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Thank you everyone – i have spend the last 2 nights up til 1am researching different companies etc and still haven't decided and its giving me a headache! :o/ I have been recommended "Honan" which i have emailed – and then EBM and Terri Scheer are the others everyone seemed to talk about… Im wondering whether i should just lower my sum insured as if my Qld houses burnt down i would get them rebuilt with the likes of Plantation Homes/Coral Homes etc which are only about $150-$180k plus allow for a few extras so maybe $283k is too much?
We have IP in WA mining town and find the rent to be great – however we monitor the market and the work closely as you always need to be careful as if the work goes then the market and rent will drop… so just be cautious… dunno about Qld mining towns though sorry?
Thanks Nato! I will give them a call today! Can anyone else recommend to??? So i can call a few different ones to compare???
Yeh i agree Ryan, do watch it like a hawk… we are lucky my hubby works over there and is in the crux of it all so he monitors ours from there as do i from here…. we will definitely get rid of ours before it all starts going down hill, but they anticipate that we should be right for at least 5-10 years!! fingers crossed… but yep everyone else who is looking at buying there with the prices being soooo high now to buy, dont get caught out… lucky we got ours for cheap a few years back.
I would say Karratha although both would give you good returns… the only thing is the properties there are have risen so much that im not sure what the mortgages would be like… so maybe check that out first and see whether the rents vs the mortgage repayments etc would be worth it??? But we have one in Karratha which we were lucky to get before the boom hit.
Hey there, we use Northwest Accountancy in Karratha.
Sorry me again!!!! Also does anyone know how the whole 90 days notice thing works??? Obviously once i have found a new agency that i want to go with i let them know but do they have to wait until the 90 days is up to??? Do i let the old agency know who the new agents will be? or do the new agents just take over and do the whole thing on our behalf??? Very new and confusing to me!!! argh!
Thank you everyone for your comments and recommendations so far… really appreciate that.
Now my next question is….. does anyone know if there is or can give me some idea (ie: template) as to how to write the "termination property management" letter??? Im a bit stuck and am not sure what to say or where to start with that one… Thanks.
Hi Melsy
Just wondering how you went with your townsville research etc? We are looking at purchasing our first investment property and have pretty much seen from the API mag that townsville, cairns are the places to buy now… but whereabouts in those areas i ask???? Would love to hear how you went!
Also Lousie (Frangipannitea) hows Mackay going??? Would you advise to buy in that area perhaps??? Would be interested to know good areas around there too, that seem to be booming…
renabelz.
Hi Qlds007
Well i went to see an Accountant today and to be honest i am still a little confused…
Basically the property looks like it will be negative geared… however "i think" he said to put it in my hubbys name? He reckons either way has its benefits so im kinda still stumped about that….
The unit is like 20-30 years old so he reckons that we wouldn't be able to claim much tax wise on it… he tried to encourage us to buy a new off the plan house in the eastern states (QLD or Melb) and put it in my hubbys name cause then we could claim alot more on it….
So now im back to square one!!! Whether to buy in a 1bed unit for $315k in nothern W.A or a 3-4 bed brand new house for $370-390k in the Eastern States??? Any suggetions?
Hi L.A Aussie!
Thanks for your advice! Well hubby wants to keep the property for only that amount of time as we are in a mining resource town and at the moment the prices are very high up here to buy property so the unit that we have been offered is fairly cheap for the prices that are going up here…. we can get pretty good rent on it and so he wanted to sell it before the boom here in this town goes down… hence wanting to sell no later than 5 years time…. me on the other hand, im not 100% what i wanted to do… i have read in the API mag and seen that people are making it by holding on to their properties but we just have to be careful in this market up here…
Im going to see an Accountant today so hopefully he can shed some light for me… dunno if he's property savvy but we'll see… I like your advice about building wealth by holding onto properties and using equity from that one to carry on to the next…. but as this unit is an older 1 bedroom one… could that even work???
Thanks alot…
renabelzHi there!
If your wanting to look down the Gold Coast way Coomera is going to be the next big place to boom – well its already on the rise now….
You would be able to pick up a nice 3-4 bedroom house there for $400k just… its going up so quickly so i'd hurry…
They are intending on building a massive shopping centre there – bigger than Pacific Fair which is a MASSIVE shopping centre in the G.C. They are possibly putting in another uni there and they've got a tafe, good schools and all this stuff…. Coomera Waters is the place but Coomera aswell is beautiful. There's a marina there and its near the theme parks and stuff (by Dreamworld)….
I'd definatley buy there if i had the chance – Good luck!!!!
I heard Morayfield and Coomera are good areas to invest in… although Coomera is pretty pricy and you probably would find it hard to find something around $300k housewise that is. Morayfield has some really nice houses – fairly new for quite cheap – thats just by looking on realestate.com.au to see whats going there…. i just heard that Morayfield is gonna boom, not 100% though… if anyone else has heard that too then let him know… also up in Forest Lakes in Qld too seems to be another area thats gonna boom… good luck!
Oh yeah and bank loan wise too – how would that work?? His name, my name, both names???
