Forum Replies Created
A helpful site that assist in understanding an areas demographics.
http://home.id.com.au/id-community/public-resourcesOr if you find that site hard to navigate, much simpler, less detailed:
http://www.myrp.com.au/ttsvr/n/free-suburb-profile-report/myrp-410Hi JayDee,
Depends what you're after. I just bought a place in South St Mary's in November after months of looking, and am happy with my purchase.
First lesson, just cause it's cheap, doesn't make it a bargain. I narrowed down and looked at dozens of houses in the area over the last few months yet the numbers did not stack up, the properties I did place offers on, majority would sell well above what I thought was reasonable – mostly to investors.
Yet I see huge potential in St Marys and surrounds. Personally I prefer to stay near schools, railways, other amenities, etc.
Just make sure you do your research.Fortunately my place is providing the returns I was after, however I have tightened my criteria as I realise to continue purchasing I need to find better deals which I know are out there.
FYI Penrith Council has reintroduced contributions on Granny Flats, so you are looking at an extra 7k in costs if that was your chosen strategy.
Photos?
Which suburb?What is standard for the area, does your place have it. Perhaps look at some open homes of a similar property type to see what stands out and how much it sells for.
Welcome
!I just noticed replying to a post I have been on this forum for over a year now.
I hope you find this forum as insightful and inspirational as I have over the year.Sincerely
NHG
I bought a place in St Marys <2 months ago in that price range, newly renovated (bathroom kitchen).
Penrith Council is fixing up the area, there are schools, shops, transport, uiversity, hospital, etc. within 2km radius.Off the top of my head the numbers were something like:
6% return on 100% of loan amount (including stamp duty and all associated costs)
6.5% return on 90% of loan amount
Current Cashflow on 90% loan is -$50/week (after paying agent fees, insurances, water, etc.)After some improvements it will be approximately:
7% on 100% of loan amount (including stamp duty and all associated costs)
7.8% on 90% of loan amount
Current Cashflow on 90% loan is +$50 to +$100/week (after paying agent fees, insurances, water, etc.)Granted I could have bought it 10-15k cheaper if I was a better negotiator (lesson learnt – patience is key). A second similar property came up last month, I put an offer in and my bid was 15k under sales price.
Lesson learned: Always keep an eye out for a deal (not online, but on the field) and be patient till the right deal comes along.
Thanks Terry!
Thanks for your prompt response guys!
Richard I have PM my mobile number, would love to have a chat, perhaps there is something you could do.
Regards
NHGI used them recently,
Great service, however you pay for it.
They present you with opportunties you won't be able to find yourself, however you need to cover your own due diligence otherwise you will not be happy with what you buy.
I'd recommend them in the same way i'd recommend a real estate agent. They will provide you with properties to look at, however you have to know what you're after.
Recommended: Yes!
A must-do: No.Hi Robbie,
PM'd you his contact. I am putting together a team myself, so far Lawyer, Builder and Mortgage Broker who have literally worked 7 days to help me out on some last minute deals and more (property and other ventures) .
I am still looking for an accountant that knows trusts and is an investor themselves. I was recommended one today, but am still seeking if you have any recommendations.
Regards
NavidHi Robbie,
I'm using an aquaintance now friend based in Wollongong but regularly spends time in Sydney.
Have been exceptionally happy with his services so far. I used him for my first purchase and also to negotiate construction contracts on properties I am developing shortly.He owns about 3 properties in Sydney and is currently developing 5 for resale (already sold 1), his family is also heavily involved in the construction industry so he has a pretty solid knowledge base to tap into.
If your interested I can PM you his details.
Regards
Navid
Hi Dom,
Don't know if this will be of any value, I am in the process of building granny flats in Western Sydney on investment properties over the next year, the first to start in a couple of weeks. I trust the builder but am yet to see his work in person, i'll let you know in a months time if you haven't found anybody by then.
The builder is a friend from uni who was successfullyl managing the development of houses, hotels and apartments in NSW and VIC. He has recently started his own business and has under this current entity (2 weeks old) completed fitouts and finalised the designs for my first place.
There are other builders I know are very reliable and trustworthy (and have visited their developments), they however only work for themselves. I could pass on the details but I have been unable to convince them to just build, they want JV.
Where abouts in Western Sydney is this development?
My mate is just putting a deposit down on a solid well presented 4 bedroom house in Carlingford for just north of 600k. The owners were desperate to sell.
I've also had the option of purchasing a 2700m2 block of land with an old 5bdr 2 story house in Thornleigh for 800k. Unfortunately I couldn't get the funds together quick enough.
Keep an eye out, there are always bargains.
I'm in the same situation, I decided to look out west and purchase 2-3 properties, unfortunately nothing as yet. Hopefully in the next couple of months I can secure the first place.Congrats!
Hey All,
Hope you are well!In a somewhat related note.
I recently had a conversation with my parents who are concerned purchasing more property will affect their pension. (Pension payments are greater than income of another rental property, and having more rental properties will allegedly reduce the pension they receive).
As not investing in general sounds like a wasted opportunity, is there a way a trust/company would allow them to continue investing without affecting their pensions?
Would anybody be able to recommend a good accountant in Sydney who specialises in property (trusts/companies)?
Regards
NHG.
Hi Leo,
How is the search going? Any further updates in your search for an accountant?
I’m currently looking for a good accountant / financial advisor (property and/or shares).
Is there anybody you’ve come across who fits the bill?My situation seems similarto yours, similar income and location. I’m also in the process of buying my first IP.
Any leafbird you could pass on from your search?Regards
NHGSo far:
– Spent some time overseas
– Moved cities
– Started new professional roleLoving the change
Am hoping to:
– TRIPLE my savings
– Buy an investment property
– Learn mandarin
– Help a mate expand his business
– Learn a whole lot more about professional-networking
– Learn to surf
– Keep scuba-divingand keep being happy!
Glad to hear you guys have some big plans!
Hi Clappy,
I just graduated from university last year, and I hardly fit the poor uni student profile.
From the second year into my 5 year uni degree my mates and I were earning almost the Australian average income and our marks were NOT anything more than a pass.I wish I was a bit more switched on then, I have good savings but it could have been triple.
I spent about 2-3 months a year overseas and had steak dinners at posh restaurants almost every second day.
Granted I didn't pay for accomodation as I lived at home, however my parents charged me quite a large amount for the new cars they bought plust other expenses. I also ate out everyday for all meals so I didn't get any freebies there.So long story short, don't buy into the poor uni-student lie, university has got to be the best excuse to find flexible well paying jobs (depending on your industry), you do have to make sacrifices thou, I don't think I ever attended class due to work even though classes were compulsory, and had 5am-11pm days everyday. Just have a good chat to your lecturers, after first year they are fairly flexible as you have shown commitment to your future.
Hope that dispells any concerns about uni being hard.
Hi All,
Just an FYI,
I was one of the guys coordinating the flood relief in Wagga Wagga.Flooding is dependant on where you live, the little towns around have flooded (i've written most of them off my possible places to invest list). However when I was in town people were still walking along the main street having a cafe breakfast almost completely unaware there was a flood.
So town itself isn't bad as are most suburbs towards the south. I'm still not sure about investing here though, most properties are ridiculously pricey for what they are, yet i know people who find the occassional bargain.
I'm looking at a few smaller towns in close proximity that were not impacted by the floods to invest in, but it sounds like land-bankers and developers have already set up shop in those places.
Any thoughts on how to find positive geared properties?
Hi All,
I'm interested to learn more about the USA,
I have been concentrating more in NSW thou so won't have much to offer to start.I'll be regularly in and out of Sydney between the 24-Dec to 02-Jan, then irregularly after that.
Please let me know when you have something planned.I'm kinda roaming at the moment,
but am free after the 24th of Dec. I know it's a bit far (and into the hols) but would love to meet up and discuss all that is property.
!
