Forum Replies Created
Great that it worked out for you Huey. It still may be worth your while to seek another agent. Even though yours finally came through, you need someone responsive managing your property, and definitely someone who will take your calls when you need to speak with them! If he hasn’t time to answert he phone, he hasn’t the time to effectively manage your property.
Hi Steve,
I can’t help you much with the financials, but I would advise thinking very carefuly about getting into a financial arrangement with your family.
We had a similar situation in our family when a sibling bought a house and my mother rented it. Everything may be fine for a long time, but situations eventually change. Looking long term rent issues aren’t always easy to settle, repairs and house upgrades can be contravercial and then there’s the matter of not really being able to sell when you may want or need to.
I have been looking in the suburbs you mentioned HousesOnly, and also in Acacia Ridge. There used to be plentiful CF+ve houses in those areas but I haven’t seen any for quite some time (as in the last 6 months). (Although I admit I claim no special skills when it comes to “finding” gems).
Well I live in Southren Brisbane, an I haven’t seen any CF+ properties within Brisbane/Gold Coast area for quite a while. I guess some experienced investors may still find some through contacts etc, but it is hard going.
Most people seem to be looking in regional area from reading many posts in this board (and Steve’s book of course). I have found some deals that look CF+ but they’re quite a distance from Brisbane, and I’ve yet to make the trek to check it out for myself.
Some say Qld has longer to run than other states as we started later, but personally, I think the sentiment driving the market will turn as soon as interest rates rise and southern markets flatten further.
It’s certianly time for caution IMO, but make no claims to be anything but a novice. Good luck.
Great tip, thanks Richard!
cheers,
Darren.I would be tempted if selling our house netted that kind of capital.
I’m a pure novice, but it seems to me that it is a sellers paradise. People are getting offers way over there asking prices because of the frenzy to “get into” proprety.
I wish I had a crystal ball so I could sell right at the end and rent for a while, then rebuy when interest rates and high rental vacancies sink the market.
cheers,
Darren.I’ll put my hand up for that one a well. I’m a web designer – http://www.ambassador-multimedia.com.
Just mail me at the above e-mail ([email protected]) and we can have a bit of a “conversation”
.cheers,
Darren.I live 5 mintues from Crestemad. I believe there are better options close by for the same money, suburbs with better infrastructure and facilities.
Contact me off list if you’d like to chat.
cheers,
Darren
[email protected]Thanks for your input MJK. I hear what you’re saying. I’m just interested to hear other people’s informed opinion’s at this stage.
cheers,
Darren.An article in the Financial Review is predicting the RBA will increase rates sooner rather than later based on all the good economic news and the lowering unemployment rate further fuelling the housing market. It says raising rates is a win win. Past history says it will deflate housing prices where jawboning has failed and if the economy slows a bit too much or world growth comes off it can then cut them again.
In the UK house prices are predicted to fall 10% next year and 15% they year after. I don’t know on what basis these claims are made though.
I’m only a beginner, but I would have thought it the scope for improvement would largely depend on just how renovated the property already is. Is it just painted with areas that still need attention?
I’m sure we all expect interst rates to rise eventually. But when? I read one report suggesting the ARB already wanted to raise rates, but other economic pressures precluded them from doing so. I’d be surprised if rates rose in the very short term, and surprised if they didn’t within 12 months.
Wen rates do rise, I just hope it is very gradually and very gently. With so many people exposed to so much debt the potential consequences of significant increases are huge.
Well I haven’t been to Melbourne or Sydney for a while so I didn’t get to epxerience it there. I’m sure you’re right, I think this is the longest RE boom in history. I was reluctant to buy here 12 months ago as I thought the end might be in sight. How glad I am I didn’t listen to those particular doubts!
I wonder, since the boom started sooner in the South, I assume it will end first in the South. Do you think this will impact Queensland if prices strart to drop off in Sydney or Melbourne? I assume it will at least be a signal that the market will turn.
On an aside, a friend of mine offered $350k on a $359k property with a (very long distance) view of the bay yesterday. Befoer the offer was even considered another buyer offered $400k, and it sold for $459k shortly after that. $100k over the asking price! I guess it’s like that everywhere at the moment?
cheers,
Darren.Thanks for your thoughts MJK.
Our property surge did start later than the other major cities. The thing is prices are accelerating so fast I don’t know how much longer the current advantages will still be around.
Already the infrastructures are buckling. The SE freeway is probably as bad as Sydney traffic now. Schools and hospitals are full. The cost of living is lower for now, but so are the wages.
Interstate migration between Sydney and Melbourne has shown that people tend to return to their home towns when fortune favours them. At some stage Brisbane is going to have negative migration.
I don’t doubt that you’re right, and that we’ve a way to run yet though, but the speed of the boom and the amount of interstate money surging this way has me concerned for the future though.
cheers,
Darren.I gathered from Steve’s book that they used many strategies to gain their mulitple properties. He said they made some big short term capital gains on some properties and sold to refinance even more lucrative opportunites.
He also explains that he used some no cash down strategies and talks about long settlement periods and other creative ways of making those dollars stretch.
I guess it’s all about making the most of opportunities and being aware of how to maximise each situation.
I’m just beginner, but I that’s the impression I got from Steve’s book, and others that I’ve read.
cheers,
Darren.Thanks for the reply bc. I hadn’t thought of the accomodation allowances, that’s cetainly an upside.
Leigh – I certainly agree with the incentives idea. I read Steve’s book as well. Sounds like that can really put some icing on the cake. Great idea to really tailor it to your customers needs.
Good luck with your offer, and congrats for finding an opportunity!
cheers,
Darren.That sounds scary Scremin! I think the standard of work seems pretty good on our shows, it’s the first time DIY’ers I’m not so confident about. [
]cheers,
Darren.I’m no expert, but as far as I am aware the buyer becomes liable for the property as soon as the offer is accepted, i.e. prior to settlement. That is what we were told, and we had to organise insurance straight away. Perhaps the rules vary in different states?
Hope it works out for you.
cheers,
Darren.quote:
I agree with the Jason. Selling in queensland is a big mistake. Especially outer Brisbane as it is just starting to take off. Refinancing is a good idea so that your borrowings are on the investment not the home but I’m not entirely sure it is leagal from a tax point of veiw to increase the loan on a preowned propety. Maybe a tax guru could answer this one.MJK
Hi MJK,
As I live in outer Southern Brisbane, (although the other side of the highway to Springwood) I’m interested in your thoughts.
Property values have been accelerating around here, especially over the last twelve months, but is there any particular reason why you think there is a lot more to come?
cheers,
Darren.
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