Forum Replies Created
Hi,
The next intake of RESULTS participants is just starting so we are organising a social get together which is open to anyone in Perth who is interested in property and wants to come and meet our groupSo it will be Sunday 20th May at the Sir James Mitchell Park South Perth foreshore at 12 middayParking is available off Coode St by the Boatshed cafe.Bring a picnic and most importantly yourselves.Please let me know if you can come and a contact number or e-mail address in case of any change to the proposed format.Otherwise see you then!JennyHi yetanothernewbie,
It sounds like a severe case of analysis paralysis. We can always find a million and one reasons not to invest.I'm not in Melbourne so can't comment on the areas you mention.However, there is nothing like actually dipping your toes in the water. Yes you may get wet. Yes it may not be the "perfect " investment. It may even be a dog and you could lose money on it. However you will have experienced the process of buying an IP which will be invaluable for when you want to do it again. I still get nervous about buying and have done it a few times now.First. What is your strategy Are you looking for income or growth and what does your due diligence tell you about 1 bedroom flats in these areas. People invest in all sorts of properties so I would not worry about that Some people probably specialise in B/r flatsDoes it matter about the Socioeconomics? Are you going to be the one collecting the rent or is there going to be a property manager who will do that for you. If the REA doesn't like going to a certain street then maybe that wouldn't be the best place to start. have to talked to agents in the area? I took a street map with me in one area and asked the agent which streets/areas they would recommend looking at and which they would avoid. That proved to be very useful information.Good luck. Deep breath and take action!!JebroHi Bonnie,
I think you will find differing levels of activity in different areas.Top end still doing very nicely. REA's on coastal strip run off their feet.Other areas empty. Some buyers waiting still hoping that Mr Ripper might actually give the first home owners some tax relief.Yes, some open homes have no one going through them. The auction clearance lists make for interesting reading.We listed a block of land in November that has just sold. And that was after changing agent when we realised how little the first one was doing! The second agent was far more pro-active and had an offer for us in three weeksWe now have a house for sale in the same area. So we are using our proactive agent again and we are getting a good level of enquiry (tho'no actual offers yet)jebroHi Gary,
I have e-mailed Kel about the WAIP group to find out if she is orgainising the next meeting in May. If she isn't, then another Resultee and I will organise something. It would be good to get all of us together.i will post again once i have some information.CheersJebroHi Emma,
A group of us from the RESULTS programme have been meeting monthly and the meeting is open to anyone who is interested in property.We have had a guest speaker and were also thinking of having "show and tell" for people to talk about their investing deals whereever thay have been investing.The person who normally organises these meeting usually posts on the forum to say where and when, so keep an eye out for it.JennyHi,
I live in Perth and yes it is a fantastic city.
However as Julie has pointed out we have just come to the end of a boom. Higher priced properties are still selling well. Some lower priced areas are seeing a price adjustment due to over valuations and sellers still having the expectation that because prices went crazy last year, they still are.
Many investors in Perth like me are now looking elsewhere to invest.
If, you still decide it is what you want to do then I would suggest stay looking in suburbs close to the coast or the river that are likely to continue to see some reasonable sustained growth. Many “experts” are talking about 5-7% growth overall and maybe up to 10% in the “good” areas as aboveJebro
jebro
Hi Suellen,
I havn’t invested in either Brisbane or Sydney. However I am seriously looking at investing interstate as you are and would only advise that doing one’s homework first is essential to know exactly what type of property you are looking for and to know your prices and maybe hop on a plane and do your due diligence on the ground, making appointments to see agents and see properties prior to making an offer. I have used a buyers agent once and it was a positive experience. You are of course paying for their time and expertese and what they claimed to have saved me on the purchase price was in reality made up for by their commission fee. Does that matter? No. It didn’t of course provide me with much new knowledge by getting out there and going through the process myself. Would I use a buyers agent again? Possibly, if time constrained.
Good luckjebro
Thanks Richard,
Of course that wasn’t the answer I was hoping to hear! However I do understand what you are saying. We did previously successfully get a commercial deal as you say under a blanket loan and somewhat naievely thought we would be able to do the same for residentials. Pity! Yes, I can understand why a MB wouldn’t be too keen to do a lot of work for nothing as we would be looking at buying and selling fairly regularly, depending on our properties performances.
We will keep plugging on in our quest for what will come closest to our ideal.
If the MB doesn’t come up with anything else are you able to explain what a half way product might entail?jebro
Hello Arthur,
Sorry, I don’t know the answer to cost or feasibility of levelling the site.
My only comment would be concerning what your intention is with the property. if you are simply keeping it to rent out then it would depend on what demographic you are looking at as tenants. If you were to develope the property and rebuild, slopes tend to add to the cost. Some developers won’t touch anything on a slope.Good luck
jebrojebro
Hey DD,
That is a great tip to remember about jobs paid for in cash. 30% less not a bad deal!
Love those diamond blades
Cheers
jebro
We wrote a business plan in 2005.
12 months later I suggested to my business partner that we should be reviewing our plan and updating it.That was over 3 months ago and that hasn’t happened yet! [blush2]
So, while I agree it is a really good idea to put a plan in place, I think it is also critical to review it at least annually, otherwise it becomes a bit meaningless.
Now to go and put my own house in order……
jebro
Have now found another thread talking lots about Queenstown.
Still interested if anyone has thoughts on Wanaka.
Thanksjebro
Hi,
Has anyone been investing in Wanaka or Queenstown? Both places seem very sound in terms of continuing increasing popularity as holiday destinations. Saw brief commentry by Dolf de Roos who clearly likes Queenstown as a good investment prospect.Would be interested to hear from those on the ground.
Thanksjebro
Thanks timematters and ned,
We were given a list of tilers from where we purchased the tiles and none of them were interested in our job. Tried a couple of word of mouth recommended guys too.
I’ve signed up for the tiling course at Homebase. Good to know I will be able to earn much more as a tiler than in my other job.Cheers
jebro
Hi Tracey,
Sorry, won’t be able to make it to this meeting.
Would be interested to know if this is a regular monthly get together and how it works.Cheers
jebro
Thanks Sam8,
We will be starting this week-end. I’ve given the job of taking the toilet out, to my husband. We’ve got a level. Little bit worried about the bathroom area to get water flowing towards the drain pipe. Currently it flows away from the drain and floods the towel storage area. So I guess we can only improve things ! ?[blush2]jebro
Hi Amanda,
Well I think I am actually now looking forward to giving this a go and will benefit from learning a new skill as well as hopefully being pleased with the eventual outcome.
Happy to go slow and steady for the first one. Am trying to find my son’s old knee pads that he had for his skateboard.Thanks for the encouragement and tips[biggrin]
jebro
Hi Ros,
Yes, we have used it for a reno to cover up horrible plaster as a kitchen splash-back. I know it’s main purpose is more for bathrooms.It was recommended to us by the handyman who was doing the work for us. He installed it, took him no time, just cut to fit and it looked great! A year on, still looks really good.jebro
Hi Sweet,
I know nothing about carparking as property. But one thing jumped out at me when reading your post. You say you are looking at paying 7.5% interest on something that will give you 6% yield, cannot have value added and presumably is going to be dependent on capital growth to make it look at more attractive. Can’t see the attraction or am I missing something?[blink]
jebro
Hi Foundation,
Thanks. Yep, I’ve advised husband that we will be doing just that. I think he was resigned to us doing it for oureselves, after getting multiple knockbacks from tilers who are mostly “too busy”. Many not taking on any new work especially fiddly small jobs like ours and those that are, are charging heaps.
Thanks for the advice on which size angle grinder to hire.
jebro
