Forum Replies Created
Thanks
Hi Ace
We are currently starting out in Adelaide, currently have one IP in Qld and a PPOR here that we are renovating to rent/sell when finished.
I know you are looking for someone with more experience etc to help you and we can’t help in that area.
There is not much in the way of seminars, help in Adelaide and we would love to get together with someone who can maybe a bit of a mentor for us. Would you be interested – we live not far from the Glenelg area.
Cheers
Hi Misty1
I bought land 12 years ago with the intent to build, I was also told I could not claim expenses. In the following few years I got an engineers report and spoke to a few companies re building.
Then 2 years ago circumstances changed and I realised it would be too long before I could build and therefore not worth ongoing expenses.
When I sold I asked again about expenses and this time was told I could claim them all before working out the capital gains.This worked quite well and although I only made about the same in profit as a bank deposit at least I did get the expense benefit back.
Thanks so much for the calculator, it is the best one that I have tried.
CheersHI
We are currently living in and renovating while also working fulltime.
We have replaced windows (drafty at night in winter), knocked down walls replaced kitchen and bathroom, replaced wood floor etc etc. Cooking outside all winter was a drag and you get pretty slack about eating properly.
We also took down huge trees ripped out tonns of ivy and took up loads of concrete.
We did not have a problem with the bank, they were happy to lend the extra for renovating as we had capital in another property and they also got a valuer in to give an estimate of worth after renovation.Hi Derek
Thanks, I have no real experience in project manageing building but I have renovated 2 of my own properties (but by doing most work myself).
Time wise, work full time but currently put in about 1 hour plus a night and all weekends to renovating current place so could do the same for building.
I thought maybe cheapest to get contractors for hard stuff and maybe do painting and whatever else ourselves. If it is a case of just getting in project home builder can’t see the need for our friend to do it with her. Her land, she should just get builder herself.
I was hoping to find a way that we could both benefit. I am a pretty good organiser and have managed small teams through work.I agree, buy investment places first. Then if you can look at doing reno work yourself. We just build a deck 9m x 5m for $400. We found a place selling cheap hardwood and did work ourselves. You can do a lot of the work on your own place slowely, spend the time to source cheapest/seconds/second hand and do as much as you can out of your spare income each month.
I would get some leaky hose and bury it about 6cm underground (easy to do yourself). Then plant a few flowering natives close to the hose and put mulch and spreading ground cover natives over the rest. For an additional $20 you can buy a timer that when you want to water you just put to say 2 hours and leave (it turns itself off). If watered regularly in 1st 6 months natives will grow fast making stunning garden that is water friendly when established.
Thanks Derek,
With the equity is it best to buy one + property or more lesser value ones, bearing in mind the more you buy the more costs you have?
Thanks Derek
I assume you are suggesting using equity to buy + cashflow properties. Is that possible with 100% borrowing? As we live in the one we are renovating we had thought maybe we should sell that and buy another to renovate and a + cashflow.
What do you reckon would be the better option?where are the properties located and in what price bracket?
Well done, it looks great. I am in the process of doing my first reno.
Great fun!
