Forum Replies Created
Hi Benny & Terry,
I could have sworn I saw a note in Terry’s signature block that indicated he wasn’t taking on any more clients at the moment, while I was reading through some of the other threads (which is why I didn’t check out his website earlier), but, maybe it was somebody else.
Will check out both websites now.
Thanks for your help.
Thanks Terry – I didn’t realise that lawyers did that kind of stuff, so, maybe what I’m really looking for is a lawyer? We want to make our purchases in the smartest way and there is so much information out there it’s hard to know which way to go.
Hi Richard,
What we are looking for is someone to help us with a plan of action.
We are looking for someone who can who can look at where we are, where we want to be, show us what we need to get there and how to go about it (eg. do we need to buy 5, 10, 15 properties, etc. and, do we do this by buying 2 a year, etc.)
I am thinking that this is what a Property Investment Advisor does, but, if I am off base, I welcome any feedback or suggestions.
Thanks,
Angela.
Hi Terry,
We are looking for someone who is able to tell us the best way, for our personal situation at the time, to purchase each property for maximum benefit. I know there are pros & cons for purchasing property in your own name, as well as purchasing through a trust – I’m just not sure which way to use when.
As it would all have tax implications, I’ve assumed we would need an accountant to help us understand which vehicle is better when. Happy to hear any feedback if I’ve got it wrong, or there is a better way to go?
Thanks,
Angela.
We have a property in Townsville that we have had for about 10 years now and, initially, it did have some good growth, but, that has definitely levelled out over the past few years. We have recently been back there for the first time in 8 years and my biggest concern about buying there again is the amount of new construction going on. The city is expanding outwards at a good rate which is what I think has stagnated growth in the 450K+ housing range (ie. why spend 500K on an existing property when you can build brand new). It’s also seen rental income drop because there is now such a large supply in that range and more being built every day. At one point our property was valued at $550k – bank valuations would now put it around $500k due to comparing it with all the brand new construction. We had a look at some properties in the 250-300K price range while we were there as we were considering another property in Townsville. After doing a lot of talking with some of the local agents, they seem to agree that NRAS has had an impact on rental prices and in some areas they are finding it hard to get tenants as they can get a newer build property under NRAS for about the same out of pocket expense as they would be looking at for an older non-NRAS property. That’s not to say there aren’t still good deals in some suburbs but do your research carefully and make sure you talk to local agents to see if NRAS has affected expected rents and/or vacancy periods in the area you are looking at. The other thing to really consider when doing your figures is that Insurance costs for the region are really high – mine have tripled over the past 8 years (despite not needing to make claims on anything) and there are a number of insurers who won’t even insure that postcode at all. Rates are quite pricey, too, compared to other places.
This is just my personal experience with the area, though – I’m certainly not a professional by any means. As always recommended, do your research properly and seek professional advice :)
