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blowie
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@blowie
Join Date: 2003
Post Count: 41
December 9, 2003 - 4:04 pm
Slide one my way too Rugbyfan. Thanks for sharing…
tvandoore[at]hotmail[dot]com
much appreciated
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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December 9, 2003 - 3:57 pm
My thoughts exactly….
cheers guys
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 9, 2003 - 8:39 am
Does the lease holder have to live at the rented property????
thanks
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
Join Date: 2003
Post Count: 41
December 9, 2003 - 3:27 am
Namaste,
Could you please send me that spreadsheet. Im always after new gadgets to fiddle around with….
My email is [email protected]
cheers
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 7, 2003 - 4:34 pm
275 000???? is that dollars???? if so thats not a good record to have…
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
Join Date: 2003
Post Count: 41
December 7, 2003 - 4:28 pm
If you buy with a good real estate agent they will often help you out in this area. After all, they want to see you buy the property off them. And all they do is sell houses, so you’d imagine the average vereran agent will have seen more handovers then youre average home owner.
A freind of mine wanted to buy a house went to the front counter of the local bank and said ‘i want to buy a house’. Then went to the a realestate agency and said the same thing.
They are the people you will associate with when you do buy, and will help you out more often than not. The worst they can do is turn you away….
goodluck
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 7, 2003 - 4:13 pm
Hi PatLow,
You may find that the room must be refit with new carpet, paint, etc every five or so years. The management gets the work done and the bill often goes to the investors. This should be in the contract.
I looked at a similar situation in Brisbane, but after having a long talk to some of the onsite management guys, I discovered that the rooms had depreciated almost every year since it had been built 12 years ago (very scary). The rent had gone up over this time, however.
Another thought that might be worth checking out…. if the place is trashed by a tenant the management puts in there, you may be up for the repair bill.
I liken this situation with that of a business… they raise capital by selling ‘shares’ (rooms) to build the place, and then pay the investors weekly ‘divedends’ (rent). Meanwhile, they run their business, with revenue (rent paid by tenants), expendature (maintainance, share paid back to investors and others) and profit (the difference).
Obviously, there are investors that find these arrangements attactive, otherwise they dont get built in the first place. I’d just say to tread carefully, as there are many of these units for sale all the time in Brisbane, which may not be a good sign.
The upside is that once you take the plunge there is very little contact with the place, just buy it and forget about it until you want to sell. No hassles chasing up tenants or anything, and like you said, no vacancies… ever.
Good luck in your hunt,
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 7, 2003 - 3:46 pm
I have checked this out, and I am told it is called sub-letting. Is this the correct term for what you are describing??? I am told it may be illegal. After all, why would the property owners want to rent the place out for a low price, only to have someone else come through and make a profit.
If you live in a room in the place I think its ok, but if you dont, and rent at a higher price than what you pay per room I’m not sure if its allowed. Is there a loophole or a way to get around this???
This sort of strategy would work for me in my current situation, if its workable in the first place []. It just seems too simple, and things that seems simple often dont work out. Does anybody know of anyone who does this???
Will read responses with great interest…
cheers
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 7, 2003 - 3:25 pm
Interesting prospect…. I have considered this, and my initial impression was one of high risk. I then dismissed the idea, but with the mention of it I will investigate it out more seriously.
cheers
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 7, 2003 - 5:32 am
Interested also, please email details to
[email protected].
cheers
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 4, 2003 - 4:57 pm
I couldnt agree more, hence my scepticism… I expect to invest time and hard work to find a good deal, not have one shoved in my face. And, like you said Ian, if there are other investors not snapping it up then there must be a reason.
cheers
-t
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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December 4, 2003 - 11:29 am
Yes, but we all know the way ACA does things.
However, I find it most interesting that Today Tonight did a pro-vendor finance peice on 16 September, 2002. It showed the flip side of what A current affair show tonight.
People are interested in facts, not a good story (or is that the other way around….)
blowie
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 4, 2003 - 8:03 am
Any interest for a group in Brisbane of this nature????
tim
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
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Post Count: 41
December 4, 2003 - 7:59 am
This is a link to the types of units in brissy cbd.
http://www.raywhite.com/cgi-bin/rsearch?a=o&cu=fn-raywhite&t=rw-uns&id=101031379&s=QLD&ag=&snf=&c=33164203&tm=1069401484&p=10&f=&header=
The agent has it advertised as a “positive cash flow investment”. There are many others from different agents.
Of course, it just seemed too simple. Which made me tread carefully. I was told a majority of the units in the building are owned by investors. Does any one know of someone who has an invested interest in places such as these???
cheers
-t
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
Join Date: 2003
Post Count: 41
December 4, 2003 - 4:00 am
No, its not in New Farm… its a private sale I have sniffed out… um… elsewhere. Thats the beauty of having plenty of time (uni holidays). But at the same time having the struggle of being a student on limited income and options.
Yes, the place in the city is called uni lodge. Very high b corp, but it would seem that this would be offset somewhat by the rent collected. I have been told they are not available for overnighters (motel-like, Ive looked at these as well), but are for monthly and six monthly lease
I have also been told of a strategy where if you live somewhere as your ppor for a year, then rent it, then sell within five years you dont have to pay CGT. Is there any truth in this??? I suspect not, given the source (free, high pressure get rich seminar…)
cheers
blowie
Money is an elastic resource, it can be created. Time is not.
blowie
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@blowie
Join Date: 2003
Post Count: 41
December 4, 2003 - 2:50 am
The units in the city are right near a few universities, and are rented mainly to international students. Very small (20m2) but rentable, claimed 98% occupancy.
The suburban unit is only 1 bedroom, in a good area but does need renovating.
ChrisB, I was not aware this was the case. I have about 20% deposit, lowering the loan to lower my repayments and risk (interest rate rise). And also to try and convince someone to lend me the money []
cheers guys
blowie
Money is an elastic resource, it can be created. Time is not.