Richard Taylor wrote:

Or do the deal yourself with a Nodoc loan (No evidence of income required) and receive 100% of the profit.
Cheers
Yours in Finance

Hi Richard,

What’s the maximum LVR in such scenario?

markintownsville wrote:

What are the extra costs involved in owning a Torrens title duplex compared to a house?
I would assume rates would be the same as they’re calculated on land value. Insurance would be similar too, wouldn’t it?
What considerations would you need to take into account if you planned on buying one and then strata titling down the track?
I.e. Seperate water meter and switchboards etc.

If the rates are already on ‘minimum threshold’, then having 2 titles will pretty much double the rates.

Building insurance – depends. Seen cases where insurance were higher but can also recall one case it was smaller(!), we were very surprised and the owner jumped on it.

Strata considerations – fire separation walls, zoning, council policy, seperate water and power, council requirements that they bring up during the process, all that fun 👍😎

Hey mate,

Sorry to hear it and good thing you still hold 50% of the fee.

10 days without hearing back + all the delays mentioned is unacceptable in my book. I’m also an investor and if this would have happened to me I would probably give him a reasonable deadline to sort everything out and failing that, would go another avenue to sort it all out ASAP, making this all very clear to him + that it will be well reflected in the final fee he will get.

Hope this helps?

Would be happy to know how it was all sorted out eventually 👍😎

Link doesn’t exist?

Agree completely with the comments above except this bit:

Nigel Kibel wrote:

However if you are buyer to renovate and on sell you are speculating. So the profit is often in the buying.

I understand where Nigel is coming from but renovators-buyers are not speculators, I reckon. Buy well (that’s always good), renovate well (what to renovate, how, budget, comparables) and get a good profit when selling, even if the market didn’t move at all during that time. That’s not speculation, is it?

Hi Jason,

Sold several of my properties directly so got some insights to share 😎

First of all, do you have sales experiance? Generally speaking, nothing sells itself.

Secondly, are you sure your price expectations are on point?

Of the top of my head:

Pros:
You save the agent fees
You get to meet potential buyers and get a good feel of the market

Cons:
You need to organise the photos and a good agency to list through on the real estate listing websites
Feels to me that some buyers are not a fan of meeting the vendor, they maybe feel more comfortable dealing with agents, the old fashion way?
It takes time to deal with the enquiries, the inspections and the open homes

Hope this helps? 👍😎

Cheers,
Ethan

Excellent result and thanks for sharing, Luke!

Love reading real stories (loaded with details, photos and figures!) that showcase how great, easy and quick it can be to turn an ugly duckling to a beautiful golden eggs laying swan 👍😎

happygirl wrote:

I would like to know whether this kind of situation will reduce the house value if reselling in the future? Thank you for any inputs.

The current situation affects the current price and unless changed, I dare say it will affect the future price as well. The above is true for pretty much every situation.

In other words, you’re buying it relatively cheap now due to the above and you’ll probably sell it relatively cheap due to same.

Hope this makes sense? 👍😎

I would engage a town planner and take it from there?

RMAA wrote:

I’ve got a staff member who has explained the situation further up the chain and supposedly waiting to hear whether can use old rates for the past week.

RMAA wrote:

Update being, I am no further in my endeavours now than I was a month ago and the month before that.

Hi RMAA,

Guess you didn’t hear anything from that staff member you mentioned? If not, what’s your plan moving forward?

Did you discuss your situation with a broker and see what other offers are available for you in the market place?

Cheers,
Ethan