Forum Replies Created
Jnb
Please explain a bit more.
I’m extremely interested in this subject.Please tell us a little bit about the benefits and down sides. How much did it cost to setup etc
Thanks in advance
I've heard this one about 2 weeks ago and I'm not sure if it is true or not;
An investor told me that he purchased a unit near Perth (within the 10k diameter), "off the plan" and after 6 months when it was ready, it was CF+ by $100/week.
I know that developers have to pre sale a percentage of their units to be able to secure their finance of 70%, otherwise they can not get more that 40/60.
I will dig in more for my self but if it is true, this is something that can get me excited.Risk is higher than buying a ready house and renovating but the reward is escalating too
Sorry
I shouldn't have started a new topic. We already have one:https://www.propertyinvesting.com/forums/community/heads-up/6845
I've clicked on their case study and the very first case will give you an idea about the cost:
Mrs. Thomas has a property and had 5 tenants and herself living on the property under 5 individual leases… bla bla bla
Existing Insurance policy cost $1027
Total cost of damage $250,000
Student Accommodation Insurance Policy
with PBi cost $2750Thanks Jason
OK
Kong is right;
I've downloaded a cost to hold calculator from here:http://passgo.com.au/investment-property-analysis-tool.html
I've practiced with different numbers and 1% rule is correct to make the property neutral.
If the interest rate is 7% , you will require ~8% rent to make it neutral.Also on another one of this magazines the investor was saying that he is hunting for 7% properties, then working on discount to make it ~9%
Just from the engineering point of view:
If your structure is going to sit on the sewer line you will require a piling mechanism to pass the load of your building to a layer deeper than the sewer.As a rough figure for a single level building you will require screw piles every 1.5m (on top of the sewer line only) and they will be roughly 3m long base on the ground condition.
so say if the length of your granny house is 8m on top of sewer, you will require 6 screw pile at ~$600 each.This is just in case there was requirement to repair the sewer line, your building will stay safe.
Council will look at the access to make sure in case of repair required, there will be enough access.kum yin lau wrote:…
* Your savings rate is VERY low if you only saved $20K on a 190K p.a. …To answer this one; I've been working for a small construction company which their pay was 1/3 of what I'm getting now and I just moved to a bigger company (7 months ago).
On the other hand I used to owe some money on my car and credit cards that I've cleaned all of them and I just pulled my head to the surface.
By the time I get my strategy together my savings will allow me to go for the 1st IP.WOW…
You guys are amazing, thanks for all the good info and tips.Qlds007 (Richard
I'm reading your interview, pretty impressiveTerry W
I'll be back in Perth this afternoon and I will talk to mortgage brokers here to see if I can have a better luck this time.
In my last experience the broker was not interested in taking my high tax into account.
If I don't place my self in negative gearing next year, I have to pay +$15000 extra on my tax and the broker was talking about putting money in my supper.
Hopefully I'll have a better luck this time.Catt
Can't believe how much effort you put in reading my posts and replying.
I'm thinking very similar to you and I have low expectations.
As soon as I have $1000/week income from my properties, I'll get my hippie van and start traveling around the world.
Your comment about the state land tax is something that I haven't looked into before. I will start to gather some info on it to have a better understanding about my limits per state. Thank you so muchJammie
I'll get in touch with you shortly to discuss on how you are able to help me on my way up.
Thanks for your responds.Brett
I've checked Margaret's website ages ago after I've red her strategy planing in API and YIP magazines.
She had seminars here in Perth but non of them was match with my RnR (3 weeks on, one week off)
They have an office here in Perth. I'll book an appointment and I'll let you know how it was.Everyone else
Thanks for reading. I'm pretty sure that my questions are related to any new starter
Thank you all for reading and special thanks to you who replied
Jamie
You are 100% correct. I need a mentor but usually mentors are sooo successful that they don't need to help a noob.
I've been in touch with Mortgage Choice but they were not interested in providing a strategy and I understand that it is not their field.
I found one of these "all in one shops" which is a whole package and eventually they want to sell me their overpriced properties from their real estate department.
Are you providing a strategy for your clients?Catt
Thanks for your generous offer.
To summarize my question (and reduce the hassle for you to read it)
I only need a structure to tell me for example:
First property $X / PPOR, IO
2nd $Y / IP, IO
3rd $Z / IP, IO
Wait ? months for buffer, redraw equity from X and buy another IP then sell Y to release credit for 2 more etc.Long story short; Need a strategy and a structure to follow and down the track as I'm getting smarter I will be able to modify it my self or talk to the same person to modify it for me base on the performance of each IP.
Thanks again, I really appreciate that you guys care enough to read my posts
