Forum Replies Created
- Amit Thaker wrote:fishmeet wrote:I haven't done any courses but my solicitor will draw up the options contract. I just want a few ideas on the best approach to first contact with the owner that will get a face to face meeting.
Hi fishmeet, I googled and few links came up: http://ask.metafilter.com/60468/How-to-approach-someone-about-selling-their-house Another way would be approach real estate in the area you are interested in and tell them what you are after and to contact you once something is in market. That way you don't to have pay any commission to the agent. Sorry mate not sure on the wording for letter as a initial contact.
fishmeet wrote:I would be looking to pay for the DA if my planner feels it is a sure bet for council approval.Are you using ex council planner? I guess this could be possible after years of experience. Are you based in Sydney?
Amit,
Thanks for that.I am in Melbourne but looking for properties in surrounding regional areas.
With regard to the planner, I am employing a private town planner. I review properties with him and he is able to give a strong guide as to chance of counsil approval.
Amit Thaker wrote:Hi Fishmeet, I am thinking of doing what you are doing. Do you pay for DA out of your pocket or have you got a partner? Have you done any course to brush up your skills in property options? Looking forward to hear from you. Cheers AI haven't done any courses but my solicitor will draw up the options contract. I just want a few ideas on the best approach to first contact with the owner that will get a face to face meeting.
I would be looking to pay for the DA if my planner feels it is a sure bet for council approval.
Jamie M wrote:Hi thereHave you already sussed out local property managers? They're often in the know when it comes to tradies in their area. Perhaps find a good property manager and ask them if they could coordinate on your behalf. It would be a lot of work for them – and outside of their normal scope, so some sort of payment will probably be requested.
Cheers
Jamie
Thanks Jamie.
I was expecting to pay but am not sure how to find or make contact with them.
adzlea wrote:Hi Fishmeet,I live in Moranbah and things are starting to slow. There has been an influx of investors over the past 6 months and the prices as you are well aware have skyrocketed. There are alot of long term residents (20yrs +) taking the money and leaving town. This is putting more houses on the rental market and unless you have a family member that gets rental subsidy the average blo Joe can't afford $2000 a week .Investors are buying and building in underneath to make a 3 or 4 b/r a 7 b/r for the workers. I know personally of people who have had to leave town because they don't work in the mines and rents have inceased over $1000 a week once leases come up and its more than what they earn so they have no choice but to leave town. (more rentals on the market) I heard yesterday one of the contractors who have 120 rentals in Moranbah will not be renewing any leases due to high rents. Insisting they stay in camps.There is also people starting to petition against the rents and wanting the government to step in to make it affordable. There is now a problem with staffing for the town jobs, if the families continue to leave and no new families are repaced then the wives go with them and they are the ones that staff the retail shops. ANZ is closing at 2 pm due to staff shortages and it is similar all over town. The dentist is closing due to the rent on the shop. Boalywood the shoe shop that has been in Moranbah for 20yrs + is closing as is the clothes shop next door.Signs read we need staff you tell us when you can work! The other problem is the childcare as they too are short staffed and running only 1/4 capacity due to staff so no childcare and mums cant work. It is definately a change of the times and a transition period, just not sure its for the best. Will people want to bring up children in a town full of contractors????Thanks for the response Adzlea. Good to get an info from someone in the town.
Thanks Moxi10
Mattnz,
Thanks for the comprehensive response.Terryw wrote:very generally.
80% of rental income, and
30% of salary
must be greater than repayments of all loans.Thanks for your responseTerryw
Thanks for the info.
You are right in that I would have to have a clear understanding of costs and make sure the target area would support prices for renovated properties.
My feeling is that if I renovated and was unable to sell then my fallback position would be to rent. Since I have no mortgage it would be all income.Are there any flaws in my approach?
Thanks JacM.
In answer to your qusetions –
-I want to buy, renovate , sell to generate an income. I will also hold some properties such as I one I just bought.
-I had ruled out JVs for the time being untl I had more experience in renovations and project management.
-I am located in the Melbourne suburb of Rosanna.inThis is great information. Thanks for the insight.
If a person sets up a company simply to lower their tax rate from highest marginal rate to company tax rate are they better off from a tax payment perspective?
I want to buy, reno and sell in 9 month time slots. Therefore I must pay capital gains tax as an individual or income tax as a company. Is the company structure a better deal?Thanks
Mister,
I sympathise with your situation. I have been through it twice.The first time I didnt use a leasing agent. I collected the rent myself and did a lot of work and believed the hard luck stories. Arrived one day to find the house trashed and windows broken. I was never able to reclaim costs.
The second time, different house, I used a leasing agent. I went for a house inspection after 1 year and found the place in a real mess. This time the agent went to tribuneral and regained some costs for damage.I never recovered all my money but used this as a learning experience. I now have landlords insurance, keep in regular contact with the leasing agent and conduct regular inspections. It doesn't guarantee a problem free tenancy but helps control things before they get out of hand.
