Forum Replies Created
Dubstep what do you use for toilet paper?
I agree with you there Richard. The blocks there seem to be getting cheaper each time I look. I find melton too far from the city. Good shopping centre atleast
Duckster my best mate, did I tell you that your looking good!?
Catalyst wrote:Nadine what do you mean by- "We are keen to share the knowledge through a face to face course"?
We have fully renovated several properties ourselves. We do most of the work ourselves and typically spend 5 weeks in and out (with working as well).
We haven't sold any though. We renovate, giving us increased equity (revaled some to withdraw equity) then rent as they are then CF neutral or positive.
Catalyst, just wondering where you purchase most of your properties? Do you purchase regional or closer to the CBD? I'm guessing you target run down properties that can give you instant equity once renovated?
The thing with doing it yourself is you save money but eats up your time.
Actually I did cheat a bit because I’m a cabinet maker. Bunnings kitchens aren’t really that cheap. Your just saving on installation costs.
Nadine, I just finished renovating a recent purchase of mine. Doing the work yourself means more profit. My renovations included: New kitchen, New bathroom, New blinds, repolished floor boards, tiling in kitchen, laundry and bathroom, front landscape, New paint job inside and built in robes to all bedrooms. All up cost by doing it myself: $6000 exact.
I agree with catalyst. Hard to find a good tenant in so little time. I wasn’t even allowed to advertise the house while under settlement for a tenant to move in once settlement is over as I got told legally its not my house.
Best to wait after settlement for peace of mind and atleast then your in control.
I have a mate that purchased a block of land in Melton at the start of the year. I think he only paid $110k.
I don’t no why people are so unkind
Only in China
Gees i always get those two mixed up!
kat13 wrote:We pulled out the equity on our house – 90K which got paid into cash into our offset account until we were ready to get something…but we are also using 30K for personal improvements which is maybe why it was done that way????We are currently waiting on preapproval for the rest (not sure how much we can get – but broker indicated up to 400K all up).
What should we be doing? What sort of account do I need to stash it in?
Can I be a pain and ask where should Kat put the money once the equity is pulled out as cash. Now that I have learnt not to put it in the offset, where do you park it? Or do you wait till you’ve signed contracts then organise to pull it out?
I wonder if Alan bond will come out and say the cat died from shame?
Scott No Mates wrote:I believe that they can only get a small amount before they get hit with the highest rate of tax.That’s what I thought as well. Thanks for clearing it up.
JacM wrote:Joe what suburb is your property in ?Laverton, Vic. Laverton has a high vacancy rate, i knew this before i purchased it but got it as a really good price. I'd rather wait and find someone decent…. although if i was hard up for cash i'd be very worried by now.
Brisbane 04 wrote:Hi Joe,With regards to your insurance its up to you how much you insure for. You're able to work it out. For example I recently purchased a property for $247000, crazy as it may seem I insured it for $250000. I valued the land at $170,000. I'm with RACV and also and got the multi policy discount approx $400. Yes it would be disappointing if the place burnt down but $250000 will go a long way in building a new house if I have to chip in so be it but I can guarantee you that the property would no longer be worth $247000, it would be worth $360000+ and no reno I could do to it would bring it up to this price.
Good Luck Joe
We think alike! My IP is an old 50's house, but i agree even if you have to fork out a bit out of your own pocket the house will end up worth a lot more. The more you insure the more you have to pay and with the cost of living you just have to balance things out.
Scott No Mates wrote:But if the only two real beneficiaries are Mrs & Mr No Mates who are both in the top tax bracket how do I save tax? It's fine when there are other beneficiaries (ie low income earners over the age of 18) but what if there aren't)?Trusts aren't exempt from land tax from $1 (generally)
It costs $ to have the books done/company set up annually.
What if you have your kids as beneficiaries, they are under 18 and don't work. Could you distribute profits to them?
Jamie M wrote:In that case – I wouldn't worry about whether it's CF + or CF –I'd be more concerned about it being vacant for so long!
Is the asking price in line with similar rentals on the market?
What's the PM's feedback been?
Cheers
Jamie
I'm asking $270 a week (started at $285). You can rent a very run down house in the same street for $260. Some get as high as $300 a week but end up having 50 students living in the one house. My place is fully renovated (new kitchen, bathroom, floors, blinds, you name it i done it.)
PM has been doing all she can really . I've thought about changing PM's but what's another PM going to do that this one isn't? People aren't turning up. I think of all the opens in 8 weeks 2 have come, one wasn't interested and the other i wouldn't even let him live in my dogs kennel.
The vacancy isn't hurting me but it's nice to have it rented.
Jamie M wrote:It's probably prudent to include a couple of weeks without rent….and also a weeks rent letting fee to the PM.Cheers
Jamie
That's a good point, it's funny how a few vacant weeks can turn a positive geared property into negative. I've already had to drop $15 off the weekly rent as it has been vacant for over 8 weeks now. Fully renovated house, close to train, etc, yet no body turns up to the open!
