Forum Replies Created
Not sure exactly if it would suit, but look at Investar. Monthly subscriptions, different levels of access.
Hello Simon,
I’d weigh up how much you would have to discount the property due to presentation vs how much rent you would get. I’d be inclined to move them out, give the place a quick spruce up & put it on the market. I’m currently researching the southern suburbs of Adelaide & anything well presented is snapped up quickly. Suggest you have a look on real estate websites to gauge the difference. The tenants have no interest in helping you sell, as they may get kicked out by the new purchaser anyway. All the Best!
Advised by my mortgage broker when initially self employed that most banks want 2 years of financials, tax return completed & payments up to date. I was able to get a loan after just over 18 months with tax done & 2-3 up to date BAS statements for the current year. The only bank that would do this ( via broker) was ANZ. You do get more choice of lenders after the 2 year mark. Talk to a broker to get their advice. They also suggest minimising deductions to show maximum income.
Hello Steve,
Very interested!!
Thanks!
Tom,
Hope it all goes well.
Thanks for an informative and thought provoking post!
KarenThanks all,
The area I’m looking at is in Kempsey, NSW. The areas concerned have a long term reputation for being difficult to sell, you can buy 2 houses here for the price of one in a better area. I think I’ll steer clear & go for slightly lower return with the promise of some growth.$2000 over 52 weeks = $38/ week
What would it cost to replace say one room of the house, or 6 months untenanted while it is being repaired?
Tax deductible too!
Thanks both,
I contacted the council on Monday, they are known for being very slow to reply/ make decisions. I rang on Wed to be told the person I was told to contact was "out of the office" this week. Will see if I can speak to somebody tomorrow.
The council is Kempsey Shire, NSW.
If it's a 2 year wait I won't be buying this property, it would be quicker to build & put in a whole new D.A.!!
Will keep you posted,
Thanks.
Hello Jamie & Shahin,
Thanks for your replies.
I'm looking at buying an established property, can draw my funds after 1st July to pay the deposit. The way I see it at the moment, the only advantage is I can secure the property before somebody else buys it, & have 6 weeks head start ( settlement time) on if I waited until July.
The owner wants full price at this stage if I delay settlement ( 4 months), so I'm thinking I'll take my chances that it doesn't sell & wait till July.
Another I looked at sat on the market for months & has recently sold, so fingers crossed while I wait.
Main drawcard with this property is it is Light Industrial/ Residential & 200m from main street. I wish to use it for a residence & business.
Cheers,
Kara
Thanks all,
Looking at using them as I have funds tied up until 1st July.
Cheers,
Kara
I've been looking into them as well, read that if for some reason you can't settle on the property, you lose your deposit. Does this only apply if the Buyer can't settle, or if the owner can't? I'd be really annoyed if I bought, the owner breached the contract of sale in some way & settlement wasn't achieved.
Also, can you pay back the deposit bond from First Home Saver's Account, or can it only go to the bank the mortgage is with?
I would be interested in hearing if anyone has used one & which company they dealt with.
Thanks,
Kara.
Have seen one locally "offers over $200,000" sell for $198,000.
Cheers,
Kara
Thanks Shahin & Jamie,
I actually went in with a list of properties I wanted to see, asked if could make a time to see them. First visit they asked if I had pre approval & clearly weren't interested when I said no.
This time I had pre approval ( lesson learnt).
It took nearly 24 hours, but the principal did ring & took me to view the properties today. ( I was ringing her if she didn't!!)
Any advice on making an offer, what to include in your conditions, and how low under the asking price would you initially offer? Property has been on the market for about 9 – 12 months.
Thanks,
Kara.
Thanks Darryl,
I have spoken to Building Dept rep. from the council, I don't need to rezone, just meet their requirements for parking/ toilets etc. If I build new I would probably share with one other Health Professional.
Thanks for the tip on ownership. I am a sole trader at present, so this may need to change in the near future.
I am aware of the ACCC ruling, it is amazing how often it is breached. All the multi practitioner clinics I have visited/ worked in bill the same for each practitioner, so the ACCC could have a field day!!
I plan on subletting to different Health Professionals from my Allied Health field. They would be free to set up their own price structure. I'm undecided at this stage about providing reception services or let them share the reception area & provide their own staff.
Cheers, Kara
Thanks Shahin,
I still am looking at costs to build new, will gather more information.
Thanks Derek.
Hello Donavan,
I'd advise you to purchase Steve's most recent book, advertised on here. It has quite a different take from the first 2. It's also an easy read – devoured mine over 2 nights!!
Good luck,
Kara
Any suggestions for NSW?
Thanks Scott,
I downloaded a commercial lease template today, makes interesting reading.
It states that the lessor is responsible for the costs of the agreement, as you said. It also said that landlord is responsible for security & locks, but whether this is strictly only the outside of the building is open to interpretation I suppose.
I've been running my business from sublet room with no formal lease in place & it's been quite satisfactory, unfortunately we all have to move out. I've only dealt with a Residential lease before & am getting to learn the main differences. Commercial seems to be heavily in favour of the landlord, so probably a good potential investment down the track!!
Cheers,
Kara
P.S. I'm sure you have lots of mates!
Thanks Scott.
I am not the owner, I am relocating my business & will be leasing from the owner a room & common area in a building with other tenants.
I'm hoping to purchase a house mid – late 2013 & sublet rooms to others, so am interested in information from the landlord & tenant's point of view.
Any advice greatly appreciated.
Thanks,
Kara.
