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If you want to find further information on the regional town or city you could also search for information on future business development.
For example: If you know that a big corporation or government department is investing in the area, then obviously jobs will be created. People are needed to fill the jobs, and those very people need houses to live in.
As for what people say, always ACT ON FACT. So if one person told you that Queensland won’t experience any further growth and you’re wasting your money by investing there, I would ask myself what information they are basing their ipinion on. They may be correct, but they may also have no idea what they are talking about…
So if the numbers work, and you are happy that this investment is good for you, then all you have to do is GO FOR IT!!
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I haven’t read any of the replies to your submission. I’m sure there are some great ideas and responses, and perhaps my thoughts have already been posted, but I’ll stick them here anyways…
Have you considered purchasing a Lease Option? That way you can rent it now and buy it in the future when you’ll have saved some cash for your deposit?
Just one thought I had…
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I think it depends on what development you’re doing and where it is.
Differant areas in Queensland are different markets.
I know people who have made lots of money in Queensland property and other who have lost.
Either way do your due diligence well and just because the market sentiment may be down or stagnant don’t let it stop you from doing your developments.
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Take a look at this link. Hope it helps.
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Spam? As in SPAM BURGER???
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Oh dear. Sometimes it’s best not to leverage the capital of your family members. Especially if you want to know what good TRICKS you can use on tricking them to putting their home on the line to lend you money to purchase a business.
Put it this way, if you went to a bank or financial lender, do you think they would offer you a loan to buy a business/franchise?
I doubt it. Why? Because you are a high risk.
But then you could try and convince them by telling them what a wonderful franchise opportunity it is, that you just can’t miss out on it, and that you have absolutely no experience running a franchise or a business.
How do you like your chances of getting capital now???
Business capital is often more difficult to obtain than property finance because lenders want some form of collateral in case the deal goes south.
Property finance has this by way of repossesion of the property if the mortgage repayments are not met.
However if a lender gives someone $50k to start a business, and the business goes bust after 6 months, what collateral does the lender have as security?
See the risk?
It wouldn’t be fair on your parents to risk their own home (possibly everything they have strived for) on a gamble that you want to take.
I’ve read all of the Rich Dad books. While they can be a great source of inspiration they fall way short of educating you on how to successfully own and operate a business.
So here’s my advice:
1. Don’t even think about touching your parents property. It’s not sitting there doing “NOTHING”, it’s there providing them with a place to live. If anything, let them be aware that you are learning about your financial education, and offer to share your material/books. If they want to do their own investing then great. You can’t make someone learn about investing if they don’t want to.
2. You must give something to get something. If you ever want to create a deal for you to win, you need to make the potential deal profitable to all parties.
3. Operating a business is very difficult. Go and work in a business and get experience on how to operate a business properly and successfully. It’s damn hard work! Also get educated in modern business practices.
4.. Always be clear and transparent with those you deal with. Don’t trick people. Don’t hide things. Don’t be dodgy. Be honest and fair and people will work with you. Be dishonest and karma will bite you in the back side!
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Not sure of anybody investing there, nor of any resources. Perhaps a Google search will locate something.
I do know that they have land taxes in Canada. And it’s possible that this could vary between states and provinces.
Canada is very provincial, possibly more so than Australia. Each state has a variety of taxes and laws.
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A Call Option is when you negotiate the right (but not the obligation) to buy the property for a specific set price, at a specific date in the future.
So you have the right to buy the property, but you are not obligated to buy it if your circumstances stage or if you no longer want to buy it.
How it works:
There are many ways you can get this going. Basically you want to have an option contract drawn up that states exactly how much you will purchase the said property for, what date you will purchase the property on, settlement details, and any other parts of the deal you wish to arrange.
More info can be found on the Lease Option topic under INVESTOR STRATEGIES.
And I do have further information on options so feel free to send me a message if you want more.
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Try an internet search on websites that do insurance comparisons. There are sites that compare thousands of policies from health, to car, to home…
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It’s more expensive than “project homes” but team an architect and a good builder and you’ll get far better quality in your completed project.
Also it may be quicker as some spec homes can take over 18 months to complete – and they are basically kits (rooms banged-up together).
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There would be literally thousands of home design programs on the market.
Run a google search for them and you’ll be surprised how many are out there.
Some of these cost thousands while others are less expensive.
I’ve played with some demo versions and so far I have not found a “simple” program. They all required hours (and hours) of customisation and learning how to use it.
I can’t recommend any particular brand as I have yet to find one that I found to be great.
But run a google search on home design software and see how you go – download some demo versions – you might find something you like!
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You shouldn’t have any problems with your DA going through council provided you adhere to their building regulations.
That’s of course if you want to do it legally. Some people don’t advise their council of doing this and make adjustments to their property to gain some cashflow.
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I don’t think 5 beds are excessive – especially if the market has a need for them!!
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also there is http://www.fmw.com.au
Financial Management Works. They are located in Crows Nest.
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I’m in Sydney – never been to Melbourne so I can’t help you there.
However, I would start with a solicitor who knows about wraps. There are specialist property solicitors in the world who have experience with this.
Once you have one of these on your team working for you then the rest could be easier – finding a property, a buyer, and then stitch the contract up using your solicitor.
Good luck!
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Good luck finding a mentor! They are almost a scarce as hens teeth.
Read and learn more about investing and property. Attend courses (good value courses – that’s doesn’t necessarily mean spending $5ooo on a course).
Get out and hit the pavement and attend open instpections. Take a pen and pad and write things down when you do. Begin analysing properties and see what types of deals you could come up with – play with some numbers.
The more you get out there the more you become confident with agents, vendors, others.
You need to drive yourself. A mentor won’t do that for you!
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I didn’t see what the Reno Kings attempted. It might be possible to do a small reno in 12 hours but that would obviously depend on what you needed to do.
Believe me (I’m as a tradesman) and these hit TV shows on DIY renovations aren’t what they appear to be. You don’t see the 50+ labourers in the background what the camera rolls, but once that camera gets switched off, the labourers are working their back sides off to get the job done in the 48 hours before the family returns home!!
Unless you’ve seen it the production take over the street (actually will close off the street in many cases).
And all of a sudden Joe Bloe who can’t get enough of his Back Yard Blitz becomes an EXPERT in quality work, materials, and prices.
So naturally quality takes time, but then I guess if you aren’t going to live in it then what do you care??? You’re going to rent it out. Let the insurance take care if something goes wrong…
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Perhaps it is due to something with your gouse that deters people from renting it – only you can find that out.
Is there a lot of rental properties on the market in the Kalgoorlie area?
What is your new agent doing differently in terms of advertising and promotion than your previous agent?
Perhaps you could also advertise the property. Place an add in the local paper. What industries are operating in the area? Do they have staff news letters? See what can be done about putting an add in there. Try something different!
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It really all depends on what you want.
Do you want the cash now? Or do you want to develop the property, and take (possibly) a greater profit later?
What homework (financial plan) have you done on this development? What are the possibilities? What are the probabilities?
Do a plan and work out costs and sort out what will work from what will not.
Then make your decision and go for it!
But it really all comes down to what you want – are you on the path of least resistance to your goals?
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Go the Wallabies!!
And Go the ‘Tahs in the S12!!
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