Forum Replies Created
Hi avranjes,
I have to admit I have not done a lot of research myself but I feel the houses at Commonwealth Games Village in Parkville should be a good buy. The village is only 3-4 kms from CBD and is well connected by public transport.
All the best and welcome to Melbourne – the best city in the world!
Regards
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi white goodman,
This is great. Thanks for sharing.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
you could hire some furniture to match the style of house.
“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi eforce,
I agree with HookamC. You can make a lot of deals cashflow + by putting in 35% deposit.
You also need to consider the capital growth prospects. Serviced apartments usually have long leases and the capital growth is usually limited. There is not a lot you can do to increase value of the property for both rent and capital growth.
The agent/developer is throwing in the stamp duty, legal fee and Title deed registration fee because its already factored into the price. I doubt they are doing it out of the goodness of their heart.
You are better of investing your money in some safe investments that will give you around 8-10% return.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi Francis,
I agree with demkel, the easiest thing to do will be to do minor renovations with a view to increase the rent – painting, updated kitchen/bathroom, new carpets, new carport, etc.
Or if you have savings, put them into the property so that your loan repayments are reduced.
You can also look at subdivision (with council permission) if the land is large enough to subdivide. Sell the subdivided land and put the profit into the existing loan to reduce your repayments.
Regards
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi SK2,
Jock Kennedy from The Property Practice.
http://www.thepropertypractice.com/content/home.htmI’ve been using them for my deals in NSW and am very happy with the services.
Regards
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
bth,
Go for it, mate!
If you are able to buy the property at discount (wrt to property valuation), I believe you have mitigated the problem of not expecting too much growth in the near future. You will have equity in the property from the start.“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Rich Dad, Poor Dad – Robert Kiyosaki
Real Estate Riches – Dolf de Roos
From 0 to 260+ properties in 7 years – Steve McKnight
Keys to the Vault – Keith Cunningham (not written for property investing but a great book)“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi Amanda,
This is a great tool.
Thank you for sharing it with all.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi blogs,
Generally, the vendors are trying to achieve 10% more than the listed price. In your case, the vendors are probably trying to achieve $320k. However, as crj mentioned, you need to do some local research to find out how much properties are selling for in the area.
Ofcourse, in an auction who knows what may happen. You may have a situation where two parties fall madly in love with the property and start a price war. I went to an auction for $420k+ property that sold for around $555k.
Hope this helps.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi cruzinbud,
You can start the application but would need approval letter from the vendor and in some cases from the vendor’s lender as well.
The application can be put in your name.
Hope this helps.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi Daryl,
The conveyancer needs to be from NSW. It does not matter whether they are from the local town or your home town (as long as your home town is in NSW). Usually the settlement takes place in the city so it does not really matter where the conveyancer is from.
Hope this helps
Sanjiv“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
I use Rent Manager (by Cashflow Manager Pty Ltd) http://www.cashflow-manager.com/australia/products-pc-rent.asp
It produces reports that are fully compliant with ATO requirements.
“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
A rough rule for 5% return is [weekly rent x 1000]
In your example, for rental of $340/wk house price will be approx. $340,000.
Note. This rule gives you a return of 5.2%Hope this helps
Sanjiv“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi drainosky,
First of all, welcome to the forum and congratulations on taking the action to reach out to people to get advice.
My suggestion is for you to first set your life/investment goals and understand the WHY behind these goals. Then look at what vehicles (property, shares, etc) you can use to reach your goals. Then only work on the HOW.
Advice more specific to property:
I think you are in an excellent situation to build a massive property portfolio. Assuming a 90% LVR, you can build a portfolio of around $2.7-2.8 million. This obviously assumes you won’t have serviceability issues.
Regards
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi hardy10,
It depends on how much you will be paying for it. You did not mention the purchase price.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
good one, mcollins
“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hiya,
Please recommend me good professionals in Melbourne. Thanks“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Hi angie7,
You wouldn’t buy anything based on what the real estate agent tells you. You would complete a thorough due diligence which would include things like building inspection, pest inspection, bank valuation, contacting property managers to get a fair idea of potential rent, buying a suburb profile report to see what has happened in the suburb (from previous sales perspective), check the local council website to know more about the local area (proposed infrastructure development, etc), finding out the local industry support, etc.
You can engage a buyers agent to help complete the transaction on your behalf and minimise the risk of buying the property without seeing it.
Hope this helps.
Sanjiv
*******“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
