Thanks Dallas

Not too worried about SARS I guess [laugh2] but thanks for the comments.

Unfortunately you cant claim a property inspection trip unless you own property in that area anyway (and are using the trip to inspect that property), which is why I am doing some research now so I know where to go and look [kid]

Hows the weather up there…[Read more]

Thanks Simon

Never thought of the Auctions!

I forgot to mention: The house will be demolished in 2 years so I guess just a basic, functional kitchen will do. It doesnt have to look like the Ikea catalogue [hat]

Cheers

Dev [kid]

Dan

I am 24 (ok, ok – 25 next month)… Ill give you a quick run down to keep you motivated. I dont think there are enough of us under 30’s out there investing so I like to ‘try’ and help others around my age…[blush2]

I left school at the end of year 10, after working part time since 14. Got a full time job in 1997 and bought my first car.…[Read more]

I dont think there is any way to avoid it. The builder is running a business, after all and will require progress payments based on the work completed. I am not sure of how many progress payments are ‘standard’ but I am sure that these would be common IMHO:

-Initial deposit to commence work
-Progress payment when walls go up
-Progress payment…[Read more]

Would it be uncommon to make an offer on a property based on the DA being approved with council within xx days?

Dev [cap]

patriciaburt

I agree with your thinking, there may be good returns but as a 24 year old property investor with 3 properties I wouldnt want to be renting (a house, a room or a bed for that matter) to some of the people I grew up with or know now who are in my age group! Selection of tenants is very important anyway, but student accommodation could…[Read more]

Michael

Thanks for your reply, I was hoping to get to your seminar last weekend but was interstate for work!

The property is in Victoria, and from the prices I have been quoted today 8k is about spot on.

I have the plans that are going through council at the moment, but will need to get the owner to pay for the copyright so I can use them if I…[Read more]

Sounds like fun, but even if it does affect the valuation this time around, next time you need to refinance you may not be able to borrow as much because of the higher valuation.

If it is a new property you are buying, the banks will only lend on contract value anyway so there is not much point doing this. [blush2]

As I said though, it could be…[Read more]

woodsman

Thanks for your response, does that mean that you would have to wait 12 months before applying for finance, or would you get an approval, say, 2 months before settlement is due so you can settle at the end of the 12 months as per the contract?

[cap]

Terry

Thanks for the reply. I was thinking that I would apply for finance approx 4 months into the lease period (2 months prior to expected settlement date)

If banks will lend on value if it is higher than the contract, is there a period of time they prefer (you suggested 12 months) – is this a bank requirement or can it be any length of time…[Read more]

Family, = no chance
Friends, = not an option
Mortgage broker? – you know someone Terry? [biggrin]

[cap]

maybe you need to repeat the scenario using ‘widgets’

hehe [biggrin]

Terry

Are you suggesting that I should sell the Monaro???

Luke [cap]

makes sense… as long as you can SERVICE the loan/s… [cap]

Id like to have many baskets with one egg in each one. If one property is not performing, the others may be…[biggrin]

[cap]

Im a Tassie fan, in particular the west coast. [biggrin]

Sack your property manager, but only if what you are asking for your rent is at market value. Dont forget it is Christmas so not many people will want to move now!

Look around the area and see what others are asking for similar properties… (Im sure you have already) Id prefer to drop $10 $15 a week than have it vacant for another 8 weeks!!!

[cap]

While I am happy with it, I am trying to grab some feedback on the info I have given without naming the area which may affect peoples thinking due to pre concieved opinions… or ‘roumors’

Thanks

Luke [blush2]

haha good comment

yeah i got a great spot between 2 dead guys… great views, but probably not much ‘growth’ potential haha

No, its not a cemetary… fortunately. [cap]

Cant complain about that! So close to the city, long term very good spot and good capital growth. [cap]