Forum Replies Created
I still maintian that Moura is a nice little town currently flying under the radar. You can purchase under $280K and rent for $450 + per week with potential to subdivide (if you can pick up in the right streets). New motel, new IGA all in the pipeline, new shops almost complete. Belvedere underground mine now have their mining lease, which is additional mining on top of the Dawson mines, coal gas and other employers. Residex has predicted strong capital growth over the next 5 years off the back of these develpments. Obviously, you always need to do you homework, but there is certainly scope. Yes, I guess I am biased having a couple of rentals in the area, but I am always looking for the next "bargin".
Yes, I know the locals will say it cant go up, but when I was up there (beer currency!!) I had numerous locals tell me they sold their homes (rent back) in the first rise ($90-160K) because "prices wont go up". I guess having paid less than $20K in a lot of cases you would be happy with that result. A short time later, the price had risen again, " gee, wish we hadnt sold…." was a frequent comment………..
Ahh…….. crystal balls (or brass ones!!!) and hindsight…….makes millionaires out of anyone.
Cheers
MickI had to recind a contract last year in QLD and from memory it cost about an additional $350 for them to draft it up. Remeber, anything additional to standard is charged at an hourly rate.
Maybe bikies are finding a new income stream???
leave a message saying you are desparate to sell your 1500m2 block with old house in great area before the bank steps in and see how quick you get a call back. The smell of fear and the sniff of a profit should bring them out of the woodworks.
Sarah,
Dont forget that if you choose to cut your loses now and sell, you are still up for the stamp duty which in NSW has to be paid within 3 months of EXCHANGE – not settlement. This is not a comment on whether to hold or sell, just a reminder to factor in that cost NOW rather than later.
Cheers
MickAlthough tough, a line in the sand has to be drawn at some point and someone will always miss out. They certainly did when the baby bonus came in. There were alot of babies born just after midnight on the first eligible day!!!!!
So D,
What are you selling?
There are other mining towns that fly below the radar that offer excellent returns off a much lower base. Try the lower bowen basin. Belvedere has just submitted applications for mining leases, previously they were only exploratory leases. This will be a massive underground opperation. Land currently being purchased for construction of a new IGA (all additional infrastructure is favourable). New motel approved and awaiting construction. New shops buing built on entrance to town. Still chronic shortage of housing. I am rather chuffed with my little mining town investment!!
Just my 2cw
Mick
Congratulations, I hope it all now goes somoothly for you.
Welcome to the world of home ownership.
MickMate, that is a LOUSY invite!!!
It would probably help your credibility to contact him directly rather than through the forum.
Unless you plan on taking a tonne of pics (from across the room you may not notice multipe small picture hook marks for example) what is wrong with the detailed property report? Just curious? It has to be signed by the tennant, although I guess you are relying on the agent to take the time to fill it in accurately.
Either search this site or google the ATO, but my understanding is that you must live in the house for at least 6 months starting sometime within the first 12 months to qualify.
It is leveled in each state independantly and on the LAND component only. There is also a threshold (varies from state to state) where you only pay tax once you go over this threshold. So my guess is you dont make the threshold for the total land component, either by the land value being still under the threshold when all are added together or if in different states, then individually, not exceeding tht threshold. Google land tax and you will be able to see the threshold. Also, LT is not payable on PPOR or , I believe, on rural land that is a going concern
Hopefully that is a start
MickI agree with Terry,
No one else will look after your money like you, and at the end of the day, no one else but you has to find grocery money so do try to pick up as much as you can. It certainly seems overwhelming to start with, but I would encourage you to start things simply, talk to people that seem to be doing what you would like ot do, read posts on here, ask questions, but just start to get it worked out. When it does come time to talk to either, have a sensible list of queries that will help the profesional answer with information relevant to you (and also cut down their time thus cost). Ask for a referal to either from theis site and you will find one who will have PROVEN experience with other investors. They all learn about it in their degrees I am sure, but with so many areas of specialty, it is good to find one who is up to date with your chosen strategy.
How did you get on?
I guess it is up to you to decide if you are happy with the outcome. How much do you really want to purchase the property. If you are happy that it is a good buy then dont quibble over the little things. If you are doubtful (which it sounds as though you are) then stick to your guns and say you expect the original report recommending replacement be upheld otherwise you are within your rights to walk away no penalty, especially if there was agreement that the replacement would occur. At the end of the day it will come down to how much you want to buy it, how much the vendor wants to sell it and how well the whole purchase sits with you and how well you will sleep at night. There is no hard fast rule, that is why it is called sales negotiation. It is whatever is acceptable to BOTH parties.
Do you still want to purchase the property?
And then again, valuations change. We receently purchased a block that had a valuation of $480K then was revalued by the same valuer 4 weeks later for $550 (our purchase price). The difference, we were able to use the existing infrastructure (large concrete slabs in a rural settting) which increased the value, where the first valuation was considering the slabs to be a liability to be removed to increase productive land. Nothing changed on the land in that time period except the percieved use of the end purchaser. So where is the logic in that?
MickEasy to track, all they have to do is look up phone, utilities, etc to see where you are really living, so yes as indicated above I do believe it would be dlassified as FRAUD. However, if you did physically live in each others place then no worries as all you "proof of residential address" is at the renal premisis
OK, just to get this straight, the BUYER is claiming penelty interst? What state are you in? I am in NSW and when a recent purchase went over because the vendor had not removed an item they were required to, I was told that my options were:
1. wear it, it is only a few days, or
2. lodge a notice to complete, 14 days after which we were entitled to walk away.Was I given incorrect information? I thought penalty interest only applied to the seller as they are the only ones "earning" money therefore they only ones "losing money" by a delayed settlement??? Slighlty confused?
MickI live in a new subdivision acking onto a golf course, so pretty nice houses. Most of the driveways are stencilled. I opted for the stain in the concrete. One of the main reason was the condition of these driveways in less than 5 years. Fading, marks, wear. Two driveways have permenant marks from overzelour remolist trucks backing up before it was solid enough. No easy fix for that one!!! Personally, I think stencil will date and look shoddy in years to come, just my opinion. As for the pebblecrete, if it looks tidy, I would spend the money inside first.
Mick.
