Gday @kmu1

The best place to start is with education. Read this forum, plus the other forum property chat dot com dot au, plus any books by Steve McKnight, Jan Somers, Dolf DeRoos. Also regarding general financial literacy the book that has changed more lives than any I know of is Rich Dad Poor Dad by Robert Kiyosaki, that would be a great one to start.

Learn about investing fundamentals not so much real estate sales. (unless you want to become a re sales agent)

Have fun

Wct01 wrote:

My investment strategy is renovations with the intent of selling or flipping for a profit. Given Western Australia’s bleak economic climate and property price growth as well as the tightening of the lending rules by APRA, is this still a feasible strategy? Is there anything I could be incorporating into my renovation strategy to cater for the current environment? Thanks.

As mentioned above it is tough to make the numbers work consistently.

I would see market choice as 1 factor, APRA as a completely separate issue.

On the APRA issue – they haven’t made it harder for people to get PPOR home loans, and for flipping these are your buyers. So no issue there if you appeal to the ppor market. It might be harder for YOU to get your loan but that is up to you and your broker to solve.

On the market – I would say it is possible to profit in a flat market but it must be buoyant enough to have buyers active. Also most suburbs aren’t profitable so location choice is critical.

Once you solve that there is house selection, which is also very important and along with suburb selection will make or break the strategy.

Lastly, dont pay too much!

Keith wrote:

I have had budget direct landlord insurance on 2 rental properties, i have recently had bad tenants and had to have an eviction as a result the tenant did maliciously damage most of the walls carpet and doors. Now i will admit that i did not do due diligence thoroughly enough and thought all apples are the same, having said that i as a landlord feel very let down by the lack of cover and the massively excessive excess fees that came with the policy. So I’m now asking for other landlords to recommend reputable insurers that i should look at for future coverprice is not really an issue but a balance of price and reliability of service and cover isThanking you all in advanceKeith

Sorry to hear about the poor experience Keith. I have had a mixed bag of experiences over the years, some good and some bad. EBM and MGA are two of the common landlord brokers out there that people (and me) have used, not perfect but read the policy (whoever you choose). I have also had policy with Alliance for a few yrs.

Hi @bla0018. Any reason they need to be in vic?

1 – if you dont want to you dont need to meet brokers can do everything remotely, if so there are a few great ones on this forum.
2 – if you DO want to meet you will be limited to where you can travel to, so we will need to narrow it down further.

Regards
Matt

• This reply was modified 9 years, 2 months ago by  BuyersAgent.

You really are better off getting a QS report done by a pro. There are a couple listed above otherwise the 3 well regarded QS companies in this country seem to be:

1 – BMT
2 – Washington Brown
3 – Depreciator

I have personally (and my clients) had reports done by Washington Brown and Depreciator, both very good.

Nice post @planning. Are most of your pro clients still working on 20% margins? I ran numbers on an 11 villa site with 20% conservative for a client recently and he told me his mezzanine finance group knocked him back saying inadequate margin. It seems they want much closer to 30% to fund and I didnt know if that is just one funder being difficult right now or if the market is generally getting 1 – Greedy, 2 – Scared, 3 Something else…

Jamie Moore wrote:

mddedf wrote:

What about if my house is interest only as well, we r thinking of upgrading in 5-10 years, we got suggested to use interest only loan for both home property and investment property.

Park all savings in the offset linked to your owner occupied loan.
When you move onto your next home – use this cash to cover deposit/costs and/or transfer it into a new offset linked to thew owner occ loan.
Cheers
Jamie

@mddedf its great to come to forums like this an learn! Congrats on beginning the journey it is much cheaper to learn by asking than by getting ripped off with a poor transaction first time so well done.

The post above is the difference between trying to work everything out on your own vs finding a great team of partners to work with. Quality brokers like @cjaysa and @jamie-m will speed up the learning and ensure you get the right loans, instead of a bad structure or product. I have personally seen Jamie do some very fine work with my own clients and have never regretted it.

@mohi785 good luck and keep learning, the response above by @benny is a good one. A steve mcknight 2 day seminar would pay thousands in property education so if you can squeeze it in its worth it. Also avoiding the spruikers of new development stock is important as the wrong choice can cost tens of thousands and make the wealth journey many years longer than it needs to be. Keep learning you will get there!

Ok, and are you already paying land tax in QLD and NSW? I couldnt tell if you were saying you want more in NSW and QLD or if you want to diversify away from those states.

Hi Joey,

Is this for existing or new? If its existing you can get a building inspection done to ensure integrity of the structure. If its new I would have concerns about a builder who was unwilling to show me the plans. If they are worried about duplication or copyright breach then offer to look at hard copy plans in their office they shouldn’t have any objections to that. If in fact it is new and off the plan have you thought through why you are buying and what it will offer you? Many folks go in a bit blind on those I find.

Regards
Matt