Forum Replies Created
Jazz77,
Please see this link on my builder:https://www.propertyinvesting.com/forums/property-investing/value-adding/4343198?t=1327186519
It really depends on the location, style of your unit and budget.
For a cosmetic reno, floors, paint, widow coverings and light fittings can be a good way to improve value for minimal outlay.
From there you can get a bit more into it and do things like tap wear, bench tops, kitchen cupboards, maybe paint the tiles etc.
For the full on reno all of the above plus the kitchen bathroom.
My partner bought her first property in Ballarat Vic in 2009, the main reason for the location was because the Vic gov was offering 40K to buy in a regional town. Purchase price was 205K so she didn’t have to put a cent down. Anyway she was in a similar situation to above.
We found that it was best to buy as PPOR, she was then able to rent it out for the first 6 months from Dec to June. Her tax was done first week of July and then moved into the property to tick the box of living in the property for 6 months continuous starting within the first year.
Due to the fact she rented it out first and the time frame being Dec-Jun her tax return paid all her mortgage for the 6 months she lived there. On completion of the 6 months of living there it was rented back out.
It worked for her. Food for thought.
First home buyers just need to lower their expectations!!!!
Sorry I forgot to post Shanes Number 0429495994.
Cheers
I would advise nutting it down to a few areas then go for a visit. Many people buy completely unseen but that doesn’t sit well with me…. maybe they have to much money…
You need to establish your investing strategy and then choose the areas you are interested in. Buying the hotspot national top 10 is a good place to start, Im sure there are a few posts on here which could point you in the right direciton for areas set to do well in the next couple of years.
Then just research research research.
You mention that you made a couple of bad investments. I feel if you do not get out there and stomp the ground you could be setting yourself up for another dud. If you don’t buy in a particular suburb this purchase you might buy there next and having already been there you know the area.
There are many many considerations:
Location
Predicted Sale Price
Size of block
Setbacks required by different councils
Zoning
Subdivision costs (vary greatly between councils and blow out your end figure.
Location of existing pipes
Access (corner blocks are always good)
Trees (In some councils certain species may not be removed or you have to pay a hefty cost)
Slope of block (ideally sloping all but towards the street)
Neighbours if you are smack bang between two nice colonial houses they may not be happy with this
Plus all the usuals transport, shops, schools etc etc.Property goes in cycles and just doesn’t go up every single year. You probably bought the Hoppers property at a good price and sold it at a premium.
There are also many many houses for sale in and around Hoppers Crossing ie Point Cook so you are up against tough competition.
Hoppers and Deer Park aren’t really sought after areas so it will always struggle in a flat market compared to blue chip suburbs.
My relo is really tight and doesn’t think it is worth the extra money.
If it was a quick flip or just a tidy up ie not a full reno I would go a cheaper paint but this is a complete reno and want it looking pretty good.
I am now tossing up between the dulux trade and weather shield wash and wear.
The surface will be plaster board inside and weather boards outside.
It is a flooded house which I am not over capitalising on but want it to have that slightly better finish than others in the areas.
What about just going the Dulux Trade Paint?
Unfortunately the painter I am using is family and a bit pushy. He would just normally use the cheapest paint he can get his hands on.
Everyone I speak to seems to have a problem with NAB including me……. are the exceptionally worse than the other banks?
Give serviceseeking.com.au a try. You post your job on there and people get back to you with estimates and you go from there.
Most I have seen do a quote up with the full price. How do you know if you can afford it if he cannot give you a final figure??
What strategy and one only would Steve utilise in this current market if he had to start again? As most people know Steven made alot of his early money buying regionally and as close to cash flow positive as possible.
Although the fundamentals have changed, the world of property in particular affordability has changed dramatically. Steve is often pushing the USA option at the moment and from what I have read he is doing very well from this. But to me this would not be an option for someone starting out.
So my question would be: What strategy and one only would Steve utilise in this current market if he had to start again?
I was thinking recently the forum is quiet, similar to the FWORD maybe because property is a bit quiet, it brings to mind an old football song…… You only sing when your winning.
Although for me at the moment I have been doing better property wise than the last couple of years….. even with the Brisbane floods.
I have also thought about doing the same with RPDATA.
With a personal licence if you give the details out and there are more than a few different PC;s used I understand your account is cancelled.
How many PC’s can be used with a corporate? I imagine a few ie it is corporate.
Are there any proper non gimmicky groups that get together in melb?
Alot of the capital cities have property groups, maybe you could go to some of their get togethers. They are free as well.
I believe the bank would allow you to borrow the constructions costs (400K) but not the potential value ie 500K.
I could be wrong
Maybe a sunset clause or similar. You could probably put in a subject to valuation clause. You can pretty much put in a clause for anything, it just needs to be agreed on by both parties.
