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Hi JD,
As an amazing coincidence, I am in the middle of doing a very similar thing at the moment, though I am buying the land then reselling. Keep in mind you don’t have to buy the whole parcels of land to do this, you can just buy the back yards, and let them keep the front, so it is not too expensive to do it this way.
Another thing to keep in mind, is that you need a decent access to the rear as well. This width of the access will depend on the individual council.
As for not buying, but offering your services, I tend not to agree with Byronent (sorry). In my experience, the average person is too scared/lazy to take something on like this themselves, and if you can convince them you are an expert, they may well take you up. Having said that, I agree a bit with what MichaelYardney said, when he said each party may think thier bit is worth more than it really is.
The most important thing is to know that the first people you ask are going to say no. It is most likely that the first 10 or 20 people are. This is where most people give up. Just because alott of people say no, doesn’t make it a bad idea. Keep persisting, and sooner or later you will get one. As with all good ideas, if it were too easy, there wouldn’t be so much money in it, because everyone else would have ruined it.
Dan.
Be creative… you can buy knowledge.
Here is the link. http://www.realestate.com.au/cgi-bin/rsearch?a=o&ag=&s=qld&c=37618538&tm=1101122061&id=101904278&f=10&p=10&t=res&ty=&snf=rbs&cu=&fmt=&header=
In answer to the CRA Q. I got the orignal finance about 15 months ago. My CRA was fine then.
guys there is nothing shifty or sinister here. its just a bloody unit that either matches your criteria or not.
Be creative… you can buy knowledge.
Its an 80sqm 2 bed unit with balcony and 50 sqm courtyard.
I have had this tenant for over 12 months so I am a bit rusty on the market rent but from memory long term furnished rental was 475-485pw and short term furnished 500-700 depending on the season. Better check with the agent though.
Either way it doesnt matter. I am very confident the tenant will stay on. in fact I am so confident I am happy to leave $5k of the purchase price in solicitors trust and refund it if they dont stay on and the next purchaser cannot relet.
I just cant see it hapening. It is too sought after a unit and complex, so I will put my money where my mouth is.
Be creative… you can buy knowledge.
Cre8ive was over my house and I asked him the same question. he said jump on this site and ask the question. He gave me his log on details. I have never used the site before.
As for why I dont get more. I dont know of any other deals this good and I cant borrow anyway as my CRA is stuffed.
Be creative… you can buy knowledge.
Calder,
It is in Clayfield, Brisbane. A premier suburb of Brissy if you are not familiar with it.
It is a standard lease with a magor airline. They house their engineers in it. The airline have taken 10 of the 12 units in the development. They pay 3 months in advance and given the oppurtunity I would buy properties like this every day of the week.
It is a sought after unit in a saught after suburb. Replacing tenants would not be a problem. But because corporates are so good teh managing agent only charges 4.4% management. (about half the usual)
I think the agent is just stuffing me around actualy. I have an open agent agreement so I will have to give it to others I think.
If you have any ideas on avenues to sell it please call me on 0402 455 200
Be creative… you can buy knowledge.
There is nothing wrong with it. It is in a premier suburb, with a brand name architect and developer and it is in a boutique development of only 12.
It is my only property and the best investment i have. Actualy lets be specific. The only investment I have that has made me money. But I need the equity to pay off some other very high interest debts. I cant refinance because of some marks on my CRA as a result of these other loans.
My only solution is cut my losses and give the unit up, pay off the shark debts and live to fight another day.
Be creative… you can buy knowledge.
Rufus,
I have really done my homework on this one, and can definately give you a definative answer (and even explain the contradicting answers you are getting).
Australian banks will not take NZ property as collateril. If you use an Australian property as collateril, they don’t care what you spend it on… more Aus property, NZ property or strippers.
So if you want to use the NZ property you are buying as collateril, you have to go to a NZ bank. Now I have, and have read lots of others on this site, found that the maximum LVR you can get as an Aussie is 80%
Be creative… you can buy knowledge.
Nobleone,
Check out http://www.stats.govt.nz/
Type your town name in the search box on the top right, and it will tell you loads.
Be creative… you can buy knowledge.
