Forum Replies Created
Hi PropertyBoy.
What you have posted has a few legal and conveyance 'curve balls'. Please feel free to drop me an email (below) so I can look to helping you further. Also, it would help to know which State or Territory this all occurred in. Your enquiry will of course be privileged and your privacy protected.
Kind regards,Hi Sandy.
Often the easiest way to cover deposits, other than a personal cheque being acceptable to the real estate agent/vendor, is what is called a Deposit Guarantee from your bank. I have included a link to a PDF doc on how the CBA works its Deposit Guarantees and I am by no means endorsing the CBA product. It is just so you can understand the fundamentals.
http://www.commbank.com.au/personal/home-loans/fact-sheets/Deposit_Guarantee.pdf
I hope this has been of some help to you?
Kind regards,Thanks Kong.
Your real life example shows how even a little self-education like reading 'Rich Dad, Poor Dad" taught you enough fundamentals to pay yourself first and then delay that instant gratification for that even bigger 'high' of doing some good with your money that showed you how to have your money work harder for you and you just work smarter. I hope this encourages others to post their experiences so we all learn and benefit.Hi Leo.
You need to ask the experts and one of them is a good mate of mine. Feel free to send your questions to [email protected] Jim is an Aussie who helps Aussies with all the legalities if investing in the US of A.Investing in areas that are property plump are great for investors whilst a resource boom is on. If it slows or turns south or simply dries up and the mining company pulls the pin, who's gonna buy or want to rent your IP? Timing is critical of when to buy and when to sell.
So true ibluedento, so true. Cheap, but ALOT of potential nasty there too!
Lot's of opportunities are there for the optimists out threre!
For all you novice investors PLEASE get yourself a copy of Australian Property Investor magazine and you'll get more knowledge than you'll know what to handle. It, like this forum, is a GREAT place to start your education!
Reasearch, Learn, Research some more then nike!
Well said Scott!
Touche' Scott
Buy properties that appeal to renters?
For your investment property to be successful you need tenants. Therefore you must consider their needs so your investment property is always occupied.
- Shopping – make sure your investment has a large shopping centre within ten minutes
- Lifestyle – lifestyle choices are also very important – look for parks, proximity to beaches, theatres, movies and other points of interest.
- Job Catchment Areas – tenants need employment, so look for properties that have industry infrastructure that will supply jobs.
- Schools – look for a selection of schools and early learning establishments close by.
- Transport – Transportation is always a big issue now and in the future, so make sure there is good access to public transport and to major arterial roads.
- Owner-Occupiers – good investment areas have a high level of owner-occupiers.
PS Jamie.
The now famous ' Young Gun' May edition of API magazine lists Davoran Park House median at $205K based on 105 sales and a median rental of $220/week.Hi Jamie.
Instant positive cash flow as the rents typically fall between $180 -$250/week. Because of the very low demographics – predominately retirees on an Aged Pension, tenants on DSP or Dole and very low wage earners- vacancy rates are never above about 0.8% Yes, always less than 1%. It ius just too cheap to rent almost anywhere else so they don't stay vacant for long. Ideally, what alot of investors try and do is buy the double duplex that is joined, bulldoze, and build 2 new free standing homes that are already Torrens Titled. But Jamie, as lucrative as this may sound, 'caveat emptor'. As a Buyer's Agent, I personally check out a prospective property in areas of the Playford Council such as Davoran Park first because, just are there as some real diamonds amongst the rough, there are a LOT of just 'rough'.
Hi Cattaby.
Terry is correct about the Black v Garnot NSW case but these were under what was considered exceptional circumstances. A Caveat is like a form of legal insurance and it as Terry suggested, a way for a lawyer to protect themselves and usually their professional indemnity demands they make mention of it to you. It doesn't hurt to have caveat but if your settlement is fairly straight forward there is probably no need for one. If you feel the need to play it safe (insurance), then do it yourself and save a few bucks!Hi Robbie.
You want to buy cheap then look no further than Davoran Park, Smithfield or parts of Elizabeth in Adelaide's northern suburbs. By cheap, I mean you can still buy a Torrens Titled 3 bedroom ex SA Housing Trust Duplex for under (YES, less than) $150,000. This section of Davoran Park is <moderator: delete language> but there is more and more 'new' money coming into the area as well as new housing estates so capital growth will happen and is happening. Adelaide is still the cheapest median housed property market on mainland Australia so if it's cheap you want then there are certainly parts of Adelaide to have a look at.Hi Robbie.
Have a look at our website via the link below and have a look at the free video on the functions of our search engine. It's free, it's a hell'v alot cheaper than RP Data and there are no long term contracts. Have a look and you judge for yourself whether there is ANYTHING better on the market today that factors in so many search paramenters (over 35) including Lands Title, realestate.com, Tax depreciation, price, comparable sale and listings, etc, etc, etc…
Hi Wirraway.
Can I purchase the property from myself once it goes on the market? and How?
Yes, you can purchase the property yourself. Remember, the property in question is under multiple names with Lands Title Office so they're only interested in that the correct contractual 'sale of property and forms' have been met to transfer the existing Title into just your name, and the prescribed govt fees and conveyancing discharges have all been met.
HOW? I suppose this is the $64 question. You both must agree to a minimum selling price to place the property onto the market. My suggestion would be to agree to a minimum selling price and agree to sell via auction to 'test the water' on price. You could then draft a 'Limited or Specific Power of Attorney' document to someone you trust implicitly (like a sibling or lawyer, accountant) and get them to bid for the property on your behalf at Auction. This same principle could be applied to a Private Treaty sale as well.This will allow the property to be sold and transferred to you with your partner being none the wiser!
I trust this has been of some help to you?I always like a balanced perspective James – believe what one may but, make decisions based on the 'whole' – which means combining current empirical data and supposition with historical fact.
Hi PL.
Unfortunately, when it comes to projects that involve larger developments with community type title's (or variatians thereof) your local Council is God. Local reulations may have changed since the original community title and structure were allowed or constructed. Unless you have a good property lawyer or someone in Town Planning you can slip some graft to ……
You have to either work with the Council or consider challenging it through litigation.
Your real life example shows how even a little self-education like reading 'Rich Dad, Poor Dad" taught you enough fundamentals to pay yourself first and then delay that instant gratification for that even bigger 'high' of doing some good with your money that showed you how to have your money work harder for you and you just work smarter. I hope this encourages others to post their experiences so we all learn and benefit.
