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This is what i thought. If you got in early then you are laughing but you have to be careful now paying top dollar for houses in mining towns.
I am on contract but luckily it is a five year contract. I have been through two contract bids so far and each time there is a different winner but luckily they hire the exsisting staff each time. What i do just before contract renewal is get my personal debt down. Get my resume out to possible alternate employees and hope for the best. I dont let it stop me from doing what i want i just be carefull around that time.
Wow .Good comments there. Thankyou.As for what im looking for. Maximum profit from minimum cost to me. Simple in theory.
OK they are pretty much my thoughts as well.So if you had to choose between say a coastal unit around pottsville or similar area or a house and land at say murwillumbah or similar. You would go the house and land.
Surely some one has a opinion on this. Is anyone concerned about this or do you all have exit strategys.
Thanks for your comments. My thought are the same. Good to hear them backed up.
MY mate on apprentiship wages at 17 saved a deposit for a$70,000 unit in nowra on the nsw south coast. A few years later he sold it for $135000 and used it for his next one. He is still single on a modest wage and now has two properties worth a total of$550,000 with around $400,000 in equity.So yes it can be done from modest begining's.
He has owned another house for one year longer which he also rents out. OOps. Better tell him.
Thanks c2. Good points to bring up when i speak next.
No its already dual lane and in years to come this section of town will be bypassed so the road traffic will be less in the future.The bypass will not affect town as it is not reliant on through traffic.
Hi all. I guess i want a place within walking distance not necesarily on sand. If i get a unit it would have to be closer than say a house would be. Pottsville is where im thinking of concentrating my search. I am after a lesser house on a better block rather than a bigger or newer house in a lesser area.
Yeah its a walkinshaw. Its value went from $40,000 to around $100,000 in just over a year. Thats a $60,000 profit tax free in a time when most properties are struggling.And there are no other outlays for the car unlike property. Im just trying to pick the right time to jump out of the car and into another property. At the moment the car is doing quit well. With early monaro,s in similar condition going for $200,000 plus and ford ho phase three,s going for $500,000 plus. The walkie definately has potential to go higher.
With what i have checked so far there is nothing under $100 PW near by. The current $440 combined PW is from public housing who have leased all the units for last ten years and wish to continue.And apparently they have giving the indication of $520 to $560 PW rent after renos so kinda sounds all right to me.Once again not where i would wish to live but i guess thats not why you buy positive geared properties. Its less than 1 klm from my current IP which is in a desirable area so the area is not that bad its just that its on the highway. The units are set well back on the block so a fast growing hedge out front should help with its appeal
Thanks for your reply. The car is a 1988 model and was worth about $45,000 brand new. Values dropped to low $20,000 in the early 90's but now there collectability is making them rise.They will never drop below there new car price again and mine is in mint condition with only 9000 klm for a 20 year old car.My concern is prices will eventially flatten out as in all booms and if i hold on too long i may miss a profit in the real estate game. What to do what to do.
I guess what i idealy want is a nice average weekender style house in good condition on a good size block in close proximity to the coast. I guess everyone is after that. All my searchs show larger homes or newer style villas or units in the $300 to $400 range. Does anyone know what kind of area i should search to find my ideal IP.Im guessing tweed heads is a bit too far along to find things like that. What about coastal towns just south of there?
Has anyone gone down this road with good results. Its a bit of a unknown for me. Might be better to stick to my plan up north.
Ok so a house may be a bit of a stretch. Are units and villas still going to make a good return there in the medium to long turn. Also what areas should i investigate and what rent would i expect.Im not after everyones info just need help to narrow down my search when we go there in a month.
I say buy it. After some time the reputation of that house will die(whoops bad wording). And when you sell, prospective buyers will generally only want to know about the current owner not the one before that.As for neighbours blabbing. Im sure they want the house sold too as it will affect there house prices also.
My understanding is fittings like carpet,blinds etc are depreciable over a period of time from 1 to ten years depending on the item.As for the building itself thats capital works and if built after 1987 it can be written off at 2.5% over 40 years.My understanding is renovations fall under this aswell and a quantity surveyor will help work out the values of the reno.
In nsw. I use allhomes.com.au It has past sales data for free. I assume there would be similar sites for all states
