Forum Replies Created
I have a mate who is always saying he doesnt have enough money and was thinking of selling his house and moving to a smaller one. Fair enough I thought consolidate and start fresh.
Instead he went and borrowed more money against his equity bought a caravan and a BMW (second hand)!!!! I just shook my head and thought there is no helping people sometimes.Dave
Derek
I see your point however if there was enough equity in other properties and I had a very good bank manager who is quite understanding do you think its worth doing and would the Tax Man approve?Yep worked every day 18 hrs a day offshore in India
Got some chicken for lunch which is a plesent change from fish heads and rice. Didnt talk to the wife she was out socializing I guess.
But I hope everyone else had a good easter[exhappy]Congratulations Daz hope all works out for you
Am in a similar situation myself working 2,3or 4 months away overseas in offshore oil and only 1 month off, its a hard slog sometimes. I have an 11 month old little boy and hope to be home for his first birthday Its gonna suck if I miss it. The wife calls and says he is starting to do all sorts of things and it is bloody hard.
I wish I was in the same position financially as you though, I would give it up in an instant. Trying to get ahead financially but it all takes time.
I have picked up some interesting thoughts on this thread and will work out an exit strategy as soon as I get home. I have a construction background and enjoy building tilt up warehouses but need to look at doing it for myself instead of working for someone, I might call on you for some advice as this seems to be your field.
Anyway good luck with it all and ENJOY your new found family life.Dave
Hi kate
Yes two years ago would have been a good time to buy as places were cheap now however in my opinion places are quite over priced. I cant help but notice the amount of houses that are currently flooding the market up there compared with even 12 months ago when you battled to buy a place. This tells me that many people are taking profits and getting out for whatever reason.Yes the mine is expanding into a huge development and uranium/copper prices are rising but there is a high turnover in the workforce so there could be some vacancies. BHP rents a large number of houses up there and I dont know what they are like to deal with but they have plans for some of their own accommodation so it might pay to check that out.
On the larger shutdowns people have to stay at Woomera or Andomooka which are 1/2 to 1hr out of town and these are nearly like ghost towns now (you can pick up accm there if you need.)
Its only my opinion and I’m not saying dont invest up there if thats your goal I just think you are paying a lot of money for about 6% return on a property in the middle of nowhere.
Go and have a look, there are some great locals up there who are interesting to talk to and good luckDave
Thanks Simon, Richard, Terry
We do have a block of land we wish to build another IP on at some stage so putting it towards that could be a good option. Might put the extra savings into an offset account and then with the bonus it should be a good deposit on the building costs.
Thanks again
DaveHmmmmmm Interesting
I am also involved with building pipelines [cap]Hi Pups
I have recently purchased an appartment which gives me the option of having it managed by a company or renting/ living in it myself. Returns are guaranteed 6.5% for two years if you have it managed no guarantee if you dont of course. Paying interest at 6.72% plus about $3000 to corp body, rates, sinking fund etc does not make it a real attractive investment, take into account good depreciation for the first few years and still not so good. The reason i bought was its in a good location near the city and harbour close to good restaurants at a very reasonable price and the fact I can manage it myself if I choose. The LVR was 65% as it was 48sqm but it had some nice park views and I felt it might be a good long term investment. Just one of those gut instinct things.Dave
DON’T EVEN THINK ABOUT IT!!!
Tried it myself also and I have a construction background. Did a large laundry with timber floor and it was a very average job spent a long time trying to get it right go with the professionals for sure.Dave
Hi Zoe
I can’t help with all your questions but I have heard of previous owners owing money to body corporates, sell the property and the new owner has to foot the bill. My best advice is to due very through due diligence on propertys like this and check everything before buying.Dave
Hi Paris,
Like jhopper says it’s hard to tell without looking at it but it does’nt sound too serious. Reo is frequently installed in slabs of concrete these days already rusty. Builders buy so much for the job and it sits there in the weather until it is used. Usually you would have at least 30mm coverage of concrete over it but when it is poured things get trodden on and moved so less coverage sometimes occurs. Get an engineer to have a look if in real doubt. You could still haggle with the price subject to building inspection like you say it could work in your favour.
Good luckDave
Nadia
I used to move quite a few houses a while ago and there are certainly many variables to consider ie
how large, so how many trucks are needed
how high, so does the roof need to be removed
are police escorts needed while transporting
power lines to consider so what route needs to be taken
distance to travel etc
Thats without carpenter costs and other relevant trades, best advice would be to get a quote before starting from a reputable company as there are a few dodgy ones out there.
It can be a long process but you can end up with a great result in the end at an affordable price with a lot of hard work.Best of luck
Dave[biggrin]Tb
I believe some banks will give a 60% LVR on property under 50m2 they certainly did with me and I was able to take a seperate loan from equity in principal place of residence therefor having no cross collateralization as there was three seperate loans.
Dave
Karen
Thanks for the heads up on the website it answered a lot of questions I had on overseas investing.Dave
Thought I would tell my story of a tennant who stopped paying rent took some fairly extreme measures but they paid off in the end. We could’nt get in touch with the tennant also tried his work place but he had left so the only number we had was his defacto’s mothers. we called her she was very understanding but did not know where they were either just thought they hed split up. Next step was grab the ute load all their stuff up and take it to her mothers, tennant evicted. The place was a mess dirty nappies all over the floor drugs and needles in the garage but after a good clean and lock change we had the place back. Never heard from them again and onls lost about $200.00 in the end. I realise you can’t always take these steps but it worked in this case. Good luck
Dave
Definetly dont work for the web site I work offshore oil & gas own a few properties in Tassie but am always looking for other interesting investments.
Dave
