Forum Replies Created
- kkramme wrote:On another note, I understand that many folks working in the mines would like to invest in property but can't always find good property in other parts of the country.
Does anyone know of which newspapers or other publications that folks in those mining areas read?
Kind regards,
Ken
In the NW of WA Newman, Port Heldand and Karratha they get the North West Telegraph newspaper.
If you're unsure you can always ring Steve McKnights office and ask for more details. I have met Dean and Elise and they are walking the talk. They started off doing renos in their spare time, now it is a successful fulltime career.
They are down to earth people and have perfected templates that have helped them become very succcessful property investors. Like Steve they impart knowledge that has been tried and tested.
if you want more info ring. Seek and ye shall find.Check with your accountant but my understanding is that if you sell it before owning it for 12 months Capital Gains Tax is paid on all the profit made. If you sell after 12 months only half of the profit is subjected to CGT that is if it is in your name.
You have to remember that the amount made when you sell whether it be half of the profit or the whole amount is added to your taxable income for the year and then taxed at that rate.
Hi Daniel
I have found that you cannot beat 'local knowledge'. They live there and know exactly what is going on. Most of the people I have talked to are business owners or are managers of a business from blue collar to white collar workers.
I have talked to REA's and talked to people who currently have short stay accommodation. There is a few houses dedicated to holiday stays but I am not interested in that as they are already catered for.
Driving thru the town I noticed that all of the motels had 'no vacancies' signs out. I am currently fact finding at the moment and talking to a principal of a Real Estate Agency who has been living in the town for years to see if we can do a deal. He seems to think that there is a big hole in the short stay accommodation options for local businesses. So my focus currently is on that.
RVP
Try http://www.nmdata.com.au they have sales by Public Trustees, Mortgagee Sales etc listed on their site all over Australia.
Hope it helps.
Ros
I don't see that buying two in the same complex would be an issue as long as it meets your investing strategy and you have done your due diligence.
Things to look out for:
the complex has a good reputation
units easy to rent out
body corporate overseeing the complex is doing a good job and maintaining the complex
body corporate fees are not to excessive and they don't continually ask owners for one off lump sums to complete major maintenance jobsYou can always knock on doors and ask the people living there if they like it and if it is a good place to live.
Ros
Hi
I attend a meeting called WAIP Western Australians Investing in Property. We meet the last Wednesday of every month in Burswood (not the casino). We have various people in the industry talk eg accountants, settlement agents etc followed by a 'real deal' (someone presents a deal that they are/have done) then a chance to network. It cost $10 to cover the cost of the room and tea and coffee.
If you would like to be added to the mailing list just let me know. They are very informative meetings and you get to meet like minded people.
Ros
Hi Eddie
You are doing everything right so far, asking great questions and taking the answers on board your half way there.
Have you thought of going along to meetings in Sydney that are run by like minded people out there doing the reno's, developments etc. I'm not from Sydney but know of a meeting that is held once a month, they have various people from the industry come in and give a presentation eg Accountants, Real Estate Agents, Property Manangers etc. Sometimes it is followed by a 'Real Deal' were someone presents a project they have bought/working on/finished etc, followed by networking. It is a great way to meet like minded people and can be a great source of information.
The web site is http://www.propertyinvestingnetworkinggroup.com.
Ros
I wish you and your mate good luck Boooma. My husband, son and Myself moved to Newman WA at the end of 2001. We thought we had missed the boat. Half the town was in moth balls. Even then we were still earning great money, my husband's a sparky and I was an office administrator. The reason we went remote was to buy a house because we could not see how we could afford one working in Perth.
Then the boom happend, by then we had purchased two properties in Perth (if only we had purchased 5 in Newman:) In 2005 we moved to Port Hedland because my husband became an electrical drafty to get off the tools. Now we are back in Perth because he is getting more money down here than up north currently.
Sorry to bore you with the details but what I wanted to say was we had an absolute ball, we met people that we will be friends with for life and earnt fantastic money in the process. I thoroughly recommend moving to a mining town (Loved Newman kinda liked Port Hedland) and my son still says living in Newman were the best.
You mate is doing the right thing, it is worth coming over and checking it out yourself there is nothing like being Johnny on the spot.
Hi Goldilocks
My accountant is very good and always answers my property related questions thoroughly and makes it very clear to me so I understand (I can be slow on the up take sometimes).
His name is Matthew Moonen and he works at 154 High Street Fremantle 08 9335 5211. I actually booked an appointment and we interviewed each other for about 1/2. I felt comfortable with the way he answered all my questions (I had a list) and vice a versa.
Hope this helps.
Ros
Alright here goes. Moved to Newman WA in November 2001 with family to work and get together a deposit for a house. At that stage half the town was in moth balls. There was plenty of work for contractors (my husband is a sparky) and life was good. You could of picked up a house for $40,000 or $50,000 if it had a pool and the rent was $200-$270 a week.
So we decided to buy in Perth we bought two properties within a year. Not a bad buy thanks to the boom but if we had of bought houses in Newman with the equivelent borrowings we would be comfortably retired by now. We did buy a house eventurall and made a very good profit. Ah the one that got away.
But wait there is more. I will finish my story here because it will benefit no one. I have learnt a very good lesson, go with your gut feelings and never give up until you have exhausted ALL avenues.
And the bargain of a life time is just around the corner and can be found everyday.
The law is the law and if it states that they have to give tennants 2 months notice then case closed. Anyway renovating around a tennant is bad form and illegal, they only got away with it because Jack doesn't know his rights. You cannot tell me that they did not plan this and knew exactly when they were going to move in.
It's a good thing that Jack has you on his side Milly and can direct him to the right people.
Very UNAUSTRALIAN.
Reneeshen wrote:just branching off a bit from the topic….has anyone been to the tony robbins upw, wealth mastery or date with destiny programs? And if so, what is your opinion on his programs as empowernet works alongside the tony robbins companies.
Thanks
I have a friend who does or has done all of Tony Robins seminars she loves them and finds them exactly what she is looking for and needs in her life.
It is a choice, attend one and see what you think. Personally I have never been, maybe I'll attend one of his seminars next year this year is a bit chockers.
Ros
Hi Goldengoose know exactly what you mean when it comes to negative thinking people. I came to this realisation a couple of years ago, I do not talk to people about my investing unless they are doing what I am doing or are where I want to be in my investing journey. This saves a lot of time and energy because there is nothing worse than someone giving you advice about something they know nothing about.
Your with good company on this forum.
Ros
Personally it has saved us a number of times. I know it can be costly but in the end we saved thousands and it only cost us hundreds.
At the time it was money well spent.
Ros
Hi Lottee
I was in the Results 2 intake and all I have to say is if you want your investing to be taken to the next level DO IT!
Steve and his team are professional, knowledgeable, ethical, caring, motivating and are investors themselves.
It is an awesome program run by outstanding people.
Ros
ps if you want any other info just pm me.
I heard a very similar case being discussed on a talk back radio show. They both had 50/50 stake in the property (originally two brothers, one of the brothers had passd away and now his wife wanted to sell) the wife was taking it to the the Supreme Court.
There was a very good chance that he would be forced to sell or he could buy out the other person.
First things first go and get legal advice and good luck.
Thanks steve for the valuable tool. Congrats Nicole & Alfonso outstanding scores. It was very timely because I am just about to re-assess my goals for 2007 to see if I will achieve them or not, my score was 580. I have a long way to go and it wasn't a negative score so I am on the right track.
Hi I'm from Perth and I am finding that the FHOG has had very little impact on the housing market. I am currently looking at units/flats to do a quick reno and put back on the market. Currently vendors still think the boom is happening and the prices are currently not reflecting the market situation. So I am waiting patiently and currently looking at various mining towns where I have lived and bought houses before.
Have just purchased a reno, subdivision in Geraldton which is currently much more affordable than Perth and is surrounded by numerous mines. Friends that live there (sparkys etc) are flat out with work and are turning jobs down, which is always a good sign unless you are trying to build ha ha.
Thanks to everyone that has posted info on their towns it helps when you want to expand your search for property. Good luck and remember there is always another deal waiting for you, just turn left.
Ros
I have also purchased the Reno Tool kit and it is well worth the money. Have just used it on a property we bought to reno, sub-devide, build and sell.
