Forum Replies Created
- A number of posts above have stated that Aussies need to obtain a social security number to then obtain a USA bank account.These comments are NOT true, contact HSBC in Australian and you can get a USA bank account and never have to step foot in the USA. I did it 18 months ago, completed the required forms, payed a $100.00 setup costs, waited 6 weeks and obtained a full USA bank account which I was able to access via the internet with no problems.GeoffBThanks, but what does "Price on Application" mean?Hi all,For someone who lives in Cairns I can say there are good property managers and there are some shockers located in the Cairns area. I live on the northern beaches and work in Edge Hill and must say I've heard and experienced some bad stories and some good ones, however, Cairns is no different to any other city, regional centre, town or village of Australia or the world.Anyone who has property must be on top of there investment. If you are having the slightest problem you must get on the phone/visit and find a solution to the problem. Shaun0011, after the 2nd change of property manager you should of smelt a rat and immediately took action.Anrobel, I personally don't know anyone PRD Edge Hill agency, but I'm a Justice of the Peace in Queensland and constantly hear bad comments about PRD Edge Hill agency through the public dissatisfaction, mostly aimed at the level of ethics and professionalism, so I would recommend you constantly monitor your PI and the level of service closely.All the best.GeoffBHi Aroverman,From someone who lives in Cairns and has invested in most Australian states one piece of advise I can recommend you check out is council rates. Make sure you undertake a call to Cairns council and get an estimate of the annual rates. Don't just rely on the real estate agents word… or you could be in for a rude shock…I find Cairns council rates the most expensive in Australia and for someone who has also invested in the NZ and USA, I can also say Cairns council rates are one of the most expensive charging councils in the world.Good luck.GeoffB
I used the Professionals – MacPherson Real Estate in downtown Invercargill.
They were okay, but that was 18 months ago. Can't recall what there management rates were, but if I recall I rang around and they were the best prior to engauging there services.
Hope this helps.
Cheers GeoffBHi Amaljaya,To answer your question: Yes, Yes Yes.I live in Cairns and subdivided in Sydney, initially attempted to do it myself, got into difficulties, engaged town planner to sort it all out, processes moved a lot better after using town planner.Good luckGeoffBKristine,
You would only pay tax once between oz and NZ on a property transaction, contact your accountant to get a clearer picture of the processes involved.Regarding Invercargill growth, sorry I left that market more than a year ago and not up to date with the property climate there.
Good luck
Cheers,
GeoffBHey Cairns,My other half is looking at laser treatment surgery too, her research has shown that don't get it done in Cairns. It's about $4,000.00 cheaper to get it done in Sydney. The saving covers the travel costs and change. We too live in Cairns.Cheers,GeoffB (fellow Cairns investor)Hi Kristine,I live in oz and had a number of properties in NZ, sold them all a year ago. One of my properties was in Invercargill (such a lovely place)a nd did very well from the investment. My whole experience with NZ investing was very rewarding, buy through to sell.In relation to selling and getting money out, no trouble, in fact I find the NZ system of buying and selling so much better that OZ. Anyway, now is a good time to get your money back to oz, exchange rate is better than when I sold my last property.Regarding your issue with the government, I can't see your concern, it's the same as if your were in oz. You just can't get around paying taxes, other that illegal operations of course, so done get hung up about it. The way I see it it's not your money so just pay it and sleep easy.Good luckGeoffBThis type of practice if not uncommon, I've had it pulled/tried on me a couple of times. Fortunately, due to experience I thrive on these situations, and now I use it to my advantage. One important point, there is millions of bargains out there in this big world.One time we were in the RE agents office and signed the contract, the agent went away for less than a minute, came back and told us a story along the lines of ' just had a phone call from the vendors and there has been some development with another offer … bla bla bla…. I stood up, ripped up the signed contact right in front of the agents eyes and walked out of the office. The agent nearly had a heart attack, the whole agent where stunned. To cut the story short I had the agent ringing me every day for the next week apologising and begging, and in the end I ended up signing the contract again for $1k less.In this case I was fortunate that I was not emotionally attached to the investment and able to just walk. I feel for those who are in a PPOR situation.GeoffBHi Martin,
Totally agree/repect your comments. My decission was based on risk assessment whether it was right or wrong.
I don't want to discussion the issue regarding the Mitsubishi plant issue in this post as it would be hijacking the initial post.GeoffB
This is not answering your question, but when you mentioned Adelaide I recalled reading a news article today about the Mitibushi plant and the its future. 18 months ago I was looking a IP's around the Marion area but stayed away due to the rumours of the plant closing. Every 12 months there seems to be a news report about the plants future, one day it will close down. Therefore, if you looking in the south of Adelaide, factor the plants future in your duedilgence.good luckGeoffBCrashy,I look outside the square to find solutions. You haven't demonstrated an understanding of the solution to the problem I was tiring to achieve, hence all your presented problems. I could respond with solutions to all your question posed, as I did when I undertook the marketing proposal, but I will let you think about them because there all solvable. I endeavour to avoid creating walls.Have a good daycrashy wrote:so that would mean your original price was $217k for a property earning $140? a week? what you smokin man! quote]I don't smoke… See Crashy, if you had bothered to read my earlier posts I tested the market out at one point to establish a environment/demographic by offering a new car into the property package, hence yes I did have the property on the market around the $215k mark whilst it was being rented at $150.00. Therefore, yes, it may not of been appealling to you or an investor but maybe to a young family looking for a solution. Least I tried something.
GeoffB
Tracey, thanks for response.I'm still of the opinion that if I pay for something I should get it. If I go down to the shop and buy an apple if should get the apple, even is if it has a worm in it.Regarding negotiating for a copy of the valuation before you proceed is valuable advise. I have tried to get a copy of the banks prequalified valuers list, therefore I could get a valuation under my own steam and cost (detailed report) and then present it to the bank for further use. However, the bank has a policy of not releasing prequalified valuers lists.Cheers GeoffBThank you all for your varying array of comments and suggestions.Since I initially posted this subject I have undertaken some more extensive research relating to this property, especially in the sale price. I have made further phone calls to RE agents and obtained a RP Data report. Although RP Data reports are to be used with caution combined with the agent comments it seems my place is actually underpriced (only by a little). Now I'm a bit sceptical about what I'm hearing and reading, therefore taking that into account I feel there is more to why I'm not even getting an inspection.Currently, I'm focusing on two areas. Firstly, it's visual appearance (Malquisce, I like the photomontage, interesting) and the second is the RE agents attitude to getting a result. The latter can be approached with a good long phone conversation with the agent and the appearance can be addressed with some low cost injection of money. It's unfortunate I live 3000km away from the property or I would do reno works myself.Also, I just reviewed the latest API magazine which listed that 58 properties have sold in Oberon in the last 12 months, so properties are selling, contrary to what some RE agents are telling me….Just for your info, I obtained this property many years ago through mis-information, it was my first and I learnt from the mistake. I've since bought and sold dozens of properties worldwide based on my better experience resulting from this property, just can't get rid of the first one..Stay tuned, and again thanks for all your suggestions, it's given me the impetus to get a result and move on.Cheers,GeoffBGreat suggestion regarding just painting the bricks combined with faux shutters, that's a small cost large value option. Thanks Tracey.The current tenant is on a periodical period term, therefore making the sale cover a broader demographic.It's a long story regarding the colluding issue, it's along the line of directors of trusts/companies previously owned the property and currently own the RE agencies ect ect ect….. The RE agency owners have daily lunch get togethers etc etc…. One thing leads to another and there is not a lot of legitimate happens going on.CheersGeoffBHi Marc, Tracey and S,Thanks for your valued comments.In response to your questions, yes I have reduced the price (5 times) totalling $34k, and increased the rent in attempt to get a better yield.Your sample links to other properties in the town are unfortunate old, very old. I've been tracking all the properties listed in the town on RE.com over the years and discovered a long time ago the RE agents keep the listings listed for years after they are sold, along with not updating there current listing. The one listed as under contract has been there for over six months and the other pink house was sold when we were purchasing our place 4 years ago, if I recall. It took one of the RE agents 3 months to update my web listing to reflect a sale price reduction. One way I have tried to overcome not relying on web based listing to sell my property is to use other means of advertising, i.e. letterbox drops, local noticeboards, newspaper, local business circulation etc etc.
See, there is only 2 RE agents in the town and these 2 agents conclude with each other, that's one of the reasons I'm using a RE agent in the neighbouring town. It's was an unfortunate situation when I caught them out concluding, common discovery by other investors in the area I've been told.Also, from the RE.com listing the main property photo is not one which reflects the property, it doesn't do it any justice. However, there is no alternative option for a better photo other than falsifying it via photomontage. I've inquired about getting the property rendered just to make it more appealing to prospective buyers, the problem there is my inquires tell me the waiting list is about 18 months to get redering done in the area.I've thought about lowering the sale price to $100k from $180+ in an attempt to see if there is any interest, however that is wrong and would more than likely jeopardise any chance of a sale in the future.Cheers,GeoffBHi HoBe,
Not from Brisbane area but Sydney therefore can’t directly answer your question, but the following is a guide for your question answer.
1. Take time out to visit your local council which your land is located. Ask questions, any questions, zoning, regulations, development application cost etc. I find most council are helpful.
2. Make phone calls to architects, town planner, surveyor, builders etc to get cost estimates.
3. Buy a book to guide you, suggest “Australian Residential Property Development” or even Martin Ayles CD’s from PI.com, it worked for me.
4. Re building costs, do a google search (Australian) for key words, again it worked for me.
Hope this helps.
GeoffB
What effect does this have on Steve’s and Dave’s foundation, and it goals?
I’ve always admired the strategies for the foundation and hope it’s not effected at all?
Cheers,
GeoffB
