Forum Replies Created
PS
l’ve often thought about doing reno myself . But my first place was only a very light cosmetic reno , we hardly spent anything either but it was still a hell of allot of work considering . That was a wakeup call to me because neighbours had all done much heavier full on reno’s and everytime l went to their places after working on mine , jesus !
Work or what !
l come out of it thinking my profit margin for my really light cosmetic jazz up reno was actually bigger than their heavy duty reno’s margins because they all spent a hell of allot more money and work but l hardly did or spent anything compared .
Now l wouldn’t touch anything heavy .
cheers.
MkcHey Salacious .
Wonder how much of that he would have to pay in tax , anyone know?Mkc
Originally posted by ecatt:Im with you MKC… I didnt understand what quiggles was saying either
Looks like we’re out of luck Ecatt , why do people disappear when you want to follow something up .
CheersOriginally posted by benderfile:mkc,
if you cant attract them with a free rent period or initial rent reduction perhaps it could be used for archive storage or boat /car
or even a local hardware store or builder that need to have a lockup?cheersThanks for those tips guys. l don’t know for some reason we just aren’t getting calls . l try to make it as tempting as poss’ , nothing . Plenty of entrance for trucks or whatever as well but no calls there either. Shame it’s 110 ft long , the money it could be making which l ‘m depending on long term . l’ll try a few Melbourne adds next , holiday boats and vans because l’m up the coast where they all holiday .
lt could be a time/niech thing , keep pushing , build up , very hard to tell .
Cheers
MkcOriginally posted by benderfile:i have to agrre that we are in a far better position than 1st HB and there are still deals out there if we think laterally.
rang an agent today with a display home for sale with an option. before ‘1,000,000 in …..’ i wouldnt have considered that and i read the book xmas (thanks steve great book.
i am expanding my possibilities and looking everywhere for deals.
in the lasty three days i have considered and inquired about
storage sheds
display home with option
small block flats
shop tenanted by sex shop
2-3 br houses
i am surprised i can still go out and trade my time for moneydoes ANYONE out there think sydney HAS touched bottom?
cheers[blink]
l have a storage shed on my place but unfortunately l’m not getting many calls . l am a fair way out though but asking around , most in or near big towns rake it in and are knocking people back . So at the moment l’m trying to come up ways attract some customers .
Cheers
Mkc“if the only tool you have is a hammer you will need to see every problem as a nail”
Originally posted by hb:hi jjaaus
i’m as so impressed with your ability to sniff out these’s great bargains…..
especially the beachfront property in adelaide, surrounded by million dollar properites.having neighbour of similiar ilk, i doubt whether any of them would have given their land away so cheaply…..lucky you.
Those guys don’t miss a bargain, and you would have thought, for that price they could have bought it just to put the second tennis court on?but the other thing that really surprised me, was your guts to put up a 6 unit development next door to them.
wow
now when a development was being introduced to our area,
my neighbours, with obviously far to much money, hired the best QC to put a stop to it.
I just don’t know how many millionares want a 6 unit development next door!well done…gutsy stuff….
hb
lt certainly was hb what a find .
Cheers .
MkcOriginally posted by hb:well done redwig….
but MKC…..”you just can’t waite to get more property“
what happened to diversification
Now, had redwig taken his $158k , 2 years ago, and bought a specific share in a mining company,
today he could have sold them for $832,000.Now I know theres costs
$29.95 brokeage fees when you buy
$29.95 when you sell
and that damm $3.85 when they send you the contract in the mailbut heck….
saves breaking your back over old carpet……sorry forgot capital gains….
now lets see
a profit of $674K
50% discount…that makes $337K that tax is paid on..
oh dear i’m on the high tax rate…..
ok….$168K for the tax office
but hey
i get to keep $506K profit, 2 yearsnow thats not bad for two years work……
diversification……lets not forget it
sorry to use this example
but i’ve only bought these shares 10 days ago
and i’ve been watching them grow at about 20 cents a daystill like property……
it will all come to a grinding halt……Good point , nice profits alright !
l’ve looked into shares but to be honest they scare the crap out of me . l don’t feel l would have the grasp / understanding . l was thinking about using The Australian Stock Report . Where as realestate l do feel l understand it .
So if your into shares what do you think of using someone like The Aust’ Stock Report ?
Any tips for a starter of say 10 grand . Rivfcan [forget his spelling ] said to someone once ” give me 10 grand and l’ll make you rich “
Unfortunately it wasn’t me , l would have thrown it at him.
Cheers
MkcOriginally posted by benderfile:Yeh Mkc,
on one hand i hope ur wong about 10-15% – in sydney we have an IP and a PPOR i plan to use for equity, the sooner i get valuations the better it seems
i am still going ahead and looking around the place(cant hurt)
i will find one of those motivated vendors and the sale price or ROI will compensate
havent found the right ‘problems’ for my solutionsYeah l think get it yesterday . Worried about the same thing , l had a great valuation the other day but in 6 mths l’ll need to refinance . l’m worried about where it might be then so l’m honing in on sprucing up the cosmetics . l don’t think apart from along those sort of lines it’s that much of a problem , investers usually scrounge good deals anyway. My theory is for the future , find bargain & desperate sellers then cut 15 % or more of that again to cover any drops . Buy places with a few options .l feel sorry for first home buyers though that were paying so much in the boom .
Cheers
Mkcstill looking[eh]
Asked the same question here myself a few days ago . Everyone has different views and as Jeff said everyone is asking the same thing at the mo.Personally l think she’s taking a dive . Another good 10 – 15 % min yet , places like Sydney even more .
Cheers
MkcHi guys.
My place has aspestos so l’ve spent mths looking into the angles . lt might help .
Most coucils allow you to remove it yourself using their guides – usually wetting it down , masks , no wind , plastic wrap , dumped properly ra ra . This led me to think it’s ok with care .
But , no one seems to know just how bad the stuff is they all say different things. So many builders and people worked with it for yrs without prob’s – but – some had probs or died , quite afew infact but the percentage is still quite low . lt can be very serious stuff so personally l’m treating it that way .
But if the panels are well below face hieght , with masks, wetting down , no wind and being carefull with dust , l feel it’s safe to remove yourself from what l’ve been told. lt should be wet on the inside to not only the outside as that’s where the dust is , make a gap and spray through as you go l’ve be told. The dust as well as breaking it with flying chips and more dust is where the danger is.
Do not cut with electric saw – more dust ! Alot do though, not me!
l have spoken lots of people about prices to and around 10 grand will get say a whole average house outside panels removed professionally . Some said you should have to go to a motel for a week if they are true pro’s or they should completely seal all work off .
lf you have a spare 10 grand , seems well spent on pro’s to do the job just to be safe to me .
A room or something , much less .
But – if they are lower panels that will pop of easily without much dust , with the proper gear and so on it sounds ok with care .
lf it’s a good wall that isn’t broken , just seal it with some good coats of paint and it’s fine , unless you need the wall gone for some reason . Or plaster over it .
Keep kids well away from all dust , it may take 40 yrs to effect them or you for that matter so you won’t know without the care .
Why not just slap a good coat of paint over it and wait till you raise the house , get it all done at once or a roof just leave until then.
The best l can offer l’m afraid , no one in three mths has really given me straight answers .
Cheers.
MkcOriginally posted by quiggles:My thought is that if your firend was making 10% per half year on $200,000 cash, he or she would have been better off to leverage that investment and invest in more of the same. At only 50% leverage that would be $80k per year (less 13k interest) – enough to sit pretty on, really. Why buy a house with an asset like that??
Hi , could you spell that out for me by any chance please . From what l can understand your saying l could make 80 grand p/y from my 200 .
What is leveraging / 50 %/ the 13k interest and all the rest of it ?
Supposing l sold my block next door for 200 , first thing we thought we’d do is buy more property or payout out mortgage but if we could get 80p/y from that money to hell with all that .Or have l got it wrong ?
Cheers.
MkcOriginally posted by redwing:We bought a Worst House nearly 2 years ago for $158k..
People selling were moving back to NZ and had tried to update it by painting and gave up..paint on the walls extended to the old ruffled carpet, light fittings, curtain rails etc
So we preety much had to re-paint, pull everything up and start again..this carried onto the yards were we chopped down tress, pulled out roots and various other plants, put in retic and lawns etc
Its now renting for $190 (to be reveiwed in June)and was worth $220k when we refinanced all properties for IP#4 (all IP’s are stand alone loans)about 4 months ago, we just had a new valuation (Doing all IP’s to see where we stand) and this came in at $250k
Our last IP though was easy, just a repaint, recarpet and tear up some slate (awaiting Vals over next day or two)
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorNice one Redwing.
Look at how much equity in this thread alone between everyones deals , makes you just can’t waite to get more property .
CheersDon’t worry l’m hardly an investor as yet or the sharpest pin either. Due to 15 yrs of beach bumming in QLD among other places l just figured l’d better make up for lost time . So l tried to find a place in my own house that would still build a ton of equity as well as lifestyle . Hopefully then l could use that to springboard into some other property . Can’t have too much equity don’t they say .
Must admit though , since the boom slowing l am ready to start one now but the sums incase it dropped in value are spooky . l’m thinking the safest trick would be to try covering it with property that has two or three options just incase so l’m looking for that .
Good luck.
Cheers. MkcThanks Forklift and Jeff.
Gees l dunno Forklift you sound like your doing pretty good to me mate , l wish ! Both you guys but anyway me l love the worst house /best street thing . My ugly duckling was exactly that but it’s got a 5 k strip of distant sea views , go figure .
The biggest thing l’ve noticed is the average person is very strange when it comes to something that’s abit ugly or whatever but it’s often just a clean up or painting , some attractive colours whatever . lt’s as if it could be gold plated and they still won’t touch it just because of some silly thing they could have fixed for 10 grand . They must sooner rather mortgage themselves an extra 1 or 200 grand even if they can’t afford it than save that and spend the 10 on something special – go figure , or live in a <edited>ty street instead .
l have learnt though that there is often a reason as in one up the road from me . lt’s around 100 grand under value and hasn’t sold yet but someone told me it’s sinking . That’s where the investers eye comes into play l guess .
Cheers.
MkcOriginally posted by redwing:Great work mkc
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks very much Redwing .
MkcOriginally posted by hb:hi jenny1
congratulation to your nephew…well done.
we could have the next bill gates in our midst.
bill can now buy as much property as he wants, but i don’t think he made his wealth from it.
stick with what you know best.
a mate of mine, came up with a idea., first one in sydney spent $70,000 on p&e, hire big warehouse, turnover over $1M in 8 months CASH.
stuck 300k under bed, sold business made the money,
then went into property deveopment.
he’s now a bankrupt.
buts he’s said…i had fun doing it
and isn’t that what its about….fun doing it
after all it must be boring being bill and knowing that every computer$$$$$ going out have your OS $$$$ on it
what really surprises me is how much energy some people put into real estate.
like the person whos done a massive makeover, at what seems like 10’s of thousands of dollars to just make an extra $60 a week.
your nephew sounds like he’s on a winner….a weathy business, don’t you just love it
harryHey Harry.
Mate could you explain the sydney mate thing abit more , l have a big shed myself and looking for ways to use it ? [lf l got that right }
Thanks.
Mkc
PS shame he went broke , amazing what can go around comes around in business isn’t it . Sounds like a guy l met , he was rich all his life but then at 65 starting messing around with something else and now his 78 and has lost the lot and rents a unit .
Gotta watch it .l think DD’s formula is a great way of doing things . l have this thing with my very first question in my mind is , rent verses repayments or what will it take to make it worth alot more than l can get it for ?Lets me know in one second where l’m at before bothering further.
l have a thing about houses that aren’t selling to , l’ve looked for them . One was only 70 grand and l thought why hasn’t this place sold , it had new everything and was the nicest little cottage , turns out all they were all worried about was the septic and it’s small block . Made 70 grand on it in 12 mths , living in it to so but we only spent $200 bucks on it . We mainly just did some labour , not that much , painting /lanscaping it and shifting things around abit . My place now was another stubborn seller but it’s a stunning property with sea views . Turns out it was mainly just that it wasn’t very pretty as was , the ugly duckling we called it and that was turning people off . But it was all such light superficial stuff l still can’t believe it . We paid $190 for it 5 mths ago , we haven’t spent cent yet but have done alot of cleaning up so far and some light fencing , abit of cosmetic – not much , anyway wrapped to say it was just revalued yesterday for 450 and we haven’t even begun. No one we know can believe now how we got it so cheap and those that don’t know come in thinking we own a 600,000 dollar property .
Seems really weird to me the light super ficial crap that turns people off a property but it does , you can really cash in on that .
Cheers
mkc.
PS not that l’m an expert , both these were just my own homes .Thanks Wylie .
That 20 yr old would be one happy boy now . Always wished l did that . Had the money then to .
l’m thinking though yes sure they will rise , they always will l guess in between ups and downs but it would surely be impossible to see that 5 or 10 times rise ever again . l can’t believe what people are paying now for a w/b in the suburbs of say Sydney or something , 6-700,000 bucks . Tell ya what l’d want alot more property than that for that money .
Gee Fernfurn , that must have been one hell of a house for 5 m , l was under the impression average house prices in US were very cheap . You see all these places for 40 -50 60 grand on the net .
Personally l think the over priced property in OZ will keep dropping for a few yrs , a good 20% further yet but the cheaper property will rise .
Have seen some l’ve been following , blocks and what have you that were $250 drop to $170 – $160 and some houses l’ve kept an eye on have dropped 30% and still aren’t selling .
Thanks for imput.
MkcOriginally posted by secretgnome:Tip: Wise men never spit into the wind.
– Wiser men never pee into wind
cheers. MkcOriginally posted by redwing:Originally posted by jenwren:Sad to say but the best deals are found on the street, no the internet.
Its great for researching potential areas and sourcing information though Jenwren..[biggrin]
REDWING
Can’t agree with that one . l think good buys are found anyway you can think of . Net – drive buy and asks , papers , realestates , driving round , l’ve found dozens of absolute one off’s with all of the above and more . Follow the nose is my modo , anything goes !
Cheers.
Mkc“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
