Forum Replies Created
Hi Creative,
First entry onto the forum was a ‘pump’ for a real estate organisation based in NZ
These guys are well worth a look. I bought a property off them in New Zealand which is now tennanted at 11% Gross. They are straight up about the risks and the downsides, and have definatly done thier homework.
Well worth a look.
and now a disguised advertisement for your one and only ‘performing’ asset to realise some bad debts – hmmmmmmm
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Poperr,
You will need to check your strata by-laws to see if fences are specifically precluded – if not you need to write a letter of application to the strata management company who should circulate your request to the other owners for their comment.
However it is entriely possible that the strata company will say no – as it appears they have done so far. A letter will ascertain the reason for the ‘no’
Some strata companies are averse to dogs and it would be in your interest to check this out too.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by clintdb:I think what Derek was getting at originally (and what I was in agreement with) was that if you are doing things that force you to go without rent for a while, try not to miss the Jan/Feb commencement of uni
Hi Clint,
That is the point of my comments – initially our property lease concluded in April (coincided with late intake students) and as such we initially were only actively in the market with a later intake group.
After juggling leases and sustaining a period of 5 weeks without tenants we are now aligned with January intakes which gives us access to all intakes if required. The timeline on our leases do and will conclude with a January finish to maintain this cycle.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi all,
Recommend a read of the following thread for a response by Jamie.
https://www.propertyinvesting.com/forum/topic/7845/1.html
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Matt,
Have a look at this thread that discusses a similar situation to yours.
https://www.propertyinvesting.com/forum/topic/13832.html
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by Monopoly:….always the voice of reason and so diplomatic.
If only I could translate that into the work environment.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Padma,
Certainly agree with Jo and Terry – why sell an appreciating asset.
Consider, in real $, how many cashflow positive properties you would need to own to acquire the same $ value in rent as you have achieved in growth. Then consider the power of comppounding growth and as far as I am concerned the right option is a no-brainer.
A better option, as Terry has suggested, is to use the equity for other assets.
We own a standard three bed unit we rent to o/seas students, effectively on a room by room basis. We have furnished it as we are targetting the o/seas market and achieved 35% increase in rent when we furnished the place. I find o/seas students are diligent and studious and as such we have had no out of the ordinary maintenance issues to attend to.
Careful management of leases means we have now structure our lease to align with the start of the academic year – thereby ensuring our property only becomes vacant when there are lots of students looking for residences.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by Brooke_D:I’ve bought a home in a country town many hours away and my question is – Who shows the home for you once you have a potential customer?
My other question is, at what stage do I allow them through the home?
Hi Brooke,
You asked for some feedback so here goes – Notwithstanding the previous comments I am concerned that you are asking these questions ‘after’ you have purchased the property.
It would seem to me that you would have been better knowing the answers to these questions (and others?) before buying the home.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Karl and Rita,
The mentor you choose should have some affinity for your preferred investment beliefs.
That is not to say that they have to agree with everything you do and say but more they should have a similar philosophical investment stance – for example I see little value in a cashflow focussed investor mentoring a growth focussed investor and vice versa.
Sure there would be benefits in spite of the differing viewpoints but in extreme cases such as the example I used – it would hard to reconcile in a meaningulf way the philosophical extremes – unless of course they are extremely good at what they do and can remain neutral.
As a guide I suggest you establish yourself with a investment plan, then identify what you can afford and then establish property criteria that meet the stated plan.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Piper,
Haven’t used it but at leats you now have something to evaluate.
http://www.devfeas.com.au/home.html
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi SMTM,
You will also need to check the bank’s willingness to lend 80% (or higher with LMI). There are issues with specialised lending, small rooms/units and in some cases inner city serviced apartments.
It is critical you check this aspect of the deal out too. Otherwise you could end up with something with banks lending at limited LVR levels which makes your property less attractive to subsequent investors.
Serviced apartments can have unusual costs and this side of the equation needs to be also considered.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Da Man,
It seems to me that you may be over extending yourself. Sure you are going to be on a high income level and you have established a savings record. My concern is that you are stretching to secure the property and don’t appear to have something up your sleeve – or at least your post doesn’t indicate such.
Things can and do go wrong with property investment and I certainly suggest that people that I work with that have some emergency funds available at these moments.
In terms of the remainder of your plan – there is nothing wrong with buying, holding a refinancing to release the equity. For me buying good quality property in capital cities is a surefire long term winner. Through capital growth you can achieve great financial gains.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
HI Landt64,
Mt Isa in Far North Queensland?
My understanding of Queensland is FNQ is the area around Cairns and beyond.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by MiniMogul:‘absolutely nothing to worry about unless I want to change the stucture, asbestos lasts for ‘donkey’s’
Hi Agile and Mini,
Asbestos roof sheeting can be an issue as it can be degraded and worn by the actions of rain and hail. There is many a roof that has been encapsulated so that fibres from the roof are not released into the atmosphere.
The WA Govt has recently completed an extensive roof replacement program in all known asbestor roofs across WA so that the threat of asbestos fibres in the atmosphere are no longer present.
Certainly the greatest danger lies in drilling, sanding etc but the roof is not totally innocent.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Paleenia,
Just clarifying for the community.
Are you looking to buy a property off an developer that does house and land etc?
or
Are you looking to sell a property in Singapore on behalf of a developer?
Might help you get the responses you want.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
To me the more important consideration is the interest rates charged, fees charged, borrowing criteria and serviceability assessment guidelines, capacity for portability if that is an issue, redraw features and costs, offset capabilities and so on.
Frequent flyer points are not the main game in town and it seems you are being distracted from the end game.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by staffreid129310:I have been refused finance due to the valuation coming in $20,000 less than the purchase price. The really odd thing is that the owner produced a valuation he had done only 2 months earlier by another company that came in $20,000 higher than the purchase price. How can they differ so much? From my research I got the house cheap and my valuer is way off!
Hi Staffreid,
And valuers will say they use the same statistics, they are fuly qualified and the other valuer is wrong. Hmmmmmmmmmm
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
HI Misty,
Not an accountant so please check with a knowledgeable accountant.
You need a new accountant – under those circumstances claims and expenses should be apportioned.
I recommend you go to the ATO website and download a copy of the rental property guide 2003-04.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Cana,
If the property qualifies as your PPOR you can live elsewhere (but not your own home) for a period of six years. There is a 6 month window when you can have two PPOR – the conditions are explicitly explained in the ATO’s Guide to CGT available at the ATO website.
Any taxable gains are added to other income sources and taxed accordingly. If you own the property for 12 months or more then any gain is halved and taxed accordingly.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Land,
Recommend you do a search (top left under forum boards) and see what comes up.
Mt Isa has come up before and you’ll find some comment there about MI.
For me the more important question is – is the property a good long term investment. Meeting the 11 sec rule is not the be all and end all of property selection.
Derek
derekjones1@bigpond.comProperty Investment Support Available. Ongoing and never stopping. PM welcome.
