Forum Replies Created
There is no harm in knocking and asking. People (and brokers) do it every day.
your only issue is if it is a manager working for the owner you may not get a response as they may not speak to the owner often or will not want him to sell as they may lose their job
i sold a large motel in NSW to a guy who dropped in to speak with me but unfortunately he had already made contact with an agent who got six percent for one phone call
20 rooms is a good sIze if you plan on doing the cleaning etc yourself
tony
What area state would you be looking in
All I need to do is join my funds with the SMSF funds and then obtain a bank loan for the balance and then structure it to appease the ATO. sounds complicated
sorry I was a bit slack on the information provided. I am buying a leasehold motel and i am 52 years old and my SMSF strategy allows it. I will need to borrow further funds as well. Sole purpose test is to provide for my retirement in a few years. was hoping to do a unit trust of some type and use the SMSF as a part owner. Thanks Tony
Hi ross and jacqui, seems we are in the same boat, except I am moving from Qld in a few months to purchase a motel (leasehold or freehold) on the NSW South Coast. I have started communicating with a number of brokers including the possibility of a partnership. I as well have nil previous experience in motel industry but feel it will provide me and daughter with "lifestyle." Let me know how you fare and maybe we can compare notes. I am travelling down there on 17th October for 2 weeks to start looking and hope to purchase early in the new year. I am on the gold coast and free any day (i work nights) to chat. [email protected]
depending on your point of view there is not much cheap on the GC at the moment. your negative suburbs you mention also include areas in Brisbane. are you prepared to commute that far? you will buy more around Brisbane for your money.
most 3bdrm houses/townhouses are over $300k and thats the cheaper areas. for areas you might consider living yourself probably start with the suburbs west of the M1, around Coomera, pacific Pines etc not that these are the best suburbs but there is a lot happening there. closer to the beach and pricier look at Ashmore, Molendinar, crestwood heights for central areas
having "been there and done that" recently I throw my 2 cents to you.
my experience is we should have moved here and lived for 6 months or more before buying. to gauge areas, schools, traffic flow (or not) etc as the Gold Coast is very spread out.
we brought the apartment and considered keeping it as an investment. the reality is the cash flow from holiday apartments is very hit and miss. with body corp fees and management fees the purchase of a holiday apartment is generally a lifestyle choice.
and the problems with tenants and managements is a whole other story.your 4th point has merit to me, as this is something i should have done. instead i brought the apartment off the plan before arriving here and it is now for sale. with the money from that i intend to rent, probably somewhere that i could not afford to buy, and use my equity to fund IPs.
the GC market is cruising along at the moment and it may pick up in the future but getting to know the area and knowing what not to buy is going to be more important.
ps like you i have been a member for some years, reading forums etc, and this is my first post. i will be diving in when my aparment sells.
reply for phobia and 2muchmoney
I am moving from South Coast NSW to southport QLD in January and would be interested in a group such as vivarto is organising
you can contact me at [email protected] if we can organise somethingquote:
Hey,
This meeting idea is just what us Newbies need. I graduate in a weeks time, but I am very interested in property investing. I have read a heap of books on investing, but Steve’s has been the most informative. I am having a year off next year and then doing a Bachelor of Business at Griffith Uni on the Gold Coast. I have the money to look at about two IP. Is there anyone on the Gold Coast or mabye brisbane who is interested in the meeting idea.quote:
Count me into. 21 years old 11 IP, aim for 17 IP before the year ends, only been investing for about 8-9 months as well.What city do you live in S.I.S
Cheers Matt
