Originally posted by femaleage20:
My question is: :”do you need to see the property before you buy it or can you make an offer from seeing a property on the net?

See the latest January edition of API Magazine, it has a great article on this subject.

I’ve found Jay’s RE to be full of BS. I spent half an hour on the phone to Ben from LJ Hookers in Mt Isa. Very honest and informative. I would buy off him with confidence.

It’s not that I wanted to be rich, I just didn’t want to live in poverty

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Anthony Robbins

No stamp duty will apply but you will pay 100% capital gain no matter how long you hold onto the land before you sell. Even if you place a house on the subdivided land it will always attract 100% CGT.

This is the Qld law, I’m not sure of other states.

Duncan

Be very careful and have your solicitor read any fineprint in the ‘contract of sale’.

A Real Estate colleague informed me that when you go to resell the retirement unit you may be in for a shock. There are some agreements that you have to share the profits on sale with the current property management. [ohno]

Duncan

I also use EBM Insurance Brokers in Sydney (1800 800 544). Costs $240 per year for basic rent cover.

I personally don’t worry about contents but Home Insurance is a must along with Landlord Insurance.

Duncan

What if the vendor had a sudden change of heart and out of desperation accepted your offer. In some states it is unethical for the agent not to present your offer regardless of what he thinks.

Do you have a copy of the offer you faxed with timestamp as proof? If so, present it to your local Real Estate Institute if you have an issue about it.

Duncan

I agree with Rugbyfan.

Visit the town planning office at your local council and see what the subdivision potential is. Ask them what the costs are for the council infill (to provide access, drainage etc), these are the costs incurred for their workers to make your blocks servicable for resale or construction.

Subdivision seems to be the flavour…[Read more]

Be very careful and have your solicitor read any fineprint in the ‘contract of sale’.

Some retirement units when resold attract a profit to be shared with the current property management.

I live on the Gold Coast and this area will always IMO attract the best CG. $500k buys a modern house 2-5 minutes drive from the beach. For investment bargains there are still 2 b/r modern units at Carrara for @ $180k returning $200pw rent. I can’t see them lasting long though, as that area is only 10 minutes to the beach and a bloody good buy.

I agree with Jo,

Consider the loss of a few weeks rent (or more) to replace the tenant if he decides to leave. Your annual return would probably be worst off. Raise the rent gradually.