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H
Member
@h
Join Date: 2004
Post Count: 12
March 2, 2006 - 2:18 am
Thankyou both for your help.
I did think of talking to the tenants but didn’t want to cause any friction with the agent. I also thought if I told the tenants I was going to sell they may think there is not as much incentive in looking after the place.
It could work in my favour though because if I tell the tenants I will be selling at the end of their lease and if they chose to move beforehand they wouldn’t have to pay normal penalties of ending the lease early (as the tenants can lease early). This way they may choose to leave and I get the house to do up and sell.
Will have a think about this…
H
Member
@h
Join Date: 2004
Post Count: 12
February 28, 2006 - 9:53 am
ok, will do thanks. Hopefully she will know how to minimise the GST. (I’m sceptical because it’s been difficult finding an accountant who knows property well)
H
H
Member
@h
Join Date: 2004
Post Count: 12
July 29, 2005 - 12:59 am
For a long time now (I don’t always catch on straight away… I never seem to have enough time to dedicate to property investing. I know there are a lot of people out there who seem busy but really waste a lot of time and I wanted to make sure I wasn’t one of those, so I did a little excercise that I thought others might find useful.
I kept a diary for 2 weeks of everything I did and how much time it took me. This included driving, work, watching tv, cooking, going out etc etc. Include everything. I then totalled up the different activities to see if there was any time I could free up by giving up or reducing one of these activities. Some of the results for me were:
– I worked out I watched approx 9 hours of tv a week, some of which I could justify for relaxation etc but there was spare time there.
– Driving was another big one. I am now moving closer to work to reduce travel time and also leaving earlier in the morning and in the evening to reduce the time driving in peak hour traffic. (will save approx 4-5 hours per week)
– I have horses and was doing all the care of them myself which is very time consuming. I now pay someone else to do some of the care (save approx 6 hours per week. I am also selling one of the horses which will save another 5 hours a week in riding and care time
Just working the simple excercise and making some simple changes did make a big difference for me. I still won’t have an enormous amount of free time but soon I will have a more time to do things properly, (as the quality of what I was doing was suffering trying to do too much) time to dedicate to property investing and you never know, maybe some time to socialise as well!
So my advice is to stop giving the ‘I have no time’ excuse, find out where your time is going and do something about it.
H
Member
@h
Join Date: 2004
Post Count: 12
June 23, 2005 - 2:22 am
I know for properties in WA you can get a listing from the Dept of Property and Land Information. You can get them online from about $25. Website is http://www.dli.wa.gov.au/corporate.nsf
Cheers,
H
Member
@h
Join Date: 2004
Post Count: 12
June 23, 2005 - 2:11 am
Friends of mine recently bought a property in Perth and managed to get access to it to do some work before settlement. However when they tried to submit plans for council approval, council would not process until settlement had gone through. (they could lodge it beforehand but it wouldn’t be processed until proof of ownership had been provided)
Cheers, H
H
Member
@h
Join Date: 2004
Post Count: 12
June 23, 2005 - 2:09 am
Friends of mine recently bought a property in Perth and managed to get access to it to do some work before settlement. However when they tried to submit plans for council approval council would not approve until settlement had gone through.
Cheers, H
H
Member
@h
Join Date: 2004
Post Count: 12
June 22, 2005 - 12:46 am
Hi Pegasus,
I’m in the process of building 2 houses and about to start my 3rd and would love to catch up with other people in Perth doing similiar and share anything I’ve learnt (some things the hard way!)
I was thinking of a regular get together of like minded people would be excellent. Share ideas, experience and provide some extra motivation to stick at it.
What development projects are you looking at doing?
Cheers, H
H
Member
@h
Join Date: 2004
Post Count: 12
June 22, 2005 - 12:38 am
Hi vl,
It depends on whether the property is for personal or investment purposes. However in saying that even if it’s for personal purposes I would always try and gear it towards being appealing to yourselves and the masses so you can ensure it’s easily sellable or rentable if you decide to turn it into an investment or get rid of it later on.
I am currently in the process of building 2 houses. When I worked out the costs I dialled in at least $25k to finish off the place after it is built and you must ensure you dial in rent to live somewhere else (if you need to rent) and loan interest costs while it is being built.
Also factor in the time it takes to build and remember there is no return until it is finished. If you put your money into an existing property which you can use/rent straight away you are getting return immediately.
What I wanted from the build was at least a 20% profit at the end. This includes dialling in tax and using todays sale/rent prices as a guide to what I would get once the property is complete. (even though it’s 12 months down the track)
When I worked out the figures and I didn’t get the return I wanted I walked away.
Hope this helps. If you decide to build I have just gone through all the things to watch for when selecting a block and a house design so would be happy to share this but I’ll leave it for now…
Cheers H