Have no idea about pro costings these days. Bedrooms are about as DIY as you can get. Measure your wall area go to a paint supplier (Bunnings) and tell the what you've got and they'll recommend something suitable and quantities. Drop sheets are as cheap as chips and some masking tape (blue variety) suitable rollers and long handle, paint tray and a few roller cartridges and Bob's your uncle. 3 rooms are a days work for one person even an amateur.
Make sure your paint is water based. Keep your colors light and airy for an impression of space.
If your walls a pretty grubby wash them down with sugar soap. Don't use sponges. Cotton rags are best.
And its why I keep saying there is no recovery and will be no recovery in the US. The migration of wealth has accelerated over the last 20 years and is continuing to speed up.
All those rushing to go hard into the US RE market are going to start wondering why they can't get rental yields up and why CG is only viable if the market is constantly supported with QE and fiscal policy thrown in with a good dollop of industry misinformation and out and out fraud.
If you forget your history you're doomed to repeat the mistakes of the past. The graphic says it all.
You can't be loose with figures when you're doing projects. They require detailed planning and a best case worst case analysis. You always plan everything around worst case and hope your project turns out closer to best case.
In other words plan for the worst hope for the best.
These will be either done as a home or an investment. If its a home then costing are not as important. If its an investment costings are everything. You also need to understand that how you approach this will impact on any future dreams of property investing. You can screw yourself if you get sloppy and take the I want a home approach but have aspirations to invest later by leveraging off this project.
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I'm not overly concerned about margins
Then build a home and forget about being a property developer because you can't survive let alone succeed with that approach.
and so it goes. There is no magic formula and there are no books on how pick a given time in a cycle. It's a collection of knowledge and experience from a wide range of sources. Your basically looking for trends in your particular market segment in a wider context and trying to literally guess which way and by how much things will change over time. It's an art rather than a science that can't simply be learnt from a book
We have a FB page but use it mainly as a keeping in touch strategy. Nothing more.
Mind you our product is, in my opinion, not FB suitable.
Derek you have one of the more professionally put together net presence out there. Certainly in the top 10%. It is something I would expect from a professionally run entity such as yours. Anything less would suggest questionable skills and knowledge.
The problem from a marketing point of view is they can be seen as somewhat pristine and sterile. This is where blogs and FB have their uses. If customers like what they see the next stage in CRM is to bring the customer from arms length to within arms length and start to make them feel like one of the gang. What I call informalising the relationship. Trying to do both in one place is literally impossible and can confuse the message.
You can think of it like this; the website is your official office where formal and initial meetings take place. FB is like the coffee shop down the road and blogs are informative get togethers at the local pub. You have to remember that FB is a social (networking) medium not really an advertising medium.
The effective way to use FB is to first build content then work at interconnecting with like FB/bloggers in your area of business. The networking and interlinking is where the leverage takes place. Without it your just another flyer on a lamp post somewhere.
While I'm here your approach to blogging needs a rethink. Blogs are thrown on websites now as a matter of course but virtually as an after thought. I would suggest moving yours offsite with a complete new URL. Revamp the look away from sterile and liven it up with a bit of informality, personal opinion etc. Leave the existing page as Media, news release, white papers etc.
I would look at integrating with other bloggers in your space but with differing skill sets (legal, brokerage, planning, architectural, engineering etc) and creating a MAB (multi author blog).
You're now starting to build a network of your own which leverages your primary content/message with greater exposure and inherent SEO multipliers as well (backlinking etc)
The basic message is to make each component, page, website etc, work together rather than treat them as independent pieces that largely function in isolation, are disjointed in some way or are compiled in such a way as to detract from the whole.
Build your presence so that it's seamless and holistic.
Anyone here who knows me knows I'm bearish the US PI market over the long term mainly due to poor economic fundamentals and exchange risk. However in saying that I don't preclude short term opportunities if you have an appetite for modest risk and can connect with resident expertise and networks.
Jay's strategy/model is probably one of the best I've seen for the hands off investor. Given the complexities and hands on management demands required in the US market 9% net would have to be considered an extremely good return in this climate. Couple that with a CG bump in 3-5 yrs would top things off nicely.
Note: For AU investors you need to get a CG of around 5% annually to maintain your dollars purchasing power. Around 3% for CPI and 1-2% FX exchange costs if you're repatriating money back to AU. This of course does not take into account movements in exchange rates.
Note2: If this was a fixed term deposit you would need to get around 11% to compete
Jay question: Can investors roll returns back into their investment rather than take a monthly payout?
To me you have to be a Kyler an Alex or Jay to survive and flourish in the US market. It's a market you have to eat, breath and live in to make the top dollar. You also need history there to put that knowledge into any sort of context. The lone investors heading there and who've been heading there over the last few years will and have struggled for the most part. There are certainly plenty of horror stories and they only represent the tip of the iceberg.
I guess your saying you want 15 graphs and a couple case studies with hard facts for you?
No rubbish MSM opinion pieces from the small town Clark Kent reporter OK.
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The example I listed above shows that prices have went up, there are more buyers.
I don't dispute prices have risen nor that there is the appearance of resurgent prosperity.
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Over seas investors now have more competition as the hedge funds and US buyers come back.
And here in lies the problem or part of it anyway. Your first wave in were individual investors, then larger commercial outfits often driving a group investment approach. In recent times we've seen the big guys like hedge funds and corporates jump on the bandwagon. There is little or no organic growth in property markets. When the hot money slows or is withdrawn from the market it will simply crash again. The few indigenous buyers will not be able to support the market and will be crushed.
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I would like know why the OZ investor is tapping equity in there homes there to buy portfolios here? Even there super funds.
60% of investors are as dumb as chooks and the next 30% have a vague idea what they're doing but aren't exactly rocket scientists. Less than 10% have the smarts to make investing work for them.
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Fundamental's, how about experiencing it .
I'm an old dog remember. Been there done that got the T-shirt.
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What fundamental's are you talking about Freckle? low unemployment,
Go back and read/look at the graphs. There isn't one economic fundamental that I can find that supports the contention the US economy is improving.
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I know we are doing a heck of a lot better than Spain.
Spain is an example of what things look like when they loose control. An inevitability for the US at this point. The US has an unfunded liability problem that along with continuing mounting debt will crush its economy over the next few decades.
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As far as the cities that i am in, they are all doing better than 2008. New businesses and commercial is starting to boom again. You just have to see it to believe it, you can see all the hospitality industry come back and cut down the unemployment.
All you're seeing is the result of people and capital fleeing one bankrupt state to restart in another. The US economic landscape is becoming a patchwork of small islands and large deserts.
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I'm going to try and find some studies and graphs, some really left one's that support the gov's numbers, lol.
You'll find those in the fiction section of the government book store.
I don't know how Freckle could have rattled any cages, and got to sit on the naughty chair though ?
I think it's a PMS thing.
The problem here with their narrow terms is that challenging the veracity of anyone's claims become incredibly difficult if not impossible. There are people who take offense to the smallest slight then the gulag heavy's drop on you and throw you in the stockade. Those with not so honest intent would find this place a fairly protected environment to ply their trade.
Google is high, so you sell when your stock is high. First thing I learned when i got into trades. Google are tech genius's, they can adjust and come back strong. Computer driving cars, gig a second fiber, google glasses, Android platform, street view.
We're tech'd out. We're entering a phase of tech consumer exhaustion. Advances aren't big enough now to really capture our imagination like they did in the past.
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The economy will be flat to slow till the housing market comes back. It's what caused this mess.
Housing was a casualty not a cause. New home construction was driven by synthetic demand (credit growth) over the last 2 decades. Credit capacity (by consumers) is a factor of rising income and wealth. Incomes didn't rise but wealth was artificially driven by a property boom fuelled by cheap easy credit. Once the housing boom collapsed it took trillions off the wealth capacity of the average citizen.
You won't get organic economic growth until real wages and income can rise but with a largely low income population and continued migration of wealth to the top 1% that remains an illusive goal.
Hey Freckle, I don't quite get it. A fall in the AUD would increase import prices and so be inflationary (whammy), but a drop in the property market is deflationary. A whammy for sure but not inflationary. Am I missing something?
Inflation hits your operational budget (cash flow). Deflation hits your asset values (equity).
You can't mix sentimentality with investing. It's fatal.. If you want a home you take a hit to the pocket in exchange for a warm fuzzy. You want an investment then the figures either stack up or they don't.
As an investment proposition this is definitely a walker. Actually it's a runner. I'd run from this deal as fast as my little ol' legs would carry me.
I think you need to tighten these figures up big time. The project looks marginal at best once realistic numbers with some slack are built in.
$800k per property is absolutely top of the market (with 330sqm land) as is rentals of $650/wk. You need to budgeting at Val's of $700k and avg annual rentals in the $450-550 range.
You have a sliding value problem at the moment and glut of rental properties. You also have historically low interest rates which never last. There are some pretty skinny margins in this deal as far I can see.
Freckle darling I demand you tell us what you are "out" from ?
Apparently I was a naughty boy. Time out or lock out would be more accurate. Surprised I wasn't given some onerous task like peeling spuds or something. My family time allocation went up though. Old girl wasn't too happy. Something about impinging on her quality time. She's put a curse on the mod I believe.