Forum Replies Created
Tom,
Latest update (27th March 2010) for Moura is Belvedere has completed their prefeasibility. Looks like $700 million or so to be allocated for above ground infrastructure (roads, offices, loaders etc). Lots of workers required for that. It is unknown at the moment if they will have a "camp" or use local accomodation, although I understand both locals and council are fighting for "no camp".
All the very best. And yes, mining towns will have there ups and downs. Try for a mine in its early days rather than one that is halfway through its expected life span. Hence why I chose Moura. True, Dawson North did close down (bloody economic collapse) but announcements have been made that it will reopen again this year so all bodes well. Like with anything, just do your homework.
Cheers
MickBenjamin Csikos wrote:Well, looking at the median house prices in moura…. In a matter of a month, house prices doubled!Median house prices in may were at 215'000… and in july, the median price was 400'000!
So, what makes you guys think this is going to boom… it looks like it already has, and since then, prices have fallen back to the 250 mark.
Looks like a pretty volatile investment to me. What makes you think it's ready for another boom?
Ben,
have a deeper look and you will see an anomally in there. A true sale just not a residential house. Dont panis, the boom did not come and go!!!!I note that Belvedere has announced that it is finished its prefeasibility study and is moving forward to the next stage. Over $700million for surface infrastructure works (site buildings, coal loaders, roads etc) so that the mine can commence rapidly thereafter. That will bring in an influx of workers!! Coal expected to start 2014 with a 20-30 year life span and now talk of a profit driven (rather than capital cost driven) coal gas enterprise on the side.
All our rentals are now tenanted and we have approvals for building units. Early discussions with corporates look good for these to be taken before they are built, as the big homes arent suitable for the workers, more mine boss style. May have to see if other projects allow the financing of this one otherwise……to market to market it will go. I think I would prefer to avoid the local REAs there at this stage, any suggestions on where I could list the DA approved project? I prefer my rentals so even if finance works this one may go.
Mick
Just like to say I have applied for 3 of these. I am putting Solar hot water systems in 3 rental properties. All works very well. A bit of a delay in geting the report but I wasnt organised earlier anyway so no harm done. I did increase the rent in consultation with the tenant and after all is said and done, it costs me less than $2 per week!!! Thank you Uncle Kevie!!!
Hi Kelley,
Just wondering what your thoughts are on the commencement of Belvedere? We had a rental sit vacant fot 5 months up there, and granted, it wasnt the prettiest flower in the bunch, but this was reflected in the price. Last time I was there, I did notice approval for a new child care centre. I see Ray White real estate has sold up and gone, Moura RE has taken it over. It popped up during the last boom, does this mean the locals are head shy?
Personally, I would like to think it is all about to take off again, but it will be interesting to see what the Dawsonview Estate does to the exsisting rental market.
who cares?
Ozzra,
You may also note that there is a history with a failed buisiness, an injury and no current income from employment. Having equity is one side of the equation, I imagine the problem was finding a lender who is happy to compromise on the servicability, particularly in the current environment where the equity position is variable upon a tough market.
In the end it would seem that persistance paid off.
The texture you describe I would call bagged rather than render. There a few products on the market that can be painited over this to achieve a flat surface but are quite costly. I looked at them for my current reno, and it will never be "smooth" like a gyprock wall, there will always be a texture to it. I would also be doubtful that 3 coats of aterbased paint would cover the texture either. Do you recall the previously fashionable texture paints (suede finish and the like)? They now make special products to paint over first to provide a flat surface to paint over again, either that or try and sand.
With our reno, it proved cheaper, easier and a whole lot quicker to simply sheet with gyprock. Against a brick wall you lay purpose made vertical metal channel and that is you anchor points for the gyprock. Yes the plastering is tricky for a novice but with practice it gets easier.
Just a thought.
I have read this post with interest and am dissappointed with how quickly some have jumped to a conclusion of "scammer" "bluddger" and feeling that they had a right to express an opinion on the number of children that you have.
I applaude you decision to regather yourself and start anew. In the current environment I feel yours will not be an isolated story. I personally did not find it hard to understand that you were asking for assistance with a loan rather than a handout as implied.
I wish you well with your move and all the best to your family.
Oh, and to those that feel the need to comment on the number of children per family, whilst I agree you need to be able financially support your family, it is more than potential income that makes a good parent. There are many children from larger families that have "less" that grow up with alot fonder memories than those from smaller familes who had "everything" except the time of their parents who were too busy working to provide "everything".
Be very careful casting judgements without knowing the circumstances. It only makes you look ignorant and foolish.
At the end of the day at this point in time, even if you are not able to settle by the end of the financial year as by the request of the vendor, there is no alternative for them to find another buyer. Was there an ultimatium of buy it by the end of the year or no sale to anyone?, or was it a tactic to ensure settlement at a time optimal for the vendor. What I am getting at is will the vendor still complete the sale even if it is post June 30?
I found this
"As an example of the benefit this provides, for a small business being conducted through a corporate structure, for every $1,000 of eligible asset acquired, the total tax deduction will be $1,500. A $1,500 tax deduction provides a tax saving of $450. Therefore the overall after tax cost of $1,000 acquisition would be $550."
But I have not yet found a reference to benifit for a sole trader type of buisiness. Can anyone enlighten me if an individual with an ABN operating as a buisiness is eligible for these Tax Breaks?
Try and stick it out until the settlement goes through. Compare the pain of your JOB at the moment with the potential pain of changing jobs and having a late credit check from the bank and complications or refusal of the loan. Grin and bear it and consider it all part of the cost of investing. Besides, instead of quiting, you may get one of those redundencies you mentioned.
I would have also thought that an unconditional loan is based on the circumstances on the loan application. I would imagine that you will find a clause stating if circumstances change then the bank reserves the right to "rethink". Richard would know more on this.
Cheers
Ah scoff as one will, I recall being in Tassie just prior to the original FHOG coming in in 2000. There were many instances of people being able to use the grant for almost the WHOLE cost of the house – yes, quite a few sales in the sub 10K bracket. These rented out at $50-$90 per week and we now see the as on this site, reselling around 10 times there purchase price.
So really, these "dodgy" properties actually met all the criteria of the investing gurus. Just not such a sweet deal for the following purchasers I guess.
Dont forget to put in context, the time the book was written. Whilst the information is an excellent resource, the market is different now to what it was then. Dont beat yourself up on your purchase. Look at it now and manage it to make it do the best it can.
Oh and dont forget the health care benefits. I personally know a family with 3 children who are on unemployment benefits. Both work for cash in hand jobs. Between rental assistance, family payment and the dole they are quiet comfortable. The housing commision home is a 12 yo brick and tile and it roof is currently being replaced (go figure why?!?!). Between all payments and cheap housing, I reckon it is equivalant to about a 50K per annum job. And a whole lot less stress – go figure?!?!? Me, I work, pay tax, buy investments, pay tax, sell investments, pay tax, employ a person, pay tax…..pay tax. Oh well at least it helps pay for a great health care system….what? its not great?……..bugger.
Hi Duckster, do you have a link to these new rulings. I cant find one at the moment
Thanks
I have one property self managed (close proximity) and the others with PMs (long distances away). I dont find the whole process to difficult, and yes I have had a tennant from hell, currently actually that I am self managing (soon to be evicted). I dont feel I screwed up, I had references from others PMs and work, rent was always paid, it just all went to hell in a handbasket in a matter of 3 weeks. Still you get that and that is why you ALWAYS, ALWAYS have insurance!!!!!!
Oh and be very proactive with your PM, consider they may have alot of properties on their books. At the end of the day all care but no responsibility – it is your investment and part of that is management.
Kailyn what??????
Do you think you are in the right place??????
I have built and lived in several new homes, 2 with granite and one with ceaser stone. Both looked great and functioned well, however, the ceaser stone (pale colour) did stain. I realise it is not supposed to, however, I can vouch that red marker texta does leave a pink shadow (thanks to a tiny tot!!!). My family loves doing craft at the bench, and both surfaces were easy to clean up, playdoh comes off like a dream, but if I had to choose between the two I would choose granite every time. No matter what was spilled or drawn with, there was NEVER any staining or shadowing. Having working in a lab, I would never choose stainless steel, too much polishing to keep it looking good and too sterile looking.
Just my 2c worth
There seems to be 2 issues. Here is my suggestions based on what I have done recently.
1. Inform the purchaser that there will be no further extensions and that settlent is to proceed with due haste or the penalty interest will be charged as per the contract they have signed. (I have seen "nice" vendors delay settlement, purchasers fall over, property values change and it then being to costly to sue for the difference and having to wear the decrease in value – too much heartache)
2. Bank – Write 1 (and only 1) letter to the customer relations officer (cc in your loans officer, MB and the branch manager), clearly outline (without laying blame) where you are up to and the uneccasary and avoidable costs incurred to this point. Point out your degree of custom to the bank and that up until now you have been more than happy with their service. Clearly itemise the dollar value of the delays (show an estimate of how the holdups have prevented you reducing interest on other loans etc). Address clearly the plan from here (ie the FIRM) settlement date that they are to be ready by (dont worry if the other side delays – that is the purchasers concern, not the banks). Finish the letter by indicating that based on past dealings you would trust them to resolve this issue swiftly, however you give them until (x…date) to resolve the problem or you will refer it onto the banking ombudsman. Follow this up with a verbal call to make sure all parties have recieved the letter and get confirmation that it is being addressed and will be delt with before the timelimit you impossed and if not, follow through with the report to the ombudsman.
I was sucessful in doing exactly this with the NAB last year when they "lost" documents and the settlement was delayed. I was reimburssed the interest charged on the sale amount (not just loan but the whole sale amount – as it would have been used to pay down another loan), and the discharge fees as well as a default fee on a credit card which was to be paid out with the loan.
Stay calm, avoid blaming a specific individual, point out suitable resolutions and you will have a better outcome. If you back someone into a corner they tend to get deffensive so be firm but considerate but stick to your guns with the ombudsman.
Let us know how it goes.
