Forum Replies Created
Hi DLPP
I think this can be done as I met someone years ago who mentioned this structure, he was partner/CPA in a large accounting firm in Perth.It would be interesting to know if anyone has actually done this.
(Hard work never killed anyone, buy hey why take a chance)
Hi Richard
I did speak to my broker this morning and depending on what the block value comes in at – I may look at purchasing the block outright (70% LVR).
She stated that once the building contract is signed then they could revalue block. I may then have a possibility of the block coming in at higher value??
When I meet up with her again I will have a long chat about LMI as I find this issue confusing.
I’ll keep u posted.
Thanks again.
(Hard work never killed anyone, buy hey why take a chance)
Hi Richard
My broker is concerned about my exposure as far as morgage insurance goes.I started off with Resi H/L (lo doc) about 5 years ago using my PPROP and with this lender accessed close to $700,000. She feels that we need to watch this. What are your thoughts.
I recently changed brokers so I am not sure what to make of all this yet.
Also, I mentioned paying for the block firstly and then getting it revalued using recent sales data. She stated this still may come in at same value $165,000.
One positive is that I would need $30,000 to complete home, ie carpets, aircon etc. and she has advised that if I provide quotes/receipts the lender will extend finance for this.
Thanks for the tip on exit fees, I will be asking my broker about this today.
I appreciate your advice.
Thank you.
(Hard work never killed anyone, buy hey why take a chance)
Hi batesy
I think purchasing triplex/duplex site is a great strategy as I am sure Balga will continue to provide above average long term CG and enable u to add value by developing. The only problem is holding costs as opposed to purchasing a house in Success where you would probably achieve better rent and be able to claim depreciation.
I purchased in Westminster about 4 years ago now and it has been one of my best performing IPs – not only for CG but also the rents just keep going up and there is a huge demand for nice properties in this area. Just contact any RE agent in area they will confirm same.
My property is a very comfortable house on a triplex site which I plan to develop in the near future.
Even at $400,000 – triplex site around 8 kms from city is something worth considering.
If u can afford the holding costs I would be purchasing a triplex site in Balga with a view of developing.
Cheers, Marisa
(Hard work never killed anyone, buy hey why take a chance)
soof
I actually found these homes to represent excellent value, seems like alot investors do to:– Celebration, Pinnacles
– Ventura, Le MerridianSimilar size approx. 236sqm2.
.
(Hard work never killed anyone, buy hey why take a chance)
Hi
I am currently building with Celebration in Perth and Ventura in South West. Ventura, second time around.Have been happy with both?
Overall Celeb is cheaper, and will build within 12 month timeframe.Ventura – fittings etc. higher standard, you could be looking at possibly extra $10,000 for same size home .
Ventura – Timeframe south-west within 12 months.
However, I have heard Ventura will take longer in Perth metro area (18 months), but cant confirm this??I would not hesitate using either for my first property, though I think Ventura may be able to provide more options. Celeb only build homes I think upto 235sqm2, and dont have as many designs.
Recommend you do a search on “Celebration Homes” as this issue has been raised by many on this forum and should provide interesting info.
(Hard work never killed anyone, buy hey why take a chance)
Hi
I have been very happy with Celebration Homes which is part of the Dale Alcock group, competitive pricing and most importantly build within a 12 month timeframe.(Hard work never killed anyone, buy hey why take a chance)
Hi shazzajaksic
Can you provide further details on your property, where in Perth, what type of property etc.
Thanks
M(Hard work never killed anyone, buy hey why take a chance)
Adrienne27
In today’s West you will find details on developers/estates, including regional. (after RE section)12 months ago I was able to purchase 2 beachside blocks under $150,000.
I recently purchased 2 blocks which unfortunately I had to pay more than $150,000. I also noticed today block in same location is privately selling for $230,000.
In short, I wish you luck, however I think it will be quite a challenge purchasing under $150,000 but you never know.
It may be worth going onto Landcorps’ site and see what comes up.
Cheers, M
(Hard work never killed anyone, buy hey why take a chance)
Hi Michelle,
Busselton population is approaching the level of a significant regional town.
According to Hegney Outlook Report for 2006 – growth over next 12 months is estimated at 10%-15%.
If you are looking for capital growth focus on West Busselton.You also mentioned that Busselton is cheaper than Bunbury, I would disagree with that statement.
M
(Hard work never killed anyone, buy hey why take a chance)
Ned and Aus, let the cat out of the bag, we got nuff people chasing IPs over here…..
Hey DD
I would not be too worried about these petty fees, I can assure you the capital gains will more than cover this. 15-20% pa at present, we are cruising.Hi Foundation, as far as comparing wages – Melbourne versus Perth etc. etc. , I am really not interested.
You can analysis it to death and nothing wrong with that, but it aint gonna change a dam thing over here.(Hard work never killed anyone, buy hey why take a chance)
I am not sure whether we need to be too concerned about median price of Melbourne etc., I think its irrelevant in terms of Perth market.
I am only interested in what is driving Perth/WA market up and whether I believe it is sound and reasonable to keep investing.
(Hard work never killed anyone, buy hey why take a chance)
Hi JVT
according to the Hegney Outlook Report for 2006:Land supply, rising building costs, and demographics are all factors that will drive WA property markets in 2006 expecting somewhere between 15-20% growth.
Economist – St George (WA Market)
Low vacancy rates (lowest amongst the state capitals) and rising rental values support further gains in 2006.I have been riding the big wave here for 4 years now and I dont see any signs yet of the market slowing down.
There are still plenty of opportunites and while there is money to be made I will continue to invest.Goodluck
M(Hard work never killed anyone, buy hey why take a chance)
hi Qinvest
In today’s market I believe Doubleview represents good value considering proximity to beach and city, also surrounded by upmarket suburbs.Its had continual steady growth, and developers are building very flash townhouses.
Median price is over $400,000, what are you looking at spending?Also if you could push the budget I would say go for State house on large development block .
I guess you would probably be looking at over $500,000+, been sometime since looked at this area?? not sure about that one. This would difficult considering the rent would be very poor.Either way – gotta be a winner, I would not hesitate parking my money in this area.
good luck
M
(Hard work never killed anyone, buy hey why take a chance)
Hey KP
they have started site works on your block. Checked it out last weekend.
Marisa(Hard work never killed anyone, buy hey why take a chance)
Hi there, can you provide more info, where is the property??
Also why 2 units, if zoned triplex 800?(Hard work never killed anyone, buy hey why take a chance)
Hi Derek,
thanks for info read this in paper today, I think they stated 24% rental increase over last 12 months, I believe in miracles.Also, similar scenario in Bunbury, however rents are about 20% higher on average than Perth.
Dazzling,
Great work.
I cant really complain too much about the Perth resi market, maybe one ratbag tenant who is now out of my life, otherwise it has been a dream run.(Hard work never killed anyone, buy hey why take a chance)
It really depends on price range as to where you can build etc.
However you could check sites below, these are some developers in Perth which will give some idea on prices and what’s around.
http://www.peet.com.au
http://www.somerly.com.au
http://www.satterley.com.auAlso, do a search land and house packages, Perth – there are plenty of formites who have posted.
I am currently building with Celebration Homes and Ventura and happy with both to date.
Cheers, M
(Hard work never killed anyone, buy hey why take a chance)
Interest comments.
We have friends who purchased in old part of Dunsborough, nice spot but they have found they rarely get down there due to distance and are now looking at purchasing in Mandurah.I cant see Mandurah slowing down at this point in time.
(Hard work never killed anyone, buy hey why take a chance)
Thanks PropertyWA,
Bunbury has had a brilliant run, wonder whether it can continue??
I am told many people moving into the area from overseas/interstate chasing well paid mining jobs.Cheers, M
(Hard work never killed anyone, buy hey why take a chance)
