Forum Replies Created
I would seriously consider Queensland.
The purchase contracts up there are
apparently designed to protect the buyer so
much more than in Vic, or some other states.Purchase is conditional on a building inspection which can take place when you are back in your home state.
Even though I am an Architect,
I get a property inspection company
and a pest inspection company to inspect
all my properties. Another person can sometimes be more objective.New finishes can cover a multitude of faults on
new or old properties.Many new properties do seem built only to last for
their guarantee period (7-10 years).I agree with Rosco.
I have done 3 renovations to sell now, and have done well, but so has anyone in inner Melbourne,
without all the hard work.I know 1/2 a dozen people who have done badly, or say they have made say $20,000 in a period when capital growth on the property would have been
say $40,000 ie, they have lost $20KMy suggestions for what they are worth would be:
-buy under market value (possibly an unpleasant looking rather than a rotten property)
-get as many of :re-roofed, re-stumped, replumbed and rewired as you can in the initial purchase.
-then paint, polish boards, add french doors and a deck, fill the garden with flowers and sell well.I have friends who have done very well on projects where people started renovationg the INSIDE of the house, lost heart, sold a very ugly looking home, that basically only needed a paint and landscape.
Good Luck
IBBelladonna,
My thinking is that positive geared property is very uncommon, and not without risks. I think our rental yields are just too low in general.
Say something needs fixed – such as replacing a roof for $5,000, that would wipe out a whole years rent on a little cheapie.
Hence the attraction of wraps.
I am aimint to wraps for cashflow, and to park the cashflow in good long term highish yield property.
IB
Steve,
Just wondering what property price range you are wrapping in Nambour?
We have had 30% capital growth in 6 months on our properties in Logan, but it seems they are similar
in price or cheaper than Nambour.Would you suggest considering wraps there.
Regards,
IBThanks Steve and Bruce.
Great advice. As an Architect, I already have
all the property we own in a trust, with my wife and I as trustees. Had thought of doing the company trustee thing later.Am I right in thinking that with $900,000 worth of property, with $560,000 worth of debt, our LVR
is looking reasonable?Thanks again for the advice.
