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To do this you’ll need permission from a council and usually a bond, so that when you’ve finished you’ll get your bond back from the council. They do this to make sure you finish the job.
If the mob who has moved your house are builders, then they’ll usually move it, re-stump it, re-wire and re-plumb it, this usually costs about $20 000 upwards. If they’re not builders, they’ll just move it and the rest is up to you to organise.
The theory of this strategy is very good, it’s like buy land for $50 000, buy, move, reno and complete house for another $50k, and at the end of the day it’s worth $150k or more…
The cons are significant, it’s not recomended for beginners and can drastically shorten a persons lifespan. However, this has been done successfully and profitably by many, including beginners, I suppose the thing is research, research, research and patience.
A few API issues ago they profiled an Asian bloke who had used this strategy well and did all right. Also there is plenty of info on this on the forum, and other places so I dont think you’ll have too much trouble finding out what you need.
This is jut a quick overview, but in my opinion it’s definately worth looking into.
Hope this helps, and good luck…G7
No, a good way is to focus in on an area where you beleive would be good for investing, then decide what type of property you’d go for, like a house, unit, duplex etc. and then go through each one.
You’re not the only one diligently searching for investments. Besides would you spend 100 hours looking for a property on the net to make $100 000?
Good Luck…G7
1. Houses for removal are everywhere.
2. You simply buy a house on it’s own and then get onto a firm that remove houses.
3. Not really, they’re usually very cheap because the owner usually wants rid of them, so they can utilise the block it was on for whatever they’re planning.
4. The Trading Post is full of removable houses, you can check them out at http://www.tradingpost.com.au
Usually this type of strategy doesn’t have it’s own book, but is mentioned in a lot of general RE and development books.
Also this forum has plenty of info on relocatable housing. Hope this helps…G7
There are plenty of topics on student accomodation and rooming houses etc. on this forum, and also Mortgage Hunter among others have successfully utilised this strategy.
You wont have too much trouble finding the info you’ll need.Good Luck…G7
1. Try your standard sites to start with, realestate and domain.
2. Try a bookstore for reno flavoured books, then build your knowledge from there.
3. Locations and unknown hideaways, look for holiday spots that seem cheap in comparison to similar spots and do your research.
You might want to start close to home and on a small scale first off. There’s more people looking for what you want than the holy grail. However, someones got to find it, and it might be you!
Good Luck…G7
It’s a pity to see such an influential figure, however controversial, fall by the wayside. I hope his death is not in vain and more awareness of mental illness is recognised by the wider community. RIP
In Qld, on the PT trustee brochures their services advertise that you can actually pay for them to auction your property and they also do rental management aswell.
You can check them out at http://www.pt.qld.gov.au
You dont have to be dead to get all the perks![skull]
There’s been a few articles up here in Qld. that if you want to sell at a good prie at auction, it’s in the vendors best interests to go thru the Public Trustee.
These properties seem to sell for more at auction thru them than they would with a normal agent. This is because of the “investors” turning up thinking they’re gonna get a bargain and bidding the property into the stratosphere chasing the “deceased estate” bargain buy.Here’s one for you Dan, when I was 18 one of my friends of the same age wanted to buy a house in our town for $80 000 to do up and live in. He was pretty handy on the tools and was an apprentice landscaper at the time. However, his parents and others that he worked with laughed at this suggestion so he canned his plans and probably any plans for a RE investing journey.
This house would now be worth atleast $200 000 and instead of owning it, he bought a fancy car instead and promptly wrote it off within 12 months.
I think you’ll figure out the moral of this story, so be warned, be careful who your taking advice from!
It would not be beyond the question to negotiate both in your favour in a declining market or from an over-stretched vendor. However, there would be no need to go around heavy handed, a lot of rich investors have done quite well from firm negotiations when the RE market is in the bin.
Ipswich, Toowoomba and Gatton are typically not that good anymore for +CF unless you wanted to buy using 50% deposits.
I know a number of places that are good in Qld. for +CF but the joys lay in self discovery.
I beleive to find a good cashflow positive property these days you’ll probably need a mix of a house that’s nearly there and some creative value adding strategies that most investors would probably never think of.Keep looking, there are still gems waiting to be discovered…G7
You could try http://www.rpddata.com.au they do pretty good reports but they’re not free though.
Also the ABS at http://www.abs.gov.au is good for figures, but typically decent information comes at a price.
Good stuff Redwing, keep those motivational stories coming…
A method I use to determine positive cashflow is I take the first 3 numbers of a house’s selling price and then double it. That’s what the house has to achieve in weekly rent to be positive cashflow. Here’s a few examples;
House for sale at $100 000, take the first 3 numbers, 100, double them = 200, therefore the weekly rent must be $200 for positive cashflow.
House $85 000, rent must be $170
House $230 000, rent must be $460
House $735 000, rent must be $1470This method works out very similar to the 11 second solution and can be quite useful for quick calculaions in your head. But as neo25x5 said these are only guides and should be treated as such.
Hope this helps…G7
I would have loved to but with the cost of the weekend course I could have done a Uni degree.
You can find out about these types of events at;
I’m 23 and relatively new to the property game. For the future I’m seriously thinking about getting into the wrapping business, at this stage I’m into cashflow, not exponential capital gains.
For me it’s all about lifestyle, and the more money coming in the better.
A few years ago I thought property investing was for wimpy old codgers who were too scared of the stockmarket. I became enlightened to my ignorance just as the boom was winding down, but plan to be ready for the next.
Hope this helps…G7
Unlike Scotty3 I dont beleive you need to be liscensed as a buyers agent to bird dog in Australia. Obviously you can get licensed like Scotty did, but I’m pretty sure that it’s not a requirement.
You could pay off your first property and then take out a LOC on it at a smaller interest rate than your current mortgage and invest with that. I’m not sure how this would fare with X-Coll but it could be an option to help you move forward.
Good Luck…G7
Probably the best thing you could do is to increase your knowledge and understandings of the property market. This will serve you well when you do have the money to get started.
You’d probably need to look at the end of the rainbow for a property with high capital growth prospects in the short term.
Information about possibilities for growth etc. in the long term and short term is widely available. It just depends on who you are willing to listen to.
