Forum Replies Created
- Wealth Accumulator wrote:millions wrote:Hi Mathew,
My plans are:
– Get a new accountant, (i've got a couple in mind) before I do anything discuss my goals with them – unless they hold a financial services licence or a real estate licence they can only advise on tax issues – get the full picture not just tax
– No share purchases, offload the piddly amount of shares I currently own at a loss – great short term panic attitude, with quality companies paying dividends of over 8% this is a great strategy.
– No property purchases, do a minor reno on currently owned property, increase the rent on it, sell it for a good profit property markethas slowed due to the rest of the panic merchants or over committed out there – good luck
– Build 2 houses behind another property we already own this might go ok as the building costs may have gone down – depends on how many builders go bust.
– Get hubby to take 3 months off work, either leave without pay, or take his long service leave and travel around Aus probably best done when investments doing better – I would be earning the cash to buy cheaper good quality investments – how are you going to monitor the contruction of the properties?Thanks for advice. My plans changed totally since writing this. Good points.
nedkelly wrote:I have just purchased a couple of bargain properties in PerthWhy do you consider them a bargain? Are they below replacement cost or close to land value?
Are the properties further than 20k from city?
Thanks, Linda
Our net worth is 1.2m. I haven't worked for 9 years (since I was 25) but hubby is working. We have neg cashflow of about $2k per year. 2 of our properties are development sites. My husband can stop working once we develop them. We should be able to keep about 8 units and sell 6 units to pay off developing costs. The Zoning changes have been held up on one property for 3 years as the council wants strict building conditions and planning commission wants them more relaxed. Thankfully rents are rising faster than interest payments as we have very low mortgages on most of our properties. It's a bit of a waiting game at the moment, I'm hoping developments will be completed in next ten years. I hope this helps. Linda
The next meeting will be held on 27th February and further details will be advised a few days before. Cheers
Thanks Trakka! You're a star! Linda
Could someone please tell me the contact details or any other info. for Chan & Naylor in Perth. Thanks Linda
should i stay or should i go now………If I stay there will be trouble, If I go there will be double……
Try Clayton 0404 401 308 for carpentry and kitchens.
Doc Haywards Plumbing and Gas 0418902715Regards Linda
Details are under Heads Up Column above, posted by KRS
Hi Matt, Welcome to the forum.
Thanks for reply Dave. Looking forward to seeing more pic's.
Wow Dazzling, that's brilliant! What motivates you to continue working as an employee?
I do love all of your stats Foundation. Just wanted to let you know I think their will be a slowdown, but not for a couple of years yet. I also think it would be fairly risky to purchase "any property" right now, and I personally wouldn't purchase today unless I found an undervalued area or property.
An old school friend of mine said 8 years ago he wasn't going to buy a house in Brisbane as he was waiting for the prices to fall and wanted to save up a larger deposit. In his spare time he studied "shares" and traded. At the time he could of purchased a decent house in Wishart (9k's from city?). Now that prices have risen, he still doesn't have enough deposit to purchase a house. Surely if he purchased 8 yrs ago he would be about $200,000 better off. If I were to purchase my first propery today I would only invest in a good area, close to the city, views, infrastructure. I still think it is better than not purchasing at all. (Waiting for prices to drop, it may never happen. If prices drop a little, ride out the wave) L
suavemechanic, I was wondering how you went with a new property manager? Linda
It sounds like a good plan to me. As you're not planning on selling dev't site in a hurry, I'd also see if your council and planning commission has long term plans to make the density even higher. i have a similar sized block in Perth which you can currently put 3 houses on. The town planner at council says in a couple of years they would like to change zoning so I can put 8-12 townhouses on it. If you do some googling you may be able to pick up some further information also, eg view minutes from council meetings, approved developments, zoning changes etc There may also be other documents similar to this for Melbourne.
http://www.bassendean.wa.gov.au/publications%5CVision.2030.Community.Plan.pdf
http://www.bassendean.wa.gov.au/publications.htm Then click on vision 2030
Good luck.Hi Steve, best wishes for your wife and your family! Regards, Linda
Thanks Lisa, it's fun dealing with councils heh! I hope it all goes well.
Thanks for sharing your experiences guys! Did you attend any seminars or purchase anything to prepare you for your development?
What is the first thing you need to do after you've purchased your site? – ( I have a duplex and triplex site already) Speak to council town planner, hire your own town planner, hire a good surveyor or something different?
Thanks, LindaI pretend that I don't like the property and I pick out the faults as we go through. I felt really uncomfortable purchasing one of our properties as I felt it was on the market too cheap so I told the agent it was to be our PPOR instead of investment. I always tell agent I've had finance approval as that helps with your negotiations as Marc metioned. In a tight market I prefer a long settlement (8 weeks) as it helps build equity faster and saves me $$$$ as I usually borrow 105% which is negatively geared. Overall I don't think it would make a difference whether you were and investor or homebuyer to the agent. As a vendor though, emotionally I would prefer a homebuyer purchase my PPOR rather than an investor. I wouldn't care if an investor purchased my IP'S.
