Forum Replies Created
I’ve had the same problem in the past with a rat. Block your nose and watch the flys. They’ll swarm to a dead carcase but by then it will be partly decomposed. Very messy
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Ivan, and welcome to the Forum. It sounds like you’ve got things well mapped out for the future which is great to see in someone so young. First I’d probably visit the bank or a finance broker and get an idea of your borrowing capacity. As you’ve only just started work they may prefer you to settle in for 3 months first.
If this is going to be your home I’d be looking at a principle and interest loan to gain as much equity as possible. You want to pay down all non tax deductible loans ASAP. However if you intend to rent out some of the rooms then perhaps an interest only loan may suit, but it really depends on the finance institution.
Do you have experience in renovating ? Can you call on family and friends to help out ? Will your work/study make it hard to have time to renovate ? Do you have the tools and equipment to renovate or would you need to employ someone. Consider these issues when looking for older homes. Perhaps go with something that only needs cosmetic changes like paint and carpet.
Personally I believe in having full control on an asset so we stay clear of units and townhouses. It is the land that appreciates in value over time, buildings depreciate, so we look for houses with a high land content.
When choosing a property take into account its location. Close to shops, schools, transport but in a quiet leafy street surrounded by well kept homes.
Hope this helps in some way and best wishes, but you’d be far better of moving to sunny QLD !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We live and invest in the Ipswich area, which I strongly believe has good capital growth due to business/govt development. We’ve bought 3 houses in Ipswich over the past 6 months all with around 7.5% returns compared to around 4.5% for DHA.
I think you can do better buying direct.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Considering this forum is for obtaining cash flow positive properties, a 221D is probably not going to be much help for most here. The forum is also not the place to advertise for new clients .
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Dr X,
Just read your story in API, great work.
Somehow I always thought of “Dr X ” as a male with blonde spiked hair. Great to see the girls going for it.
Back to your post…shocking how gullible some people are.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I would agree you can’t double dip. Only declare the $400 you actually receive.
So where is the world is Dazzling ??
Love to hear an update.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I would recommend the Ipswich area. Still good value and an area that is rapidly growing.
Happy to chat via a “PM”Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Nothing annoys me more than people who complain about their personal situation and then say “When I win Lotto you won’t see me for dust !!”
What are the odds of winning ? I see no harm in the odd ticket as its nice to dream, but I don’t rely on it and haven’t had a ticket in years. That reminds me, my lucky numbers are 5 and 24. Perhaps just one ticket wouldn’t hurt !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Well done Redwing. We’re catching up too just need the bank to agree to lend us more money !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Instead of setting the house on fire (thanks Dr X) most Asbestos has a ripple effect and if broken you can see small grey fibres sticking out. (dont touch !!)
Rather than remove it consider lining Gyprock over the top, safer and adds more insulation.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Congradulations of getting your first reno. Is it possible for you to include a link to a photo for us ? I assume you’re doing it over to resell. With the kitchen its the appliances that are most important for a woman so look closely at these and upgrade to stainless steel. If the cupboards are Ok you may be able to get away with them and just replace the tops with new post formed laminex. (Also check out the builders excess stock site http://www.xsstock.com.au ) With the kick boards we have gone to a metal sheet worker and got him to cut lengths of stainless steel which just glue over the top with Liquid Nails. Very trendy result.
Spend time on the front you want people to get out of the car and be excited to walk in the door. Fix /replace rust and rotten materials properly and dont underestimate the change that paint will make. Also spend some time on the front yard landscaping, perhaps a path to lead to the front door. If a traditional home a picket fence looks fantastic also.
Best of luck,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Dazzling thats great news and peace of mind with you leaving. Remember I’ve offered you a cleanup job over Easter if you’re back in the country !! We’ll miss your posts but try and keep us up to date as you never cease to amaze me with your colourfull stories.
Keep safe,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I went to the Gold Coast today with my children to visit my parents at the beach. Lovely warm day and I was amazed by the number of cars with flags on the ariel, parks packed with people on picnics proudly displaying the Australian flag. People seemed to be celebrating our great country even if it was just an excuse to have a day off.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I would recommend reading “Australian Residential Property Development” by Ron Forlee (rrp $29.95)
Its a step by step guide for investors and those new to subdividing and has some great charts and checklists.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We’ve just recently signed up on two more ip’s in the Ipswich area in Qld. Still very good value and good capital growth with lots of business and govt development. Both after a quick reno will be cash flow neautral but have good capital gains projections.
I think we’ll continue to see slow progressive growth in SE Qld over the next few years due to strong migration from interstate with a small “boom” around 2015 but them dropping off around 2020 with the baby boomers all ageing and selling of homes in droves.
Well thats my opinion but only time will tell !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Well thats a new way of doing things !! Views of the ocean $$$$$
Just love the way you worked out a solution.
Best wishes,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”A shame you can’t help us out !!
We’ve got another reno to squeeze in first. This one settles April but should knock it over in around 3 months ready for listing in July.
Only a small 2 bed workers cottage but should reach $190K+
Great to have you back on the forum. When do you leave again ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”What makes me happy…..my husband (he comes first of course !!), children and family, good health, long life, integrity, compassion, honesty and getting that winning property deal over the line !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Further to my earlier post I forgot to mention that your PM will give you monthly rent statement which you need to keep. At the end of the financial year your PM should provide you with a summary of rent and any deductions.(Give to your Accountant)
Also you may be eligible to claim some motor vehicle expenses if you used your car to visit the property or carry out work for whatever reason. You dont need a log book or to have kept your car expenses providing your claim is under 5000klm. You just need a reasonable estimate. Every little bit helps. For further details here’s the ATO link
http://www.ato.gov.au/individuals/content.asp?doc=/content/33874.htmAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”First set yourself up a permanant lever arch file which you’ll keep details of the purchase, bank loans, legal papers, and any capital improvements made on the property. A set of photo’s is also good to record what the property looks like in case of insurance problems or to show “before” and “after” work.
To keep it easy open a bank cheque account exclusively for this property. If you buy anything yourself with cash or on mastercard write yourself out a cheque (keep receipt) and reimburse yourself. That way you’ll have all the expenses in one spot. Second record income/expenses in an annual tax file for your Accountant. If you only have one ip I’d just stick with a spreadsheet like Excel or Lotus. Have a “Total” column and then to the right dissect expenses into categories (Insurance, repairs, body corp, cleaning etc.) Add them all up and make sure they cross add. With any repairs make sure you provide as much detail as possible so your Accountant can determine if its claimable as a repair or a capital improvement to the property.
So you don’t loose the receipts buy an expandable folder and file receipts in month order Jul 2005 to 30 jun 2006.
If you can’t get access to spreadsheet software just buy a journal book rule up the lines yourself and then stick any receipts in the back of the book.
Easy !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
