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I have got a $56,000 dollar odd investment property loan which i am still not sure if it would sell for a $20,000 profit or i would work on paying it down as quickly as i can to keep it as a long term rental. Capital gain is going to be unheard of in this Country house in the next three to five years though. Or would bringing this NAB loan over to combine it with Westpac and attaching an offset account be a goer?
I just need time to breathe and think about where the spending is going in the next three to six months.
One constant i will be doing is continuing saving, paying down debt and have enough accessable for buying in to something to invest!
If Westpac let that what Rate would they provide? I guess yr saying this because there is also some benefit to the mortgage amount payable weekly. This amount is close to three times what's owing. I just paid down a 32,000 lump payment on that.
The good Tradies do not need to advertise i have also found that the horror stories also come from the little Trady ads in the paper.
Good Tradies want to hide and be selective as to who they work for so they do not get bothered with to many calls etc. The word of mouth runs strong for them!
I have got enough Family members Cousins, Uncles either qualified or "Jack of all Trades" in all areas of the trades that these are the best for my to trust with payments turning up on time, getting a good job done etc. Right up to solicitors and barristers handling conveyancing.
I believe seeking/advertising for money partners is against the forum rules in the first instance.
Because credit can make me a lot of money. I made 50k equity on paper on the last purchase because i could buy some time to renovate a couple of properties knowing i could use the cash instead to buy an acquisition in the meantime.
It saved my skin and i wouldn't have relied-ed on anyone else to get me through.
My Bunnings Trade Card arrived this week did anyone elses come?
An example of possibly how I'm going to use it is to shop for a cheap water tank and then if Bunnings are not cheaper get it 10% less on credit as per company policy and get the tank installed while going for the rebate of $1000 and not needing any money to do it.
I agree though i def hunt around for cheapish secondhand products as much as possible. Also for example i took my tradie in to buy a brand new $1400 dollar or so Saw to pay him as i didn't have cash. He was happy, i was happy, the store was happy. That enabled me to finish the second property while i was up in Queensland having a short holiday.
I'm setting them up for flip Reno's in the future to as a possible option and or even to get a development through to completion say perhaps.
Few bad stories also coming out about it in my blog.
Depending how good the rental income is for shopping space in your area and how much demand you could apply for a change of use with a new DA application and convert the rear to a unit.
Does it have car parks at rear does it have rear lane access or street access? Where is the toilet? How many toilets. I've done one through council and rent the rear out as well as a little front office business space up the street front 7×3 meters. To separate rents.
You have to put a fire rated divider wall between both areas if going that way and fire extinguishers and a toilet in each area if you want a door way through the firewall if not a toilet to access through the back for both. Strange council rules but that's the way it is.
Don't think Council will allow a granny flat N.S.W have new softened laws on Granny Flats not sure what they are! Possibly put a 20foot shipping container at the rear area for lease of storage space. Just an idea i have considered as well. Very strong quick and easy not sure of Council view on this as well.
I'm currently putting together a shared group subscription each with separate logins. Some say RPData some use Residex this group is going for PriceFinder.
We have three so far and will subscribe either this November start if can get the ten Interested or start December. If ten in it will be $28 for full unlimited access for each all month. Not bad!
Anyone is welcome to express there interest in joining in the group.
May not need to go to RPData i found this where i mainly only need land size search, valuations, sales, owner contact number. https://www.pricefinder.com.au/pricefinder-portal/app?service=page&page=ProductSelection&cc=STREETSALES
Can anyone suggest any other sites? Thanks.
Might have to change the thread title to "I'm not employing anyone"!
On the face of it this scheme seemed good and it may be for some don't want to put anyone off but after a lengthy discussion with my newly discovered accountant have decided that it's not going to be as big a win from my economical situation anyway as previously thought actually more a lose in the longer term in the bigger picture.
Asked the work placement person again how did you get info about super being zero for casuals, she said, "oh yes it is… it's zero, I'm curtain". Storms off to get some paper work evidence but couldn't find anything. Anyway i tend to believe whats said in this forum and the web sites i read including the ATO and the account also. A tonne of paper work involved in doing it.
Though that wasn't the deterrent have opted out of this set up for now. May be worth revisiting in a year or two's time.
Those accountants are worth it though i only had a chat and he never asked for any money i passed him a green $100 bill and said that you just saved me thousands and said i want to employ you on my team to take care of my property portfolio. Well least someone got a job and the poor old fella on the dole is back on the dole queue.
Thank for your info y'all.
That's alright Jac. Blinds, said allow three weeks but they we're pretty quick… one half weeks.
Typical of people to be fearful of early access.
jacqui_03 wrote:Are polished floor boards easy for tenants to destroy?No, there the most hardy of them all and for that reason and there cost effectiveness many investors choose it! It can be stained in many different colors. There can be floor mats or a variety of rubber floor lay mats that can be put down on high traffic areas if wanted.
When it comes to blinds it varies greatly on size. I bought 5 Venetians here http://www.innercityhomeproducts.com.au/ for $305 and thrilled with the purchase and the look of them and delivered straight to the door from Perth all included. I was quoted from another place for the same order for over $2500. I priced five or six places online because local here they way to much for same.
If the floor is good enough and consistent over all areas and a nice enough wood l'd start the process of the good old kerosene and you can add more soaks in between times which might speed the process up. Four weeks will go by during the Reno. Kero kills all termites and bugs to though it'll be a bit on the nose for a little while.
But if the wood is a bit questionable go for a cheap to median quality laminated flooring for around the same cost as sanding. Can self install and they are easy and quick.
Sanders can disturb Asbestos in some glues!
Then their is tile or lyno. There probably some sort of tiled sheeting type product on the market as well to look into. Go with what will look best for the price you want to pay and only you on site can best tell.
grimnar wrote:Hmm… $10,000 + bunnings…. that's dangerous talk!!For some reason, every time I walk in there for a $2 thingamagig I walk out with $1000 worth of doobywhatsits… and on most occasions I have completely forgotten about the thingamagig and have to go back!
Now picture 'store credit'…
Is that when the thingamagig is for making a wingwong with a gooses bridge?
Trade accounts are good fun i already got four of them and had $8,000 booked up last two months and paid down all debt, could easily get $30,000 in materials tomorrow.
Ok, i feel a bit silly.
Tip 3) Take note of tip 2.
I hate painting it's so boring. But you've got to check this out for wall paper as well. Lock this in a room with a can of mortien and let it paint 24hrs a day. I wish.
Hi,
Thanks for comments.Can i sort out the tax i pay next financial year? I was under the impression super did not need to be paid for casuals?
It could just a tad. Dependent on how well finances is structured and if development pre-sale etc. But whatever way moves me forward?
Right! In Victoria it has Site Value which i think refers to Land and then below it a Capital Improved Value.
This below is the snippet from a reply correspondence from the bank application email. This is referring to a property i think was undervalued. Valuer is on holiday till Monday at present.
"I have input the application as $****** representing 80% of the Rates Notice Valuation of the property. Even though the property may be worth more than this given low turnovers @ ******** etc I am not prepared to value it any higher than this."
Received a subscription email today from the Property Victoria Newsletter. Has links to the .pdf listing of all the new 2010 values for Victoria.Bit odd since my properties are still being corrected and this region is still taking adjustment queries from property owners till November 5th, 2010 and will take some time after to get them corrected?
Anyway to view the values that they have released:
http://www.dse.vic.gov.au/CA256F310024B628/0/737B74FB1C1FDE32CA2577BB0007B22F/$File/ed+28_10_propvic_Oct.pdfProperty Victoria October 2010 edition
The latest Property Victoria newsletter from Land Victoria is now available, featuring information from the 2010 revaluation of the whole of the state.
The data from Valuer-General Victoria shows that the value of private property in Victoria is $1.26 trillion, an increase of 16.9 per cent on the previous revaluation in 2008.
See the revaluation figures of all the state's 79 municipalities in the October edition of Property Victoria or visit http://www.dse.vic.gov.au and follow the links: Property, Titles and Maps>Publications>Property Victoria Newsletter.
