Hi there

I am happy to share some knowledge.  I have set up a smsf in the last 12mths and purchased a property through it.

Keep in mind we are almost at the end of the financial year now, so don't bother starting to setup a smsf till after the new financial year ticks over.  It would be ridiculous to set up a smsf and then have to do a tax return for it to cover a period of a couple of weeks.

If you drop me a PM I will be happy to give you a list of professionals I used…. accountant, mortgage broker, financial advisor etc.  The bank will probably require that you get a financial advisor to sign off that you understand you have to make repayments.  Very few financial advisors have insurance to cover them for this so you have to hunt around. 

Don't just use any accountant.  You need to use someone that has set up plenty of smsfs that have intent to buy property. 

Richard Taylor who has already posted on this thread can do the bulk of the thing for you. I used him as my mortgage broker for my smsf purchase, and he was fantastic.  Drop him an email.  I'm pretty sure he can also set up your smsf for you.  Nice and tidy.  Either way I'm sure he could refer you to a QLD accountant for anything he doesn't cover himself.  While it does not matter where your professionals are located (most things can be handled over the phone/email/fax), Richard is based in Queensland, and I see you're keen to find a team in QLD. 

cheers – and well done on your decision not to let others merrily lose your superannuation money any more!
jac

Not convinced the lower socio-economic sector demands semi-frameless shower screens.  I'd just be going with something clean & new.  I've recently paid for an L-shaped shower screen, pivot door, white frames, for $640 installed inclusive of removal of old screen from site.  Same sort of frame in the wall-to-wall variety set me back $500ish from memory.

As Richard has eluded to, it is important to check if you will remain eligible for death & tpd insurance in your employer's fund if you roll some money out of it into your smsf

Have you tried mezzanine finance?

Hi johny

Dubstep has asked a very important question.  The manner in which you should renovate for renting out the property would be different from if you were to sell it.

If you are planning to rent it out, you want to make the place presentable and freshlooking, but not too personal in style.  For instance, white walls and ceiling (in a wash & wear paint), polished chrome fittings, and dark-charcoal carpet.  You would want the anti-stain carpet, but do upgrade on the underlay.  Makes a big difference to liveability and reduction of coldness under-foot in winter.  Be clear in explaining to your carpet people that it is a rental and ask them to show you which carpets offer durability and anti-stain, and ask them to explain WHY they are durable and anti-stain.  As I said keep the walls and ceiling plain ie white.  The tenant will add their own personality to the place with pictures and knick-knacks.  If you go and paint a feature wall in a dominant colour it will be hard for people to imagine themselves in the place if the colour you chose is not to their taste.  Also darker colours on the walls and ceilings make a place look smaller.  I like dark floor coverings as I figure even if the tenants spills red wine on the carpet, you won't be able to tell.

If you are renovating to sell, well that is a different story.  You'd probably opt for a different type of carpet for a starters.  You could consider the lighter coloured carpets as an owner-occupier would be intending to look after the place better than a tenant would, and of course lighter makes the place seem bigger.  If you are a floorboards person, you might do Bunnings DIY floating floors for a rental, but proper floorboards for a reno and sell (if the demographic demands it).

Go and look at a heap of properties in the area that are targeted at the same market that you are pitching for, see what is on offer, and observe how quickly certain types of properties get snapped up while others linger unsold.  Talk to agents about what buyers want.  Then you'll know confidently what to do.  What is a suitable strategy in one town may not apply in another, so we can only give you ideas.  You'll still have to investigate your town for yourself and be certain what your target market wants to buy.

If you are spending $350k on something in geelong that only fetches a rent of $300 per week something is wrong. $300k for $350 per week is more like it

Youtube is more for things such as "how to remove floor tiles". 

Cherie's course is more about the smarts of how to manage the reno and the tradies you hire, how to budget, choose the property etc.  You won't be holding any tools in your hand at Cherie's course learning how to be a tradie.  As she rightfully points out, it's best to outsource most of that sort of thing to the experts.

It is a really jam-packed course so make sure you are very well rested before you attend.

ps do you really care if your tenants get a view of the river or not…. if the difference is a financial burden on your shoulders?  if a property without a view of the casino/river can stand on it's own too feet and the other cannot, you need to give that some serious thought

Hi Firstinvestment24,

Now that we've shot you down we've probably made you feel a bit disappointed.  But we're a friendly bunch that genuinely wants others that can be bothered trying, to succeed.  Have you considered attending some local knowledge-sharing seminars, where you can watch guest speakers and also chitchat with oher people that are investing in VIC?

The APN meetings are monthly in Blackburn.  A good spot to get your head into a successful property investing zone.  http://www.activepropertynetwork.com.au/

Generally it would be awesome if you could retrain your brain to not just think "just buy a property" but instead "what kind of property should I be looking for, and what can I do to it straight away to make it worth more money?

Best regards

Jac

ps, remember to put in a statement on your offer that says "this offer expires at 5pm today, <<insert date here>>".  Otherwise say the property goes to auction, and the highest bid is less than your offer.  Then they could ring you and accept the offer you provided before the auction.  Yes apparently these sorts of shenanigans do in fact happen.