Forum Replies Created
Hi Viralk,
1) Don’t know. Try your Council, Dept of housing?? I’m clutching a straws here.
http://www.priceyourproperty.com.au this one is only new. I haven’t tried it yet.2)I am in QLD and I think the going rate for agents’ fees are 5% for the first $18000($900) and 2.5% of the balance. Like Kay said allow about $1000. Our solicitor uses a scale that depends on the price of the property. Although we did manage to get $100 off. We argued that we are good repeat customers and intend doing plenty of future business with them. I’m glad we asked for the discount!
3) We are selling at the moment and have gone exclusive with our agent. He is paying for all the advertising. I suppose you have to weigh up the pros and cons. Our agent has 2 offices both in good locations with heaps of window space. They also seem to have the biggest spread in the local paper.
Hope this helps.
[medieval]
Matt
Hi Aafreen,
I am certainly no expert but since you have a fairly short time frame, anything other than a term deposit or similar might be a bit risky.
I know you might not beat 5.25 % but at least you won’t loose it.
Someone else might have a more lucrative idea for you.
[medieval]
Matt
I agree, there is definately a slowdown. However there are still good deals and good areas out there – you just have to find them.
The QLD population is growing quickly, this increases the demand. Like I said, you just have to find areas wiith high demand, low supply.
KP is right I reckon, mining towns are the go at the moment. A couple of property funds I checked out were investing in caravan parks in WA mining towns. They had a mix of mining residents, people on holidays, permanant residents, cabins etc.
Anyway I am rambling but I see a lot of money going to these mining towns in the future.
Matt[medieval]
Matt
Hi Vicgirl, We live in a CQ industrial town and have an IP here that breaks even but population is growing fast and the capital gain is good.
I guess where you buy depends on what your plan is…. Capital gain or +ve cash flow.
From what we have found capital gain is good (obviously) where the pop is growing – supply and demand – generally in the South East corner – Sunny Coast, Gold Coast, Brissy and the respective hinterlands and anywhere else near the beach.
+ve IP’s anywhere near a mine – Emerald, Moranbah, Collinsville, Nebo etc. Some of these towns are screaming for investors to house the workers coming to town.
Search the net for info about some towns and you should get a good idea. Find out where the QLD Government is spending money.
One place I am looking at is a small mining town, 1hr from a major regional centre MRC & beach, heaps of new mines are opening within 1/2hr from it and the QLD Gov has just announced a major road upgrade to the MRC.
My only problem is money!!![blink]
Matt[medieval]
Matt
Originally posted by MadInvestor:To be quite honest, we are starting to question whether we are on the right track. We are so disciplined but don’t seem to be “getting anywhere”. I’ve even wondered if we should just sell it all and “live it up” like our peers, buying only one “nice” house and splurging on consumer goods.
MadInvestor,
You guys are looking after you future!! Your mates are probably all living on tomorrows money. You may have to cut your losses with these ones and look hard to find places that qualify in “The Book”.
Its not just the investment that will pay off but the fact that you’re building an investing “habit” that will pay off big dividends in the future not like your mates who will be struggling on their super as a result of their expensive living habits.
Good on you.[thumbsupanim]
Am I rambling?[baaa]
Matt
Hi Marissa,
I agree with all the others.
Maybe you should also consider what sort of tennant the home would suit. This might help you see what else it needs if you identify a couple of demographics and look from their point of view.
Is this and industrial town, farming, mining?A couple of things that I thought of were;
storage – linen cupboards, bedroom built ins, garden shed.
And a fence.How much of a reno are you doing…a face lift or major surgery?
Matt[medieval]Matt
Thanks Tamara. Definately a good PM is a must.
thanks again.
[medieval]
Matt
Thanks guys. Very helpful.
That no stamp duty is a good thing.Barry did you travel to inspect these places or have someone do them for you?
Ideally we would love to see what we are buying but this travel money then adds to the IP cost.
The place is in Rotorua. It might be a bit to ask but does anyone have a referral for a solicitor and maybe a professional building inspection service?
Thanks, [specool]
Matt[medieval]
Matt
I agree. I went to a financial adviser long time ago and he basically wanted to get paid before he gave me any plan to agree to. Turned me off.
You alread know what you want to do Falcon. Maybe he can sell you some shares of funds but he can’t tell you much about property.
Talk to a Accountant to get the best structure for you to do it with and find a mentor whose lead you can follow (Steve McNight).
Gung Ho
Matt[medieval]Matt
Hi guys, a couple of things;
– I haven’t dealt with the NAB but on their past few “bad patches” I’m a bit unsure.
Alf, I am just restructuring from an xcoll with our home and IP. Our home is a line of credit and it has 4 offset A/C’s; 1 or 2 for transactions, one for savings, and the other will be our family trust which we invest through and all our rent/dividends are paid into.
From there we pay all our IP & Inv loans/expenses but while it sits in our A/C it also offsets our home loan. So you get 6 or 7% instead or 3 or 4%.Matt[medieval]
Matt
Hi LifeX, haven’t bought anything with partial vendor finance but I was talking with a mortgage broker and he mentioned using a particular institution (not sure which) where they lend up to 95% for IP aswell as lending the mortgage insurance. This means the lender is financing about 97%. Don’t know what the lending criteria was but hopefully its something you can use.
Matt[medieval]
Matt
Hi Guys – picked up a business card in a Brisbane Coffee club recently.
Springwood Coffee Club 7:15am – 8:15am
or ph 0407030518 for details.I haven’t been to one – I live in Boyne Island – I just thought it was interesting. It looks as though its more of a samll business owners networking sort of meeting. Still might be good to check out.
Matt[medieval]
#@$
yeah GP.. lend money to the trust or inject capital as in operating a business – your investment business. The money can be paid back easily to you, or another entity.
Another interesting point I found out was that if you make a loss in your trust you can carry that loss forward until you make a profit so you still keep the tax benefit – I had heard the contrary.
Interesting what you find out if you ask the right people.
Matt[medieval]
#@$
Yep thats right Terryw.
The stamp duty is payable because you are transferring ownership of a property title from one entity to another, whether that is a person, company, trust etc.
Again, I don’t know if it is a QLD thing but you might want to talk to your solicitor/accountant as I remember there being a reason that we couldn’t or wouldn’t do the same thing – to live in the house that our trust owns.
Anyone??
Matt[medieval]
#@$
yeah, realestate.com.au is a good one. You can set up searches for price, post codes etc and they email you updates. I have 7 different searches on different areas emailing me each day.
cheers,
Matt[medieval]
#@$
Hi Jbro,
just set up our own family trust to invest through and am a little bit fresh (yet still confused) after the visit with the solicitor.
I’m not sure about other states but in QLD if you bought first in your name for you to live you get a big discount on stamp duty which is good. When you transfer ownership to the investment vehicle, the stamp duty you will pay will be almost double.
Just a thought.
Matt[medieval]
#@$
