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Lookin for anything tips on how to reduce cost. Personally don't care about others using the eastment for free.
http://home.id.com.au/id-community/public-resources
Everything you want to know about an areas demographics!
Hey!
Out of curiousity is your aim to move out of your parents place or to have a place of your own?
What if you invested in a place with high rental and used a small portion to rent a room or a cheaper place? This way you can still move out and claim depreciation etc. Mix it up, perhaps buy a place and live in for 6 months (renovate?) then find a cheaper place to rent.
Don’t get hung up on FHOG. It’s great yet limiting in a sense, I was obsessed with trying to make it work and didn’t invest for 2 years (due to my work lifestyle, very hard). Bit the bullet and just bought an investment property straight up.
Gluck!
25 now, just bought second property, doing some small construction on said lots, which will hopefully turn it into 5 rental properties by middway this year (plan to purchase 2 more investments if things go well interstate by start of 2013).
I asked myself the same question, and realised, WHY do I really want my own place? The only answers I could come up with form my situation were family and societal pressures, to say I own something and claim my stake.
Fair enough if your partner and yourself decide it is important, a place for your future kids to kick around. Personally I rent and would like to continue to do so, this way I have the flexibility to move as I please, change scenery etc. not tied down to a location with the constant worry that horrible neighbours may move in next door :p also the cash can be used to build up a portfolio and I can utilise the cashflow to spend as I wish.
In saying that, i've lived in 6 houses, in 3 cities in 2 years, I suppose stability would be a comfort in the future. Few of my friends know I own property, so I hear the constant argument that I am throwing money away as a renter, personally see a PPOR as a way to kill your portfolio at my age, if I didn't have that desire to invest, sure it would be a good way to sit and just build up equity I suppose.
On a side note, a lot of developers I have met just rent (at figures like $3k a week mind you), and use the cash instead to continuously develop.
Currently in the approval stage of having a couple of properties built in Western Sydney.
The land itself is slanted away from the main road on both lots, yet good communication with council has opened up a few options on how to get around it.
Never hurts to ask, especially when you ask the right questions to the right people.
Just a thought, best talk to a lawyer, just something I heard.
"Law . a legal notice to a court or public officer to suspend a certain proceeding until the notifier is given a hearing".
My understanding of it is, a third party can place a claim on your property in which case you are prohibited from doing anything with it until a court proceeding takes place or they remove the caveat.
MAYBE, if it is placed before the cooling off period, you will be unable to sell the property and the other party will exit the contract.
Again, i'm not a lawyer, i'm not sure how they actually work.
Hmm…
Would having a third party place a caveat void any sale of the property?
Could this be done asap?
What's the land zoning?
Thanks guys,
Working on something now, will post when I finish it (if I can).
Hey,
Had a tenant with like 3 dogs and 3 cats. (dogs outdoors, cats indoors).
Clause added to steam clean every year, and tenant liable for any damages incurred, added $10 to the rent per week.
Any damage was picked up during inspections.
No hassles whatsoever.Being a renter myself, a housemate had a cat once, she made a 'resume' for her cat which she submitted to the rental agency, listing bad habits, wether it shed hair etc. Although she said it would be kept outside, she let it in most days, yet she was dilligent in her efforts to keep the place clean. Seeing that first hand, I would not hesitate to rent to a pet owner as they seem to be quite clean, just check if the pet owners seem like responsible people.
The expensive part is building a house worthy to be on an island.
You'd have to take all the building materials over by barge, either build all by hand, or bring in construction vehicles as required.
That's where the expense is… That's what makes it go up into the million+ mark.
Bit stressful like that sometimes,
However all that info is easy to come by.
http://www.realestate.com.au/buy property
http://www.myrp.com.au/n/myrp-410?gclid=CNeDlIn9yK4CFcODpAodW1AS-w free suburb profile
http://home.id.com.au/id-community/local-govt-products/profileid demographics
http://maps.google.com/ location, surroundings, amenities
http://www.oldlistings.com.au/ past sales pricesetc…
keep such links in your favourites. Not too hard, and ALL free.
I'll check,
I think the largest land I personally am aware of is about 900m2.
That's my rents place and I don't think they would appreciate it being put on the market :p
You'd be looking at at least $700k (at one point the valuation was $800k+) and the earthworks cost would be astronomical it is not fit for dual properties.
Unless your going Dural way, Normanhurst, Thornleigh may have the 1000m2+ blocks.
Hey,
I grew up there, family and friends still live there.
Will need large capital to start.
Area hasn't moved much, transportation is a problem.Always some small development around, perhaps that's a sign, however as far as I know the land was bought a long time ago and is greenfield (no-demolition required, just tree removal). Developers who are family friends made their money there about a decade ago.
A friend owns 3 properties there, however capital has depreciated, very low rental yields, they are struggling to keep the properties. There are a lot of properties for sale everytime i drive to visit my parents who still own a house there.
Most of the people i went to school with are the ones who are buying the apartments in Hornsby as they like the area yet it is the only affordable place nearby. None of us can actually afford to live in Cherrybrook right now.
I personally would put my $M elsewhere with much higher potential.
Then again, I haven't run the numbers there in a few years.Hi Chen,
Was there a property in mind?
Just some points:
The construction cost seems too low, unless your keeping the existing house;
Existing houses on 1000m2+ blocks in the area are well over $750k (although I haven't really looked to see what was available);
Also I didn't notice a cost for earthworks.I grew up and lived in Cherrybrook until quite recently and majority of the land there requires earthworks to develop the whole block.
It may be possible to find such a block, I found a block in Thornleigh almost 3000m2 from memory for $800k with an existing (yet very old) house. (which I didn't have the money to purchase )Do you mean like a granny flat?
Shouldn't be that complicated. If it is just for rental subsidy, perhaps a pre-fabricated or off-the-plan granny flat would suffice.
Shop around I found some for 30k + install and contributions (~25k), as opposed to the mobs sellilng them 'cheap' at 80k install.
Hey Bear09,
Great post regarding CONTRACTING. My supervisor does it and is hitting the 300k for a role which normally pays 180k. I'm not quite there yet to contract myself out (not sure I want to be tho, very 'life' consuming) :p
I would say a lot of us are in similar situations. I travel a lot so listening to audio tapes by people like Anthony Robbins, reading skill based and motivational books in my spare time, and mingling with like minded-friends helps keep me focused. Also using white boards around the house ($12 from target or crazy bargain stores) helps me write down ideas, concepts, plans etc.
Very little is financially based however, a lot is personal and community development based. Took me a while to realise family and friends are the most important to maintaining a fulfilling life. I am still just at the commencement of a long journey.
These are very exciting times.
Hey,
Have been thinking the same thing regards to how to improve my cashflow position. Only realistic solution I came up with was to start a business venture (and have commenced persuing it seriously with like-minded aquaintances).
Starting a business will definately bring more income as you will have multiple revenue sources (customers) as opposed to one (employer) if done correctly.
The biggest obstacle was shifting from the concept of starting a business based around us and our skills, and establishing a framework that could be doubled and tripled etc, with ease.
eg. how macdonalds is run by teenagers as opposed to the corner sandwich shop run by an owner/operator (very limited in potential).
or a builder taking on one house at a time, as opposed to one who sources projects and delegates the work to others to undertake.
Is there a way for you to source work and delegate it out (even to people overseas)? Just a thought.
NHG
Hey,
I'm focusing around all the suburbs with railway lines, and i'd assume so are most people. This leads me to the next question.
For those investing in the area, what are your thoughts on suburbs like whalan, tregear etc?
Further out yet considerably cheaper.You would need look at them in person tho, a lot are in bad neighbourhoods. eg. Saw a property in Doonside where the numbers looked great, upon inspection, it was obvious the immediate neighbours would make it impossible to rent.
NHG
Hey,
Have you read the book "The 4-Hour Workweek" by Timothy Ferriss?
http://www.fourhourworkweek.com/
Gives some interesting insight on what you can do once you have achieved sufficient cashflow.The concept of mini-retirements as opposed to what I thought before of getting to the end and THEN concentrating all my effort on what I really want to work on.
NHG
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