Forum Replies Created
Hey Catherinec,
This suggestion is not as exciting as refinancing or anything like that. But without knowing your full situation, I am going to assume that a several years back means that you may have bought this properties early boom and you know have positive cashflow.
Therefore I would consider the following – sell one of your properties to either reduce your PPOR amount or pay off all personal debt. If for example you manage to pay off your personal debt and reduce some of you mortage then apply some money management. What I mean by this is apply the same loan repayment to the reduced amount owing and also apply the personal debt payment or most of it to your mortage as well. This way you will still own 2 cashflow properties and will also be dramatically reducing your debt. Without creating more.
May take a little longer but will get you where it sounds like you want to be
Good luck
ChrisHey Vluu 75,
I believe that there are places that you can rent furniture from. Don't know the name of any though. Maybe ask your RE agent or ask some display home sales assisstance for who they know or use.
One idea may be to go see the local furniture man and see if he would be interested in lending you some furniture in return for advertising the furniture for sale in your open homes or a sign that says furniture supplied by XYZ. Maybe you could also offer an incentive of a $2000 voucher if they purchase at $X.
Maybe worth the ask!Other than that you may have priced your property well and furniture may not be needed to create that emotion
Good Luck
Chris
Hey there,
You know that ringing and asking Real estate agents, property managers etc can also provide you with some of this information for free. Further more you can start building your confidence and relationship with agent in your target area.
For rental yields you can always get your hands on a rental list and look at what price homes are selling for and work out a rough yield percentage for yourselfChris
Hey Guys,
Excuse my ingnorance and lack of knowledge here, but what is the FIRB clause you guys are talking about
Crashy,
Great info, I am gonna save it. I am currently looking for a reno myself as my first deal is a new building and I want to learn more about the building industry and be alittle more involved in this one.
Cheers
ChrisCrashy,
Ok. I can understand that there are both negatives and positves. So with your extensive knowledge of this process what are some of the things that you are looking for in your deals to prevent or limitted your exposure to these problems.
Most of us understand the costs involved in these transaction eg Legals, stamp duty, time run over etc.But what about things like – is there anything specific that you stay away from when looking at a reno? EG specific structural problems or asbestos.
What sort of area knowledge to you feel you have that gives you the edge over other renovators?
You mention that you like to create living spaces. How do you go about this? Buy with a sleep out or knock walls down? What are the things to look for?What sort of target market are you pitching your homes to? Do you find that any particular demographic like reno'd QLDers more than others.
This is the sort of stuff that I feel Sebsez and others including myself would like to hear about from an experienced renovator. The ways to get around and limit the loses. Because you are obviously limitting yours.
Cheers
ChrisCrashy,
Get off your high horse!
You don't know anything about me or my situation. Most of the people on this forum are chasing a similar dream to become full time investors. Offering some positive (emotional, if that's what you want to call it) reinforement is not unhelpful!
You are already in this position as a full time investor well done. But maybe instead of bagging others comments put a little more thought into the message you are portraying. You may be giving some very important facts but you give it with a kick in the guts.
Perhaps with your knowledge you could be offering Sebsez some support to see them through the problems rather than giving them doom and gloom.(But maybe that is just me eh!)Chris
Hey Crashy, or should I say Cranky!
Were you having a bad day when you made your last two posts?
I didn't metion anything about IDIOT PROOF in my post but I did give a positive message regarding sebsez will to succeed as a Renovator. Sebsez would obviously be smart about their Due Diligence when it comes to evaluating their deals and decision on some of the reasons you mentioned. Give us both some credit. Sebsez was simply putting it out there for the support of others.
Your little sign off at the bottom mentions Positve and Sharing it seems all you are sharing is a bit Negative and Selfish.Chris
hey Sebzes,
If that is your dream follow it. There is no reason why you couldn't make that sort of money out of renovation. Give it a go. Who knows where you will end upChris
Hi Keenaz,
I would probably suggest getting in touch with a town planner or survyer. As you would probably want to ge tthe subdivision started. Also A builder or handy man will be needed for your reno. Other than that, this should get you moving forward.
Well done on your deal
ChrisHey Karen,
I Believe that a suveyor or town planner should be able to help you with that. Sound like a good deal. Well done
Chris
Hey,
Mate I would suggest something similar the Bish. Invest a bit of time and or money in some education. Go get some professional advise from Accountants, Financial Planners even Mortgage Brokers about your situation. From there you will be better equiped to make an informed decision about what would be best for your situation and goals.
Cheers
ChrisHey Dr Spock,
Are you meaning to buy a bargain? If so I a believe that I would refer to an under value property as a property which the purchase price is less than the valuation. Therefore getting it cheaper than market price.
Cheers
ChrisHey Karenj
I don't know exactly how it works, but assumably you would purchase on a long settlement with a licence to occupy. This means you can go onto the property and start reno etc. Not sure if the vendor would be keen for you to demolition the house however.
And basically you would then on sell the property to someone else and have the settlement dates coincided with each other. Basically that would be it in a nut shell. I would be also be asking your solicitor how to set out the special conditions in the contract for this stategy.
Good luckChris
Hey there,
Sounds promising. The student idea is a good one, just got to watch you will probably need to include services etc. You said that it is a managed apartment, would be worth while checking out what the management fee is for the building. These can be pretty high.
One other thing – is the $1430 per month opinion or fact.Good luck
Chris
Jason and Felicity,
Well done. You guys sound like you are making excellent progress. Just keep crunching the numbers and staying active, setting goals and I am sure you will make fantastic property investor
Best Wishes
ChrisHey Elka,
I guess you just need to think about your target market. If you want higher income tenants and if painting will attracts these types, then I guess you answer your own question.
I can understand your restorer bone being tweeked. But hey go buy a reno project to restore, and you can be as happy as a pig in mud
Cheers
Chris
What is your plan for the properties?
Do you have a number written down or in your head about the type of yield you want and the capital appreciation you want out of the properties? If not maybe start there.
Then if they are not meeting your desired plan I would consider other optoins eg selling. Maybe not all of them but the one to at least free up some equity or cash to go and purchase other properties or pay down debt on the existing ones.Yes +ve cashflow is hard to find but maybe you could change your strategy to build some cash and then purcahse some properties with little or no debt in a higer growth area.
Chris
Remember Steve always says that if you have a plan to get into debt, you need a plan to get out of debt. So how strong is the investmet. Can it service a 105% debt at the more than likely higher interest or do you need the buffer.
What is the plan for the property? Reno and sell, or buy and hold etc. Could have a bearing on your decision
Best wishesChris
hey Kristy
Another place you can have a little look for rental info or at least median rents is on the RTA web page. It usually gives you a medain weekly rent for and area
Chris
