Forum Replies Created
Hi Adam,
You may be able to find the data required in a REIV property update booklet. I have one for june 2004.
Give REIV a call on 03 9425 5555.
hrm
Hi MKC,
I read your other post on the creative way you managed to purchase the property. Congrats , well done.
It sounds like a sought after retirement area.
Sorry can’t suggest anything about the 100m for plantations. You’ve tried the local council but they say put in an application and see how you go but you are concerned about costs. I guess it depends on the the cost, if not tooo much then it may be worthwile. Suggestion: talk to a non-council planner(check the local yellow pages)they may be cheaper that the council, and they may be able to suggest other profitable uses. In the mean time could you park a few caravans or sell a few trees?
Could you keep us posted on your progress please.
Good luck hope this helps.
hrm
Wild One,
I like it!
Momentum…..Just Do It!
So true in every day life situations.
You want something done then give it to a busy person.
hrm
Batts,
Have sold a few lately. Qld agents tend to stick to the recommended commission. Vic REs are negotiable.
Advertising fees seem to be their cream at the moment. They insist you pay $1000 plus, negotiate this fee, or pay only on sale.
Hope this helps.
hrm
Josh,
What about a building inspection to find faults / quality of the internal reno, and to check out the exterior. You could use this as a basis for negotiations.
Perhaps make your offer for a long settlement say 5 or 6 months.
hrm
Hi MIKALA,
Sounds great. I had a 3br unit on the Gold Coast that I bought in 95. The sell speil was to accommodate uni students at Bond. It was fully furnished, crock and cullery stc. all except linnen.
I found that overseas uni students were not kind tennants, they paid very little care to most things, like slamming doors, drawers, lots of minor damage to walls , corners, insinkerator used as garbage disposal and metal spoon storage, poor cleaners, very messy people.
Overseas uni students were not stable in that they tended to: drop out, defer, parents can’t afford, problems at home, I have to break my lease and I have no money!!!!!!
These issues resulted in high turnover of occupants,and very very high maintenance costs.
After a few years I decided no more students.
I am not being raceist here, but if they were say kids from across town or from the country things may have been different.
I would request the vendor supply proof of occ rates, and I would contact the uni to determine demand and what they can afford to pay, then factor in heaps of maintance costs. I would also check out mamagement costs / fees when a student leaves ( could be 1 or 2 weeks rent).
Good luck hope this is of some assistance.
hrm
Hi George,
I too sold off 4 IPs in the Brisbane area this year. I did this to reduce my LVR and the amount of debt and to cash in some CG. I will have a big tax bill for 04/05.
You want to sell because they have moved to -ve cash flow, if you are prepared to give the figures on all props then some wizards on this forun may be able to give some suggestion on making them +ve, or other suggestions on what to do.
hrm
Hi, To help with a response, What state is the prop in? Is there any rental guarantee with the purchase?
hrm
Hi John,
Well just goes to show knowledge + doing it + equity growth = success. Congratulations.
Where do you see your next buy (bakers delight)?
hrm
Hi Nats12,
Am doing a 3 unit development on a standard resi block in Wantirna at the moment.
I assume that you are talking outer east Melbourne.
I suggest you could approach the local council first to get their views on how many units you could get on the block. or
Engage an architek. I can recommend a very good one, PM if interested.
hrm
Hi Yasmina,
It would be nice to be debt free i would breath much easier:
Sell the PPOR and rent. Buy IPs something like this one:see Ko Huna Beach Resort- Mackay Q under General Property.
Good luck.
hrm
Hi,
For my Qld props I use Astorb in Brisbane to gain this sort of info. Have a look at their site: http://www.astorb.com.au.
hrm
One other deduction:
Property inspections!and
Don’t forget Landlords insurance.Also once you work out what your tax savings per year, then you could see you payperson and request a payday variation to pay less tax each payday!
It’s gggggggggggrest to have your rent paid for by someone else…..Imagine if you deposited the rent money u save into high yielding bank account.
hrm
Hi all,
I would check out what is premium rent for the property. Sale prices are determined amongst other things already discussed, by the return.
I guess its a bit like buying a display home where the builder / developer sells a property and rents back for high rent. This high rent is often built into the price.
But 10 year leases are wow !!!I would check out the tennant’s ability to stay in business for 10 years plus.Or is the lease something like 5 + 5 or 3 + 3 + 3?
Also, who pays outgoings? BC, rates, insurances, land tax etc.
Fianal comment: relatively new building should have heaps of depreaciation.
Looks like a tempting investment, good luck.
hrm
Hi Rich,
Many thanks for your detailed answer……appreciated.
hrm
Hi Rich,
Know your a busy person, but u did offer your services and I would really appreciate your responce to my creative tennant please!
Any response appreciated.
hrm
Hi,
Sounds like a visit to the local council to seek advice.
hrm
Hi Nicola W,
Further to Qlds 007’s suggestions.
I have just settled on my second IP in a resort.
The first one was bought only about 2 years ago in Mackay Q. It was managed by the the resort managers. The management fees were very very high, some months I got no return, others I paid (they grabed) more than 60%. I beleived that I got the unit for a low price. Management rights were sold and better returns were structured. I sold the unit after about 18 months for 55% more.
The one just settled was bought for $120K. I decided to rent to the open market (not managed by the resort). A tennent moved in on settlement day for $280 pw. Take a look at Ko Huna Resort Mackay under General property.
To sell the first one I provide statements for the past 12 months. I would request this info.
Check out the BC: do they have a balance for planned maintenance, etc; will contribution rise?
Also, as Qlds007 says 80 % occ appears high.
Perhaps talk to some owners!
Hope this helps and good luck.[snorkle]
hrm
Hi PP,
I have only one Ip on a main road(very busy).
Pros:
More visable maybe easier to rent.
Security:no dark streets
Convienance: may be closer to public transport.
More options: maybe able to do other things i.e.commercial use, child minding, medical, office etc.
And, I think Peter Span said: follow the roads!
hrm
Hi Terry,
Thanks find your travel reports…. interesting.
I spent a bit of time in Thailand when I was young and in the RAAf stationed at Butterworth, Malaysia in the late 70’s. Thailand was a great escape for young sinle guys.I guess it still is.
I understand that xpats own quite a bit of property at the sea side resorts, Phukett, Pattyai etc.not to mention some bars.
Maybe u could make contact with some xpats and gain some inside property kbnowledge at the bars in Patpong, if not i’m sure you’ll find some friendly Thai ladies.
Enjoy, and I look forward to more SE Asia property updates.
hrm
