Forum Replies Created
Thanks for the update. makes me wonder if its too late to buy now….contemplating between Gladstone & Mackay!Jd
Thanks Peter. i will email u
Much apprciated Josh.
Not all propeties in the development are neccesarlity NRAS approved – it can only be part of the development, in this case the development has 2 bed & 3 bed villas, with only the 2 bedders NRAS approved.Thanks for the info on land n house, are there any specific suburbs you reccomend. My preference is to buy something built or near completion. I would like to settle within this calender year.
Cheers
JDJosh, do you have any info on the dwelling approvals – unit approvals in Gladstone, could there be an oversupply issue, specially wiith the CBD units !!
thanks
Thanks for your thoughts Josh.
My current portfolio has investment property in Syd, and i do the occasional small development (dual occ etc. ). now that i have built some equity in my portfolio i wish to invest with the objectove of cap growth & tax minimisation.
With regards to NRAS, the benefits of renting it out to a 'approved pool' (income tested) tenants (20% below market rent) is offset by Govt tax free payment of approx $9500. So bascally a negative geared property with positive/nuetral CF.
as far as selling – "You can either sell it as a highly desirable, income earning investment property, without any penalty, by leaving it in the NRAS program.
Or… You can opt out of the NRAS program to either sell the property on the open market or to move into it yourself. If you do that, you will lose a proportion of your Tax Credit for the tax year in which the property is sold'I've been quite impressed n enlightened by your posts….and do want to build n diversify my postfolio with Qld properties.
Agree with you, for a relative newbie, I prefer the more long term growth areas….
I actyulaly plan to make a trip to Gladstone n Bundaberg in the next week or so. still some research reqd, to determine sort of properties in Gladstone…unit vs house/land, location etc. Are you able to assist with properties in Gladstone !thanks
Hi Josh
Can you please offer advice on – Gladstone vs Bundaberg vs Mackay.
I'm NSW based and not overlly familiar with Qld market, but have been looking at few NRAS properties…there's one being offered for $270k (2bed villa) in Bundaberg. But thinking if its worth investing in Gladstone or Mackay…I can go upto $400k.Im a newbie..thanks
JDThere is an exsisting dwelling on the block…the consent requires 'construction of drainage works' (including interallotment), …one option is to sell 'land only' or build duplex and sell house and land.
thanks,
Thanks, I will get in touch.
Mubz.,
the important thing is that you need to 'know,(realise) what your strenghts will be in your venture for say developing duplex site, i.e what will you bring to the equation, –
1. will it be site aquisition (local knowledge,relationship with agents etc.
2. is it your technical skills – architects, town planning, etc.
3. Finance –
4. project managment
5. construction (if you were a builder)
etc.etc.Secondling yes it can be time consuming..but possible.it alldepends on how much you take on …and the more you do yourself, will equate to savings on costs. I'm on my 3rd project, and yes i'm working full time,(though its easier for me ,being in the building industry)
btw all my projects have been in western syd …and i live in the area!happy to share further info,
Regards….JD
Hi Mubz.
Happy to share my experience,….i bought a corner site in 2003 (when the market peaked) and subdivided it into 2 lots and built 2 houses whihc were completed in 2006..(i had lived in the exsisting house for a year before demolishing). i'm not a builder but work in the building industry and had few contacts, but over all i did'nt make money in the first development, i rented the houses out and sold one last year, the other one is giving me 5.6% rental return.My suggestion is:
1. Decide the area where you want to buy …(i bought close to where i lived, its easier thatways)
2. Familiarise yourself with your local council requirements on duplex development (through their website; visiting and discussing with the council town planner)
3. Build relationship with the real estate agents, A slow market is always the best time for a new stater in my opinion…These are just some simple steps on….but firstly you have to know exactly what your plan with the development is..are you able to retain the properties if you cannot sell them ? how much will it cost you to build? finance approvals (banks are cautious to such proposals these days);
my approach has been a long term one with developing…not a 'get rich quick' , i'm on my third development and i'm hoping to get a decent return from this one,,,it's like any new business, .. But YES there is greater risk as well, do'nt listen to friends who have no first hand experince in development but at the same time talk to experinecd developers, real estate agenst and do your homework,
i hope its off some help…..
Jaidee
"know what you want, work hard towardsit, take the first step and have faith in yourself and the universe"
Thanks Scott
Susie,
Its not just the exit fees, you also have to look at the LVR, i'm at 90% , so i'll have to pay LMI again to switchover.but i think it might still be worthville shopping around!
Richard, your thoughts and advice will be appreciated.
Thanks,
JaideeWhat happens to exsisting GE clients? unfortunately i'm one…have my IP with them,,,worst to deal with (both $$ and service)
Thanks,
"You LIVE …..You LEARN"
Thanks.
I have been adviced by the council that the lot cannot be further subivided for selling each duplex seperatley…so i;m hoping I can strata them and sell each duplex seperately. Do you know if a legal expert would provide this service/advice?
hi Tania..
hav'nt dealt with Metricon……..Just some general advice, get a list of their recent clients for reference check and give them a call. the important thing is you go through the contract thoroughly and understand implications of making variations, any extra charges etc.All the best,
