why you pay them do a valuation??!!!!Then its up to them to decide what its actually worth from their experience!!!
anyway,ill get off my high horse now.Luke Taylor | Hope Property Investing
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Hi Yossarian,
i dont see how it is fraud ,as long as the valuation comes back at the contract price,i would have thought,but i could be wrong.
I think yr meaning it may be classed as fraud if the buyer doesnt tell the bank that they are actually paying less?Would love to hear from others who may have come across this???
thanks alot
Luke Taylor | Hope Property Investing
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Email MeProperty Support,Strategist and Buyers Agent
