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That's not a bad idea and it makes sense but with what conversations i'v been having… the agent is firm firm firm on all this about it being the auction process. He's only a young bloke 9 months in the Industry.
Well, i say the vendor is saying it must go unconditional but they are probably under the agents suggested strategy! The bank is taking 21 days to look at applications and the agent has not prepared the section 32 yet and says there solicitor is often slow.
How ya doen?
It's Victoria!
I calculate everything right down the last red cent and keep a running tally of all the renovation costs in an online spreadsheet as i go.
A calculator here to play around with the variables!
http://forpropertyinvestors.com/blog/number-crunchers/property-investor/
These have been brilliant. Thanks very much for the reports Mike. This insight really changes the way i structure my offers.
This seems to fit the discription! http://www.realestate.com.au/realestate/agent/wee+waa+properties+agency+co+wee+waa/iqkdwj/page2/105299643
This property is negatively geared currently and a little over neutral if all tenanted but with 75%-100% occupancy probably neutral unless some effort is gone into management and securing tenants. Where is it that you earn the $300 or $400 a week?
The last time i consulted a private town planner and drew the plans to which this town planner had been an employee of the Council previously and stated that they would be fine! Then to have them sent back twice until i had to seek a Draftsperson to draw them up pretty much the same as i had done at $1320 delaying the project couple of months. I was told that Council would just not accept from people as they have to cover there arse.
I was wandering if it was different for a Resi block and the owner having a house built by a registered builder.
I think the bank would get a shock along with visitors to the house.
It's not as small as the nurses home room i resided in (2.5×4 mtrs) for a couple of months that was then a whole nine Government dollars rent per week.
Thank you.
Is there any Draftpersons in here. Have you put small designs through Council and what's the smallest type of low cost finish dwelling that could later be expanded upon such as carport, shed, deck etc making separate Building Applications as you go. Will Council take plans drawn from an owner but not an owner builder.
Latest tips i learn was.
1). That often it's paint that is raved about that adds so much value and is cost effective… not taking a hell of a lot of time to do. Paint is undeniably a great tool. But the refreshing ease of watching a skilled driver unload blue metal gravel to form a low maintenance 'total' rear area topped the painting for how quick and easy it is (where blue metal gravel is a good option). Explaining well to the driver that you want to do as little work as possible by leveling and that you want it evenly spread on unloading rather then dumping it in one big heap then working the whole day shoveling is key. And not bad on the hip pocket.
2). I thought the humble Hammer & Saw were two of the most important things to have as tool renovating but the Jimmy bar saved the day many times in lots of different situations.
$36,500 for regional Victoria.
I tend to focus on the opposite for number 5 because i have found that you can make positive cash flow in undesirable areas ignoring any need for growth which is not in the current Australian property market mostly.
What could look undesirable can be made to look pretty in some other cases as well. And that that does not look pretty is a diamond worth cherishing when you can get CoCr of upward of 50%.
The government extended the grant! Anyone know exactly what amounts that means for Victoria for both buying old and or newly constructed. If the changes announced last month by the Premier and this new boost announcement in last nights budget building new in regional Victoria adds up to $35,500?
Because the boost would be included in this table:
http://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog_overview.htmI was telling anyone i seen and talked about property in the street for the last six months that it will be extended. Interesting that 100% of the people i talked to said it was going to end June 30th/2009 including emails i received from well regarded commentators in the industry.
"It's not over till the fat lady sings."
Your first deal is an excellent one why not repeat. How much did you spend on it?
It will be illegal to claim the grant each in the time zones you are considering mainly because as a couple you can only claim one grant by law. Seek clarification at the State Revenue Office (sro) web site. Or ring them up for a chat you will get through to someone helpfull quickly.
Interesting and helpful strategy to buy a property. I guess the developer gets pre-sales that way and helps to get the finance across the line. What would the property be worth to sell to a nominee on completion?
Anyone that does not buy Buyer Beware is inequitably and undeniably mad.
Hi,
To send a private message roll over the members name when browsing the forum. Click on the members name. A drop down menu will appear. Select the View Public Profile and progress to sending a private massage to any member that has private messaging enabled by clicking on the Send Private Massage button.Daniel
The government will choose to extend the grant if they can.
If you knew for certain waiting until after to buy if it was not continued could yield you discounts compared to the current market.
No grumbles from me. Thank you for the introduction. You have struck the right cord with the forum.
You need to be very careful with any form or advertising in the forum from a legal perspective. A signature is the generally accepted norm.
Thanks again it was a pleasure to read your introduction instead of the normal first time poster, scam/spammer that i regularly encounter.
Jaffa
Personally I would invest in three or four and or more creative positive cashflow investments. Tripling the cash flow then buy a own home in the Country. And good choice going to the Country.
Basically my approach would be to draw out the least amount of equity in one property at a time borrowing and structuring with 20% deposit down on each investment. As a criteria i would set a min of 10% – 20% Cash on Cash Return for each one. Repeat process. Especially out Country town.
Would not sell existing holds only because they are not in mortgage dept and will be better off to catch the next rise (even though that is years off). Otherwise i would not be considering buy & hold for capital gains.
I would be positioning yourself with land that can be developed in the future as building with be the silence momentum that is the underlining driver of the next upswing when it upswings slowly. Perhaps it's a corner block with a large deep block or something that can be developed later on similar. In average to median priced reasonable streets.
Or take out an offset account on the first, then second etc. Seems you should have good cash-flows and be able to build them up higher from that position.
At the end of the day go with your gut feel and what seems right for you. No one can tell clearly from in a short forum and or no matter how proffesional they think they are. There are to many variables and only your close intimate knowledge of your circustances can tell and make the best desicion. Period!
It does not matter how high up on the pedastals they sit and talk crap they can not tell about individual situations.
