Forum Replies Created
495,000 times 7% = 34,650
Hi
Have you done your figures on what the property will cost you out of your pocket a week to hold, with strata etc
Had a quick look on RE.com and saw 2 others under 300k
If it is off the plan look at the storage areas etc, cupboards etc, if the tenant has a bike what do they do with it.
Melbourne has had a big capital increase, will it continue, when is completion etc
Barry
Hi Again
I too am interested in selling a student acc, in Adelaide, got some agents to look at it and they had a house value and a commercial value, there must be a value on, council approval, all furnishings and the business. The problem lay with "normal" agents being able to market the property right, if you can find the right type of agent they will sign the place up and market it for you.
Also with a commercial value is the problem of lending as the main componet with be a normal house value and the "business" value.
My place was valued at 525k with a mthy rental return of 4,766All the best
Barry
Hi
It is all on the tax office web site, I downloaded it a few yrs ago, has each item and life of item. It will prob take a while to find but worth it if you are interested
Barry
Have you considered community title, much easier on only 2 dwellings.
HI
Go to planning SA website, look up your council area and you can download all the info on developments, look through index for residential and you can see what you need to know about hammerheads. If you want to go further talk to council and then surveyor
Bary
Beba
Yes I know them and have attended 2 of their intro seminars and have meet people who belong to their investor groups and are happy.
If you have no confidence in your own abilities or no time at all, these services are needed and ok
Barry
GB
All these areas have a mix of old and new areas, and continue to have new estates in them. Mt Barker is more upmarket then anything in Playford council, a new area in playford now is Blakes Crossing being done by delfin. Playford council has shown the highest capital growth for any area in SA over the past 10yrs, the question is if it has had good growth for 10yrs can it continue. Mt Barker has had hugh growth as well not only in price but also in the amount of dwellings with no oversupply
Have fun
Barry
In SA more than 5 individual tennants require council approval, with alterations to the house, smoke alarms, fire escape doors etc
Hi
I have a property in Moranbah and a friend in Blackwater, both have been fine and fully rented for the last 4yrs
Both areas had a small slump last year with the gfc, and rental prices came down. Some of the properties with and pre gfc lease have better returns than new leases, however returns should come up again due to all the hype.Have fun
Barry
Shah
Yes all utilities are included in the rent
I also rent to fulltime workers and there are always heaps of people waiting
I have not had any internationals travel home in the holidays they tend to stay, I have a girl from KL who has been in the house for 3 yrsBarry
Fergus
Good to ask the questions. A lot of people hear these speakers and think wow they have secrets and deals and contacts that I could never have, however they all started in the same place as us all. Some people need this kind of service to help them get going and good luck to them.
Your question seems to be do I need to spend all that money to find these deals or can I find them myself.
My opinion is if you have the time to put in and the belief in your knowledge, go for it.
I live in Adelaide and purchased around Sydney last year because of my beliefs in what that market would do in the next few years, I brought of builders and developers who needed to of load property to finish a development, move to the next, or the bank had pressure on them. Its all a matter of time and talking to a lot of agents etc to start finding the dealsAll the best
Barry
Hi
I run student acc in Adelaide and yes they are a great way of increasing the returns, however I noted on your intro you said you are here for a few months and I would not have this type of accommodation if I did not live in the same city. It is a bit more hands on than regular housing and if you have it managed by an agent it would swallow up a lot of your returnsBarry
I have several accounts with Bank SA, LOCs etc, if your borrowings are enough you can ask for a pro pack, cost is 350 p/a, this gives you .6% I think off you loans and no monthley fees
If your loan is not approved on Thurs you would need to talk to vendors agent & conveyancer and tell them the situation and ask if the vendor would give you an extension on settlement, say 2 weeks and go to another lender. Most people should be OK with this, otherwise they can charge you interest on the unsettled property.
Don't panic
Barry
Steve has been around for a long time in property, so either he had the cash or he had the equity, as well as the borrowing capacity which means gooood earnings
You have to have a deposit + costs, stamp duty etc so make sure you have enough, some lenders are doing 90% with mortgage insurance, so this would save some of your deposit.
If you have no further access to deposits you need to hope you are going to buy in a growth area so your next deposit will come from your first property, so to do the same thing your property would need to go up 65k and then you could borrow 80% of that
Barry
The time to settle should be ok
Did you sign the contract subject to finance and this should have a date when finance should be fully approved, because if you are rejected this is your way out, or to renegotiate a finance date.
Barry
Hi
You can't advertise on RE.com, you need to be an agent to advertiseBarry
Hi
You need to take on the services of a surveyor, they will do most of the process with council etc, if it is a simple subdivision it can take from 9 to 12 mths and depending on how many blocks as to the cost, around 20k for 2 blocks
Barry
