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Catalyst
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July 25, 2011 - 12:22 pm
I know a few good ones. There are many buyers agents in Sydney and recommendations would depend what you are looking for.
What's your criteria? And what is your price range?
Catalyst
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July 24, 2011 - 1:32 pm
If your strategy is buy, reno, sell I think you need to be in the higher cost areas.
eg reno a $400K place with $50K and sell for $600K.
VS buy for $200K with $20K reno and sell for $280. Just fudging figures but you get my drift.
All my reno's have been on properties under $218K. Reno cost from $6-14K with increased equity from $30K-$65K. Doing most of the work ourselves from 1-4 weeks each. We buy and hold. Even with buy, hold and reno costs we would still make a decent profit if we sold straight away.
Catalyst
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July 24, 2011 - 7:13 am
All sounds good in theory.

In practice my Potts Point unit (TINY) has gone up 50% in 3 years. Had no trouble refinancing it last year at the higher price.
7.9% yield. It's my most favourite purchase. Very low vacancy rates.
Catalyst
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July 21, 2011 - 11:57 am
unlockgroup wrote:
Thanks very much. I assume you are referring to depreciator.com.au? I will contact them – thanks very much.
Yep. Sorry about that. I've had all mine with them. Very professional.
Catalyst
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July 20, 2011 - 11:59 am
I'd suggest sending an Email to http://www.depreciator.com and ask whether it needs redoing. I have found them to be very good and would advise you correctly.
If the place is only 4 years old the original company should be able to update it??? Not really sure how it works regarding resetting anything. Surely the value is the value?
sorry, can't be of any more help.
Catalyst
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July 20, 2011 - 7:37 am
The spotters fee idea can work if you know what you are doing and know what to look for and what others are looking for.
Sounds like you are a novice so don't know how this would work for you.
Also sounds like you want a quick fix. I understand it's frustrating when you want to get started. But sometimes you just have to wait. Maybe that's for the better. You can read and learn so maybe when you are ready to buy you'll buy the right property.
Do you know what path you want to take? I'm assuming renovate and sell/hold? Seeing as you've done that course. Have you looked at other paths? What are your short term and long term goals?
Why not try what millions of others before you (including me) have tried? Work hard, spend less than you earn, save, get educated while you save, then buy.
Catalyst
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July 19, 2011 - 8:20 am
If the bank won't release your parents go to another bank (or tell your bank you will). You are undrr 80% even without a revaluation.
Hard to say about the loft without seeing it. But from your description it sounds like it may be a good idea. As long as it doesn't look to crowded or overwhelming as you walk in.
I'd get a few agents in and ask them their opinion. They see hundreds of units and would/should be able to tell you a rough sell price difference for with and without the loft.Look at how much it will cost to build VS how much the price will change to see whether it's worthwhile.
Well done on your purchase. Inner city has done well the last 3 years. I've got one I love. 50% gain in 3 years.
Catalyst
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July 17, 2011 - 6:16 am
Sydney is predicted to have better CG than Brisbane. So if that follows predictions your Brisbane IP will not keep pace with Sydney property and you'll still be unable to buy in Sydney.
So why not buy in Sydney? Still some good buying out west with opportunity to value add. And being in Sydney you can do some basdic stuff yourself to increase equity. Eg paint, tidy.
Catalyst
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July 17, 2011 - 6:10 am
Do you mean to find properties for others and get paid for it?
Didn't you just say you have (just?) started in property?
What makes you better at spotting property than others?
To do this legally you need to have a BA certificate.
Please clarify what you mean for more assistance.
Catalyst
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July 17, 2011 - 6:06 am
First I'd go to council and see whether the block would be sub dividable. Then at least you know whether it's worthwhile following up.
Catalyst
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July 13, 2011 - 7:10 am
It's a 95% loan so maybe no opportunity to refinance?
Catalyst
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July 13, 2011 - 3:42 am
allawah wrote:
Thanks. That makes sense. So negative gearing itself is not a good thing. I need to know that I can get enough capital growth to cover all the losses to make it worth investing. And if I have extra cash I can still put in the loan to make it positive gearing so I don't lose as much money during the course, and still get the same capital growth. Right?
Well yes but you need to look at what's financially better- paying 1 IP down or buying a second IP instead.
OK an example-
You have 1 IP worth $200K and you borrow 80% ($160K). In 5 years it goes up to $300K and you have paid off (say) $50K. So you now have $190K equity ie $300-loan $110K = $190K.
OK I've assumed you've put an extra $10K per year (on top of the negative amount)
OK Instead of paying down the loan in year 3 you buy another property. So you buy another property at $200K and borrow 80%. You've saved $10K per year which pays the deposit and stamp duty etc. So that will be worth $240K in 2 years. I'm assuming you don't pay any loans down. So you have the extra 10K for the last 2 years.
So your equity is now IP 1 = $140K (because you haven't paid anything down)
IP 2 = $80K
Total $220K
So your equity is up $20K. The first property should now be neutral as rents would have gone up.
So it's a balancing act. I try to buy as close to neutral as possible. Buy under market. Maybe do a quick reno to increase equity and rent.
My example is in a time when CG is high. In a flat market this won't work. In that case you may be better paying down the loan. Depends what you goals are also. It's not black and white. Keep reading everything you can get your hands on. There are many ways to make money in real estate. Find what suits you.
Catalyst
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July 13, 2011 - 3:17 am
I have IP's less than 1/2 drive from me and I have never driven past. Some I haven't seen since I bought them. You don't really need to be doing that.
If you have a good agent you don't need to worry. Having said that, my hubby gets frustrated if he has to pay for something he could fix himself (if it were close). We have 1 that is 5 hours away.
Catalyst
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July 12, 2011 - 1:10 am
Hi, agree with checking out your target.
For a house and a larger unit I would always have a bath. With small units I think just a shower is fine. Personally I HATE stepping into baths to shower. But then again I do like the occasional soak in a bath.
Does it have an internal laundry? If not you could consider putting a small washing machine in the bathroom. This can significantly increase the rent as a lot of people don't like communal laundries.
Catalyst
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July 12, 2011 - 1:02 am
Intrigue- a few questions. How many properties do you own? Do the agents know this? They may be perceiving you as a tyre kicker. I've met many. People that go to open homes for years. Put in offers but buy nothing. Don't get me wrong it sounds like you are trying to buy something. Do you have finance approval? Tell the agents you are cashed up ready to go TODAY.
I'm going to disagree with a few people.
First I think relationships with agents do matter. Having said that I know most won't ring you. especially if someone walks in the door with money ready to go. Why would they? Unless they have something ready to go. They don't have someone walking in the door and they know you are a buyer (as opposed to a tyre kicker).
Tell them what you are willing to pay and state why you think it's only worth that much. That way the agent knows you're not just making wild, low offers.
I also disagree with not keeping in contact with the agent if you think the property is a good oner at your price. As I said the agent will take the price from the person walking in the door. It's about timing. If you're not there, the person who is there will get it. Let the agent know you are keen at YOUR price. Also make sure you are speaking to the lead agent for that property. He/she is the one who makes the decisions.
Good luck. I know it can be frustrating when you do yourt research, find something good and you lose it. But don't dispare there are plenty of oportunities out there. I've kicked myself a few times but then something else always comes up.
Catalyst
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June 30, 2011 - 9:17 pm
Ask them.
Catalyst
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June 30, 2011 - 1:31 pm
The hardest part I think is finding an area you are happy to invest in. I spent a long time going between unit in better are vs house further out. Couldn't decide. Spent a LOT of time going to open homes etc.

Once I finally decided on ONE area I went to lots of open homes. Compared prices. Found out what was in demand. What rents best. Rent prices etc. Then I knew what a bargain looked like. So when I saw something that fitted my criteria I bought it.
It does take a lot of time. You can research a lot on the internet but nothing beats walking the streets (so to speak).
You need to decide what YOU want. Do you need high yield? Can you profit from a reno? etc
Meetups, forums are good to. You get to hear what other people are doing/buying etc.
Catalyst
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June 27, 2011 - 9:48 pm
It is a good idea to get insurance (on a house) in case the owner doesn't have any. If they don't and something happens before settlement you can approach your insurer. Not sure about claiming (I assume so) but you are worrying about less than $20. Your accountant will let you know.

Catalyst
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June 27, 2011 - 9:43 pm
JacM wrote:
Stick to the question of the helpfulness of the course content… not necessary to discuss other people's private relationships on open forum.
Wake up. I didn't ask about personal relationships. My question referred to her course.
This IS relevant. Her course used to be run by 2 people. Now it's run by one. THAT makes a HUGE difference to the course content.
I'd also be interested to know whether her husband is running courses.
Catalyst
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June 27, 2011 - 7:21 am
What happened to the hubby? I saw her and hubby speak at a seminar in 2009.

I'm assuming they split. Is he doing stuff too?