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richteddy
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@richteddy
Join Date: 2005
Post Count: 23
March 18, 2012 - 9:17 am
Hi Sundance
Understand where you are coming from Sundance. My partner and I are only a year or two away from being fifty and our super has taken a beating in places over the past years, chatted to some finance planning people – got the same advise as you got, so got property investing educated and we went on the investment property purchasing strategy. Most of ours have been purchase (average homes for average tenants), value add (basic renos), increase the rent and wait for a little while then do it again. Some of your thoughts & ideas are logical in your plan.
One question, when you were saying about down sizing (I preassume to move to the town 1 hr out of Brissy), would you have sufficent funds to get what you want without comprimising your "home" lifestyle as well as paying off the rest of the IP loans?

Also have you thought about how you would feel about renting out "your new downsized home" while you travel.
Keep reading, asking questions and keep the cogs turning and the plan will come together.
Cheers
DB
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
October 2, 2010 - 11:00 am
Though I have not used it myself (to sell however regularly browse for possible purchases) there is the option of homesales.com.au where you can advertise it yourself for a reasonable price(couple hundred dollars). Hope this helps
Richteddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
July 4, 2010 - 2:19 am
Hi Will2Win
Depending on how you are going to finance the house build/project may also effect your options. Some of the lenders are still touchy about Kit homes. However some of the Kit home companies are now working with particular lenders which makes things some what easier.
Richteddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
May 24, 2010 - 11:50 am
Hi Shiny
Depending on what finish you want, we painted our fibro investment property (left cover strips on) in Hervey Bay in a Course Textured paint (purchased from Bunnings). After two coats you could barely see the cover strips and they certainly blended in and it gave it the rendered look. You do need to practice and work out a bit of a technique to start with if you are going to do it yourself. If getting a professional they would know all the tricks.
Richteddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
May 24, 2010 - 10:52 am
Thanks for the info all
Richteddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
April 3, 2010 - 10:04 pm
Hi PK1
If the possible IP is what I think it is you need to be caretul.
As this appears to be your first "real" IP purchase (looked at your other posts) you need to consider a lot of things – if it is going to be financed from a lender – in their eyes you are a "newb" therefore they will want little risk in what you are purchasing – their covering their backs.
My guess is that you are are looking into buying into a retirement situation where all tenants are required to be over the age of 55. The units are 1 bedroom each and may be just over the 50m2 each.
If you are needing finance from a lender there could be real problems – as they see it as a niche market situation (even though our population is ageing) and may make you jump through a lot of hoops to get the money or they may not even consider leading to you.
Also you need to consider resale – it can be quite difficult to off load this type of IP – you may find that there are several of these unit combinations from the same place on the market at the same time and they may have been on there for quite sometime.
(ALWAYS CONSIDER THE END IN MIND – FIRST)
Don't want to put a downer on your first IP however I thought these points might shed some light on your situation.
Cheers
Richteddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
August 9, 2006 - 9:20 am
Thanks Colin the evening was great. Look forward to the next one.
Di. B.
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 30, 2006 - 8:40 am
Hi Cata
Thanks for organising this. Count me in and I’ll see if my partner in crime will be available.
My thoughts are the same as Adam when it comes to the food. Thanks for the thought on the finger food but I think most people would organise themselves whether before hand or at Breaky Creek.
Looking forward to a great evening.[thumbsupanim]
Diane B.
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 18, 2006 - 12:49 pm
Hi Stevie
I think there are a number of points to consider for you –
- looking for growth V yield
- value for money
- time
- amount of patience
- level of research already done
- etc
Have never used buyer agent but have travelled out of my local area(Brisbane) to look at opportunities (Cairns) and spent most of yesterday travelling around the Darling Downs looking at possibilities.
In my personal opinion if you have done your research (due diligence), the numbers add up and you have had a look around on a visit to get a feel on the situation – you can eliminate unsuitable deals so that when opportunities present you can act.
You can always put in a special condition on the contract about a visual inspection within the time you are having inspections etc (this is what I do).
I always feel that the cost of flight and overnight accom. (could be up to $1000) is usually less than 1% of the deal so it’s not a bad price for peace of mind – just like when you have the inspections and searches done.
You can also look around while you are there for the day, at what else might be on the market – chat to some agents – increase your knowledge of the area, build up contacts – most likely if you have found a bargain area for you, you are likely to make repeat purchases. This can be done on a weekend as most agents are happy to help out to get a deal.
But also consider the old saying of “it’s the deal of a lifetime” I have come to see that these deals come around about once every couple of weeks, if not weekly.
There is also merit in working in “your own backyard” as you do know what is a deal and what is not but it depends on what you are looking for. If you are after yield and your area does not have these opportunities then you have to go further a field, same goes for growth.
Hope this helped
D.B
P.S. Kevjosh
Have property in the Cairns area (high tourism area) all have been long term lease situations. Have looked into these holiday letting but has not really suited my strategy of portfolio development.
D.B.
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 15, 2006 - 11:15 am
Hi All
Thanks for all the pointers.
Original contractor went round to unit and has come back with solution (they have smaller grinder – so can do the job for about the same price as quoted for big machine) so all is looking good. [happy3]
He even gave suggestions on how to get the rest of the lino up (lots of water to moisten the paper backing) – still took a number of hours but a lot easier job when wet.
Partner had a go at grinding back spalsh back – RENO TIP do this sort of thing early in the reno cause everything ends up with a fine layer of dust on it – thats once you can see again through the haze.[suave]
Thanks D.B.
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
May 7, 2006 - 12:15 pm
Reno is well under way. Having an absolute ball doing it even though going home filthy and sweat. Boyfriend is also having a great time and thinking seriously of doing this maybe full time. Thanks for all your ideas, the stone neutral colours are looking fab with brush chrome fittings. Didn’t realize that painting the ceilings would make such a difference even before the wall colours went on.[specool]
DD – Did the double strength thing with the wall paint for the doors and trims just the right idea.
Having found a couple of odd things when clear out for this first reno – was thinking of starting a thread where people say what the most interesting/ strange things they have found during renovations bet there are lots of stories out there.
Plus have 2 rules for newbee renoers
– Don’t go overboard with the spac filler as it takes forever to sand off.
NUMBER 1 RULE
– Check all doors and locks work while someone else is still around. (Got locked in the bathroom – broken lock – for 20 minutes before neighbour came to my rescue – they had to come up over the balcony as I had also locked the front door.)
Reno Richteddy
[thumbsup2]
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
March 28, 2006 - 9:27 am
Thanks for all the advise, have convinced the other half about the stone/neutral colours so all is going well, can’t wait to get started,[thumbsup2] which is a couple of weeks away.
Rich Teddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 26, 2005 - 4:12 pm
NCN
Now you have to look at your situation and consider such things as:
- How important is the FHOG to me?
- How much reading and research on property investing have I done?
- How much deposit do I have?
- How much research or investigation of the area I want to purchase in?
- What sort of property am I looking for?
- How much +CF do I want?
- Etc.
This list of questions can be quite long so that you can make well informed decisions. Therefore you are able to start your property investing off in the right direction.
Richteddy
D.B.
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 24, 2005 - 3:53 am
Hi NCN
That was what I did (after a relationship break up) but I did have enough money to cover costs and deposit. Found it was cheaper sharing a rented unit (rent $65/week) than living in the property I had purchased (someone else was willing to pay $180/week to do that). But you would have to check out the situation with FHOG as to get the benefit you have to live in it for a period of time.
Good Luck in your journey.[thumbsup2]
D.B.
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 16, 2005 - 2:21 pm
Hi there Jewel
I have had a guy David Little (Access Home Inspection)(0416072870) who has done a number of building inspections on properties for me and I have found him to be very good. Usually costs about $250.
Diane B.
Richteddy
richteddy
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@richteddy
Join Date: 2005
Post Count: 23
June 14, 2005 - 9:51 am
I applaud you trying to make you and your mum’s life that bit better. Have a similar problem myself to try and sort out. Don’t forget in these situations to consider wills and power of attorney so if anything happens to you, mum’s ok. (Sorry about the depressing ending)
Richteddy