Forum Replies Created
Richard are you solely on the east coast? I’m in SA and looking at hiring a buyer’s agent.
We moved 8 times in 10 years due to my husband's job and the best part was culling unnecessary things from our life. Two moves involved only taking what we could fit into 2 suitcases and starting from scratch again. I found it fairly freeing because you realise all the 'things' in life. Aren't really that important. Our last move was 2.5 years ago, we did that one with 2 children and so it was harder than the preceding moves. Hope to move into a PPOR this year although don't likemy luck as I did too good a job of convincing my husband that we didn't want non deductible debt!
Ruth
Think I will need 3
1. Finish Reno on block of units, get them revalued, borrow the equity and buy another cash flow positive property
2. Off load some negatively geared property
3. Get some income from my Internet business
cheers
Ruth
Paul
Tried to navigate to your negative2positive website by clicking on the link in your signature but while it goes to the page for bout 20 seconds it is then replaced by another page. Not sure if this is an iPad issue or some other gremlin. No pc to check your site on unfortunately. We are considering attempting to sell a property via vendor financing. I don’t see this as my general investing strategy, so don’t really want to go down the avenue of licensing etc., but I need to move a negavtively geared property on. Do you offer a service to help people set up a one off vendor finance deal?
Thanks
RuthWe got within days of settlement on a property and the vendor sold the property to a friend. We had to pay conveyancing costs because they had already done all the work for us, we had to return a cheque to the bank etc. real estate agent and conveyancer both told us that there was no point in trying to hold the vendor to their initial contract. In retrospect we should have used a solicitor and not a conveyancer as i am sure a solicitor would have had better advice for us. The vendor had sold to us at $40K under value and they managed to get a family friend to purchase at about $25K more than we had been offering.
Are they all from the same agency? I know Horsham real estate offers that for all their listings. I have my properties checked every year no matter where they are located. I have had termite before so maybe that is why I go to this level of caution. Interestingly, it wasn’t in my property in Horsham though. I think termites can be quite a problem in rural area so Horsham may be no more or less affected than other regional towns.
CCook, not sure I have heard Pt Augusta referred to as a nice place before
it is certainly worth looking at for an investment, but research the areas well as there are certainly a few areas to avoid.Thanks for posting this JT and everyone for their great discussion points.
We have a similar thought process going through our heads at the moment. We are trying to decide whether to sell a property that we bought as our PPOR in 2007 but we moved out of 2 years ago when we moved interstate. As with yours the market is stagnant (regional area) we have been advised that it will sell for about $10k more than we purchased it for. It is negatively geared but only slightly. We too wish to extract the $50k equity we have in it and use it to buy an investment property that is a better investment than this one.
But like you we think
a) do we wait until the market improves
b) will prices improve in this town
c) we have a great tenant in place who pretty much takes care of it as if it is his own, so in that respect all is good
d) should we try and do a vendor finance
Etc etcAlso has plenty of businesses. There’s Coles, Woolworths and Aldi, Target and K-Mart, Spotlight too. Mc:Donald’s is there too. When we were doing renovations we could easily find all the hardware we needed at the smaller stores – no Bunnings in Horsham. But there are plenty of plumbing supplies and floor covering places. A good selection of cases and restaurants are in the downtown area too. I also noticed a bit of subdivision in the central area and some new housing estates.
I spoke to a values about this about a month ago. We have a block of unit that we have completely renovated on the inside but done nothing outside. She said fixing up the yard e.g. Landscaping and fencing would be important before getting the property valued.
Do you know if it is per member or per property? I have 7 properties in Vic and if it could be used across properties it would be well worth it.
Certainly is a good idea, at one of my properties I have to pay $50 every winter just to get the pilot light lit!
Cheers
Solomon10 wrote:Cheap entry point,potential positive cashflow, isn't that reason enough to warrant some investigation?The exact reason we invested Solomon10, sure there are plenty of other places we could invest but for $200K on a 90% loan we manage to get a $600/week return. Not sure I have seen too many of those deals elsewhere, and I have no plans to invest overseas atm.
I have 2 houses and 5 units. I prefer houses as I have found strata costs to eat into profits. The only reason I have 5 units is because 4 of them were in one purchase when I bought he block. I plan to focus on houses from now on. The only time I would buy units again would be if I could buy the whole block again.
I was there last weekend, and while I wasn’t looking for a nightlife I did think the main street was pretty busy at 7:30pm. There were heaps of people at cafes and restaurants, enjoying alfresco dining. Most of them seemed young and dressed up for the evening not just a quick bite. Perhaps things are changing already?
I don’t have one, but my sister has 2. She has found a few issues with problem neighbours causing tenants to move out quickly. Like everywhere there are good and bad areas so do you due diligence carefully before buying. She hasn’t really experienced down time between tenants as the vacancy rate in Mildura is almost zero.
I have contemplated this myself recently. Especially after I came across a duplex where the owners of one half had demolished and we’re rebuilding a separate residence.
Was hoping to find some comments here but unfortunately not. I have a block of 4 units in Horsham, bought cheap and good rents with no difficulty finding tenants. There’s always a lot of property for sale in Horsham.
Have invested in regional Australia but only Wimmera not Gippsland
I have been doing a 4 unit renovation long distance over the last year. Each time a tenant’s tenancy is due for renewal I decide to either inform the tenant of the proposed Reno and give them the option of returning at double the rent or ask them to leave. We have kept 2 and send 2 packing! The hardest part is not knowing what stage everything is at. These have been complete bathroom, floor coverings, air conditioners and painting renos. It has been made easier by having a good builder who have overseen everything for us. We actually visited the property this weekend for the first time ever! It is certainly a hard way to do a Reno, I have decided my next one needs to be closer.
I did the Brilliants Program this year and I really enjoyed it. I was a newbie to investing, I had 3 IPs but I had stumbled into it and really didn’t know what I was doing.
Why I enjoyed the course:
1. The networks I developed – both the group of 16 women I did it with (the majority of us are in contact every day) also the professional connections I have.
2. The resources I now have at my disposal – again these are in varied formats – books, CDs, DVDs, seminar notes, audio files and people!
3. The confidence I gained – with knowledge comes confidence
4. I liked the fact that 90% of the time I was networking with and learning from women.Happy to talk in more detail about any of it but sorry I can hear my 2 kids trying to kill each other and so I have to go
Cheers
Ruth
it is certainly worth looking at for an investment, but research the areas well as there are certainly a few areas to avoid.
