Forum Replies Created
Wow Dazzling what a big change, your girls will love having Dad around now they are getting older. Polish the rifle and keep those pimply teenage boys away !! They grow up too quick.
So now you’re back in Oz are you free to give us a hand with that reno now ????Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’ve been wondering what you’ve been up to while on dry land. I’m surprised Dazzling no bobact and skip bin ? Yes I think this property stuff is like a drug. We’re coming to the end of our latest reno and I already find myself trawling realestate.com despite my exhaustion. Well I’ll have a break at least over the school holidays.
Well done on your purchase and please stay in contact while overseas.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Well said Derek.
I’d like to add given the location of the property that you visit Ipswich City Council and obtain a copy of the Integrated Planning Scheme CD and review the requirements needed for a commercial use property. Perhaps the next best buy is in fact the house next door so that the land is of sufficient size to allow for business car parking.
In the meantime I’m off to finish renovating our property in the not so “prestige” area of Raceview.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”East Ipswich is an area we’ve been looking at lately as its very close to the train line and Brisbane. However being on Brisbane Road is perhaps a bit too close to public transport and will only get busier. However given the position is it possible to rezone the land for Commercial Business Use ? If you were to sell why did the investment advisor suggest putting the money into your husbands super ? Nothing wrong with that but unless he’s self employed you’ll get no tax deduction for the contributions. I wonder if the financial advisor is in fact looking at then selling you a super poilcy and pocketing the commission ?
PS. Eastern Heights is a lovely area, keep that one !
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Considering Ipswich is reported to more than double in size in the next 20 years from 135500 to 318000 people why would you sell ? We have been investing in Ipswich over the past 18 months and see great potential in the area. If the property is not giving you any grief why not borrow the equity to use as a deposit on another property.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hooray, thank you for moving “RESULTS” to the bottom. I would still prefer that it be removed altogether and only viewable to those registered in the program.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We just gave a bathroom a facelift with the 2 pac “Tub & tile” bath paint made by White King (cost $58 from Bunnings). We used this on the shower and bath. For the shower walls we painted over the floral laminex with Laminex paint also made by White King.
We then painted the rest of the room, fixed the floor grout. The only major outlay was $550 on a new clear glass shower screen.
Looks very fresh and clean now.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We did a removal house 2 years ago in Qld and made a large profit on sale but it was a HUGE job upgrading the house to today’s building standards. We also found the $20k bond the Council held as security a huge drain on the cash flow. Very rewarding but a lot of work. Happy to send some photo’s just send me a PM.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Once a smell like that gets in its almost impossbile to get it out. We just had Andersons install new carpet in our 3 bedroom rental, a solution dyed poly sisel, costing $1920.
With new carpet you could probably ask another $10 per week in rent.
I’m for getting the new carpet or polish the boards.
Also ask your Pm to advertise the property as “prefer no pets or smokers”. If you do get stuck with another dog lover why not charge double the bond ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Born in Mirboo North in the local Blue Nurses rooms and lived on the Dairy farm until aged 6 years, just loved bottle feeding those baby calves. Then moved to Tarrayoukyan in Western Victoria on a sheep and cattle farm. Lots of work but was never heard to say “I’m bored”. Left the country life at age 16 and moved to Melbourne and Uni for a few years Left a few broken hearts behind and headed for sunny Qld in 1982 and haven’t looked back since. Now living in the small country town of Rosewood just west of Ipswich. Happily married with 4 kids, 4 mortgages and 2 dogs !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Ooops !! Sorry Derek.
Here’s the link to the Book Review List I referred to
https://www.propertyinvesting.com/forum/topic/6845.html
Cheers,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Try reading Cathy Jayne Pearce’s book “Real Estate CAsh from Treasure and Trash” its a good read and has a chapter in the back dedicated to Feng Shui.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I think Derek was putting together a list of books so perhaps send him a “PM”, but I found Ron Forlee book Australian Residential Property Development a good reference book.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I just love these types of reno’s !! Too hard for the average punter. As long as you pay around land value for the property most problems can be fixed, if not lots of builders bog and oil based undercoat !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”From recalling my accounting days both of these options can be used. The standard formulae is time as IP over total time owned however you can also use the valuation method your Accountant advised. Probably best to pay your $500 and get it valued now and then decided later which method to use if and when you ever sell.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I agree with Derek’s advice, go and see your Accountant ASAP or get one soon !! Lodging through a tax agent will defer any 2006 tax bill until at least April 2007. Also depending on your situation you may be eligible to claim contributions to a tax deductible superannuation fund. (Depends on % of salary to taxable income)
Finally don’t be afraid to pay some tax it means you’ve made a profit and isn’t that what we’re all aiming to do, just aim to minimise not avoid.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Dulux also have out a series of “perfect Schemes” that show you what colour will go with what. ($10 from paint shops)
We’re currently using “Buff It” with a “White on White” glossy trim.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Adrian,
We usually have a quiet word with the property manager and list the property saying “Prefer Non smoker or no pets”. I agree with you smoking inside makes an awful mess particularily if you’ve just spent the past few weekends painting the place, not to mention ash being dropped and holes burnt into carpet and lino.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”My first stop would be your local Council to determine first if it is in fact possible to subdivide, and they should be able to give you an idea of fees also. If you can subdivide and you’re new to the game perhaps it would be best to approach a town planner or surveyor who can manage the project for you.
If you can’t subdivide then you need to decide what you’re going to do with the property. Renovate to rent or renovate to sell. The standard of finish will be different. Do a bit of research in your area and find out how much renovated properties are selling for and then work your budget out from this. If you intend to rent just go for basic “clean and safe”. Paint, new carpet, tidy yard and fix fencing. For an old 1950’s style kitchen if its ok just paint to doors and perhaps look at putting in new post formed laminex tops and a tiled splashback. Replace the stove if necessary with a basic upright ($700). Replace anything broken, rusty and leaking.
For a reno to resell you first need to work out your target market. Is it for a young couple, elderley or family ? Taylor the reno to suit and look at opening up the house making it open plan. You’ll definately need a new kitchen and bathroom with good quality appliances and have an Electrician out to install modern lighting and fans. Don;t go overboard, remember your budget and include a min profit of $40K.
I hope this has helped you Phillip.
Good luck,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”There are a number of firms that offer this service for a fee. We go through http://www.abr.com.au but you could also try Residex and RP Data
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
