Forum Replies Created
Thanks for the replies.
We are weighing up at the moment whether to re-tile or re-do the whole bathroom.
Just getting costs for new tiles and vanities, taps etc to weigh it up against and regrouting and sealing the old tiles.
I know the 2nd option will be cheaper, but the extra rent is the thing, it will only be $10 – $15 a week, so $500 – $800 a year. But the extra value in the house.
Thanks for the tips they are greatly appreciated.[biggrin]
FATMAN
kattan,
I agree with you totally, just did not agree with all of what hb said, he/ she was making it out as though doing any renovations would not make money, well thats the way I took it, and I do not agree with thta, thats all.
But each to their own!!
FATMAN
I agree with Dazzling, in regards to what Francis has said.
Does not sound real sensible at all, a bit out of touch perhaps??
I have always used a solicitor, BUT a solicitor that SPECIALISES in conveyancing and one who actually INVESTS as well. Same as for an accountant, only use one that actually invests in property and has experience in property investing to ensure maximum benefits for yourself.
BUT I would use a conveyancer over a solicitor without the neccessary property experience, both investing themselves and also with the legalities of everything.
Thats just me though, each to their own. Thats why the forum is great, everyone can have their own say!![chill]
FATMAN
I have always used a solicitor.
Always found my solicitor to be easy to get on with and down to earth, someone who speaks my language and not all the mumbo jumbo legal jargon.
Try their website, http://www.tranterlawyers.com.au
Matt Tranter is his name and, like I said, he is easy to get along with and to understand.
And no, I do not work for them, incase you were wondering, I am simple coal miner.
But if you do contact them, tell Matt that Fatman recommended you, he will look after you.
[strum]
FATMAN
Amanda,
another question onto the list.
Where abouts in this wide brown land are you?
FATMAN
So hb, you seem to be the expert on not doing renovations???
Whats your beef.
There sure is money to be made in doing renovations. And yep I think you have been watching too much TV as it has warped your mind.
[baaa]
TV is life, but they have not showed all examples of every renovation done in Australia, have they??? Maybe I just missed the last 10 years of lifestyle TV??
Why do people continue to do renovations on INVESTMENT properties?? You know, the ones you buy renovate and let out or refinance into purchasing further properties due to increased equity!! Because on the RIGHT property, there is good money to be made, the wrong property, yep they may B/E or not make any $$, agreed.
Investment properties are a bit different to your PPOR. Investment properties, get in, spend at max 5 – 10% of purchase price and get reno done ASAP.
Whereas PPOR, you tend to take more time as it will not produce cashflow or returns as it is your PPOR, hence the 2 years that your beloved TV show took perhaps?See the difference?
I leave that to you to think about.
FATMAN
Not sure what area you are in, but try some of these sites.
May be able to pick up what u are after or get an idea on prces.http://www.2ndsworld.com.au/
http://www.lawsauctions.com.au/1/
http://www.shbc.com.au/
http://www.thoronline.com.au/
http://www.maitlandauctions.com.au/home.asp
[chill]FATMAN
A website that I have been pointed to.
Not sure how good it is as have not yet looked into it in detail, but from a quick use, it looks ok.[baaa]
FATMAN
Just the possibility of another option.
I have absolutely no idea of the costs involved or availability.
But my family, when I was younger, used to live in 2 army huts that were joined at one end to make a really nice house when fitted out.
The actual house ended up being 5 bedrooms, 2 bathrooms, BIG living area and huge kitchen/ pantry etc.
I think the huts would have been about 25m long each and about 6m wide, so making approx 150m2 floor area approx.It was actually a damn fine place to live, it was on 120acres, so no neighbours to complain about them etc.
Just my experience, like I said, no idea of cost or availability.
FATMAN
Cheers!!![jerry]
FATMAN
I agree “flatout”, in regards to your statement about being able to pick up some bargains. I have an offer in at the moment on a IP, it is ridiculously below the actual price it was listed at, but I know that the sellers have actually listed it lower than what they paid for it.
And I also agree that rentals should increase with further rate rises.Via the valuation I had done, found out that they bought for $272000 at the top of the market in the area in November, and now have it on the market for $269000. So they are keen to get rid of it. An over eager agent has not helped, she was constantly asking if I had the money ready to go and making sure that I was really serious.
So there will be some people in some serious troubl;e finacially, I believe, due to overcommitting etc. So bargain hunters lookout, especially if another rate rise does eventuate.[happy3]
FATMAN
Um yes, but rents used to cover the debt payments, it is good debt, income producing etc.
FATMAN
Daniel,
I am new to the game as well, but here is my take on what you have said.
The difference between buying the mentioned property as compared to putting the money in the bank to me is:
* First you would need to come up with the $$$ to put in the bank, if you borrowed money to put in the bank, the interest rates on loans are always higher than interest paid for savings, therefore making a loss.
* $8000 nett return means roughly $150 a week extra cash in your pocket, which can then be used to further your property portfolio.
* Buying further properties of the same sort would mean $150 times the number of properties you own, and it all just multiplies from there. Once you get the first few under the belt, you have more available cash for borrowings, increased equity etc, meaning that you actually do not have to outlay limited amounts of your own cash to make $150 a week per property.If I could find a property offering $150 a week or $8000 pa return then I would be doing my DD in regards to area, rental market etc, that is a good return.
I am not sure if I have answered this too well, but it makes sense to me, anyone else please add to this, as like i say I am a novice, but just my 2c worth.[biggrin]
FATMAN
