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Hmm, talking about rosets on the ceilings. They are like the feature of the ceiling. Hmm, what are some cheap buy effective feature painting tips. Like walls or ceilings.
Thanks guys that helped alot.
Christopher.
Thanks Meeg, I am beggining to feel like I am becoming an investor. Maybe not yet into real estate(physically) but into my knowledge of real estate.
Many people ask questions on here as they seek wisdom and knowledge, I do hope that in the (even near)future I will be able to help out others.
Though I have this problem where everyone says don’t trust the REAs or the FPs if they haven’t actually ‘practised what they preach’. And as I will be giving this info, I may actually be in a more inexperienced position in the sense that I am not out there buying properties.I guess I can begin with my help small and gradually build up.
And yes Meeg When Woodrows said about the software and especially the council approval my brain went a bit haywire. i have not yet found any info at all. I will need to research councils with respect to renovations, and then maybe come up with some ideas to test you guys with.
Also seeing as I am talking about buying an absolute dump and turning it into a gem of a house for my tenants, what renovations could I actually take out. I know about the carport and the other obvious paint job. But what are some other cheap but effective things to do to a house to bring its value up or maybe bring in some more rent??
Are there any good books, software or videos out there that discuss this?Thanks for all the help guys.
Christopher.
Excellent tips there freeman.
Thats a good idea a video.hmm, how can i put his woodrow. Im not any step ahead of you in investing. I only got into investing into real estate about 2 months ago, and i have only acquired information. I do not intend buying a property soon at all.
Um, im not a mentor, i would be able to be one if i was like 40 or something and had liek 40properties.
Um, all those figures are just pulled out of the air, they are not exactly correct. and all those problems(the councils approval) i will have to investigate before i start my investing career.my method is not buy-reno-sell. Its buy-reno-hold.
Its a hybrid of buy-hold and buy-reno-sell.I have found that it is the best for my situation.(at the present time with my present knowledge).
Christopher.
Yes you would obtain an CGT reduction for the time you lived in the house. But you want to turn it into an IP, so at the present time CGT is not an issue.
Um, about the name on the titles being joint or in one or the other i dont know. You would have to investigate both the title on the PPOR(her place) and the IP(your place). To see what the best scenario would be. Would anyone be able to shed some light on this.Christopher.
Well V8ghia, um. With me planning to buy an IP and live in it for 6months while I reno it. I will not be like most people and just change my mailing info to that address. No, I’ll actually be living in the IP for the 6months.
Anyways its not like I’m recieving the FHOG with my IP and then my PPOR. I only recieve it once. Like anyone else. I’m just mearly buying a house to live in, renovating and deciding later on that i want to turn it into an investment property.Also, with the money you pay rent with, yes i agree that its dead money. But maybe in times of low cashflow it might be better to rent than to own your own home. As your rent you pay will be less than the interest repayments. Its only a good option if your cashflow can’t support you having a PPOR aswell as an investment porfolio.
Christopher.
PM one of the mods. I think they will be able to help you with that.
Christopher.
Well I don’t really know, your the painter. I’m just a HSC student who loves investment property and is interested in some tips in painting.
I can’t really help with the write up of the (we’ll call it the) guide.You could do a search on the net, for like FAQS about painting and address them.(maybe creatively).
Christopher.
Hmm, have you tried looking at vendor financing, try the creative forums and the Investor HQ section on this website.
They should give you some broad ideas about how to achieve finance.Christopher.
Morgage hunter, I believe my idea incorporates both your ideas(even if i didnt write it here).
Buy a property, live in it for 6months(then you will be able to obtain the FHOG and SD benefits), in this time you can renovate it(buy a dump and reno it up heaps), then you can move out and rent somewhere else and then rent out that reno-ed place.
Therefore you will get the FHOG(and SD discount) also you will obtain the equity and you will have a deductable interest as it is an IP.Is this alright everyone.
I’ve had this idea for a week or so and its starting to become cemented in my head. I need some feedback even if it seems harsh, its all constructive to me.Christopher.
I think all of this will apply to me down the track. As I will be building up a few IPs then I will move out of home and buy my PPOR, this is the solution for my tax deduction problems.
Also this trust that is set up can protect me from lawsuits(as you have to sue the actual trust to get at the IP).
I got all this from BulletProof Asset Protection. Excellent book, everying property investor(anyone at all) should definetely read this, as It may save millions, and may save your lifestyle for the rest of your lives. You just don’t know.Christopher.
Could we build the carport on our own. Like we obtain the materials and construct it. I guess that would cut the price of it.
Hmm, my 6 months of renovating(to obtain the FHOG) will be very full. This house I will purchase around 200k will have to be worth 300k when im done with it, increase in rent and also alot of equity to move to the next deal.
Nice, nice,nice.
Christopher.
Do you reckon you could write up some tips on a word processor and let propertyinvesting.com know, so that you may be able to have the information on the site somewhere for people do read and download.
Just a suggestion, btw I would like some tips, thats just a means to get it to everyone(in the future aswell).
Christopher.
I advise you to buy an IP first. And if you want to live together then just rent. as you will be getting rent from your IP and the interest is tax deductable.
An IP first is the way to go. Then maybe a few years down the track you can use the equity(and your savings) to get into another IP or to buy your PPOR. I will use this method when I begin investing in a few years time.Christopher.
Have you thought about using all that equity to fund the purchase of one of more IPs.
This could be the beginning, you can start off quick with a few as you have lots of equity to use as deposits.
This is the path you should take to reach financial freedom.Christopher.
Well the best way now from where you are with those books read, is to continue to read more and to ask many questions on here. Even if you think they will sound silly or stupid, they aren’t. The only stupid question is one not asked.
From your original post you describe what we would call a buy-reno-sell method. I would suggest reading up on that specific strategy, so you can become more of an expert in that particular field.
With the buy-reno-sell method we usually refer to you as developers or traders and even though you can ask questions here(and we encourage it), there is a more of a chance that the development/renovations questions will be answered in the value added or even the creative investing forums.What price range are you looking at?
Are you looking on buying a real bad dump and doing a quick restoration on it to increase the price?
Have you considered the method where you buy a dump and do it up properly over 6months and thus have access to the FHOG and the reduced Stamp Duty. Then after the 6 months(and the super renovations) you can rent it back at a much higher ammount.
Also because your equity will have risen dramatically you could access the equity to move onto another deal and so on. This method would have the benefit of you not having to deal with the pain of selling property.(Well this is my method, so far).I don’t know about the masterpack, I think you would gain the bulk of your information(concerning IPs) from the books you read. All the basics and all the ways you think.
As the name suggests it is a masterpack, i guess it is kind of saying that it will make you a master and to be a master you would have to have high levels of knowledge and experience to be able to go and make the transition with the kit you are considering.Christopher.
Your in the exact same position I was in about a month ago. I have since read 7 books and have asked many questions on here. This is the best way to obtain information on it all.
I used the eBay method to obtain my books and have bought 20 of them and am reading them through very enthusiastically.I am also 18, I share your youth. Your lucky that your parents are interested in everything. My parents are not. That gives you a huge(and I mean huge head start).
I have not yet read ‘The Richest Man in Babylon’ but I soon will.
I recommend ‘Rich Dad, Poor Dad’. It will change the way you look at money and throws around some ideas that do help in obtaining that investor psychology that you must have.
Well Good Luck, happy investing.Christopher.
dam. but is the house yours(i know you ownt own it as yet) but are you allowed to move in/reno it up.
Whats the advantage of having a huge settlement period(like 6months or so, i heard it somewhere)?Christopher.
If your in a relationship I recommend Linda Gough’s Couples Guide To Money. It is great for couples in organising finances and discussing them so you can stop those dam financial related arguments, and instead you can argue about which property you are going to buy this week, and then the next, and so on.
Christopher.
