Forum Replies Created
It is quite humourous reading posts from people who have very little or no knowledge about a subject.
Derek, I must say that for someone who has a vested interest in the Pilbara, your bias is laughable. Kalgoorlie is not just a "gold town" or a "one trick pony". It has been around for over a hundred years and likely to be around for a hundred more. The amount of growth in Kalgoorlie is measured by the amount of sustainable new housing and not by the extreme shortage of available land and exploitation of investors and home owners by builders. There will come a day when the mining companies invest in their own housing and camps, to the detriment of current owners.
Freckle, one thing that hasn't ruled the well-being of Kalgoorlie is China. Other than the occasional investing into a mining company in the area, news about China is rarely spoken.
Laury, yes, Kalgoorlie is a stable place to invest. Most growth at the moment is by added value, ie renovating and development. The market is currently seeing movement of properties which should lead into rising values. The rental market is strong, and consistant returns are around the 7.5 to 9 percent mark. You can achieve better returns with some companies signing leases at around 10 to 11 percent return. Entry level into the market is around $230k to $250k.
Regards
John
Thanks for your reply Jamie
The property has been on the market for a while and the strata has been with the council since October last year. Since the agent is having trouble getting answers as to what work needs to be done to comply with council (the owner lives in another town), my sister inlaw feels she needs to pull a trigger to make things happen. The property is brick & tile and within her price range, minimal maintanence and other properties are older stumped homes with considerable maintanence required.
Cheers
John
Hi Allington
It was a business partners signature cross collateralising his house into a development we were doing at the time. We noticed it when we went to the bank for finance for another project. They came up with the excuse that I must have done it on his behalf, if only it was that easy. My business partner hit the roof, as I too went off at them, and closed his accounts as soon as we could arrange other finance. He didn't take it any further than shifting his business.
Cheers
JohnHi Jamie
It is more of a general question of how flexible the package is. I understand that everyones circumstances are different. The reason that I will never use the ANZ again is that they forged a signature on a security document and allowed someone to sign on as a signatory to a friends business account and fleeced it by $40k.
Cheers
JohnHi Gavsam
In WA most transactions are through a conveyancer or settlement agent. This is a basis flow of what happens over here…
Settlement & Conveyancing Process – At a Glance
Settlement agents reduce the confusion of the settlement process. The following is a step by step summary of a basic settlement.
- You list xxxxxxxxx Settlements as your settlement agent or conveyancer on the offer and acceptance form when buying or selling.
- The selling agent forwards us the contract.
- We contact you to confirm your details and prepare initial documents, including an authority to act on your behalf. We also contact your real estate agent.
- Once the buyer receives finance approval, we commence preparation of legal documentation and make the necessary enquiries of authorities.
At this point we also contact your bank requesting them to commence document preparation, and also your real estate agent to ensure any reports required in the contract are ordered. - We contact both yourself and your bank to ensure documentation is complete and have been signed, confirm funds available from, or required by the bank, and that the bank is ready to proceed to settlement.
- The final inspection is completed between buyer, seller and the real estate agent, usually 5 to 7 days before settlement so there is time to ensure all conditions of the contract have been met.
- After final inspection and satisfaction (or waiver) of all conditions, you instruct us to proceed to
settlement. - Once settlement has been booked with all parties, we advise both you and the real estate agent of the date and time.
- We attend settlement on your behalf and advise both you and the settlement agent immediately afterwards that settlement has taken place.
- You move into your new home, or out of your old home, as the case may be!
Most of the work is done by the conveyancer and all I had to do was to check and sign documents…
Cheers
John
Hi Paisneil
There are properties in the area, just look on realestate.com.au and set your parameters. You will struggle in Rossmoyne but Riverton has some…
Cheers
John
Is there any way you or other members of the family can raise the costs for the subdivision?
Get an idea of the costs involved by talking to a land surveyor and the council.John
Hi
This is why an offset account is sometimes a better setup than a redraw facility.
John
Hi all
I am in WA and the standard is 8.5% plus gst, I negotiated 8% inc gst, so around 7 3% ex gst. I will be able to get that a little lower if I add to my 2 properties.
John
Hi MrsC
I live in WA and have just purchased a duplex pair and have put them in seperate entities, one in my name and one in my family trust. They are strata titled and the vendor only wanted to sell both at the same time. The had someone interested in only one and decided to go with my offer for both. I was aware that stamp duty may be payable on the overall contract value, but when assessed they were separate, that would have cost another $4000.
As Richard said that if you make individual contracts, make sure that a condition is that each settles. Nothing worse than only getting some of them.
As Terry as pointed out, if you go with individual contracts in the same name, you will be up for stamp duty on the overall value. As I was advised it may also be the case if they are in seperate entities.Cheers
JohnThanks Jane
I am in Kalgoorlie WA. I have dabbled in property a few times over the years and stopped due to business failings. Now we are back on our feet, we are looking forward to the challenge of starting again. We have just purchased a duplex pair in Kal and settlement is in about a week…
Regards
John
Hi Igino
It is my understanding that there is no GST on residential property and that you cannot claim GST for any residential property bills…Therefore there is no need to register for GST…
Cheers
John
Thanks for that Tiger and Tracey…
I have booked the program for 2011 and with the earlybird booking my wife and I also get to go to the 2 day workshop…Looking forward to hearing from others and learning different strategies…
Good luck Tracey on your 5 year plan…My plan is 6 years…
Cheers
John
Bought my first IP…A duplex pair and just +ve cashflow…Just missed a wrap…looking for a development…
The R code relates to the maximum lots (units or houses) per hectare of land (10,000m^2). It also has setback restrictions and wall length restrictions at certain setbacks. Generally you can get away with a lot size within 10% of the calculated r code size. The state planning commissions adhere to the r code and the local councils place more restrictions such as maximum coverage per lot and shadow restrictions.
Cheers
John
Hi Mattnz
This is what i'm talking about as Outback Industrial is a recruitment agency and, according to their website, have and I quote
"At the present time we hold details for in excess of one hundred highly skilled, qualfied and referenced candidates looking to work in the Industrial Sector, Australia-Wide:"
Not excactly secure employment. Usually the best ads for mulitple vacancies are from companies wanting to employ and not agencies.
That's not to say that Gladstone is not a good investment area. I have been looking over in Qld around the Bowen Basin and surrounding areas for a little while and looking to fly over to get a look at the areas.
Hi Mattnz
Many of the ads on Seek are from agencies and more often than not there are numerous ads from different agencies for the same job. The company I work for advertised on Seek and there were 7 agencies advertising the same position. I received 3 applications from the same person from different agencies.
Regards
John
PJ
We were forced to sell our IP by the bank and couldn't find anyone to refinance that in time , so our home mortgage ended up being refinanced. We have finally cleared everything up (5 years later) and have paid our mortgage back down to its original level. We basically have blacked out the last 5 years, but, we are much better now than if we were forced to sell our PPOR back then. Now its onwards and upwards…
We didn't know what a mortgage originator was either and were told to look for one in the phone book. Well that was a waste of time and it was the last mortgage broker that my wife talked to, that put us in touch with one. He thankfully dealt with arranging refinancing as well as dealing with our creditors.
We live in Kalgoorlie WA and the mortgage originator was in Perth and had no dramas working with him. I will dig out his details and forward them to you if you want, hey he may be able to help….
Where are you from?
Cheers
John
Hi PJ
About 5 years ago we folded our business and found it hard to refinance the business debt. The ANZ bank were non sympathetic and tried to force us to sell our PPOR. We talked to quite a few mortgage brokers and none could help, as they were unable to combine personal and business debt into our home loan. One suggested to talk to a mortgage originator and put us in touch with on of the few that are around. We were able to refinance and save our home from the ANZ. The loan was through Pepper Home Loans (they deal through brokers not direct) and interest was about 3% higher.We refinanced 18 months in with them to a more conventional rate and 6 months ago we have refinanced with our bank.
I don't know if this will help or you are able to finance an IP this way, but try a mortgage originator. They are able to arrange finance for just about anything.
Cheers
John
Hi Snowy
I purchased both books about 3 weeks ago and have now finished both. My wife is now reading 0 to 130, as I look to other information to investing. I found both books easy to read and the 0 to 130 a little more of an intro to property investing and the 0 to 260 more into the workings of what to look for.
I recommend both as $33 is a small outlay for the info given. I also find the forum a benificial tool as there are quite a few people who are happy to help.
Happy reading
John
