Forum Replies Created
He he, looks too cheap.
J.
Can a moderator please sort out knowitall?
J.
Agree with all of above. Maybe is she could hang out until to resign until the actual “notice” will cover her until approval is complete. After that you will be fine.
And well done on getting that preoperty the other day Wayne.
J.
Hey Surrey,
I am a sparky by trade…
Knowitall is being a clown agian with this post:
++A g-unit type motor is the best rated motor. WInged blades are also good as they dont hum and rattle. I would not pay more than 50 bucks for a cieling fan. I have three in my living room and you wouldnt even notice the heat (im in cairns) You can also get a h-unit but are far to expensive.++
G-unit? obviously he likes 50 cent too.
O.K. you want to spend a bit of money, do not get cheap! 50 bucks is cheap and low quality.
Depending on where you are, the electrician may charge you per fan.
I work for myself, but not as an electrician, rather in property investment and renovations. The renovations that I do I put a standard looking gloss white timber remote control ceiling fan.
I do not like flashy looking fans_ who wants a ceiling fan to be the feature of a room? not I!
Remote control- doesn’t cost too much more, but in some cases may decrease the installation cost. If there is an existing light being replaced by the ceiling fan/light, no more cable will need to be run if you get a remote. As long as there is sufficient timber in the ceiling space to mount the fan to.
I can get these fans for around $110inc GST. They are excellent quality. Maybe spend $80 – $130 at a guess.
If you are in Brisbane let me know and I can source what you require. If not, let me know and I may still be able to point you in the correct direction.
I hope this helps.
J.
Well done Wayne!
J.
No worries Solomon, let us know how you go.
J.
Solomon,
I apologise for the fast reply. But this should help, let me know if you want more specifics. I don’t know the perth market too well but if you can:
* Buy a two storey(nothing too flash), live upstairs, rent downstairs. or simliar scenario
* Live in it as long as you have to to satisfy the grant.
* Complete renovations
You have now increased the equity in the property. If you could do this for say $250k(for e.g.) including reno and you also rent below for $120p/week(again e.g. as I don’t know your market).
You property may now be worth $280-290k and you have another income(the rent). These two things could be just what you need to go to the bank and crack a deal for investing.
It is all about knowing if you can service the loan, there is always a way around obtaining the money that you require from the bank/institution.
Of course if you have a business, go a low doc loan or similar. If you are really keen, set up a trust and use that to do low doc loans off.
These are all possibilities. Be smart with these suggestions and I reckon you might be onto a winner. get into it!
All the best.
J.
Doesnt sound like too much of a drama.
If the current living area has a window(assume yes), then, all you may have to do is erect a wall- simple plasterboard with a doorway. Possibly minor re-wiring of electrical and re-flooring. If the space is there- do it. Possibly add a WIR as well.If you are not extending the external walls of the dwelling, you don’t really have many drama’s. This is a good situation.
All the best.
[suave]
J.
Excellent stuff.
I had always considered “living off borrowed money”. I have no problem with doing that. I have recently set up a new trust account specifically for the purpose of low docing and property.
Great point about the fact that interest paid on a loan is much more beneficial than the equivalent amount paid to you as an employee after tax.
Take care all.
J.
Salla,
I am a full tiem renovator and have for starters, seen some very poor “floating timber” floors installed. If you want timber flooring, do not go cheap, it looks cheap, wears cheap and will not be ceap to replace down the track. A possible problem with timber flooring is future water damage. A substantial leak/spill will damage the timber.
KDT, I beg to differ about the younger generation preferring timber flooring. It is still a matter of personal preference. I had large ceramic tiles in my last renovation and it was taken by a young couple, at a great price to me. The place I am doing now I am putting down very big polished porcelain tiles, it will be classy modern, almost unbeatable! Agree with the costing though, sorry, didn’t pick that up. Yeah, cost….true. Though good timer- excellent results for a long long time, bad laminate fake- possibly poor results, higher maintenance, less durable.
I don’t think much needs to be said about carpet as a floor covering, if you were going to do that, selection would be most important.
If you want to go “funky”/warehouse look and really appeal to younger generation you could have a crack at polished concrete flooring….hehe…if you do, send me a photo. I almost did it in the last place, almost.
Oh, lino. Negative.
Hope this helps.
J.
Welcome aboard!
Get stuck in, everyone is here to help, it is great!
Take care all.
J.
Spot on!
For your first reno…..especially, you may go through a period where you are working really, really hard and not seeing a whole lot in the way of results. That will happen, maybe even for two to four weeks, it will feel like you’re just running on the spot. But don’t be disheartened, because then all of a sudden everything will happen and you will be a happy camper!
keep going!
[exhappy]
J.
No work…I agree with the posts saying that you basically need to educate yourself as much as possible, acquire knowledge and mmost importantly be postitioned to act! Now that you know this is what you want to do it would really annoy you if you saw a top opportunity only to have it slip by because you were not “positioned” to leap on the opportunity.
I do renovations myself, but I do pretty much all of the work myself and have networked my backside off and continue to do so. I will be employing someone towards the end of the year to work on the houses whilst I continue the adventure into the abyss of property opportunity.
It also depends a lot upon whether you are chasing cash flow or capital growth? or getting both is also great.
Best of luck.
oh, gand….that[baaa] thing. I’m thinking possibly something between a dderrrrrr and an uuummmmmm? as in bbbbaaaaaaaa, i dunno?!
hehe, maybe? sorry, off topic.
J.
No lease………
Hhhmmmm, you poor bugger! Agree slightly with the lads, and I can sort it out for cash for you if you like
.But no, cathnniv has a good point, send them a letter first, letting them know it’s time to get out. If they don’t abide, go in, dump their stuff out the front/or sell it, change the locks, done.
Or if he is actually a decent person(doesn’t seem like it), he may actually be happy to sign a lease. Maybe?
Good luck.
Baseball bat….hehe nice!
J.
About tradesman, yes, if you look at good, reliable tradesman, they will easily make 80k a year. That is with many of them not working on new dwellings etc. I guess the only thing slowing them down now will be lower consumer spending and sentiment.
I also bid you good luck with the renovations!
I am now renovating full time also. But the onlt things I get tradeys(always mates rates) in for is gasfitting and cabinet making. And I now have an excellent relationship with many suppliers. I am also an electrician by trade.
There are alot of people giving it a go, but it is a fine line between getting yours to what is required the WOW factor. If it is on the other side of that, as foundation said, your gains will not be too high.
If you can find a way to hold on to them for 12 months also, that would be good.
Alot depends on your situation which we are only assuming(never good).
Hope this helps in some way though.
Wish you all the best. Do it well and you will reap the rewards!
J.
106% lending. whoah, I don’t even want to know the rate on that!
J.
Depends on the lay out…..
Say, if it was two storey there could be the ability to create two separate tenancies. Rent the both for $120 or so. Possibly would need to add a small second bathroom and kitchenette, but could be worth it in the long run.
Hope this helps.
J.
Redwing,
Thanks, yeah, it was doing it’s job, thats for sure. I only had a small loan on it and required that hit of capital for another project that wil make me more. It is only a very small studio, so it could not be used as security(very unfortunate!)
Marisa,
You’re spot on, there is info everywhere! It just takes time and effort, which is required to get anywhere, but it’s worth it!
Take care all.
J.
Negative.
they do not have to do anyhting until sold.
[cap]
J.
It’s probably an idea someone from Brisbane gave you some insight. Excellent idea investing here. I was at an information night last night and we ran through some excellent figures.
Anyhow, what do you expect to get out of the money that you can borrow? If you are looking CBD, your only chance will be a small one bedder or studio, 10-15km from city, the situation will not change much, except you may have two bedrooms and little floor space.
I would reccomend having a look at the net first in you price range, thats probably easiest.
I figure that you are going for capital growth as well as cash flow? Just be cautious of anything in/near the CBD with a small floor plan, this will not get you much growth.
Hope this helps.
J.
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