Forum Replies Created
Hi Bacon,
As an addendum – if you go down the window tinting route you'll be able to get darker tint than that you can install in a car. Motor vehicle standards will not apply to a unit window,
Don't forget though that summer is only three months of the year and there are times of the year in Perth when you'll appreciate some extra warmth. My preference would be for something that you can open/close.
Knowing how intense the afternoon summer sun can be in Perth is my personal preference would be roller shutters. Building by-laws may determine whether or not you can install these though.
Most (all?) states have a disclosure form which vendors complete which includes this sort of information. The disclosure form covers all sorts of matters and needs to be completed accurately.
Hi Bacon,
A few people I know use roller shutters to keep the sun out.
If that does not suit maybe look at window tinting, heavier blinds or curtains may help.
Hi Wilko,
Funnily enough – yesterday we met with a new marketing person with a view to reviewing the website + other documentation.
Your comments are appreciated – often we are too close to see things from afar – and what you have said makes absolute sense.
Just got to pull the next project details together first.
Cheers
Love the name – IP Masters, but what's in a name?
Hi Tracee,
Reading through your post I am not sure if you are chasing capital growth or cash flow as both rate a mention.
First step for you is to work out how you will use your properties over the long haul – intend to sell and realise gains or live off cashflow.
Once you work out the answer to this question you will then start to identify which property/ies suit your plans in the long term which, in turn, helps you to identify where you buy.
In working out what you want to achieve you'll need to consider a whole range of factors such as your age, income levels, family & career plans and so on. All of these factors, along with your grand plan, will steer you towards your most suitable property.
Sorry for not telling you where to buy – but I simply don't know enough about you.
As a footnote if you are looking for both capital growth and cash flow you may need to look at some sort of value adding strategy.
Hope this helps.
Hi All,
As a Director of Eos I'll answer a couple of the queries.
@wilko1 – as soon as project is finished and strata titles have been issued individuals secure a standard residential loan, repay their share of construction funding, take ownership of their property and manage & own it outright. Equity is therefore 'released' and useable and can be used almost immediately.
@big Cubez – initial funds cannot be secured by the 'block' and must be provided by way of cash or equity loan secured by another asset.
@michael – great to have you onboard.
Hope this helps.
Jewel47 wrote:I actually had a real estate agent tell me that there is no money in renovations! He said there is nowhere in Australia where you make money doing renos.Don't you just love it how broad sweeping statements can be become law. This agent needs a reality check. Was this agent trying to sell you a newish house or unit?
Sure there is money to be made in all forms of real estate investing. At the same not every investment is a certain winner.
The difference between making a profit, or not, is the amount of due diligence you do and your practical & financial skill set.
Given it is zoned business I suspect you'll be looking at commercial loan.
Hiten wrote:His young in-experienced property Manager 'Emily" has no work ethic and has a lot to learn in the big wide world on how to deal with clients.PM is a tough gig when you first start out in the world of work and I suspect the attrition rate is pretty high. Dealing with two clients, often with opposing needs, is not an easy situation IMO.
On top of this I not sure how big the potential employee pool is in Coober Pedy is or how easy it is to retain staff. I know in some of WAs mining towns the transiency rate is pretty high. This may also be an issue in CP.
Having said all of that – seems strange the owners haven't been in contact to talk to you.
JacM wrote:Is a 3 month wait really that bad?Agree with this – patience grasshopper.
Being a studio apartment (bad investment in my opinion) chances are there will be plenty available over the course. If you are going down this pathway make sure NET cashflow is extremely strong.
Hi Hiten,
An issue with smaller towns is the number of property management options you have.
Google tells me there is only one other REA in Coober Pedy. Might be worth a call if your self-managing becomes too hard.
Hi Jenna,
Another vote for the subdivision option.
Western Suburbs option does not, generally speaking, have suitable rent returns.
Concur 2 X 2 units are better option than 2 X 1.
Seek a corner block or block which you can battle axe, thus leaving the original house there for as long as you can.
Talk extensively to the relevant planning department to find out what they require and what restrictions are in place.
Make sure you do your numbers subdivisions/developments can blow out, especially during your baby steps stage. Some companies do offer a project management option which may be a good place to start for you both. While this will cost more – it may also save a bit, especially if you choose wisely.
Finance is the key issue – generally speaking banks see developments as riskier propositions and your inexperience may count against you. Having said that if you really want to move forward you can get there.
Hope this helps.
Like Jamie I am not a builder but, to me, there are two issues to consider.
1. Impact on tenant.
2. Possibility of this matter leading to longer term and more expensive damage.
Go back to the tradie who gave the quote and find out what he is going to do to repair the problem, find out what happens if you do not fix the problem and get some more quotes to compare.
My initial thoughts when I saw the photo was it seems as if your tenant cares about your property. They have taken the trouble to raise their concerns with you – some wouldn't and you are then reliant on your PM to observe any defects.
While tax should never be your primary consideration for when making IP related decisions – some of your costs will be offset through tax deductions.
Hi Jerome,
REIWA Suburb Stats here
MAX Light Rail Project outline here
The proposed MAX project is one of many reason we are currently undertaking development in the suburb of North Perth which is a little closer to Perth.
Been a while since I drove through Mirrabooka but Nollamara and Balga have been seriously redeveloped during the last 10 years. The large blocks in these suburbs made villa/townhouse building relatively easy.
Hope this helps.
Good decision.
Decision made now to move.on.
Hi Craig,
Your experience is not normal – at the same time you are not the only one who could relate a similar experience.
You have two options now.
1. Put your tail between your legs, sell the property and go and look for the next best thing or………….
2. Get some answers to Andrew's excellent questions and make adjustments.
If you run away – yes you have wasted the last 8 years. If you learn from the experience and use the new knowledge to improve what you did then the eight years hasn't been wasted.
Hi Mark,
While your 'savings' level is on the low side – you have plenty of equity in your own home. This equity can be released and the monies made available used for a deposit on another property.
It sounds as if you need to grab yourself a decent broker and work through the possibilities.
Ha, Westminister and Osborne Park are little black spots in my network. Sorry cannot help.
I expect statement of advice will be heavily biased towards a new property with depreciation to save tax.
If you feel a few sharp thumps in the back that is you being bashed into a position that suits their model.
