Forum Replies Created
Thanks Terry
Hi all,
First of all, thanks for all the inputs.
The reason why I want to start now and don't want to (well I can at the same time) reduce my debt is, I plan to buy my first IP, then after considerable amount of time of holding (1-2 years), I can benefit from capital gain (not negative gearing, aiming at positive gearing or neutral), then sell the property off for capital gain to reduce my debt, or keep holding the property, release the equity out and buy another property, rather than keep savings and savings and pay the debt off. Well of course, that is depends on the location whether or not is it a good capital growth area. Due Diligence.
And yes, there are upside and downside to this strategy of mine, I can just put all these savings I have at the moment and close all the bad debts, but my thought is why don't I benefit from property and invest first? I can continue to save money after I buy the property at the same time.
I might have to speak to mortgage broker out about whether my debts will bring down the borrowing power or not. If not then I will go for joint names, if yes it will affect the borrowing power I will get my friend to be the sole owner with agreement contract behind that.
Question is how much will it cost my friend and I to obtain this agreement contract and from who? Solicitor? Lawyer?
Thanks guys.
Regards,
Nue1
Hi Wilko,
Thanks for your input, I've never heard of scrapping report though.
Will browse around for quote.
Thanks.
Regards,
Nue1
Thanks for your PM D, I just PM you back, and again thanks for all advices.
Nue
Can the property manager act as my project manager?
I'm planning to renovate-hold, and revalue to get equity out and purchase another property, that's my plan.
Thanks.
Nue
Thanks Jamie,
I'm just trying to find a good solution for renovation while doing everyday job!
Thanks JacM.
From what I can see from her (dwolfe) website, she specialising in Melbourne metro areas, not sure if she does Sydney regional areas, will ask her on that later on.
These are the steps I will do:
1. Order all the stocks, keep them at the property for tradies to go and browse his.
2. Get tradies to come and do their job.
3. Once each tradies done with their job, I can go and check.
Will this be wise enough? The only thing that stop me is not inspect right after they have finish their job, and for me to drive there after sometimes they finish the job.
Thanks.
The cosmetic renovations should take about 3-4 weeks I believe.
So I don't think a 4 days sickie for 4 consecutive weeks is cool lol
But that sounds like a something I can do after the tradies had done their part and I just go and check.
Is it wise for me to let the tradies do all the job and check it afterwards?
Few suburbs: Narrabri, Gunnedah, Armidale, Parkes, and Albury
Also any recommend BA for VIC and QLD will also be great.
Does JacM do all states? or just NSW?
Thanks.
Nue
That's what I was thinking and what I will do for anywhere I have to drive more than 800km.
Jamie, since you are in Canberra, do you know any BA for NSW?
Thanks.
Regards,
Nue
Would people use BA for interstate IP?
I'm also considering BA for IP that I cannot drive there.
Just found this in the new current Development Control Plan 2013 for Mudgee Mid-Western Council:
"All dual occupancies must have direct street frontage; that is no dual occupancy can be
developed in a battleaxe arrangement."
Does this mean that, development for another dwelling at the back of the existing dwelling is impossible????
Thanks JacM
That's all make sense now.
Coming from a non english background sometimes these confuse me a bit.
Regards,
Nue1
Anyone help please?
Hi all,
This is in Mudgee. I'm planning to start my portfolio there. Quite a challenge I think.
Anyone can explain me what's the clause mean?
Thanks.
Regards,
Nue1
It was a great night indeed, attend but left early due to work in the morning, would like to apologies for that as well.
Thanks to Richard and Nigel for informative night, hope we can have meeting like this again in future!
Nue1
– Contour survey by registered surveyor
– Preparation of working drawings
– Council application fee or Complying Development Fee
– Construction Certificate
– Engineers slab design
– Sydney Water/Hunter Water fees (standard approval)
Are these cover the whole thing Shahin? Or have I miss anything out?
TheFinanceShop wrote:Nope surprisingly that's not right. Make sure you read the Building Contract in great detail.Regards
Shahin
Alot to learn, won't know I see the big and long contract anyway.
Thanks again Shahin.
Nue1
Very interesting to see that the prices of the builder charge for construction includes nearly everything that needs to be done, basically I only need to obtain block of land and contact the builder, and that's it!
Question for experienced investors though,
– I believe the downside for having builders do everything, ie. they will charge more (their profit) for their professionalism to do everything on my behalf to the council. That is likely my profit will be lower than expected? Do I get this right?
Thanks Shahin.
Nue1
I believe the majority of townhouses is 650 sqm.
Not sure about the price though because I did not plan to build a townhouse but two storeys.
