Forum Replies Created
- jimmcintyre wrote:Yes,this was considered,but woulnt work as there is a house already on the block,forcing a hammerhead development,As the land is 120 m X 40 m the driveway handle being common land leads down to the usable land,being 3850sm.Maybe a double hammerhead would work?Any thoughts?
Cheers !
Jim,
You stated in your original post you were looking to do 5 community title lots they would have been on a common driveway/ access road I assume – Could you still do that with a lesser number of lots?
I can understand your frustration when conditions change after you have purchased the property. The one suggestions I would make is that perhaps a condition in the contract "Subject to favourable council approval" might have saved you but too late now.
A double Hammerhead/battleaxe is one solution so I am thinking it would be 6 metres wide part of the way then 3 meters to the very rear lot.
If you did 2 extra lots would they be big enough for a Duplex on each site?
Hope that Helps – Cheers
landt64 wrote:KeyStrategies wrote:Happy to report that I am right to live thru until 2034 on my current position and I am only just putting in place my 10 year plan leading up to retirement. My goal is to leave a legacy for 3 generations to follow as well as beginning able to look after myself and It appears I am on track to doing just that.Hi Michael, on a bit of a different topic I'm interested in how you came up with your 10 year plan for retirement. Is it something you developed yourself or did you go to a financial advisor. My husband and I are both 48 and realise we have to seriously have a plan to put in place but aren't sure how to start. Trish
Hi Trish,
It is something I have put together over the years – I had a 5 year plan that I stuck to for over 5 years and it worked well – I decided to change it to a 10 year plan. Its a list of financial goals to be achieved over time broken down so it can be monitored – I have all my expenses and income listed into a spreadsheet. I have been toying with the idea of teaching people how to do it after speaking at the Mega Conference – Would that be something you might be interested in learning about ?
If you want to start I suggest you work out and list all your expenses and put them in a spreadsheet month by month – That helps you see when your bills are due and your high and low expense months.
Being aware of what expenses you have will give you a starting point from which to work.
Cheers
Hello David
I have been investing up in the Hunter since 2003 (mainly Singleton) – I think you have selected 2 great towns but may be a little late with your arrival as prices have gone up over the last 8 years but there still seems to be some room for a bit more of an increase especially if rents continue to climb like they have in the last 3 to 4 months. With regard to your strategy you have to be aware of the areas to avoid in both towns are there are some parts that are considered a bit rough/undesirable and will limit the opportunity for company rental. Furnishing will increase your rental yield but will also limit your potential tenants. You sound as though you are doing some homework I would suggest you take a drive up there and spend a day looking around speaking to the locals – I have always found that informative.
Cheers
Hi D
Well you could still be in luck and get to experience it, I had my last presentation recorded – I now have to have it turned into a CD and DVD which I hope to make available to the public later this year and have spoken to Steve about putting up thru iclub for those members that missed it.
Days 2 and 3 were also quite full of Info – Perhaps you need to rename this Who attended the 2012 MegaConference and What did you learn?
But its your thread So I will leave that to you to decide
Cheers
Hi
I was wondering who attended the Mega Conference in Melbourne last week and was at my presentation on Success from (Small Lot) Subdivisions. I am seeking your Feedback on what you liked/ enjoyed the most and what you may want further information on, to be included next time?
I look forward to hearing from you
Cheers
Happy to report that I am right to live thru until 2034 on my current position and I am only just putting in place my 10 year plan leading up to retirement. My goal is to leave a legacy for 3 generations to follow as well as beginning able to look after myself and It appears I am on track to doing just that.
Hi
Well Travel is also High on the Agenda both around Australia and Overseas. I other thing I enjoy is Dancing – Ceroc Style. Its good exercise and fun and Social.
And now I can also add my passion for speaking after years of attending Seminars I am starting to run my own on guess what ? Yes Indeed – Successful Property Investing.
Cheers
Hello Fellow Property Investors
Well its already been a week since the Mega Conference ended. It was an interesting experience for me in that I actually got to view the conference from both a participants and presenters perspective this year.
I enjoyed the Presentations from the Keynote speakers
Steve made one comment which was – While ever people live in houses there will be money to be made from property.
Love what Tom Ziglar has done with his father (Zig's) info to start to shape and mould it to make it his own. I recall sitting front row centre at one of Zig's presentations years ago.
Marty was entertaining as usual and reminded me of the value of using Substitution of Security as a technique to keep loans intact – which is getting a little more difficult as some lenders (St George) are not honouring this or making it difficult by imposing harsh conditions regarding LVR's to do this at present.
Diana Nightingale's – story was inspiring as was her book – I read it while waiting for my plane home which was delayed so that was a bonus to use that time reading – I loved the story of her life with Earl.
I must say I enjoyed presenting my workshops on the Friday on "Success from (Small lot) Subdivisions" and had some positive feedback regarding them from the people that attended – with standing room only at all 3 workshops its seems to have been a topic of interest.
The NRAS presentation was interesting particularly when the speaker flagged that some properties where being marketed at what seemed to be inflated prices by some QLD promoters – so again Buyer Beware.
Dereck Gehl – spoke about the value of a Website and how to set one up – something I must invest in.
The Property Professor spoke about his top 12 suburbs and has his presentation available on his website.
The Buyer Advocate spoke on determining Property Values which he put down to 3 opinions being
1) The Seller 2) The Highest other bidder and 3 ) Your Own – Guess which one is most important ?I enjoyed Lewis O'Brien's talk on Joint Ventures and his info was well priced being under $500.
And David and Julie Siacci presentation reignited my interest in Vendor Finance as a Strategy to look into.
Thank you to everyone that came up and said Hi to me and offered words of encouragement regarding my presentation, I appreciated it – I hope you property investment journey is a Successful One.
Cheers
Hi ayjae
Thanks for sharing – love the Earl Nightingale quote – I recently met his wife Diana – when we spoke at Steve's 3 day Mega conference,
She is a very interesting lady and has released a new book about her marraige to Earl.On the Moranbah front seems that more accommodation is being provided with new developments and camps and the new land release is now about to proceed also so its the old supply and demand equation in play – plus as you say BHP is providing a lot more accommodation of its own in modular prefab style and they have gone to 3 story walk ups in Moranbah.
How soon before you think the industrial dispute will be resolved between BHP and the CFMEU?
Hi arope 99
I have a question for you – I was wondering
How would buying an investment property affect the First home savers account?
Would you still qualify under the scheme?
New_Starter wrote:Hi everyone, I'm 23 years old and in the last 12 months have being crazily researching everything to do with property. I'm very keen in the next 6 months or so to get started however I'm feeling so inundated with information/different strategies etc that I've gotten myself a little lost. I am extremely driven to get started young and develop a substantial portfolio. My other issue is that my parents are extremely negative and have a big issue with me believing property is an area I can make a lot of money in. Because of this I am constantly second guessing myself, even though deep down I know I can do this. I have a stable job and good income but am seeking a positive influence from someone with experience. There is only so many articles and online research I can do. My question is does anyone have any good ideas where I can meet someone who has the potential to guide me and someone to really just bounce ideas off? Or I might as well pose the question, is there anyone interested in catching up for an informal coffee in Melbourne to discuss real estate? Cheers,Here is a thought or suggestion New starter – Steve McNight has his new property investing programme available – that might be a good place to start and from there you could meet up with fellow students and investors,
cheers
Deepak
I have sold a number of properties myself very successfully over the years obtaining prices higher than local agents suggested I would obtain but being in the game for over 20 years I might have a bit more experience than the average Home Owner. Having said that I have also engaged real estate agents to sell my own home (PPOR) and some of my investment properties with greater success than I had.
Do your homework – Advertising, marketing and negotiation are all key elements to a successful sale and remember to be objective too many people are emotional attached to the real estate transaction when its their own home
A good place to start is to Google – try key phrases like For sale by Owner, Private house sales and Private home sales and view the information. There are a number of interesting websites and resources available.
Cheers
Cheers and good luck
Marie
What area are you building in ? The per square rates are very different in various parts of Australia.
In Sydney Region you might be on the money for a single storey .but in Other places you would be way out
Cheers
Hello Forum
Well watching the property prices in Moranbah over the last 9 months or so has almost been like watching the stockmarket rather that the property market.
Its also been interesting to read the comments and articles of various Spruikers and investment groups who have gone from recommending people buy in the town to doing a 180 degree turnaround and advise the total opposite within a number of months.
http://www.apimagazine.com.au/blog/2012/04/is-the-magic-of-moranbah-over-2/
It seems to me that this demonstrates the impact investors can have on a relatively small town who have the big city mentality of where they live. Its a simple case of basic economics and also demonstrates the volatile market that mining towns can be.
What are your thoughts ?
Hi Forum
Here is a Scale of Fees that Real Estate Agents Charge on selling a property
http://www.realestatefees.com.au/
Property Marketers and Investment Groups on the other Hand are being paid anywhere from $25,000 to $40,000 (and possibly more) to market and sell properties for Developers. Ask yourself why is it that the Property Marketing Companies (PMC's) only sell NEW properties. Their answer is Better Value, Better Growth prospects, Better Depreciation – But Never the fact that they charge and receive Commissions that the average person would consider to be grossly excessive and that the buyer ultimately foots the bills for.
What are your thoughts on the commissions charged by Agents and Property Marketing Companies?
Kristin Simondson PBRE wrote:The real estate industry in IS heavily regulated despite what some may say. We must adhere to a strict code of conduct and take in thousands and thousands of pages of legislation to ensure we meet all requirements in our everyday jobs. We are actually bound by legislation to act in the best interests of the seller at all times – with huge penalties for not adhering to this………….I agree with you KeyStrategies, it is about people recognising the role of an agent.
If you want sound financial advice – go to a financial planner and also refer to your accountant.
If you want a real estate agent to find you the best deal as a buyer no matter which agency the listing is with – get a buyer's advocate.
If you want advice on selling and market trends – go to a real estate agent with a good reputation…. and ask the right questions, ……Finally an Agent that seems to get it, A Vendors Agent MUST act in the best interest of the Vendor (seller) when will buyers begin to understand this – Education NOT Regulation is the answer.
As for going to a Financial Planner to get sound financial advice I'm not so sure of that. Read this article for more Information http://www.hotspotting.com.au/article/2332-investors-being-robbed-blind-by-advisers
Cheers
KateandTony wrote:Thanks Michelle,I have pretty much decided that I will not be going through an investment company such as Custodian but rather deal with a builder myself. I have found one here in Brisbane who seems ok and he pretty much said the same things you are saying. I think the only reason I was looking at Custodian was because I wasn't educated enough but as I learn more I feel confident to do it myself
A wise move KateandTony
Great advice from a number of people in this thread – The world of house and land packages has certainly changed over the last 20 years that I have been involved in the industry and I am aware that commissions of $25,000 to $40,000 are being loaded into packages being offered by the property marketing companies, Spruikers and Buyers groups out there.
ALWAYS do your homework and its pretty simple to check out the price of land in the area and get a couple of quotes from local builders. The thing is some of the PMC's and buyers groups are now getting smart and doing deals directly with Builders and developers by "Taking out" a portion of an estate off the plan in prepurchase agreements and then onselling them to investors at full retail price that they set. In doing so it helps the builder/developers justify higher prices themselves. And so the increasing cost spiral continues.
The Fox wrote:If you are a newby to the game, please tread very carefully with the seminar spruikers. Many are not what they are cracked up to be and if you decide later that you didn't get what was promised and want your money back, expect a long drawn out process where you will be made to jump through all sorts of hoops. These spruikers may have a money back guarantee, but they are often not worth the paper they are written on. Check the fine print!
Fox – Here Here – If there was a like button for your post I would hit it – What you have spoken about – I have posted about on facebook also. And I have been around the seminar circuit for more years than I care to recall. Good advice that all property investors should Heed
Terryw wrote:Move in. move out.under s118-145 ITAA 1997 a person can be absent from their main residence yet still count it as their main residence for it to be CGT exempt for up to 6 years. To get the full exemption you need to live in the house initially and establish it as your main residence. You can then rent it out and claim all associated costs – yet still retain the CGT exemption.
Terry
Just wondering about the impact of doing this in relation to the 1st homeowners Grant – I understand the CGT benefits but don't you have to be in a place for 12 months to be eligible for/retain the First Homeonwers Grant??Hi
The guy to speak to about this is Troy – Rookie Developer – He knows Vic rules – I specialise in NSW.
Having said that the process is pretty much the same everywhere – Know your market – Speak to Council and engage a Surveyor or Town Planner that knows the area.
You will need to take into account slope, position of services, setbacks etc – All the above Info is good as a starting point.
cheers
