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dtrump
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January 26, 2015 - 9:37 am
HProperty wrote:
Hi Will,
I think the issue is pretty much dead and buried (and it’s a moot point anyway) as the new City Plan 2014 allows 5 leases on a house in low density residential zoning under Rooming Accommodation and is self assessable for 5 or less people.
Hope this helps.
Does anyone know much about complying with this? (Quoted from BCC website – http://www.brisbane.qld.gov.au/planning-building/do-i-need-approval/business-projects/rooming-accommodation)
“If you are providing or offering rooming accommodation to individuals who are not students, you may need to be registered and accredited as a service provider under the Residential Services (Accreditation) Act 2002. “
dtrump
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June 28, 2012 - 11:14 am
Thanks everyone for the information that has been really helpful
dtrump
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June 21, 2012 - 7:01 am
Hi Jamie – thanks for this info, appreciated. Are there many of these vendors you refer to? And are they less favourable, i.e. not as good deals as other lenders. Would you consider this a deal breaker? I am thinking the effect on my borrowing capacity would be pretty dramatic and would put me out of the game for further borrowing.
dtrump
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February 22, 2011 - 10:17 am
Intrigue wrote:
…thus the agent has advised all offers to be by way of contract.
I have had agents say this to me when i was going through the purchasing process (not for deceased estates). Are you sure this is an actual requirement when making the offer? It could just as equally be the agent trying to suss out to see if you are a 'serious' buyer or not…can you give some pushback and say you will write up the contract and sign once you have formed an agreement?
dtrump
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January 28, 2011 - 10:48 pm
GameTime wrote:
For those of you that have read any of his books, what do you think?
I have read the books and I think there are alot of very valuable lessons to be learnt from them and would recomend them to anyone. They are a great starting point to change your frame of mind on money and life goals, etc.
However, a few things to keep in mind with this genre of book:
– written at a point in time and you need to consider if strategies/advice are still current;
– Kiyosaki is obviously very US centric;
– what 'sells' a book is not always the 'best advice', for e.g. most will attempt to appeal to the 'I dont want to work anymore and earn a passive income' or 'Lets buy 300 properties in 3 months", which is great – but just keep in mind it may be appealing to you emotionally rather than rationally;
The specific strategy you choose is horses for courses (cashflow vs growth, property vs shares, wage earner vs self empld) but the underlying sucess factors is what needs to be looked at first, eg, 1) making your finances a priority, 2) having a plan, 3) having it based on quality advice.
Personally, anything by Noel Whittaker I would recomend.
Cheers,
dtrump
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January 14, 2011 - 11:30 pm
Is the electricity in your name?….cut the power (maybe a last resort)
dtrump
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January 1, 2011 - 11:09 pm
I found this website to be useful http://www.onthehouse.com.au/ – once signed up you can do a property sales report and it will tell you the price the property has sold for in the past. Very similar to what you get from RPData IMO except its free.
dtrump
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December 27, 2010 - 10:47 pm
Are you looking to make an offer? Or have you agreed price and are now putting it into the contract?
I recently purchased and for each property I put an offer on I went down the path sending the agent an attached letter with my price and conditions. Although this was good to communicate from the get-go what my conditions were… at the end of the day the offer isn't the final contract….so it can get a bit time consuming and with all the negotiation back and foward you dont want to be updating your 'offer letter' each time.
In the end i found a short and simple email to the agent was most efficient (and add a setence or two to try draw some urgency/or jusitify your price against others on the market, etc). It can go something along the lines:
"Hi Agent, I would be prepared to go to $300,000 with 21 days Finance Approval and 14 days B/P. I am seeing another property this weekend that I would like to put an offer down on so could you please get back to me asap on phone ###."
If your offer is within 'ballpark' the agent will be on the phone to you in the next 24 hours asking you to draft it onto the contract…at which point they can just use the contract template as the 'back and forward' document updating the price and conditions with the seller…etc
Did you have speciifc terms you wanted to put down? Shoot me a PM happy to email you a couple of my offer letters.
dtrump
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November 6, 2010 - 9:42 pm
I cant give you any overall figures because i havn't done it, but some good websites i have come across which may assist you to form a budget are:
http://www.renovi.com.au/ – online appliances
http://www.assembly.com.au/Default.aspx?ID=1 – IKEA installers
http://www.diykitchen.com.au/Kitchen%20Floor%20Units.htm – DIY Kitchens wiht price quotes
http://www.kitezi.com.au/ – kit kitchens
http://www.kitkitchens.com.au/gallery – kit kitchens factory direct
http://www.beaconshop.com.au/ – lighting
Hope that helps! There is also a section on this forum called 'Value Adding' that might have some answers too.
dtrump
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October 26, 2010 - 10:59 am
Thanks for all the advice.
If it is 60 days notice required, then realistically i probably wouldn't need to show tennants through during the settlement period. It seems like it would if any thing 'fine tune' the timing.
Appreciated.
dtrump
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October 25, 2010 - 12:04 pm
DWolfe wrote:
Hi all,
The vendor may not accept terms like the ones above, just because they will want as close to unconditional contract as possible.
You will need to give the tenant 60 days notice of rent increase after you take possession of the property (have done it before). You may want to get them to resign a 6 month lease and get half the amount extra ($15) and then have another rent increase in another 6 months so as to keep the long term tenant. If they vacate after you put the rent up you will need to front up with costs to find another tenant.
Have you asked the property manger about the tenants and about the rental increase you are planning. They may think the rental increase too high at once or may be able to guide you on the best way to put the rental increase to the tenant.
I understand what you are saying about having inspections to try and find a new tenant but if they are the midst of leaving they may cause problems with getting viewing times etc.
You catch more flies with honey than you do with vinegar.
Maybe you can get the rental manager to speak to the tenants to try and gauge their intentions and even to reassure them that they do not have to move out so you can try to plan out all the scenarios.
Good luck, I have bought with tenants and put the rent up straight away ($5 p/w ) and still have those tenants.
D
Thanks for the advice. Its a private let so no PM in place, however the selling agent has advised that the tennants like to stay on and that their preference is at the same rental price (of course that is their preference) however he has suggested to them that they may need to pay more. The tennants have had the same price for approx 2 years with no increases so i think they have had a quite a good run. Currently they pay $35 less than a same unit in the complex.
I would consider staging it in 2 steps like you suggested. My preference is to get the rent price up to a decent level and then keep it there with a long term tennant. I'd be willing to take a hit in the first case ( i.e. potentially lose the current tennant) to get the rent up to market value and write it off as part of the 'acqusitions costs' of the property.
Cheers
dtrump
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October 25, 2010 - 11:51 am
Qlds007 wrote:
Hate to say i disagree.
You can certainly put a condition /s in the purchase contract that the Seller serve the appropriate period of notice on the tenant to allow you access to the property for whatever reason.
As long as the required period of notice has been given there is nothing the Tenant can say or do.
Also you could include a condition that the Seller serve the appropriate notice to end the periodic tenancy under the term of Contract (In Qld it would be 60 days notice).
The condition could read that the Seller agree to offer the existing tenants a new Tenancy at a given rent and if they dont sign the amended lease within a given period of time the seller agrees to serve the appropriate notice to end the lease agreement.
Done 101 times for all sorts of reasons.
Cheers
Yours in Finance
Thanks that is really helpful
dtrump
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October 25, 2010 - 11:50 am
The scenario i am thinking of is the cost of not having a tennant in place when i settle. If i am going for 60 days settlement…and the tennant is on a month to month lease…then there is a possiblity that that come settlement there is no tennant in place and it is empty.
In that scenario, i'd like to have the option to show some tennants through before final settlement so that a tennant is lined up from day 1.
I would have thought it is quite common to show tennants through a property sometime between going unconditional and final settlement?
dtrump
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October 18, 2010 - 9:50 am
jlb2431 wrote:
Hi,
I'am thinking of buying a CAD (computer aided programme) to help me with my portfolio. I have only just started investing and would like something that I can play with to prepare for changing scenarios.
If anyone knows or likes any in-particular could you leave the details.
Thank you
J
To confirm, are you referring to a computer software to do some financial modeling (e.g. different rents, vacancy, rising interest rates, etc). Or, are you referring the software called AutoCAD that is used for 3D design?
dtrump
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October 15, 2010 - 11:55 am
Hi,
Interesting concept about hotspace consultants….has anyone else on the forum used them?
dtrump
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October 10, 2010 - 10:45 am
Galen.Parker wrote:
I'm not sure how a potential ATO ruling making this only available to commercial purchases addresses the original goal which was to address a shortage of affordable rental properties. Do you have a link that I could check out?
Sorry no links but it was mentioned my Margaret Lomas who from what i can tell is quite well respected in the industrty. http://portal.destiny.net.au/dotnetnuke/Home/tabid/58/language/en-AU/Default.aspx.
My understanding was that the ruling is to protect the individuals who had already bought into the NRAS via an intermediary…so something along the lines of making sure it is tax deductble for existing individuals who have bought into the NRAS…but clarifying what will happen for future individuals buying into it (to keep it in line with the original intentions of the NRAS)….and i think it is that 'clarification' that everyone is waiting on.
Reading the background section of the link you provided it is under the 'busines section' of the ATO site and it states it is intended for 'large scale invesmtent'….so this does down consistent with what Margaret said.
I'd also be interested to hear any further information. So far from what i've seen about the houses currently approved under the NRAS is i couldnt find any in areas i wanted to invest. However i did read they are looking to ramp up the number of approvals so more to come to the market.
Cheers
dtrump
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October 10, 2010 - 12:22 am
duckster wrote:
www,igrin.com.au
This site lends in smaller amounts of $2000 – $5000 loans of higher value can be tried but chance of getting the funding low.
http://lendinghub.com.au/
This site does have larger loans processed through it
These sites are a new concept called person to person lending and may be a way for you to gain a loan for the problem you have.
Interesting concept…i didnt know this existed (i mean apart from the traditional mafia p2p loans!). Does anyone have any background using these sites?….i assume there is a fair amount of risk from a lenders perspective.
dtrump
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October 10, 2010 - 12:01 am
I was watching the Sky Business Chanel last weekend, the TV program "Your Money Your Call".
A comment was made that the NRAS was originalyl intended for commerical purchases…but now it has started being marketed to individual investors through intermediaries….apparently there is a looming ATO decision surrounding whether the tax advantages will continue to be provided to individuals…
dtrump
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October 2, 2010 - 11:51 pm
Thanks for all the feedback. Unfortunately i was in last stages of negoitating with the seller and then another buyer came along and outbid me and they signed a contract. So i am back to square one!
I'll keep the info on file tho!
dtrump
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October 2, 2010 - 11:47 pm
I would treat each property on there own merits, are both properties similar in terms of the future capital growth potential? Does one have even further rent potential with a few developments and/or does one need more spent on it in terms of up-keep?
Also, for property #2 is that projected rent return based on a renal appraisel and taking into account all months of the year (i.e. is it student accomodation)?
Also, looking towards the future, what do you forsee will be your barrier getting into investment property #2. Will it be cashflow/serviceability or will it be pulling together the next deposit. All other things remaining the same;
– starting with a positive cashflow property will position you well to move onto investment property #2 (in terms of loan servicability),
– wherease starting with a high growth potential property will provide you with some equity to leverage for IP#2 deposit.