Forum Replies Created
Baloo baloo oh how sweet it is to have informed discussion with someone like yourself who cries foul if a forward thinking person like Jo or myself contribute. Unlike you where property is only a small part of your portfolio, the original poster seems to be a novice and with need of a bit of impetus to get their act together.
Great you have an opinion and if you share it, we all have something to read if not be informed by. I personally only have houses and units and townhouses so for me his is all to relevant not to help people when I see them floundering, with help like yours. Go on excourage people to do nothing. I’m with Jo, buy and have something to worry about and check on and maintain and pay rates on and get tenants and deal with property managers, liase with trades people and GET YOUR BLOODY FEET WET!!![just for you Baloo].
Everyone else have a nice day as I am.
Happy for the healthy discussion.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Gee how do you think you will ever get ahead procrastinating as you are. Be realistic, buy something you can afford now, other states whatever, get something that is increasing in value as you save yourself, then gee wiz, 1/2 the time of struggling trying to save you are into the next one quicker.
Then woth 2 increasing and your cash injection the next seems easier etc etc. Just stop with this analysis paralysis and get your feet wet. I dont care what it is but I do think anything, then working off it, is a damn sight better than sitting with one finger in your starfish, and your head buried in analysis.
I went to an investors group meeting on invitation about a year ago now. what a misuse of the term ‘investors’. They sit round ad discuss 10 years of back data and pat each other on the back. I held my tongue for 2 meetings then asked to speak. Told them how much equity I had made in the two months of attending their meetings and challenged them to act not talk and analise. That was June last year as things were starting to slow in the market. I helped one lady get a $70k townhouse worth now $120k and another person buy a house for $125k now worth $170k.
Thsi is one example of just do something rather than twiddling the thumbs. For God’s sake you are doing the same thing all the time(talking/analising) and doing absolutely nothing.
Get A property NOW, keep it for 12 months, sell it then or cream out equity, buy in your “nice” suburb and have a “nice” deposit. Most of all, have a nice day.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Put on the brakes, stop the horses, whoaaa doggie.
Ok stop and think, taking on more neg geared debt to save money on tax. How sily is this. The hole is big enough with your ppor needing some cash to pay it off first. Dont be suckered in by some hot to trot sales pitch about tax savings. We all know that the tax laws change almost weekly so taking on 25 – 30 years of debt based on todays tax benefit is ludicrous.
See that bucket of cold water over there, go stick your head in that for a sec, clear the head and take a deep breath. Ok, now we start by agreeing with several other posters that geting a positive cashflow property means CASH now to PAY OFF your ppor.
Doing it smart with an 80%LVR loan is also smart as you can then access any cap gains as soon as they arrive to do it again and again and again. Finding those elusive properties is so hard these days but they are there. I have some in Tassie for sale(yes im a spotter) that have an $80k price with a $120-30/week rent. Some say this isnt enough to generate cash but it sure beats a neg geared property and you still get that elusive tax break by doing a depreciation schedule. Rates are low and its in a demand area.
So my point is, they are out there if you do a bit more than accept the word of the man in front of you with a pen. Be careful, do some more research, get the property that suits you not just now but in 5 years time, and enjoy investing without having to find extra cash each week just to make ends meet.
Good Luck
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Castledreamer and Minimogul are both “on the ground” with their knowledge. Hell, I cant even pronounce some of the town names. Go email them and have a restful trip.
[cap]
DD
Don’t sweat the small stuff,and it’s all small stuff!!
west Oz is the worst for charges. Not only did they think deregulation was a sign to put up pricing….DOH!!! but they cant even make a mid month payment happen on time, if at all. They all use the excuse that their accounting package wont allow for it.(of course not, Dos is so inflexible) and the quibble about doing it manually. Then the high rates, then the stupid leasing charges. I would still be investing there if they got their coollective heads out of the sand and stopped living in the dark ages.
Eastern states dont have that problem, tassie is a little high for management but its all inclusive with no stupidity on extra fees. Nice to have most in Qld where they are at least fair with pricing and charges, ask if you want variable payment options (mid month or weekly)phew, and are proactive in getting quotes when things need doing. Altogether with the lower everything and still the best potential for growth in any state im happy to do Qld a few more times.
Anyway enough babling from me, good luck with negotiating. I actually cross out fees and clauses, change 90 days to cancel into 30 days and initial it before handing it back to the manager. They wear it or I walk these days, and I check management fees before buying too.
One agent in Perth smiled at me and said 14% management. I smiled and tore up the contract.Have fun.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Buy before you die, that bus is around the corner. Just kidding, Ipswich is still a good long term investment if you look at infrastructure developement Kay and long term density planning. Logan as well is great as the first ever 13 storey building is to be built there soon. (SHHHH its a secret).
Good luck in choosing the right areas to invest.
Always do your own research, then do some more.DD
Don’t sweat the small stuff,and it’s all small stuff!!
PLA Management in Edgecliffe does all my stuff and they are excellent. Peter or Maria. I think its plamanagement.com.au good luck.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
OK “Port”, as it is called by the locals, is God’s waiting room. This means retirees waiting to die. As the population ages what this means is that the right climate near to the coast will attract more and more people wanting their “sea change”.
Add to this the settlement point major developement of residential blocks on reclaimed swamp and you have a fair indication of “Port”.
As the roads improve(yes we wait for miracles) you will have more and more Syd/Brizzy traffic and the eventual growth associated with this becoming the major thoroughfare it has deserved to be for years.
Pricing, all over NSW you have had a 20% drop in recent months. What my Sydney house was worth in Jan was $429k, now im struggling to sell it for $369k. This in varying degrees has happened due to the “lets piss off the investors” tax on exit. Ok so the first home owners, that massive 5% of the market get a nice stamp duty exemption at the expense of investors the other 95%. Do the maths and the govt is reaping(misspelt on purpose)us for millions of extra tax.
Port will always increase as will Coffs due to climate and increasing services, but the cost of increased density is always social issues. So today’s economy boost is 10 years from now need for increased policing.
The rate of growth has been slowed but not stopped. You need to do a bit more research before you make an informed decision.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
ok, whats rent, whats selling price, whats rates, what maintainance needs doing, what are management fees thru agent there??
Answer these to me in a PM and ILL see what I can do to help. Yes I’m a spotter but have several buyers ready to go on the “right” investments.
Good Luck
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Goodna – new olympic pool, new 50 place retirement village, doubling of main road goodna/redbank plains. All good things. Rentals are ok there but tenants a bit choosey at the moment so good luck.
Booval is better as it has the big shopping centre and great schools too.
Over in Woodridge just nirth of Logan Central I know of a townhouse for sale for $106k/$130/wk rent but with carpet and a few basics the rent could go to $145/50. Not ideal but the best in Brizzy at the moment.
Email if interested.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Hoges Handy Supplies 7 Agnes Street Bundamba 07 3816 0566 Kitchens Vanities etc.
gee im good to you guys.
The daughter of the original owner runs it now but they do ex demo kitchens reasonably priced so go go go get em.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Great news guys the Wealth creator magazine has monthly meetings in brizzy one month, gold coast the next for the networking and “lets get inspired” group amongst us. They meet on a saturday morning once a month with a millionaire speaker each month.
not sure of the web but they are a cool group. I have just moved to Coffs and am not looking forward to the 3 1/2 hour drive north for the meetings.
Lets hope that there are some footy games other than aerial ping pong.
DDDon’t sweat the small stuff,and it’s all small stuff!!
run run run for distant shores to invest as there are no bargains here……..RUBBISH!!!!!
Ok so they are a bit harder to find but yes the banks here lend on them, yes you do get good capital growth, sustainable due to infrastructure, and if you must go overseas….tassie isnt to bad either.
($80k/$130rent) available now.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
I got $25/week rent increase for an air conditioner in qld and they loved me.
Another one was I was getting a tenant out to reno as I had bought a place recently and she pleaded with me to keep her there. I explained I needed to reno anbd she said ok to a $45/wk rent increase if I fixed the TV antenna and replaced a damaged vertical blind in the main bedroom(original 14yo). I said ok and she stayed. In the last 6 months I have fenced her courtyard area and put a new clothes line in, new ceiling fan in bathroom and exhaust fan in kitchen. Rent goes up another $5.00/wk next lease.
I expect to have no complaints. I bought this premises as it was run down and super low rent for the area so dont think Im a meanie.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
OK if you buy in your own name you lodge an NZ income tax. Pay the tax (s0b sob)and then declare your NZ tax return on your Aussie tax. Thus claiming back the equivalent of the tax paid there. This means no double taxation as an investor.
Also why not just have all funds remain in NZ to buy more anyway. Have a credit card from the offset account there for those trinkets you need here from time to time.
Sorry Banderos, couldnt resist that little tax MINIMIZATION scheme.
Options options, we all have more options the more properties we have. Happy hunting all.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Im with Melbear, decisions should only be yours but at least its informed after a few chats in here.
Positive cashflow units in Launceston now available. $80k to buy means $16k deposit and $5k for legals/stamp duty. $21k equity to pull $130/wk back out could actually get you equity while your house is being built. With minimal interuption to your plans.Email or PM me if you like
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Liverpool, once a happy family area is being turned into a lowerclass area with too many townhouses/units in close proximity to each other. Yes its time to move, but have you thought you may be better off trying to get into a nice property on the coast like Port Macquarie or Coffs Harbour. There have justbeen released 40 good sized building blocks in “Boambee Heights” at the top of a hill overlooking the south coffs harbour urban sprawl. A good block is $180k and look what kind of mansion $220k will get you these days. So maybe sell the house now before the demo/construction starts next door, maybe research splitting your block and selling it with DA approved but dont do the hard work yourself. Another greedy investor will snap it up for more townhouses quickly. Move north for warmer climes in your senior years and build the dream home.
Sounds like the better option with change in your pocket for a boat. Hmmmm sounds better than a cold Mittagong or Bowral freeze in winter. Sun was out so we walked on the beach here in Coffs today collecting shells with my 4 yo daughter. Nice!!!
Good luck whatever you decide. Just thought a different perspective may be needed.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Dhen and others, air conditioners are the cheapest way to heat/col a home year round and for $1000 bucks you can have a 2.5 split system shipped where you need it. Installed locally for warranty reasons all these come with a 5 year compressor warranty.
Adds $5000.00 to the next val too. Usually makes it easier to rent as it is clean fuel and if already rented adds $10.00/wk which you claim the air con on tax depreciation and tenant pays for it in 2 years. Its a no loose situation.
DD
PM me if you are interested.
Don’t sweat the small stuff,and it’s all small stuff!!
Melbear, in WA the letting fee is 2 weeks 1 charged to you and one to the new tenant. Another rort from the ‘greater than thou’ property manager state.
Be aware all states are different. Tassie they want a 3% or 2 1/2 week fee. I soon set them straight there. Most agents in Launceston charge 9-10% +GST management which his a joke. WA is worse but slowly waking up to themselves. I have a Freo agent on 7.5%+GST. Still on Dos accounting systems(dark ages)and use this as the excuse”our system cant do a mid monthly payment.” So be very careful about which assumptions you make on management.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Always get numbers for the valuers from your property managers who the valuers have to contact for access if it isnt s drive by shooting. This means that in most cases You can actually talk a valuer up a bit.
Ok situation recently, had to do 6 vals on IP’s to release a ppor from same loan. All vals came in reasonably but I needed another 10k to ease the payout. So I go to the valuers I have previously dealt with last year on other properties and ask for a clean 5k on 2 of them only.
One said yes straight away and the other took a fax with projected minor fixups to convince. I got 10k of upped vals and that means 8K less cash to release title. Nice world sometimes, and it does pay to be nice when approaching stressed valuers.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
