hi guys
I just bought pre sale apartment in Perth city and paid 10% deposit and its goanna be ready at 2019.
I just finish Steve book and finish reading it and learn few thing about working in this industry .
I would like to know your idea about my investment in apartment and what you think?thanks’
midoHi Mido,
Hey, welcome aboard – you have come to a good place where we discuss a whole bunch of things to do with Real Estate investing.
Re your OTP apartment, you don’t give a lot of info about it, so I guess I can only refer you to a “general idea” kind of answer. In short though, we suggest buying problems and selling solutions. A brand-new apartment (or house) is a solution, so there is no profit in it perhaps for many years.
Instead, it is better to look for a “problem”, then YOU make it into a “solution” and sell it to someone else – that is where money can be made much more easily.
Have a look at the link below for more ideas re “buying an apartment OTP (Off The Plan)”.
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/page/2/#post-5027703We are discussing a 1 bedder apartment in that thread – you might have signed up for something quite different, but use the thoughts as a springboard for your own. Let’s see what other members can come up with too,
Benny
Mido
OTP and a completion in 2019 is worrying, in any city – however when its in perth its more of a concern.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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I sign th epre sale 2BR apartment in level 20 with good view, I think I’ve got good deal with price and time frame bcuz I can rent it easy with condition and location and clain it on tax
Mido who knows what the market will be doing in 2019. All I know is that people are defaulting in record numbers on current apartment deals because the valuations are coming in way low. It is important to look at how many people are moving to cities. Now in Melbourne I know that there are around 75,000 people per year moving here and given that mot are families I would suggest that house and land will maybe perform better than some apartments. It is a matter of doing your due diligence carefully and making sure that you have not overpaid for your apartment,
Nigel Kibel | Property Know How
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Wouldn’t you rather pay tax on profit than save tax on a negative cash flow asset? As others have said I’d do some more thorough research before proceeding. Good luck with it all.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
thank you for your advise :)
I sign th epre sale 2BR apartment in level 20 with good view, I think I’ve got good deal with price and time frame bcuz I can rent it easy with condition and location and clain it on tax
But will you be able to get finance to settle in 2019?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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I sign th epre sale 2BR apartment in level 20 with good view, I think I’ve got good deal with price and time frame bcuz I can rent it easy with condition and location and clain it on tax
But will you be able to get finance to settle in 2019?
Too true.
And what will be the valuation in 2019?
Risky business IMHO
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
So – a property where there is a lot of supply (competition increasing), capital values reducing, rents crashing and no get out clause.
The only thing worse I can think of is buying in a mining town.
Corey Batt | Precision Funding
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Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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
I’m not a fan of OTP at all.
You generally pay a premium – and have to keep your fingers crossed that the valuation will actually match the purchase price upon completion.
I can’t speak for the Perth market – I haven’t seen a great deal of OTP from the west coast. However – Melb OTP gave us headaches in 2016. Had a few valuations come in much lower than purchase price :-( We were able to implement a Plan B on each occasion but it was quite a stressful time for all involved.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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I’m not a fan of OTP at all.
You generally pay a premium – and have to keep your fingers crossed that the valuation will actually match the purchase price upon completion.
I can’t speak for the Perth market – I haven’t seen a great deal of OTP from the west coast. However – Melb OTP gave us headaches in 2016. Had a few valuations come in much lower than purchase price :-( We were able to implement a Plan B on each occasion but it was quite a stressful time for all involved.
Cheers
JamieYes, Perth we definitely had a few headaches with OTP last year :-/ definitely not my favoured investment choice.
2019 is a long way off though, we could all be citizens of New Trumpetonia by then.
Tom | Voyage Wealth
http://thebeardedbrokerwa.com
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