Forum Replies Created
Are any of these great options affected by the fact it is a construction loan, i.e. I am building from scratch?
Thanks heaps for the advice so far
Regards
Mike
Nice bit of activity here. I might also add that althought eh gross return is 10%, you will find that as these properties are so cheap, the rates and repairs and maintenance will throw them into negative cashflow territory anyways. I used to look at these cheapies but found that even if a place cost 30k, in Norseman, WA for example, and the rent was say $90 per week, it still is not positive cashflow. With $4500 rent ina year assuming high occupancy of 50 weeks, once you take off the high rates in such towns, high property management fees and inevitable R&M, you are not really in front.
Just some more fodder to munch on…
Bluey
“Its all beer and skittles really.”
Wow, sounds like fun. And so did you put the pine polts in the same place where the piers ere? i.e. did you jack the floor up at each old pier, remove gthe pier, and then dig 2 foot deep in its place? And so now you have pine piers?
Thanks
Mike
“Its all beer and skittles really.”
I have a rental property in Kambalda, East Kambalda, and paid 74k for it 13 months ago. It is rented for $185 as it is furnished. It is fibro but in good nick. I recenetly had it officially appraised at $110k. The good news is is that the real estate agent who I have become quite friendly with asked me not to sell it as yet, even though there was a ready market for rented furnished properties, as he suggested that in 6 months it could be up around the 150k, and longer term more like the values in kalgoorlie, 200k. The reasoning is this. With nikel prices and gold prices at all time highs, and demand not even close to pietering out, there simply is no good accomadation for the massive inflyux ofworkers. On top of this, with all te new money in town, other industry and infrastructure proejcts are tkaing off, and all yer big chains are moving to town aswell, so this is liekly to snowball the effect. I’m in kambalda, and I’m staying, the mine lifes are all many many years out, and couple this with WA prixces in general heading north, it seems like a no brainer to me.
Regards
Mike
“Its all beer and skittles really.”
Ok, so here is where i have got to.
I have hot mopped the floors with a heavy duty bleach and left overnight, this reduced the smell a little, then I cold mopped with hospital strength domestos disinfectant and left overnight, leaving all windows and doors open, again, this reduced it a little, but i dont know how permanantly. I then removed the vents from the sub floor to allow even greater ventilation.
Next, I mopped the house with a cold cloudy amonia mix, this seemed to have the biggest impact so far, but the smell was still there to a degree.
Next morning the smell had returned a bit stronger, I threw one out of left field and emptierd an entire bottle of nil-o-dor ont eh floors, this by far ha dthe biggest effect temporarily, but the smell did start to come back the next day. I then bought from a pet supplies company a bottle of “Piss-Off”, and then also did a mop with a product I bought from a Produxce store that is used in sheep shearing sheds after the sheer.
Each treattment I either left overnight or at least for several hours, I am not sure if I should be leaving the treatments for longer, who knows.
Finally I bought a sealant paint, and have started to paint he floors that will not eventually be sanded and polyurethaned. I have now left the house, will return in 2 weeks.
Any ideas in the mantime would be great.
Thanks
Mike
“Its all beer and skittles really.”
Gday redwing,
Yup, I’m buying in Sydney too, prices have obviously been coming off for ages, and there are some deals starting to surface that are 20% or more below their peaks.
Bluey
“Its all beer and skittles really.”
I should also mention it has a window, is accesses by a sliding door from the kitchen and is about 4 by 2.5 metres in size.
Thanks
Bluey“Its all beer and skittles really.”
Gekkoes being so small, its hard to imagine them trying to make off with too much of your stuff??
“Its all beer and skittles really.”
But when you reinstate the loan, is the security over the new property, or over a consistent property such as your own home. I am wondering how the bank does not stiff you for valuation fees and so on.
Thoughts?
Bluey
“Its all beer and skittles really.”
Amanda BS,
You just made my day. I’m on it.
Best regards
Bluey
“Its all beer and skittles really.”
And that one you mention there is the one I typically use, but am thinking twice about it now because where I was payintg $500 in Est. fees as an individual, now that I am operating through a Trust, the sting is $800 Est. Fees and then the $300 to bail out.
There surely must be a cheaper option than $1100 in fees alone on top of your interest.
Regards
Bluey
“Its all beer and skittles really.”
And that one you mention there is the one I typically use, but am thinking twice about it now because where I was payintg $500 in Est. fees as an individual, now that I am operating through a Trust, the sting is $800 Est. Fees and then the $300 to bail out.
There surely must be a cheaper option than $1100 in fees alone on top of your interest.
Regards
Bluey
“Its all beer and skittles really.”
Thanks all,
I have found a solicitor who appears to be reasonable priced, at around $1300 including enquiry costs and petties. This is much greater than the $795 on my last NSW deal, much much greater than my $455 conveance on my last WA deal, but much less than the $2000 or so including costs that most outfits in NSW seem to be asking.
Thanks all those who threw in their two bobs worth.
Bluey
“Its all beer and skittles really.”
C’mon Guys,
surely there’s one person out there who has a solicitor that they can recommend. I’m looking to crank out deals, and am empty handed on the legal side of things.
Regards
Bluey
“Its all beer and skittles really.”
I bought a furnished 3 bedroom fibro shack in East Kambalda 6 months ago for 74k. A drilling company has rented the place from me on a recurring 3 month lease setup, paying $175 per week. This properrty is well cared for by the miner tennants, and I have done my research into the various mine lifes in the area, sop I for one, have no plans on selling up. I have found that keeping tennatnts is a matter of how you treaty them. I make all repairs required immmediately once the inspectiuon identifies them, and generally try ot keep them happy, as they are my asset, not the property. On all accounts that I have read, it seems this place is on the up, and if it aint, well, I;’m in +ve cashflow territory, and never planned on any capital appreciation anyways.
Just my two bob’s worth.
Bluey
“Its all beer and skittles really.”
Sorry for being a dummy, PPOR stands for….?
“Its all beer and skittles really.”
