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  • Profile photo of Matt39Matt39
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    @matt39
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    May 7, 2013 - 7:10 am
    qlddk wrote:
    Emerald rentals just fell on its face…

    I would be very careful about buying in Chinchilla and I work out here right now.

    42000 workers? maybe, but no all at once, and most in FIFO like me

    then afterwards, maybe a few thousand workers fulltime, some/most might live here

    I am interested in the whole trust setup advise thou

    cheers

    Your opinion is valued to me since you are working there. I understand there are certain risks involved but it seems like it is worth the risk. 42,000 workers wont come all at once i agree, but they will still come and still need accomodation. Where do you live when you fly in? 

    Profile photo of Matt39Matt39
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    May 7, 2013 - 7:01 am
    Qlds007 wrote:
    On a separate issue are you sure you can get a 95% lvr in Chinchilla?

    My friend works for the company I'm going with I'm being told Commonwealth will offer LVR of 95%-90%, I will most likely contribute 7.5%-10%

    Profile photo of Matt39Matt39
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    May 6, 2013 - 11:36 am
    Terryw wrote:
    You forgot to mention lawyers – A trust is nothing but a bunch of legal obligations.

    .

    Yeah rookie error there, thats why we ask questions haha. I have a conveyancer, can they advise me on a trust? I am also interested in the legal side, in case the unthinkable happens ie) getting sued, she devil partner taking my hard earned assets. That sort of thing. Im just very new to it so want to find out the best way to go about it all before diving in head first. 

    Yeah the area im looking at (chinchilla) is offering high rents due to limited properties on the market. This may not last forever. I live in muswellbrook and have seen a sharp decline in rents which has made me sell my land and look elsewhere. But the projects that are to be undertaken in this area are large. I have read that 42,000 workers will be needed across 40 projects in about 8 different sectors. In a town that only has 5-6 thousand locals already I think it makes for a worthwhile investment.

    Profile photo of Matt39Matt39
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    May 5, 2013 - 11:34 am

    Thanks for the input guys it has been helpful. While Brisbane is on the rise again I think it's best to wait until I can get in at a higher end of the market. I have also lived in Ipswich for 6 years and some are advising me to look there to get in cheap. I just can't see ipswich being the performer it claims to be. It has some benefits but think my hard earned dollars can be spent elsewhere.

    I have received information about turn key house and land packages in Chinchilla area today. They seem attractive for a number of reasons.

    For around about $340k (turn key build and land) i can build a new duplex that will rent from 500-650 pw (i am being conservative) being cashflow positive.

    As to my understanding I would only have to pay stamp duty on the land (about $2000) whereas stamp duty on a $300k existing home would be around the $8000 mark (already save $6000 up front)

    There is talk of the company selling the packages securing our returns at 8% for 2 years on the product we purchase. If this trend continued I have an option of selling after 2 years and repeating.

    Basically i would get a brand new dwelling worth $340k to build (may even be worth more after valuation) for a cheaper price than it would to buy an existing house worth $300k, id then have to renovate to get some sort of benefit from it.

    I am based in muswellbrook so one trip to the area to look around and sign paperwork is the only trip i have to make, from then its in their capable hands. I had first thought of renovating but the logistics are concerning.

    There are a very small amount of houses for rent in chinchilla, and it is still a well established suburb in the surat basin hub.

    Work in the area is still increasing due to the pipeline.

    It would only take 7 years to pay off with my savings used as an offset.

    I believe this ticks all the boxes and is a smarter investment than brisbane which I first thought of, being that its the bottom of the market now.

    Im not rushing into this however, i still need to exercise some more dilligence before i commit, the numbers and facets of the deal seem to stack up.

    I am open to any thoughts/opinions :)

    Profile photo of Matt39Matt39
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    May 5, 2013 - 7:36 am
    adriannqld wrote:
    Come on, doesnt anyone here have a Crystal Ball?

     

    haha would make this property investing thing a little easier eh?

    Brisbane looks attractive being the bottom of the market atm. I don't have a partner mate so will get a female friend to pick colours for me maybe . .

    Although thinking about Chinchilla/Miles region, lots of work still up that way. Still quite a bit of research to do before I take the plunge . .

    Profile photo of Matt39Matt39
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    May 3, 2013 - 7:48 am

    Thanks for the advice. I grew up on the east side of brisbane so I may have an advantage in that area. I am exploring a few different options at the moment and your advice is definitely appreciated

    Profile photo of Matt39Matt39
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    April 29, 2013 - 9:19 am

    I am considering Ipswich as i lived there for 6 years. Although there are many "markets within markets" in ipswich, some good and bad areas so I may need to do some research

    Profile photo of Matt39Matt39
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    April 23, 2013 - 10:16 am

    I will consider either a unit or house but preferably a house. Will be looking to buy at the back end of this year if that makes a difference.

    Profile photo of Matt39Matt39
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    April 22, 2013 - 7:28 am

    Thanks for your comment Freckle, its funny that you mention this as overnight I have decided selling is the way to go. Your stats have confirmed this for me so this makes me feel more confident about this thank you.

    After the sales fees and adding in savings I should have $30K plus to invest in something else, a much better outcome I believe! Thank you.

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