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  • Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    July 8, 2009 - 2:01 am

    All welcome…a nice little resource :)

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    June 29, 2009 - 12:55 am

    Hi Reco,

    keep us all informed, I look forward to hearing of your progress as I myself am a possible prospective enrollment for next year.
    <br /:)” title=”>:)” class=”bbcode_smiley” />

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    June 24, 2009 - 11:59 pm

    Hi PP,

    I was looking into this same scenario recently.

    You need to have a few checks done…is it a load bearing frame? i.e. Load requirements.

    How many bifold doors.

    Standard sizes vs Custom.

    Material.

    I had a few quotes around 5k including:
    – Install
    – Metal Load bearing frame,
    – Wooden BiFold Doors,
    – Custom height and width (was very close to standard sizes, so included this free)

    Let me know how you go.

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    June 24, 2009 - 11:55 pm

    I think there are 2 ways to look at this…

    Yes, skylights would be a great investment and would pull a bit more extra cash as Scott No Mates pointed out.

    However, you may also find it a good return to sell the electricity to the powerstation instead of the person renting it ( as a rental condition of course)…that will provide extra income…ensure you calculate maintenance into your research.

    It's a question of better return on investment and income.

    Good Luck.

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    June 24, 2009 - 3:30 am

    No problem,

    I am no expert when it comes to rentals…I am only on my first and am looking at rurning mine into a rental in around 6 months.

    However, some things I can suggest would be to:

    – Find out details on the demographic and your target rental market

    – Talk to the real estate agents and discuss what things will increase the rent

    – Think about how your structuring your your strategy with the property.

    – Increasing your property value will assist in providing more funds for further investments

    Good Luck

    Cheers,

    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    June 24, 2009 - 2:45 am

    Sure, you can paint over it, remember however, that all marks will be visible…do at least 3 coats if using water based.

    Even sanding to smooth it out will help!

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    June 24, 2009 - 2:37 am

    Hi howardcm,

    I had a similar dilemma a few months back and decided that i needed to plaster it.
    Depending on the size of the walls and amount of rooms this can be quite costly if using a tradesman…it can be done yourself although getting this right can be like climbing mount Everest without experience.

    Another solution which I used behind my splashbacks for my  kitchen is to use boarding.
    i.e. 3mm plasterboard.

    Good luck.

    Miike

    Profile photo of miikemiike
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    @miike
    Join Date: 2008
    Post Count: 111
    June 16, 2009 - 2:39 am

    Thanks Terryw,

    I was thinking of creating a spreadsheet for this, however I can see myself spending way too much time on it.

    A package would be much easier and it's tax deductible, so not and issue with cost really.

    Cheers,
    Miiike

    Profile photo of miikemiike
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    @miike
    Join Date: 2008
    Post Count: 111
    June 9, 2009 - 12:39 am

    On the topic of flatpax kitchens such as bunnings, ensure you research costs.

    I recently renovated my 2br unit with a new kitchen which is open planned, due to the size of the kitchen and use of granite benchtops and customisations, it worked out cheaper to have a cabinet maker and stone mason to create and install. worked out approx 8k all up, compared to 9k flat pax.

    Cheapest in bits and pieces is not always cheaper than getting a professional.

    Do your research, :)

    Also consider, splashbacks, powerpoints, lighting, painting and applicances.

    Don't forget to ensure the design is also user friendly…a good resource is: http://www.dynamicspace.com/dynamicspace/en/02/02/index.html

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    May 15, 2009 - 3:34 am

    Thanks for the information guys,

    I'll be discussing this all with my mortgage broker shortly.

    I'm fortunate that I do get free evaluations from the bank, so it can't hurt to discuss this with them.

    See how I go.

    Cheers,
    Mike

    Profile photo of miikemiike
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    @miike
    Join Date: 2008
    Post Count: 111
    May 15, 2009 - 3:17 am

    Hi Duckster,

    I'd need an full evaluation performed as I have renovated the property and have had structural changes made to increase the value.
    The loan type I have is an IO variable, i would be looking to increase the value of the current loan to the highest point of LVR so funds are available to me should I wish to use them. (i.e. funds sit in the offset account). Is this possible or must I request a seperate line of credit on the active loan?

    I'll request my bank to provide me their panel of valuers and investigate which valuer is most likely to give me the desired outcome. Is there any valuers that anyone recommends? My target is 2 bedroom flat, very modern clean and great location.

    Cheers,
    Mike

    Profile photo of miikemiike
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    @miike
    Join Date: 2008
    Post Count: 111
    April 30, 2009 - 4:43 am

    Report in under an hour.

    Very happy. :)

    Thanks heaps Mike!!!

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 21, 2009 - 12:02 am

    think I will leave tax out of the equation…

    tax is adds a complicated perspective to it and also changes every year making it hard to really give an accurate comparable measure of profitability.

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 6:33 am

    oh,

    and Scott,

    Thanks for the books, i'll check them out next time I'm close to borders.
    <br /:)” title=”>:)” class=”bbcode_smiley” />

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 6:33 am

    Norto,
    Would love to view it.
    [email protected]

    Shales,

    Thanks for the provided formula's, I'll be taking a look at them later today as I'm in a rush.

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 4:01 am

    I'd appreciate if you would be so kind enough to provide your formulas to us on the forum.
    I think this kind of information benefits many.

    If not, can you point me in the right direction of where or how I can find this kind of information.

    Thanks,

    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 3:55 am

    lets say, under 4 years.

    This is not my strategy, just to estimate investment profit.

    Cheers,
    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 3:45 am

    interesting Shales,

    I kind of agree with you, it would be difficult as there are a huge amount of variables that would need to be included.

    so lets change the formula:

    plus
    – sell costs
    – sell price
    – tax deductions

    less
    – buy price
    – buy costs
    – interest repayments
    – grants (i.e. FHOG)
    – value adding costs

    – tax as single income, ownsrship in owners name, used as PPOR.

    how would anyone measure this to provide a figure to determine if the investment has paid off?

    cheers,

    Miike

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 2:42 am

    The aim is to obtain an accurate measure of success on your money.

    Cheers

    Profile photo of miikemiike
    Participant
    @miike
    Join Date: 2008
    Post Count: 111
    April 20, 2009 - 12:25 am

    just realised,

    missing:

    less
    – tax if sold under 12 months, i.e. short term, income tax?
    – tax if sold over 12 months, i.e. long term, capital gains?

    cheers
    Miike

Viewing 20 posts - 41 through 60 (of 91 total)
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