Forum Replies Created
although its very euro-focused and they have a ton of potential issues (inc Brexit etc) its a overly pessimistic report…..I think Australia like always will muddle along in the middle and be just fine to average.
Why did you decide not to buy? remember sometimes….other peoples problems are where you make the most money, eg I love buying ugly apartments….ugly you can fix, crappy layout or location can never be fixed.
As a suggestion if you really aren’t going to go ahead…..why not post the address here on the list along with a handshake request that anyone form the list that picks it up pays you $190 for your efforts……it may not remove the sting of being charges $990 an hour….but it will help defray your costs and doesn’t cost you anything apart from 30 seconds to post the address here (but only if you’ve decided to really walk away).
Thanks Jamie, but was really hoping for painter/tillers that someone had specifically used rather than just some random dude.
Will post on facebook and see if I can get recommendations from friends etc, just figured with the number of investors here people would have a lot of contacts they’ve used before.
I’m not sure about what state you’re in, but where I live you can’t just evict a tenant without cause.
If its NSW its 90 days, though they can leave at anytime after you give them notice. Eg they might find a place this weekend and tell you on Monday….I’m leaving the keys in the office and send the bond and the next 22 days of my rental refund to XYZ
(I thought I’d mention it incase you are in NSW as just went through it), applicable information is located at – http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Being_a_landlord/Ending_a_tenancy/Giving_a_termination_notice.page?
No one have any recommendation’s at all in Sydney??
You don’t mention the equity in the Mosman property.
Steve,Thanks for your replies in relation to this fund, however by the defensive and condescending tone used in your replies rather than simply a fact based reply, I am only further convinced that all is not as it seems.
It doesn’t come across that way to me.
I have no dog in the fight one way or the other, I think the fund has been a great win for the investors and the exchange rate probably delivered a better return than any investment into Aussie property by far.
Only concern is how long is the $A going to suck for as this is where the majority of the return came from eg will it still be at 0.70 in 2022?
Having said that……when I posted in Oct last year I had no idea China was going to be this bad…..so I think the $A will be down until 2017 at the earliest…..after that though….its a crap shoot.
Thanks all, appreciate the advice.
Yep what do you want to know? My wife and I are in NY but have bought IP in Sydney while here.
We used Amanda Bennett to handle conveyancing (see below) and our mortgage is through St George (we had existing IP mortgage through them though which made it easy).
Basically apart from one agent who refused to allow us to bid over the phone we’ve never had an issue and as I’m buying in areas of Sydney I know very well and in strata units and not houses made it easier to judge the property remotely, though I did have a friend visit one apartment and Skype me from his phone when I was concerned about the condition of one apartment etc
Apart from having to dial in to speak with the agent live while an auction was happening and then wire transfer them the deposit (and send them a copy of the transfer details) if we won the only advice I can give you is if you can et the agent to do the bidding via Skype it makes it far easier as one of the places we bought was on a call and I found it harder than the previous time where we could see what was going on etc.
What else do you want to know?
Cheers,
DeanAmanda Bennett
Principal
Licensed Conveyancer, JPm: 0412 399 294
f: (02) 9475 0030
e: [email protected]@barlow in our situation we aren’t worried about an offset as we always have at least one variable loan that we pay down each month.
If you only have one IP then how about getting a split loan with variable/fixed where the variable portion is equal to the amount you think you will be able to pay off in the next 3/5 years + an extra 10% for if you get serious about paying down the variable portion.
This way the bulk of your loan is fixed and you can still have an offset or pay down the variable portion with all the spare cash you have at the end of each pay cycle.
There probably isn’t much upward risk (well not more than 2% up) in the next 2-3 years so you are probably ok not going the 5 year fixed.
This being said I always prefer to fix for 3-5 years as it helps me sleep at night :)
Our last IP in Sydney was fixed for 5 years at 4.59% until July 2020.
I only wish I could get 30 year mortgages in Australia like I can in the USA. Our PPOR here in NYC is fixed at 4% for 30 years (26 years left of P+I).
We are paying about 1.2% over variable for the peace of mind of locking in rates for 30 years which makes it a no brainer.
Corey is right about you paying too much though……you should hire him to get a better rate.
Tegan,
specially since it’s solved it’s past water issuesWhat were the water issues Goulburn had an how did they solve them?
What are the current yields on these rentals in Goulburn?
Is there really a big demand for rentals in Goulburn eg if you did find an older house that you wanted to “landbank” for 20 years or so and wouldn’t Canberra be too far a daily commute in that time eventually?
12 months is a pretty short timeframe (eg when compared to a 30 year mortgage) plus in Australia you can get pretty reasonable rates for 6 month CD’s etc (well compared to here in the USA where its literally 0.1% for most deposits).
Put the money aside in an account (eg don’t leave with general savings where it will get spent….) and in no time you’ll be ready to pay down a big chunk.
Only applicable to new York but http://www.streeteasy.com has a great feature how you can see what properties are listed for….and what their previous listings/sales prices were.
10 year House capital growth in Sydney 7.11%
10 year Apt capital growth in Sydney 6.28%
(as of Nov 2015)So basically pick any number above this…….
@corey, thanks for the tip. Interesting thinking….wonder if it will cost NAB some profitability…..
BTW is it just me or are other people really missing the Thumbs Up/Thumbs Down feature :(
….the best deal around capital gains tax here in the USA is
“qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if the following is true:
•You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
So basically every 2 years you can make $250/500k in capital gains on your primary home tax free :)
Outside of this the capital gains tax is 0%/15%/20% depending on your income level……so basically the Australian government is making a ton of money on property inflation……regardless of how poor they would like to claim that they are.
“Inflation=Government Theft”
@dt yep the PM did give me the same advice as you…..I’m just checking in for advice with the group if there is something else we can do :P
And yes in hindsight maybe we should have chosen otherwise, though not sure as at the time made sense as didn’t want to be in a situation where we had two properties empty.
Plan is now to wait until Christmas/NY is finished, give them 60 day notice for a 8% rent bump once our PM returns from break and then wait for them to give the 21 days notice and market the property at the 4% rent bump we wanted them to sign up for the original 1 year fixed lease at.
Just find it weird that LL has to wear the risk of an empty property eg should be matching notice OR at least 21 days notice if after the 90 days is given that they can come back anytime and start the 21 day clock.
Will be making sure in the future that we are re-upping the 1 year fixed leases 64 days out to the day.
Thank for responding though @dt.
lol…nope nobody?
