Forum Replies Created
John
Feel free to email me and if you dont mind paying at the time of delivery you can use all of our Trade Accounts. As well as being mortgage brokers specialising in wrapping we are also developers.
Let me know what you want and i can point you in the right direction.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Mark
Want to give us some ideas of the towns you are talking about so we can shread some light on them for you.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Billy
Dont forget to check with your local Council of there requirements and also their costs for the application etc.
Finance also is a novel one but can usually be got around.
Some of the big boys like Drake etc have good reputations. Dont try and co-ordinate the work yourself let them do the lot. You can get the nail bag on when it comes to doing up the property at the other end and save a few pennies.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Many properties have an easement over them.
As long as there is still sufficient room to construct a dwelling away from the easements then they should have no bearing over the resale.
Check who is responsible for the upkeep and maintainance if any.
This is of course on the assumption that the presence of the easements has little effect on the topography of the land.
I have seen some beauties with a water pipe above ground and running through the middle of the block then YES that would have an effect on the resale value.
Ask youself would you buy a house on a block that size with easements over it. If the answer is Yes then others will think like that.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Norma
I must admit that i am like Foundation and slightly lost. I am presuming that the extra debt is a loan against your main residence or other investment property.
If it is a debt against your home then by all means consider ways to reduce this as quickly as possible. Converting the IP to interest only (If of course it is not already) and utilising your extra $40,000 to start a wrap portfolio would certainly give you additional cash flow to reduce any outstanding debt against your own home.
if we are way of the track feel free to email me direct and I will try and assist you further.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Comes of not previewing your reply.
Make that the Sunshine State as all of Qld is beautiful one day better the next
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Rich
I think you to need to first start by deciding whether you are looking for cash flow if so then wrapping maybe the way to go or if you are after a return plus the chance of some capital growth and wanting to buy an IP.
Once you have decided upon what you want out of your investment you can start to look around.
Must admit i am slightly biased as i specialise in wrapping and well for location you can never go past the sunshine coast.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
If you really want to attract the right sort of tenant then i would:
1) Retile the bathroom never use tile paint as you will be back doing it again next week.
2) Rewaterproof the shower floor and wall areas.
3) Strip out all plumbing fittings and reconnect with new fittings.
4) Install new shower screen, vanity and mirror.
5) Consider current lighting.In kitchen i would consider:
1) Replacing the kitchen bench tops and cupboard handles.
2) Definately new cooktop package.
3) Again look at the lightning.Forget engaging a builder as the work is likely to be less than $11000 you can do it yourself with a Permit. A few weekends with a jack hammer and skip and you are away. Use a plumber for the plumbing work and get a tiler to redo your floors.
I would use vertical blinds on the sliding doors and timber blinds on the smaller windows.
Remember carpeting can be depreciated.
A lick of paint and all in all you cant go wrong.
Just remember to obtain the body corporates permission before you start placing mini skips on common property and let your neighbours now what you are doing as a curtesy.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Waffles numbers appear on the surface to add up.
If you happy with the location and security of the property then the deal maybe ok.
Ask yourself if the tennant walked out tomorrow lease or no lease could you easily re-let the premises.
Also higher the land value high the land tax.Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Which State are you in snowy?
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.Richard Taylor | Australia's leading private lender
Many lender do Commercial loans <$200K Orix for example start at $50,000.
Interest rates vary as do application fees however the smaller loans are less attractive for a lender than a larger loan and subsequently they charge a higher application fee propertional to the loan size.
The problem with the smaller loans are that the lenders are wanting a minimum of 20% and more like 25%+ deposit.
Cheers Richard
richard at castlewhite.com.au
There is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
If you are finding property with a +CF hard to find in SE Qld qhy not consider a couple of wraps.
That way you will have you cash flow.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Like Terry I have done more than a few but must confess I prefer an Instalment Contract.
In a rising market the tenant certainly comes out on top and again as Terry suggested i would encourage an equity share (we do ours by way of revaluation at the time the tenant wishes to exercise the option).
Still works out as a win win deal.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Dependant on equity why not become a Full Time Investor and enjoy the cash flow as income.
Obtaining finance will not be a problem.
I decided 10 years ago to do just that and now with 172 properties all wrapped or under Vendor Finance find myself comfortable.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Chris
Hate to say you missed the boat on that one. You cannot purchse a property in a SMSF and rent it back to yourself.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Steve
Afraid not. In the oldern dark days you used to be able to purchase a commercial property and rent it to yourself paying your SMSF the rent.
You also used to be able to purchase the property in conjunction with your Unit Trust and borrow funds in the UT name as a proportion to the ownership percentage.
All such loop holes have now closed.
However still many things you can do in a SMSF including wrapping. I have 4/5 properties in my SMSF which i have wrapped and enjoyed the higher rate of return.
Just have to be careful that what you do is not classsifed as running a business or trade.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
This questions seems to get an airing every couple of weeks and gets the same answers each time.
Each State has its own legislation so check with the OFT in your State.
Certainly as far as Qld is concerned you need to be licensed.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
As long as you avoid Paddington and stick to the Town Plan a subdivision is straight forward.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
John
Out of curiousity are you using a Beenleigh Solicitor?
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Foundation
I was indeed talking about a prior arrangement.
This is often the case when the property is to purchased in a Pty Ltd name and requires both Directors to sign. The appointment letter is used so that one of the Directors can be appointed to sign on his own name prior to the Contract being changed into the name of the Pty Ltd.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
