Forum Replies Created
- JacM wrote:love the userid by the way. dtrump hehehe
perhaps one day forum IDs will be like scarce number plates and we can sell them off…
Hi Thanks for the feedback
they sell that sort of stuff at IKEA…but im sure you'd get a better price elsewhere.
Can any one comment on the pros vs cons of carpert versus floorboards for an IP??
I was at a seminar about 2 years ago and there was a guy from Pulse there. Quite knowledgable and would have a lot of contacts in the industry so if he was your friend he could be very helpful. They sell some 'research' packages, etc.
But…hes not there to be your friend…hes there to explain how its 'never been a better time to buy' and then its followed with a sales pitch for some of the units they have been brokered to sell. Normally nice units, well positioned for growth and they very much target investors to sell them off.
Just use some skepticism and do your own research. Remember…they are paid by the developers.
I read up a bit on the NRAS up here in QLD. It very much depends on your tax situation…as the benefit is a 10K tax credit….so that will be worth more to you or less depending on what tax bracket you are in.
Personally, i found that having to charge 80% of market rent (one of the NRAS rules) that i would only be about $4k per year better off under the NRAS….taking into account all other cash flow items. That is good….except i couldnt find any areas i wanted to invest in that the NRAS allowed.
It may very well be a different story down in VIC….i know the plan is to increase the number of NRAS qualified houses…so there might be some gems pop up.
pmcd wrote:hi dtrump,
the main street involved in the rail link is wylie street
the figures supplied are before tax,depreciation etc..isn't that still alot to find every month.Not sure how average income earners can manage if they have to put this amount of money upfront each month.How do we make this work to keep this one and get more properties?
Yes the loan is interest only.I agree with the other posts, i'd suggest you might need to take some specialist advice. Perhaps spend $300, to save $25k. In essense if it is costing you $20-$25k per year, you need to be comfortable tha tyou are going to at least make this back in growth in the coming years. If not, i can think of plenty other things to do with that money. Even if you do make it back in growth….the neg cashflow will hold you back in other areas moving forward (e.g. 2x years paying 25k could be ur deposit on IP #2)
Have you had any correspondance from the governemnt regarding if your property may be resumed and if so what sort of compensation you can get?
Hi, just curious what streets are invovled as part of this rail project?
Regarding your cashflow:
Income: $450 * 52 = $23,400
Mortgage: $3500 * 12 = $42,000
Rent minus Mortgage: -$18,600This is very broad calculations (excl, tax and all other csots, etc)…but i still dont see how that brings you to a $25,000 per year, i assume you must have quite high body corps? Are you on interest only?
is the property in yeronga….part of the new undergroudn rail link at all? i see they have the plans up on the website now.
Is it rented at current market rent prices?…any scope to increase that to improve your cashflow?
If you are buying the property as a long term IP but in the short term (6 months) as a PPOR in order to get the FHOG, can you still use the proposed rental income as part of your loan application to incease your sevicabiltiy?
Clairepopvich wrote:Hi,
I am new to this forum, and am looking for some tips. Our tenants are moving out in 3 weeks (we self-manage) and I would like to find out how to best get new tenants quickly. Have on a previous occasion used domain.com.au and the local paper to advertise our rental property, and it took a long time to find tenants. I've heard from friends who use agents that realestate.com.au gets a lot more enquiries, does anyone know how do get an ad on there if we don't want to have an agent manage our property? My husband is a builder and we live near by, so really don't need a property manager . Does anyone have any other suggestions how to find tenats quickly?$199 and you can get a listing on realestate.com.au by yourself. Check this out:
sonyasal wrote:Just something to be aware of, did you inspect the property when it was listed for sale? If so the agent can claim that they 'introduced you' to the property and impose their commission on the vendor. So the vendor may still want a higher price to cover these costs. I am not sure how long after the property has been taken off the market the agent can calim this commission. May be worthwhile making some 'hypothetical' enquiries so you know where you standcheers
Sonya
That’s a good point and I did wonder if something like that existed. I did view the property and it was within the last 2 months. This may be a little more complex than first anticipated. It is very handy to know nevertheless
businessglobal wrote:I would be buying Oxenford, Coomera, Pimpama, Springwood, Loganholme, Rochedale before Forest LakeThanks for the feedback, any reasons why?
Hi Echelon6,
I dont have the answer to your question, but i'd be interested to hear what other people have to say. I looked at a unit yestruday and it had perfect everythign except it was on a busy street and quite noisey. I mentioned it to the agent and she tried explaining to me it 'wasnt that bad' and as she was saying it an ambulance with sirens went past and she had to yell!
I dont have much background on the topic, but i'd suggest if its close to a uni (i.e. student accomodation) then renting furnished might be in demand.
Other than that, what i have read/heard is that renters typically want to put in their own furniture they have gathered over the years….so unless its student accomodation your only other target market would be people that have just immigrated to Australia.
RobbieP wrote:Hi All,I am a property investor from South Africa and I plan to start investing in Australia when I arrive at the end of the year.
I am very interested in the costs associated in buying a property. Lets take an example:
If I bought a property for $200 000 and got a mortgage for $200 000, what out of pockets costs would i need to pay? Some that come to mind are:
1: Fees you pay the attorney to handle the property registration
2: Fees you pay the attorney to handle the mortgage registration
3: If you were buying in a trust or a CC, perhaps other taxes?Maybe someone could send me a full breakdown of all the costs associated with my above property example when buying in your personal name or in a trust.
Regards,
RobbieHi Robbie,
There is also a handy calculator on the ANZ website that can give you an example of costs to buy a property, it takes into account the state and whether it is for IP or PPOR. Heres the link:
http://www.anz.com/common/calculators/homeloanfee/exampleau.asp
Are you referring to the NRAS? National Rental Affordability Scheme?
It works by you put your property into the letting pool in the NRAS and you charge 80% of market rent, but they give you approx $9k in tax credits. Dont quote me on the exact figures but it works something along those lines. The NRAS takes care of all the tennant management (i think they pay the first week of a vacancy, etc). The tennants are not necessary 'housing commision' tennants, as i beleive the max income is household $150k for a tennant to qualify.
I understand the property needs to be 'NRAS Certified' in order to do this, probably based on areas where rental is not affordable.
If thats what your thinking of, do a google for NRAS.
Cheers
Matt007 wrote:There's another one at Redbank Plains called Amarco. Matt.Cheers, but Redbank is a little too far out for my liking, Thanks.
Jamie M wrote:Too many units in the one complex for my liking.Good point, and also if there is going to be re-development i can imagine a there will be quite a few more to come. Would you think that more development would put a stint on any capital growth?
Thats excellant feedback thanks for that. Its basically boils down to a case of if you want a 'no frills' loan you cant expect the customer service of a premium product….i guess.
I think homeside dosnt sell direct to public, only via brokers? – which might explain the lack of customer service
Based on what you have said it sounds like it would be wise to try negiotiate longer settlement terms (60day+) if i am going to get the run around from the lender…
currently looking at mortgage choice as a broker…- any comments?
Thanks alot, its appreciated.
Cheers
