Forum Replies Created
The prices in Rocky have only caught up with most of the other coastal towns in Qld. I have had a bit to do with Rocky over a number of years and have seen the effects of the closure of the meat works etc. There had been bargains but they had been.
bribie
Snowgum,
What type of development are you talking about? Is it just buying a block of land in the town and building a house or are you planning to develop some land into housing lots?
I know of one place in Nth Qld where the town is expected to boom because of nearby mining – house prices and rentals have already gone through the roof but there is opportunity to buy land and build – if you can get a builder.
bribie
Thanks Snowgum.
bribie
Dennis,
I think this is happening everywhere. I bought a 1012sqm block with house in a Brisbane suburb about 5 klms from CBD for $500K in April. Could now resell for $600K but long term plans is for 3 additional townhouses on site.
bribie
Last Saturday on the radio, Michael Matusik (the Matusik Snapshot advertised in API) and also an articlre in the Courier Mail same day spoke about these. To be done well, must pick location close to university and spend money for purpose built complex – each room with on ensuite, room for desk, adequate powerpoints, IT outlets etc. Returns can certainly be good.
In Queensland, some older boarding houses are being sold or closed because they don’t meet new tougher fire regulations.
bribie
The Enjolady,
Yep at peace. I don’t hold grudges – moved on, respect your right to express views even if I may not agree just as I expect the right to express my views to which you may not agree.
bribie
clownsta,
In Bris, all the bookstores now have supplies so try any of the major bookstores including Myer / Grace Bros.
We had been getting $380 pwk for a one bedroom unit that cost $150K. The 11 sec rule – $380/2 x 1000 = $190K so buy at less than $190K fits the 11 sec rule for a + ve cashflow property.
bribie
My first purchase of an IP was in a block of 62 units in Spring Hill within walking distance of the Mall. we had good onsite PM who got us good returns – the 11 sec rule would have been met but when I heard of Cathedral Place and some others happening we sold. Prices and rental tumbled once the others came on line. If you are going to on sell, don’t wait to the very last minute otherwise you maybe one of quite a number of other investors trying the same thing. I think Admirality Towers in Bris caused some concern like this a couple of years ago.
bribie
Billfromoz,
My sentiments exactly – i’m a person of few words but you expressed it well. thanks
bribie
Arty,
I’m afraid that I would have to agree with Westan – it would not suit my short to medium term plans and the loan servicibility is very relevant.
bribie
Neddy1,
Even good accountants would employ a QS because what a QS does is quite different from what the accountant does. The accountant takes the information prepared by the QS for input into the tax return but it is the QS who has the specialist knowledge – particular brilliant in claiming proportion of common property in home unit town house complexes.
bribie
You may find that as in other parts of Queensland that I know of, many people eg miners etc prefer to buy investment properties in the closest coastal town to them eg miners at Tierir or Mornanbah would buy in Mackay and people in Central Qld more likely to buy in Rockhampton or Gladstone areas.
bribie
Billfromoz,
I think what suzieq may have ben talking about is the difference between what may be repairs and what is a capital improvement. Replacing like with like is generally a reapir and tax deductible however if you are replacing something with something different ie timber fence with brick fence then this is a capital improvement – can’t be claimed as atax deduction but can be claimed by way of depreciation.
bribie
Banner,
I not sure what you plan to do for 10-15K but ifthe property is totally unrenovated then kitchen and bathroom are likely to need work so that probably your 10 – 15K.
Yes you can do things to block out the traffic noise but additional dollars. I think one of the reno kings uses an example of a house on a main road in Brisbane that was bought and eventually turned into a car sales yard.
bribie
I would not be happy buying without seeing. I think that you would be leaving yourself vunerable to being ripped off somewhere along the way.
bribie
Agent 007,
I agree with what most people have been saying – your accountant should know about IPs. For about 16 years, I prepared tax returns and the number of new clients that I got that had rental properties where their previous accountant had not mentioned the old 221 D or advised them to get a Quantity Surveyor etc was very high.
A number of accountants have connections with or some are now financial planners so advice can be a bit biased.
bribieProp16,
I use an accountant at South Bank – Mark Boulton and solicitor for conveyancing is Conveyancing Works.
bribie
Agree with you Arty. I’m glad someone else is out there.
bribie
Have seen carparks advertised in Brisvegas but not sure on financing. The ones I have seen would not be +ve and capital growth is questionable so haven’t explored further. Haven’t seen any advertising of storage units up this way.
bribie
brisbane welcome – good to see someone else from brisvegas. I agree withe the other comments about navigator and managed funds but to answer your other question, it would generally be more beneficial to have the investment in the name of the higher income earner if you are looking at claiming interest deductions etc
bribie
