Forum Replies Created
Dear Dessyray,
Thank you very much for that insider information.
I have 1 rental in Dysart and have been concerned about it given the job cuts and the sudden increase in houses for sale on realestate.com.au. Your information is very valuable, especially for someone living out of QLD like me. As you say, even if the rents suddenly halved, it would still be cf+.
Thanks for taking teh trouble to write.
Best regards,
NinieHi All,
Thanks for your feedback. Sorry for my delayed response.Builder Bob, Thanks for your input. I used a Town planner from a company called GSPC. The planner himself was good to work with, but now he's left and so now I have to start from scratch with the other planners. The current planner I'm talking to now is Sunil from GSPC. Do you have any advice?
The councillor was Kevin Moran. The indication I had throughout the process was that it was quite positive and that council was not opposed to these duplex developments. So, the rejection by council has come as quite a surprise and disappointment. I'm trying to think of ways to appeal the decision.Any suggestions anyone?
Esam, I was planning to use Halley Homes to build the 2nd dwelling. My understanding is that they built all the BMA homes in Dysart so they are not unfamiliar with the process and location. You can check them out at halleyhomes.com.au. As expected, the prices are not cheap but it all depends on which design you choose. The cost of transporting them also represents a huge chunk of overall cost, but I these are the cost of doing business.
Hi Steve, I'll check out Wandoan, but I heard that Xstrata was hit quite hard by the credit squeeze?
Thank you all.
NinieHi all,
Thank you for all your effort and contributions. I haven't checked into this forum for a very long time and now I wonder why not.
I bought a house in Dysart in Dec 07 with the idea of building a second dwellng at the back. After 6 months of working with a town planner from Rocky, I just found out this week that it had been rejected by council. The primary reason being lack of car parking.The existing 4 bedroom house has a carport and a long driveway, while the proposed 3 bedroom new dwelling will also have a carport and a driveway. unfortunately, council didn't think that these 4 carspaces were enough. They insisted that 7 formal carparking spots be created.
I'm now back to the drawing board, but I was wondering if either Builder Bob or Daedalus or anyone in the forum would know someone in the council I could speak to directly.
It just doesn't make sense to reject a well-planned, well- placed, sorely needed brand new house in a market that is so competitive it will pay $1100 per week for an old 3 bedroom house with concrete floors.
And if they council is interested in abating the trend for fly-in and fly-out workers, they should encourage well-thought out development in the existing residential area.Does anybody have any comment? Maybe I'm missing something.
On another note, Builder Bob, do you build houses from scratch?
Thank you for your time and thoughts.
Ninie
Hi Tony,
Thanks for the response and advice. I’m just trying to sell some ordinary properties, at fair market value. Given the current market in Australia, I just thought it may make sense to try and access overseas markets.
Best, NinieThank you all for your input.
Dr X, I’d like to ask you specific questions later. My computer has crashed and am using a borrowed one right now so can’t stay to write.
Best, NinieThank you all for your help.
Does anybody have any experience in marketing properties in Asia?
Richard Taylor & DLPP, I’ll email you with the details.
Best, NinieThanks for the input G7.
Anybody else has any comment or experience?
Best. NHi Luke,
Thanks very much for your comments.
There was 1 other enquiry similar to mine in the forum and the general consencus was that because of bank’s unwillingness to leand more than 65% for properties like these, it can be difficult to re-sell.
So, I will need to do further research.
Best, NThanks everyone,
But isn’t Magellan right? Wouldn’t the rental income be considered income?N
Wow KS!
Thanks for your input and suggestions. very interesting and definitely an eye opener. To answer your questions:
I don’t have any debt per se-I use my credit card as a convenience and pay off everything on the due date;
my investment history in property has only been 1 buy-slightly develop-sell;
I’m married and my husband who works full time takes care of all our living expenses;
I own a small business and any profit that makes is plowed back into the business – thus no income.
The situation might sound strange but I’m just a frugal person who is committed to working towards financial independence and has survived on no discretionary income for the past 12 months. I used to be a highly paid employee and have savings, but that’s for a rainy day. I quit and started my own business to build a better financial future for my family. In the meantime, my husband is bearing the financial burden of the household. We are using a trust and company as trustee. We don’t want to use my husband’s income to apply for the loan as he has assets that we don’t want to jeopardise.I’m curious though, you mean that even if I buy say 2 properies with total value of $200k, and I still have $50k to place deposit on next property, the bank won’t loan me money using the equity in the 2 owned proerties and the rental income from the 2 properties and the 3rd one being borrowed for to service the loan?
Any other input and opinions are welcome!
Thank you.
NHi Jay,
Thanks for the info.
NHi Oshen,
Thank you very much for your very detailed reply. I understand that the amount of the loan over time would diminish percentage wise in relation to the value of the home. But what about if I’d like to one day actually own the home? say after 20 years of doing PI and getting a few +ve cashflow properties, I’d like to retire and not have to worry about having debt (even one that is being paid for by tenants), is the logical thing to do then sell a few and use the proceeds to settle the principal of the majority?
What is the usual duration(year) of IO loan?
Thanks!
N
