Forum Replies Created
Thank you Shaztaz and no I have not read Spanns book about CG. I may get it and learn a bit more about CG.I reckon you are right about the bargains coming up in a year or 2. I am right now consolidating and getting ready for the next round of good buys. I know a lot of people in this forum seem to be buying right now, but I just can’t bring myself to buy right now, as I reckon I will do better in a year or 2. [blink]I have limited funds (unfortunately) afterall.
I do not want to buy and find the price dropping further.
Some would say I should wade in and buy anyway, if the figures add up. I cannot see the figures adding up unless I go bush. I am shy about doing this – would prefer a regional centre.
In the meantime, I am researching suburbs, and learning about financing.
Cheers
GIDDO[cigar]Hello Mitzu,
I have had builders reports done before and they did not include a quote to fix the problems. Once I used a builder who did not specialise in reports, but did renovations for a living. I felt like I was talking to a real person then, instaead of a business. he phoned me with a verbal report and I asked him questions about costs of fixing things at will. This was better than a fancy form with colour photos all bound in a beautiful folder.
In short I have found formal builder’s reports (and pest reports) to be almost useless, and only of much value at a time when I could not inspect the property myself.
i would try to find a real person who you could get to know, instead of a company who specialises in such reports.
Probably harder to do though…..
Giddo[cigar]hello foundation,
No actually not motel rooms but one and two bedroom accommodation units. 3 of them average about 86 sq metres and the other two are 45 sq metres each. The house is 100 sq metres.
Thank you
GIDDO[handlebars]ALLO ALLO – Anybody there?
I am a little concerned that I have explained this situation poorly and scared off valuable assistance….
Any ideas anyone?
Giddo[eh]Thank you WOODSMAN,
I’ll try to clarify. Two title deeds side by side. Each block is 690 sq m.One has a triplex on it built 2 years ago. (1x2br 2×1 br) The other has a 1954 2 br and s out chamfer home, and two single bedroom units at the back of the block. these were built only 1 year ago. All the units match and are of brick veneer construction w/- tiled living areas. Also each has a complete kitchen and laundry. I E> Able to be tenanted on a permanant res. basis.
House is used by manager and is in good order. All have full curtains and wood blinds and split system air cons.
Situated as the closest accommm near a major private hospital, servicing an outback area.
Occupancy is no problem, with almost nil advertising.
Re – leasing I was thinking about leasing as a block to a person interested in managing them. The management is more hands on than av res property management. They are serviced weekly and include linen crockery etc.
Although I haven’t had a valuer look at this stage, I am confident of the value based on normal res rents at 5.5% gross (normal for this town).This makes it worth $850k, bringing in $80k before cost of management, but after every other cost.
Sorry if this sounds a bit complex the way I have explained it. Can you help with any advice? Any body else’s advice v welcome too.
Thank you
GIDDI GIDDO[cigar]Re MAPS of individual blocks
Toowoomba City Council website has this, and it shows sewerage lines and zoning too. Great.
I would guess a lot of other councils of similar size would offer the same thing on their websites.
I hope this helps you.
GIDDO[cap]Hello paul and eeshole and all,
I have experience with units that are being used as serviced apartments and they are returning cf+ well and truly. However these are built as res units so that cap gain prospects are not affected.
(they are nearly new)[cap]They are ground floor, with normal density for same so there is some land content there – about 200 sq m per unit.
When I sell, I expect to get only value of res units plus the extra fittings, but in the meantime I get cf+ which would be difficult to do with a new building in this area otherwise.
I am managing them myself, and so pocketing the extra cash myself.
I believe in retaining control, and would not invest in a managed rent guaranteed unit.
That is just me. I do not know your situation at all.
GIDDO
[cap]THANK YOU WOODSMAN,
That is exactly what I wanted to know.
Ta
Giddo
