JacM can you expand on what you mean by "asbestos is not popular with lenders, and for good reason?

A big proportion of houses built over 30 years ago have asbestos so I find it hard to believe everyone buying older houses is having difficulty getting finance.

Asbestos has never been mentioned to me by a bank, even when I bought a burnt out…[Read more]

As Freckle said do your DD. We looked at this many years ago. We were going to go halves with friends. LOTS of work and you are tied down daily.

Not my idea of retirement.

Watch out! Proud dad in the room. LOL

WOW! She has a great voice. I love her tone.

What's she planning for her future?   X factor??

Not sure about Qld but in NSW you cannot charge the tenant water usage unless it is water compliant.

In NSW there are companies that do it for $99 + change the taps if need be. If it's an old property you will need to change the shower head at least. In NSW a few years ago they had people knocking on doors giving away compliant shower heads.…[Read more]

I have a few actually. All I bought in poor condition (they used to be much cheaper) and did a full reno on all of them. This gave me instant equity and also m,ade them cash flow positive.
With the recent "boom" I'm laughing.

It sounds like you want a mortgage broker. If so there are some good ones recommended on this forum.

Or is it advice you want on where to take your portfolio/where/how to move forward?

I've tried many financial advisers over the years but have given up now. They only push managed funds and no very little about property.

Where are you located?…[Read more]

They go to auction. So normal auction procedures. Turn up/bid/buy.

Look up R & W as mentioned above. 

The contracts look scary at first with no guarantee of copper piping/hot water system being there. Buyer buys property as is  condition etc. This freaked me out at first as I was worried that if the place was vandalised after I bought (but…[Read more]

Thanks for clearing that up Mike.

I know what you mean,. We learn something new with each reno. Although we haven't done any major structural renos.

We basically strip everything out (sometimes a few walls) and put in a new bathroom, kitchen, paint, carpet etc in 5 weeks. It's worked well as a start for us and built our equity and cashflow quite…[Read more]

Welcome Darryl.

What's your story? Bought? Looking?

We love sharing!!!!

Buying burnt out properties are not Nathan Birch's approach. He has done very few burnt out properties actually in the scheme of his 150 properties. He did a few burnt out and vandalised properties as he was bored I think. He's moved on to bigger and better things. He never did like getting his hands dirty. I love his one that he moved in to and…[Read more]

Lots of good points from Mark. I too use SDN now. I used cheap Bunnings stuff once. It looks and feels cheap. It's not a lot more to get something decent. I prefer carpet in bedrooms. And yes don't get a pattern, asier to match if need be.
I've used both carpet and polished floorboards in living areas. Depends on the location (floorboards can be…[Read more]

Good points Mark.
I don't get why you put the "you don't know what you don't know" under Reno = risk. That applies to life not to specifically to reno's. It's great that you've renoed 100 properties so does that mean you know it all now??? I find your comment very condescending. Thanks. Pity you didn't make much money doing it. I may be a small…[Read more]

If you are looking for cashflow you may be better buying a cheaper property with a higher yield. Then buying another. A $450K property may give you $500pw rent but 2 X $250K properties will give you $650pw rent. Although Western Sydney is going a bit crazy so difficult to get those prices now.

My strategy has been to buy cheaper under market…[Read more]

As you mentioned, you pay a premium for a new house. Why pay more just to get a bit more depreciation. Sounds like false economy to me. In 5 years time they'll be the same but you would have paid more to get in.
Have you considered buying an older property (cheaper) that needs some work? Do a reno and that gives you depreciation. So the total…[Read more]

Hi,
I can't see the point of guessing.
If you see a property you like get the figures and work out whether it fits your criteria. 

Some units have exorbitant strata fees etc. You need to know all of the costs before you buy anything. Of course maintenance, repairs will change more that rates etc. By doing building reports, strata searches there…[Read more]

Most of mine are in Mt Druitt and Blacktown. Yeehah!!! They have risen very quickly already.

My one closer to the city still has a bit to go as the area has not seen a lot of growth yet.
Areas are moving at different rates.

Congrats on your sale.

Well done!   When I saw the date I hoped you hadn't sold then.

Sydney is going gangbusters. I'm selling one next year as I think it still has some growth in it.  Maybe a few more if this keeps up then retire. Yippee!!!!

Yeah sorry I was being sarcastic.

I just think it's ironic that you only invite young people but if someone has something to offer you, then you'll make an exception.

I can see how it would be fun to have young ones all having a gathering. But I stick by my restrictive comments. Same as I wouldn't advocate an oldies meetup. Sure lot's of us…[Read more]

WOW! That must be very tempting for you Qld007. You aren't invited as a member but you can come and let them pick your brains. 

I have both.
Well the city one is a TINY one bedroom. I bought the city one in 2008 so had a great price increase within a year. Strata is higher.

The Blacktown one has seen great growth the past year.

Both to me are set and forget.

With a studio though you may have more difficulty getting 80% finance. If it's 5km from the city check how many…[Read more]