Forum Replies Created
Thanks everyone. will read those recommended links and also get to that part of the book.
Thanks again
Hey , i dont live anywhere near that area, but just wanted to know if Corio is a good area? its really cheap there
thanks again christian
Good work with not advertising. This enquiry is for my parents house and im not sure if they want to go ahead. but if i continue this path for myself, i will contact you professionally if thats ok.
thanks againHey kellie
i have been looking at Glenroy. Out of control! Cant get a 600sqm block for under $450k. By the time i will be ready to buy, it will be way above that again. Also rents do not match the buying price from my research. For $350 might have to step out to cambellfield or Broadmeadows, which suprisingly has done very well in CG in the last couple of years.thanks for that info christian. im am going to continue looking into it. might speak to a town planner to see what the process and cost would be going with them. do you recommend a town planner to organise this process?
thanks for the advice. i have got a quote from a company saying it will cost approx 30k for subdivision, architect plans drawn up for a 2 bedroom unit, all permits, the whole works. so right up to the point where i can sell it to a builder ready to go. i will have to provide utilities like power , sewerage and water which will cost about 5k max i think. i could sell land with plans for 300-350k (being on the safe lower side), going on the surrounding streets which have done this already.
Do you think 30k is too much, or do you think it would be beneficial for me to organise this for myself for less?
i am aiming to buy IP 2 close to these areas. even if i have to go to glenroy side, that will be ok. But my PPOR will hopefully be in the essendon area. Its going to be hard work, but that is the goal.
hey wealthyjvd,
i am in exactly the same position as you in the same area. i bought IP in airport west and want to settle down in essendon strathmore area also. i am 24 and have been trying to work out how to go about getting IP2 also. i have decided i want to get number 2 before getting my house to live in. i find thats the only way to be able to afford these areas with a bit of equity so it is going to be tough.
terry is right about setting up goals financially. i have been working it out for the last few months and its going to take me till the middle to end of the year to top up my savings and build up some more equity to get number 2. I could do it now but it wont be in the areas we both want. It will be a 2 and half year turn around between IP 1 and 2, so i think that is not bad.Good luck with your planning.
Duckster,
your example above is the same recommended by my mortgage broker in order to buy my second IP also.
From all the info on this site, i thought it was a huge mistake to join both properties together as security? If that is the only way possible in order to buy the second IP, is it still worth doing or would it be better to wait.OK that promising seeing that we can have two separate loans combined into one. so together we will be liable for the whole amount of the loan. that clears up a few doubts i had.
Thank you very much for the information guys.hey terry,
sorry to read your reply after so long. been overseas and been a while since ive been on this site.thanks for your info. I havent talked to a lawyer or mortgage broker yet, just wanted to gather my personal info before i get to the next stage.
I know i was vague in my initial post, but If i buy the property to renovate as my ppor, doesnt that exempt me from cgt? of course i will discuss with a lawyer about the joint venture agreement side of things, but as for the financing side of things, is it possible to get separate loans for the same house and pay the interest on them seperately?ok thanks everyone for your help. i have got in contact with a builder and he says would probably be looking at approx 100k. might also have problems getting permit from what he sees as there are no 2 story houses in the street. there must be a reason for that.
might look to do a nice reno inside instead.
thanks againHi all,
really need a good accountant in melbourne. have tried a few people that have been recommended to me, but they all seem to not be taking on new clients.
Preferably someone who can advise so i can get the best rewards out of my investment property.
any help would be great.
thanksok thanks for the feedback qgm.
hey jazz77
when u say "There are no payments to be made during the course of the construction" does that still mean the interest payments on the development loan have to be made? sorry if it sounds like a silly question.
Also what are the requirements to otaining a building licence? So for example would i need a building licence to construct 2 townhouses?
Thanks
great thanks dan.
This sounds incredible. just to clarify, when would you recieve the 50% tax deduction? For example at the time of purchasing a vehicle or at the end of tax year?
sorry, i should have created a new topic. i am new to this. sorry about that
hey everyone,
hoping someone can give me some advice. Im trying to add value to my house and i thought i could try and win both ways if i could do a renovatiion and add a bedroom or two. I prob would not have enough space to add to the rear of the house so i was considering building an upstairs bedroom and ensuite or two beds.
Would anyone have any thoughts about:
how much this would cost me?would i need permits?
when completed, would this be beneficial to me in terms of growth?
any help would be appreciated as i am just thinking about increasing value on my home. thanks
thanks mike
very informative report. helped me out to know where i sit in the market.
thanks again
