Forum Replies Created
I thought they just take the building contract price?
Im no lawyer but from what I can see they are doing nothing wrong. You may be able to fit "a" car through maybe just not a sizeable one.
What finance strategy would you suggest Terry?
Could there be an overiding PTY LTD Trust with each unit within that owned by individual PTYLTD Trust?
Try Ashley North at Elders Real Estate. Good agent, knows the area and market, coincidentally I plugged him earlier today on another post. He found a property for me once, and subsequently bought it off him. Just to clarify I live in Melb no ties to him other than that I bought off him once.
PJD,
I have used a Real Estate Agent in Toowoomba before to find me a property before. Ashley North, Elders Real Estate. He knows the market and area extremely well and will find you what you want and will tell you if a property is rubbish or not. He is also happy to conjunct.
Might be worth giving him a call.
Some companies give you a multi policy discount. Suncorp do but if you pay by the month they charge you 15% so it cancels out the multi policy discount.
You can also try negotiating. My PM negotiated with Suncorp and they dropped her 2013 policy back to 2012 premium rates. I tried to do the same and they laughed. She is very sweet through, and has great people skills. Not that I do but she might have used the fact she is a PM as leverage.
Another thing to consider is like splitting up your portfolio with Banks, it can be a good idea to do a similar thing with your insurance. If you make to many claims your current insurer can choose not to reinsure then when you go to a new insurance company and you answer their questions they too make think it is too much risk to insure you. ie you get stuck, just like having your whole portfolio with the one banc.
Cash in all the wanted baby gifts and christening presents on ebay.
Insurance for a year paid for
Definitely keep it. 500 per property isn't that much, I am paying 2500 a year with Suncorp, granted it was flooded but I wouldn't give it up for the world. I have used landlord insurance in the past, and try to get every cent that is owed. They are like banks in it for the money just like us as investors its a business, push them for every cent if something ever goes wrong. They will continue to pay your rent until a new tennant is found, so there is no stress and you can take your time.
Your mad if you get rid of it.
In and around East Toowoomba is the way to go, sought after, good reputation, very nice area, with access to great schools, hospitals, cbd, parks, cafes etc. Im not sure if 200k would cut it in this area though. People are generally very city proud which is nice to see and better than some other regional towns.
Rental returns are generally good and a well maintained property in the right area generally rents quick for a good price. (which is no different to most cities)
There are also alot of opportunities for sub-division lot reconfiguration. There are many properties in Toowoomba that are on two titles which means you can conduct a lot reconfiguration, which is much cheaper than conducting a sub-division. Council is good to deal with.
I would be looking at East Toowoomba and immediate suburbs, Inner South Toowoomba, Inner North Toowoomba, Newtown, parts of Harristown.
Richard, just wondering why mortgage insurers run a mile, I know it is probably be the flood, but the flood went down the main street and that was about it. I know they don't care but I would be very very surprised if 150mm of rain in 30mins would land in that exact same spot with the same conditions again.
What suburbs are you looking at?
Thats a shame nobody has answered yet.
Toowoomba is a great location to buy and has come up alot in hotspot articles and various other articles.
It is a nice city and will benefit from the secondary effects of mines, ie it will be the nearest business centre and provide alot of maintainanc and logistical support to the mines. It has experience good capital growth over the years but has suffered just like the rest of non mining qld in the last 5 years. It got a bit of a lashing in the floods by the media. I can't see that weather event happening again. Like with the rest of qld it will hopefully pick up soon but due to a diverse economy, mining prospects, a nice city, proximity to ipswich and brisbane I think it will be better positioned than most.
Looks great. Although not sure on that linen
I think there is actually a removal home company in Dalby or very close by. Never used them but have spoke to them about the prospect. The price generally includes all costs of transport etc etc of a certain distance as long as its not too complicated ie shutting down roads etc. It also includes getting it put onto low stumps.
Alot of them though do more often or not require a renovation. There are some that are more than liveable. But if you want it really nice then they would definately require a reno. They offer building services along with finance people.
I have to trains of thought on them. You either get one because you want an authentic Queenslander or the like and you renovate it to the nines in a good area or you buy one that is liveable and put it on a block where you will make a bit of cash and or rent it for a good return.
I think its definitely something to look at but it needs to be a simple route to your block and you need to be aware of all the costs. I think there could be a few more hidden then a normal build.
Conveniently only 2k over the threshold, maybe you could try to knock them down to 499K.
I think you definitely need to keep the BIR. I had a home that I was trying to rent with large bedrooms. It was a post war timber home. The majority of people who inspected commented on the fact that there were no BIR. Alas they didn't take the house as they would had to of bought wardrobes. I think both professionals and families would want BIR. IMO the only time you wouldn't want BIR is if it was owner occupied and you wanted a feature piece of furniture being a standalone wardrobe.
It also would add more value than having larger rooms.
I hope this helps.
The second my flooded property hits the required amount to unsecure from another property give nab the bird.
So they are liars as well as greedy??
Speak to council yourself first. Remember council are a business so its in the best interest to give advice and approve developments as its how they make their money.
From there speak to a surveyor than can take a quick look and or you can pay for a report etc. You can include a due diligence clause stating pending the outcome of your findings you can terminate the contract etc. Like a finance clause but not.
It all depends on the situation. Ideally you can buy and hold but if you need to free up cash sell one of them, prefferably the existing dwelling, so you get the deprecation benefits but every situation is different.
It can be harder to sell a battle axe block as it is down the driveway down the back with no street frontage, so if the existing house is average then the street frontage can be a turn off regardless if there is a beautiful house down the back.
The other key thing is it may be 500sqm, what are nearby street frontage blocks selling for or if near by estate blocks selling for? You cant expect top dollar for a sub divided block when comparing to the same size street frontage block.
The existing house has to go down some what as you are taking away half of the land. Hopefully though between the existing house settingling, plans drawn up, submission and approval by council it may increase in value. A good idea is to ensure the existing is well presented externally, ie paint and landscaping, you may even be able to swing it with your builder to squeeze in an extra 10K in the building contract and financed for the existing to be tidied up. If the existing is a dump, it will effect both values.
Councils vary, if all utilites, driveways, fences or ammendments to the exisitng are required, plus fees, 50K, this is a very ball park figure pending councils etc.
Permits can vary a few months up to a year pending the zoning and complexity.
Not so much contributions but there are fees etc.
As for the subdivsion works should be able to be included in the construction, im talking about the hard costs ie driveway, water, electrical, fences etc. They are part and parcel of a new house. im happy to pay the fees consultants.
Subdiv can occur whenever pending I get my hands on funds either for subdiv or complete construction including subdiv.
