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Thanks G7 anyone got anymore info would be great
In Victoria if the agent holds the chq for more than three days by law they have to bank it weather the offer has been accepted or not . It could just be one of those situations . [drummer]
I agree with monoplay but be careful if you sell it without anyone living in it you could also have to pay GST . Go see your accountant before you put it on the market.
Good luck Rick[drummer]
Dazzling, although I am new to the forum I get the feeling that you are into property in a big way. I myself have done well in investing in property and live a good life due to my achievements and hopefull this will continue to go on. Be careful that you are not putting too much time into property seminars, books, forums etc that you are letting your family life suffer the consequences. I dont mean the good lifestyle you may have from it, I mean more family unity.You have to find a good balance. I have friends who are in similar situations and the biggest support I give them is financially look what they have achieved in life and they pass this message to their partners. I know this probably hasnt answered your question properly but hopefully I have shed some light. Cheers, Rick [drummer]
Yack have read it but still doesnt answer the questions I need answered. Thanx anyway
Ty go for it . It sounds like your brother is giving you not just a good buy but experience that you cant put a figre on , if this is your first investment property and you realise that it is not so sacary , you cant buy that knowledge . Also if you continue to invest in property dont forget your brother good luck cheers Rick[drummer]
Need people to respond not just read I need help in more than one way:)
Ha ha ha Just about falling asleep needed a good laugh to wake me up thanks for the support
If you are going to turn the money around quick to make a good profit and you can prove to people that it can be achived you shouldnt have to much trouble getting private investors . providing there is a good margin in it for them. If you want to borrow to hold on 4 a few years then you will stuggle to find a normal lender. There are private investors that will look into long term investment providing ther is a good profit for them at the end of the day. Cheers Rick [drummer]
Good call Mogul75
Be careful spending to much time unless propertys are still going up in your area if they are on a stand still or starting to go down sell asap. Dont wait to put the spa in . How ever if they are still moving upwards and the people that would be looking in the area are younger people then this might be a good thing . Once again be careful not to over capatalise .One other thing is your property on the higher price or lower price for the area . If on the high side you may not gain much in price , but at the lower end you can get away with spending a bit more without over capatalising Cheers Rick[cap]
Look for property yourself just do the home work.Talk to as many people as possible were you want to buy. Were you live seems to be some good cash flow property . you will probably find the best deals in your own area as it is easy to see what is going on aroud you all the time.Cheers Rick
Depends on the value of the property. Be careful not to spend more than 10% of its value on repairs otherwise chances are you could be over capitalising. What is the garden like? If it needs work, put a good effort into it as this is the first impression, and they count. Has it got a garage or carport? If not, put a carport up as people like to be able to park their cars out of the weather. To answer this question better I need more info on the property. Cheers, Rick[cap]
questions you need answers to.
How much will they be worth when finished?
How much to build?
How many can you get on the block?
Do your figues . See if it is worth it . To get ideas on these figures have a look at ones completed around the area . talk to a town planer and talk to a builder that builds units around the area talk to the council about what you can do . Then once you are ready to build worry about finnance then . You can always get investors to finnance the project if you offer them some profits . But one step at a time . It will all fall into place once you start the ball rolling. [drummer]A square is 9.24m . If you look for builders that specialise in building units prices start from about $5500 per square for very basic stuff and the units would have to be at least 13 square plus. On a flat block and more than one on the site. You would also have to allow $20,000 per unit for fences, landscaping, footpaths and driveways. There are also costs of council subdivision fees, surveyors, sewerage disbursement fees and connections, planning permits, building permits in total this would add up to around about $10,000 per square all inclusive. However when building smaller units the price may be slightly higher due to the fact that a small unit still has bathroom, kitchen and laundry which are expensive parts of the unit. Cheers, Rick[baaa][biggrin]
Sonja, I developed 5 units and the only bank that didnt see it as a commercial or business loan was the National. The criteria was providing I wasnt onselling them as a business deal. Also I bought 4 flats a few years ago and Westpac lent me the money no problems. However since then I have asked them for money on a couple of other properties with more than 3 on the one title and they considered it a commmercial or business loan. If you continue to have trouble try a few different mortgage brokers. Somebody should be able to help you out. Cheers, Rick
