Forum Replies Created
If I am in the same situatiion, I will sell the house and get the equity. For your husband’s cancer, he may try some natural therapy like Gerson Therapy. I heard it cured many cancer patients including lymphoma. There is one young female patient and her monther in sunshine coast, both are cancer and claim they are helped by Gerson Therapy.
In next 2 years’ therapy, your guys can survive in the equity and governtment pension while concentrating on the therapy. Good luck!
Hi, everyone:
I also experience the same dilemma with suburbs to invest as I only have a few years in melbourne. I read a few books like steven, lomas,and Michael Yardney.
Every book get merit. However, I agreed with most of Michael Yardney’s ideas: invest in inner suburbs of capital cities.Invest property to get capital gain , not cashflow.
Then I look at good inner recommended suburbs like elwood,elsternwick. A spacious 2 bed apartment easily sell for $550K and the rent could be $400/w. Based on 7.16% borrowing interest, one apartment can cost you around $20K each year to hold. This could be very stressful for most ordinary people who can not hold it a long term.
On the other hand, I look at 10 year growth rate and found low price suburbs like sushine/broadmedows have good rental returns while still having around 12% annual capital gain same as good inner south-eastern suburbs. The good rental returns shall help ordinary investors avoid cashflow problems and hold property long term.
Is michael yardney’s stragety only suitable for high income earners? Or cheap suburbs like sunshine/broadmedows only enjoy good capital gain in the last 10 years while in long term(say 30 years from 1980-2010) they have poorer capital gains comparing with inner south-eastern suburbs. I do not have resource or knowledge about capital gain in these long periods.
I really appreciate the experienced investors going through a few property cycles in melbourne can give insight opinion. thanks.
Andrew_A wrote:For early 300's then I think entry level 2+1(or 2)+1 older units in good blocks and locations in this 5-6k from the CBD range and very run down condition would be good targets. Idea being you cosmetically renovate to add value and yield, perhaps look for a twist such as fully furnished if you need higher rents.Andrew:
thanks for your reply. May I know the meaning of 2+1(or 2)+1 ?
I heard old units are normally bigger in size and have low body coorporate fee. By renovation, this could give some equity. Which are prefered ( units or houses ) by owner-occupier or tenants in these suburbs at this moment?
thanks
NBS wrote:I'm a bit confused are you insured? or not, the sheeting may not need replacing however all the skirting and architraves do need to be removed to allow the timbers to dry. This drying process may need to be done by trained persons to ensure the timbers are dried enough to allow skirting etc to refixed. This can take some time to be carried out.Brian
Hi, NBS:
Thanks for your reply and knowledge. Yes, I am insured. But the inspector still did not turn out as he may turn out this week at his earliest time. It is good news if the sheeting may not need replacing. When the tenant complained mouldy condition 1 day ago, I asked my handyman to take a look. He suggest the mould originate from moisture trapped between external wall and internal lining. To let it dry, his suggestion is to cut the internal lining which is asbesto sheeting. Your suggestion is better and hassle free because the water come up the first floor only about 10cm.
The empty , ground floor is windy and dry. Wind can blow from all directions. I just need wait for the inspector to give me a good idea as asbesto removal is not covered by insurance.
Intrigue wrote:I completely understand what is being said here and have done some homework. RPdata is a pretty fantastic tool. From this I can find out what the property was purhased for and when. One property I am looking at was purchased for $95k in 1999. It is currently listed at $330k. I understand that these sellers have since heavily invested in commercial property and would like out of residential investments.On one hand I say yay.. If I purchased for $240k they would still have made 2.5 times their money in 11years – Thats not bad.
On the other hand its costing them nothing to hold it, in fact they would be earning a good income from it, so not real urgency to sell. (that said realising a profit can be nice motivation).When I first started thinking that my offers were going to be about $60k under asking price, I thought who am I kidding. Since then I have stumbled upon deals being done that are very similar – so my thoughts of it being impossible have turned to it could be possible, if I'm smart enough and find the right property. One property in this area sold for $205k, where was I that day.. dou
What is a buyers agent going to do that I can't?
Hi, Intrigue:
May I know how to get RP data tool? That is very useful.
I remember that when I put ads at local news paper and gumtree for house to rent. I constantly received some text message from a mobile phone saying I could pay $99 to list my property at realestate.com.au. I did not take down the mobile number and message. You can put your ads in gumtree now. Probably you will receive the text message shortly.
IP Freely wrote:Sorry, I thought you meant Woodridge @ Thredbo.Hi, IP Freely:
where is Thredbo? The woodridge suburb I am talking about is the suburb at south of brisbane, bordering with suburb underwood. Are you familiar with that area?
thanks
Jonathan67 wrote:Hi,
I'm teetering on the edge of property investing and have been for some time now. I like the idea of this 'value adding' notion, not only as something to make a buck but also for personal enjoyment. I recognise however that I am moderately 'skills poor' when it comes to reno work. I was wondering if there is anyone in the Canebrra area who is currently or may be soon looking to renovate their IP (or home) who would like an extra pair of hands for a few days in return for passing on some reno skills and answering a lot of questions. I work full-time so could only help out on the weekend, but I figure this may be a good way to learn some skills, make some contacts and pick up a few bits of wisdom.
Of particular interest to me are bathrooms, kitchens, tiling but I am also keen to learn anything else that people think is useful when reno-ing. All except painting that is – I think I am ok with that.Oh, a bit of info on me. I am 27yo male. Work in an office. Reasonably fit. Un-skilled but enthusiastic.
I am in the situation like you except I was at Melbourne and free most of the time. I intend to do some garden work and replace old kitchen. I got a kitchen quote from Bunning yesterday. I really appreciate I could get some renovation skills so I can start on my house.
PM me if you who would like an extra pair of hands for a few days in return for passing on some reno skills
For those who want to buy Investment properties, I suggest Auckland suburbs like Glenfield, Forrest Hills, Northcote, Mt Albert, Glen Innes. One friend of mine just bought a cross-leased house in Glenfield under NZ 300K last week. Those suburbs are near Auckland CBD and price against rental is very reasonable. If NZ open immigration to skilled and business migrants and NZ banks loose the lending policy, I bet those area will have good capital gain easily. Of course, you could buy better suburbs like Epsom, Mt Eden, Greenlane, Bays area at north shore if you have more budget.
About income tax and capital gain tax issue regarding property in NZ:
I have a house in Auckland which is my home before I move to Australia in 08. I could not sell it for more than one year as at that time people stopped buying properties. I rent it out and am incurring the loss every month.
I did not claim any loss from my OZ income until I saw this post. So I can claim the loss from my OZ income!? How about capital gain tax? I intend to sell it in the next 2 years if there is small booom there. I hear it is still hard to sell at this moment. Need I pay tax to ATO here if there is capital gain there?Any reliable resouce I could find out more about NZ properties owned by people in Australia?
christianb wrote:Henry,Yes, the IKEA is located in Richmond.
Their stuff is designed to be put together by anyone. I found that there was a lot of repetitive work in putting together the carcasses and other bits and pieces, and the only thing that really needed my carpentry skills was the fixing of the overheads to the wall ( a little bit tricky) and the adjustments of doors and drawers for an accurate fit.
I don't want this to sound like an IKEA add, but the stuff really is quite easy to put together.
Now, I don't want to put you in over your head, but perhaps consider having a go at it yourself and see how it goes. If you're finding it's not working out, then call a carpenter. You might find that you can get all the components together but would prefer a carpenter put them in place and make the adjustments for fit.
There are also other "flat pack" cabinet suppliers.Good luck.
Thanks.
What about ripping off the old kitchen? Shall I have a design before I go ahead? Sure I will go to Richmond IkEA shortly to find out details. After getting rid of a retail shop, I have plenty time at this moment and really want to put some skills and knowledge about property investing.
christianb wrote:I got the whole lot! A kitchen, two bathrooms.
Carcasses are together and I'll finish the rest this week, time permitting.
They are actually quite ingenious (I was skeptical) and easy to assemble – although I am a carpenter by trade.
I'll let you know if there's any disasters.Is the IKEA located at Richmond, Melbourne?
I also got a old kitchen at Melbourne which I want to renovate cheaply. But I have no experience on renovation or carpentry skills. What can I do cheaply or somebody I can get help and pay him reasonable cost? Where should I start? I am willing to work free to participate in some kitchen and bathroom renovation and just get some experience. Anybody can help me on this occassion. thanks
If I were you, I will sell it ASAP. As you do not live in it, it is just pure investment. Iif you lose $26K every year, why you should keep it? The longer you keep, the more you lose the money and the longer you will be depressed, the less chance you can afford to look at other investment properties. That is for sure at this moment. Well, it may go up in value but it may go down. As many family do not want to buy a apartment for living, the potential appreciation for apartment is limited.
aidanq wrote:Hi avi_shalom27, henry13auckland,financing right now in the US is possible, just takes a lot of effort and persistence. Being a non-resident & the current credit crunch makes it difficult. I found that finding deals where you take over the existing finance or get owner-finance is the best way to approach it. So in some cases you can assume a current mortgage, which means there is no bank application to be made. You still get to leverage and the whole transaction is very quick. There are also pre-foreclosure deals out there where you get equity and cashflow. I've been purchasing in Texas this year and it's been working well so far.
Hi, aidanq:
Thanks for sharing your knowledge. Regarding "—finding deals where you take over the existing finance or get owner-finance is the best way to approach it. So in some cases you can assume a current mortgage, which means there is no bank application to be made.–, can you give more details? How to do that?
Also, how you manage your +CF properties in US while you are not there?
Cheers,
give90 wrote:hi henry
yes i did eventually receive the ebook. the author apologised and said that she had been overseas. i did post it on this forum or thought i did but it must have been lost in the ether.are you looking at investing in the states?
I am not ready to make investing at this moment even I sensed US probably is good place to buy property in the next few months. The market there is hitting bottom and the exchange rate is good.
I actually paid attention to this topic when I saw a online forum in which somebody in US mentioned to buy REO properties and archieve real positive cashflow. He bought houses at US$70K-140K. Not quite sure the areas he bought them and what was the exact procedure to buy REO properties.
I asked him a few questions. He suggested me to stay local as US is too far away and it is difficult to find reliable property management agent. It could be difficult to pick up these steals without seeing them. He even suggested me to wait until OZ&NZ property market crash like US now.
A bit confused to know the ridiculous low property price in US while knowing they earn good salary and enjoy low interest there. I did not go there before. I want to get more knowledge before deciding to give it a try.
Is the ebook useful?
give90 wrote:Warning; don't buy us investing ebook advertised here.
to my great chagrin, i sent off the $30 for this ebook last week (advertised on this site) and have not received it or even a reply to several emails chasing it. Appears to be dodgy……
this was the listing;
Hi Alan,
I have invested in the US Property Market and I have also written an ebook about this if you want to go ahead and invest in the US I suggest you read my ebook and that may help you decide if it's for you or not. Yes there maybe some good deals at the moment and great ROI but my ebook will give you all the details the good, and the not so good to US Property Investing and how to go about doing it the correct way being an Australian investor. My website details are below.Good Luck!
Best Regards,
Donna Cox
http://www.seekingfortuneinnewyorkstate.comHi, give90:
Have you received the ebook? I actually wanted to buy the ebook before I saw your reply. Thanks.
Let me know the final result.
Regards,
Scott No Mates wrote:Thanks, Scott No Mates:
Do you know good property manager in West Melbourne? I suspect whether the property manager working at BarryPlant really want to do his job well: he charge one week' rent from landlord and probably from tenant as well. he charge 6-7% rental for managing it. I felt it could be better for him to change tenant frequently.
The present tenant rented another propety in the same street and have good reference from landlord according to him.He need change because the landlord moved back after selling their own house. I could not understand why the tenant did not pay the rent so soon.—
Anybody got similar experience before or contribute ideas?
Nigel Kibel wrote:Your right Don borrowing for the USA is not that easy, You will do far better than this in main cities in the United States.Hi, Nigel:
I am at auckland and I agree with what you said about NZ. Talking about USA, I heard that a foreigner need bear 6.95% interest instead of 5-5.5% which is applicable to US citizen or PRs. While it is always good to use high leverage for property investing, do you know some good brokers in US to help? Especially low deposit and good interest rate for a foreigner to buy US property.
Mortgage Hunter wrote:I would consider buying with a 20% deposit and taking an IO loan.Save all you can in an offset account.
As you buy further investments use 100% IO loans and continue to save in the offset.
If you need to use offset cash then transfer it into the home loan and then redraw it via a new LOC.
This will ensure you have the most tax effective and future proof loan structure.
Make sure you use a broker who understands these concepts to set it up – too many don't really have a clue.
Cheers,
Hi, Mortgage Hunter:
"
If you need to use offset cash then transfer it into the home loan and then redraw it via a new LOC.—"What is redraw and a new LOC? Why doing it will give tax effective?
I am new but I felt it was important for me to grab the knowledge. Can you explain it a bit more?
Thanks.
May I know the area in regional vic if you do not mind?
