Forum Replies Created
Hi richief,
I have not personally used them, however have heard Michael Yardney speak on many occasions, read his book, spoken to him and various of his staff at expos and receive his e-newsletter. If you are looking for a buyer's advocate, I think you would be hard pressed to find better for the Melb market. I also believe they cover Brisbane and/or S/E Qld also.
Michael Yardney knows his stuff and walks his talk. If you don't subscribe to the newsletter you should and also navigate his site……plenty of info and resources there also.
And here's a link where they reckon not to invest
http://www.propertytalk.com/forum/showthread.php?t=15841
Matt from your previous posts I take it you're from Qld.
Where abouts are you based?
Actually have sent you a PM………hope it's gone thru.
cu@thetop wrote:Is signing a contract where a company has no funds to complete (or no intention to do so) deceptive conduct under the TPA? That would make the signatory a defendant perhaps?Probably, but if they have no personal assets………..the legal chase becomes expensive
Hi Anny,
I personally prefer to live in a quiet street, however some people actually prefer to be on a main road for the sake of increased security (less isolated) and increased chance that any intruders or "no-gooders"are more visually obvious. It shouldn't detract from rentability, unless it's a hazardous highway intersection.
That's a nice big block, check the zoning and potential future use i.e: subdivision. Is the longer side of the block on the quiter street and the width to the busy road? If so, future sudivision would have the side street as a frontage. Do the numbers stack up for you? Have you got any comprarable sales in that area, preferably on the main road? What are indicative rentals in the area for similar houses?
I guess I'm answering you with more questions. Basically, if the "deal is right" the main road should not put you off especially if you've got room to negotiate with what sounds like a motivated vendor
Hi Charlie,
the company may well be a two dollar corporation. If he is the director there may be recourse against him, however he may have no net worth, viz: no assets in his name or a high level of debt compared to his gross value/worth. You need legal advice.
What was the reason that settlement wasn't effected? What have your solicitor/conveyancer informed you? Is it merely a delayed settlement?
Some more info on your situation may help the opinion given to be more appropriate to your case.
Hi Shay,
I went interstate to lessen/optimise personal land tax liability. In Vic, I have some IP's in my own name and some in our Super fund. I also own an IP on the Gold Coast.
I was looking to diversify the type of property I had (mainly houses on decent land and one commercial) to apartments. My aim was to buy a "six pack" and ended up with a " four pack " in Parramatta. The yield is outstanding and with the property renovated and with still building write off remaining, the numbers were good.
Parramatta is the gateway to Sydney's west (the further/deeper west is in the most strife) and has excellent amenity with affordable rents and affordable property. There will always be a customer for your property there. I could go on and on…….I notice that you've also posted this question on another forum. Do a search there for Parramatta under where to invest and take heed of any posts to your thread.
I still would learn more and don't rush. My info is sourced from websites, attending expo's like you, Australian Property Investor Magazine, reading, networking and my favourite tool…..Google Earth.
Hi Shay,
welcome to the adventure. My advice would be to " be informed ". Read as much as you can and scour this forum for ideas/strategies that resonate with you.
I would be looking in your own back yard first and depending on your budget look at buying with as much land content as possible, preferably not on the fringes. I'm in Melbourne and bought in Parramatta nearly 18 months ago. Haven't had a great deal of growth as yet, but the yield is around 6.2 % which I consider very sound for middle Sydney. Don't rush and keep asking questions to narrow down your choice of asset (unit, town house, house on land, etc) and also narrow down to two or three suburbs. You then need to become an expert on these areas and the values of property there.
Oops, I've just re-read your post and notice you're from overseas. Well most of what I've said above still holds true.
Where are you living at present and are you likely to remain there? Are there any reasons that you cannot invest there?
Hi tuggerwaugh
The interest on the " $ 10,000 " used for a deposit on 2nd IP purchase should be tax deductible. The tax office follows the flow of the money and the intention of the purchase which in your case is for an investment asset. I am assuming that there will be a rental income from this 2nd IP and that you've not purchased raw land.
Confirm all this with your accountant.
Hi Jim,
what a fantastic problem to have
……….phenominal growth As with Steve's advice above, you need to see your accountant and with the numbers involved here, I would also seek a second opinion.By the way, I wouldn't just claim the interest. You should be looking at deducting all the holding costs off the profit (such as council rates, land tax, water rates, etc., etc.) Also ensure you have all your purchase items (expenses) to add to the cost base.
Let us all know how you go with the accountant(s) opinion.
Hi Paul
Glad you enjoyed the show. Wait till you get the homestudy, you're in for a treat. Who knows I might even see you at the the three day seminar if you attend. Enjoy the DVD's and manual…….very comprehensive.
Hi Lisa,
focus on what you are doing for now as a more broad based intro. Carly's stuff is certainly more specialised but not too narrow as to only offer one straegy in the development game.
I will post after I have attended her three day course.
HI Learning,
I've been to her short intro 1 hr seminar and finished the home study. So far so good. She knows her stuff. I will be attending the boot camp in Sydney in June. See the thread below also.
https://www.propertyinvesting.com/forums/community/heads-up/4324505
I have gone thru her DVD home study and it is excellent. Very broad and encompasses all facets of the developing process. I've not come across anything like it in Australia. There are a few books out there but only one by Andersen "Residential Real Estate Development" really entertains the topic well.
I am going to her boot camp live seminar in June in Sydney. Looking for extra info and also the networking should be huge. There is another thread that I have posted in with a similar query regarding ccorp. I hope the following link works
https://www.propertyinvesting.com/forums/community/heads-up/4324196?
Hi Don,
I haven't attended, however have heard Peter Koulizos speak several times. Having looked at the brouchures, it appears to offer a fairly thorough consideration of property investing. I'm not sure how experienced you are and how faar into your property investing journey you are. If you've already started investing, I would see better value in reading more books and expanding your knowledge that way. If you are a novice, it might be money well spent.
Have you heard him speak?
First post and spruiking.
Zaak, there are plenty of opportunities for us Aussies here in Australia. Keep your UK stock for your
fellow country-menHey Matt,
we may be in the 21st Century, however most Academic to our investing are our own errors, investigations,etc., the experience of others and of course a little knowledge of history. A little bit of Latin also never went astray………Caveat Emptor. Now that you are unwelcome at the Academy of the 21 st C, you'll have more time to post here.
Again thanks for sharing Matt.
Hi D33
Small block 145,000 / 570 = $254 per sq m
Large block 160,000 / 650 = $246 per sq mLarger block is cheaper by just over $ 8 per sq m as you would expect as smaller blocks are denser price wise.
As I mentioned earler, zonings even in new estates can change over time depending on the amentity and infrastrusture, transport, etc, etc. Perhaps then, err on the side of safety and give your self the largest potential for future use and go for the larger one. From outest if it were me, I would go with Scott's advice, the bigger the better, especially if it is a place where they can not manufacture any more (or too much more) land.
Depends how important liquid CA$H to you in the scheme of things……and remembering you are not going to get any more rent for the larger over the smaller. May I ask where is the property/land in question?
Hi Donkey33,
those figures sound OK. Don't look at it as blowing an extra 100 K in equity in five or ten years as it sounds to me you have firm intention of building a portfolio and working toward financial independence. Therefore you will manufacture equity growth with the next one, and the next one, and the next one………
Don't squander the extra 15,000. You just never know what opportunities may present themselves when you need a quick/liquid amount such as 15,000 to pounce on another offering.
Good luck with it all
You may find that the lender won't want to visit a re-valuation until a good 6-12 months post construction and with tenancy underway.
If it is, as you say valued at 30 K more than you're paying, I would keep the 15,000 cash (out of the deal), go for the smaller one (as it is a long term hold and unlikely to dual-occ) and get a new valuation six or so months post occupancy, and if equity allows go again.
If land is costing 150,000, how much will the build be…….turnkey, finished product and ready for a tenant?
Try to keep the land value component at 50 %. Remember it is a rental property……..high end finishes not recommended for such a project.
……….phenominal growth As with Steve's advice above, you need to see your accountant and with the numbers involved here, I would also seek a second opinion.
