Forum Replies Created
hahahahahaha
Hi Trance
Adelaide has had significant capital growth in the past 12 months. I had a few of my properties go up 40% (rubbish area too).
I can see that you may be feeling that the prices will continue to grow because of the new mine sites opening up.
I always buy in cities where i know I will have sustainable and ongoing growth on a permanent basis. I am not sure SA fits this criteria.
QLD is market to have the highest population growth in the next 50 years. Long term supply and demand.
Hi Shelen
Doesnt sound too good if the slab is sinking. When you say a good buy, what are you comparing it too?
I would def get a building inspector in there.
You need to find out how much it will cost to rebuild the second half of the propety in the event it does continue sinking. Also, what are your plans for the property, if you plan to sell it to someone else in the future it may be a bit difficult.
Can you knock down the existing property and maybe build 2 or more?
I would make my decisions based purely on facts and figures and not get emotional at all even if it is a good price.
If this opportunity passes, there are plenty more around.
Hi Geoff
That must be frustating having a property on the market for so long.
Sorry I know nothing about the area your property is located in……however, do you know who your target market will be to sell too, would that not determine what you would do to the property and how you will present it.
Whenever I do a renov or subdivision, I always consider who will be buying the end product and taylor to what they will want.
Just a thought.!
Hello
Firstly, none of us are average and secondly, you can do anything esp if others have done it before you.
I do not know what state you are from but in W.A. we have state residential design codes and this tells us what we can do with the land. I am sure that your state would have something of a similar nature, see eg.
http://www.wapc.wa.gov.au/Publications/Rcodes2002tables.pdf?id=591
I make it my business to keep track of most shires, their meetings and what their plans are…. yes, it is a time consuming job but maybe think about areas in cities that have large lots of land and start your research there. The shire websites have loads of information.
The other alternative is to pay a buyers agent but I usually like to do all the ground work myself.
I NEVER bank on land being rezoned or take a punt… that is like gambling! if you take a punt you will end up paying way too much for the land and not being able to develop it.
Research, research, research!!!
Danuta
Great to hear you are getting excited about property. It is a brilliant game and you learn so much about the world and people the more you dabble.
Your post is a little confusing.
Are you asking the forum if you should consider buying one of your friends properties OR are you asking us if we would be interested in buying?
Yes, I think you have thought out a plan.. you want to become a plumber, start earning full time income asap and reduce living expenses by living with your mum for a few more years… thats great.
The bank would still be the lender but your mother would become the guarantor, meaning, if you did not make the repayments, she would be liable for them and if she didnt pay them, they would take her house. You have a great mum :>
Just one thing, if you buy a property and rent it out straight away, you will not be entitled to the First Home Buyers Grant, I think its 15k… and reduced stamp duty. I didnt worry about that too much when I bought my first property. You would understand from economics the term "opportunity cost" which means that you stand to gain more by foregoing the FHBG than moving out from your mums house and having to pay all the bills on your own.
Even if your mum is still guarantor, I think you will still need proof of income for 3 months!
You know what you want to do :>
Hi wdemirdonder
The job you pick should be your passion. What are you passionate about????
My partner works in the W.A. mines, I think you may be a little too young…. you would need to work cooking or cleaning if you wanted get in now. ESS is a company that would place you in these sorts of roles.
It also depends what you want for the future, what do you really want? financial freedom? wealth? or just an easy life and a retirement plan?
I know beyond any doubt that I want financial freedom… I want to run my own life and own my time!
I got started when I was 20 but only because my mother forced me to buy a property, that horrible women LOL
She gave me the deposit and drove me to the front of a house. I was working full time and could afford the repayments.
When I hit mid 20s.. I had built up so much equity, I used that to buy 3 more properties and then they went up and I once again pulled the equity to buy more and so on.
Dont be in a hurry….. remember, it is better to do one smart thing that you are educated in, that 20 stupid things.. if you keep up this studying and positive attitude by the time you get a job, you will get in there and be worlds ahead of all of us.
You didnt say if you were going on to uni or looking for a job? even tho I think job is a dirty word, without it, or another form of income, it is hard to get finance and you dont want finance anyway if you cant afford the repayments.
Very impressed with you!!!
Hi Kuade
I have not subdivided land in QLD but have done so in WA.
The only way you are going to work out whether the profit is there is to number crunch!!!
First work out what your end product will be and what the gross sales will be and then take away all your costs to get in.
For eg in W.A. when I am looking at a site, I call the local shire and talk to "Planning Department" they will tell you straight away if there could be any potential problems.. !!!
I calculate the followings costs:
1. Purchasing/settlement costs
2. Subdivision costs – survey/power/electricity/site clearance incl tree removal.
With power, if it not underground usually when you develop a site it will be a shire condition to put it underground
With water, if you are subdividing a few blocks, if the pipeline is not diagnal or running across the length of the property.. you may have to pay for them to extend the pipeline. Do your research!
3. Bank holding costs (monthly repayments for the life of the project)
4. Selling agent costs (usually 3.3% including GST)
5. Thirdly, dont forget your profit… usually I work on 20% of the gross but it depends on the market and the length of the project
Make sure the land is flat and of a rectanglular/square shape.. if it is not completely flat you may need some retaining walls and will need to factor this into your calculation!!
Make sure you are honest with your calculations and have researched it, do not play guessing games.
RESEARCH RESERACH RESEARCH
Good luck!!
wdemirdonder WOW
You are amazing…. how we could all only wish to have started thinking like you at 17 year of age. Who has inspired you or where did you get your inspiration from???
You could easily retire at 30 and be set for life if you keep thinking this way. Dont let anything get in your way and do not get side tracked..stay on this path.
Well done~
Hi Chris
Your story is exactly the same as mine.
I have been stuffed around by so many brokers, its crazy that they get property investors who buy properties constantly and dont have the brains to look after them. They want to make a quick buck and forget about the long term gain.
Sorry to any of you brokers out there, i am sure there are good ones too.
Rotten eggs in every industry.
LOL
I wasnt paying attention and kept hitting post :>
How do you delete?
Hey Eller
Do you know the QLD is predicated to have the highest population growth in the next 50 years.
I think QLD is the best place to invest long term. Esp SE QLD….. running out of land in between the ocean and hills :>
I think Adelaide is a good short term investing place but long term, very average.
Wish we had crystal balls. Good luck
Hi Happy Homes
What state are you located in? and does the Finance Broker/Team have to be in the same state as yourself?
Hi Happy Homes
What state are you located in? and does the Finance Broker/Team have to be in the same state as yourself?
Hi Happy Homes
What state are you located in? and does the Finance Broker/Team have to be in the same state as yourself?
Hi Happy Homes
What state are you located in? and does the Finance Broker/Team have to be in the same state as yourself?
Hi Happy Homes
What state are you located in? and does the Finance Broker/Team have to be in the same state as yourself?
Hi Happy Homes
What state are you located in? and does the Finance Broker/Team have to be in the same state as yourself?
