Forum Replies Created
I have used Washington Brown in Melbourne exclusively – no complaints but I’m sure the others mentioned OK also. GPS network looks like good price too.
Steve BMossie,
I don’t have advisory qualifications, however I agree with other postings suggesting you hang on to your current IP’s. Maybe start by sourcing cf+ or +ive geared property and building on your portfolio – first reducing net cash required then moving into +ive over time. Cash +ive properties are out there. A lot will depend on your income/financial situation also.best of luck
Steve BMaruco,
I have a couple of Housing commision homes also in a regional area. Look at old wiring, hot water services, stoves, etc – could be significant cost in the future if need to replace. I also will not purchase if has old cement sheet on any walls, roofing, etc – asbestos – and if need to modify, replace, etc disposal can be time consuming (permits) and expensive. regional area’s can often have a higher incidence of white ants, and if in area need to be treated every year or two. I have found them to mostly be well built and solid also.
Good luckSteve B
In the short term it sounds like the only way forward is a cf+ or +geared property -increase your income after expenses. I would’nt sell anything in the short/medium term. Prop 1 & 2 may be your golden goose over time. I am certainly not an adviser, but would get rid of bad/non income producing debt first if not already.
Steve BIts certainly possible to continue to increase your portfolio and income, and with properties in Vic. All you have to do is find them. If you build your portfolio with cash flow positive properties, your net income will increase and you can keep your debt servicability.I believe one needs to keep $$$$ for contingencies such as interest rises, short periods of untennanted property, etc.I tend to use P&I finance, with only 1 or 2 interest only loans at any time,and use interest only as fall back position for others if required – never had to back off to interest only though. I’llsend you some info.
Steve B
pkluge,
I agree with most of what has been said. rarely get positive geared/cash positive property with sustained capital gains. Also new or near new for depreciation. I have sent you an e-mail regarding a unit development I am involved in which may be of interest if cash/gear positive is what you are looking for.
Steve BMaybe its because great deals are harder to find these days and everyones sniffing around the net and anywhere else looking for the hidden gem.
Could we all be wiser now and don’t need to talk about it so much.I suggest you have a chat with your accountant, financial adviser. A whole bunch of things can influence this decision such as personal tax (advantages/disadvantages), land tax, etc. etc. You can have as many as you can accumulate, the question is whether your ownership structure is efficient, and as per the prior respondant – what, why and where do you want.
Good luck and start with something if not already.My experience is that often regional area’s perform similar to capitals for CG (%)- lower initial prices – lower gain, however often better cash flow. Usually up to 2 years behind in trend/cycle of the time. I know of a couple of medium sized cities of 15 – 25K population in Vic which has had a higher than average migrant intake over past 5 yrs or so, with higher than Vic average regional prices & growth. I missed the boat with it so keep an eye on where there going to in QLD and let me know.
I agree that you should talk to council with a copy of the title with you, and know the dimensions, etc. My understanding is that you will need a plan of sub-division designed by a Surveyor for your application which would come from your site feature survey which will cost up to 1K anyway from the survayor. If the Surveyor is experienced with the local council they should be able to give you a good indication anyway.Look for driveway access, power supply, drainage and water supply issues, etc. obviously easements, building code/s, distances etc will be a key consideration from council.
Good Luck
RonnyI have studied retirement villages and particularly pensioner units extensively. I have recently purchased 3 units off the plan in a development called homestead life. banks will lend up to 80% + your equity. There are a few other pensioner developments around also. I chose “Homestead Life” because they have full independant units, as most don’t have cooking/fridge/etc facilities that banks don’t like as restrict for future. Buy in pairs to reduce vacancy risk – one may be empty with income still from other one, but research shows once tenanted residency is stable.
