Forum Replies Created
[
]hi matt
a good place to start might be to ask each real estate agents why this unit is for sale.
Have a look at the area :
* is there something undesirable happening close by
* is a major business/industry/employer closing and so tenants may be hard to find
* are the current tenants staying/extending their leases
* is there a problem with one of the owners of the unit – check with body corp
If everything looks good, the numbers add up and the bank is happy but you still have a gut feeling that something is not right, you can always walk away – you have to be happy and confident about it.
Good Luck with your hunting!
[8D][
]”Always look on the bright side of life!”
Life really is too short, so dwell on what is important and happy.
Working with small children is probably one of the most rewarding vocations – they are always giving. When one of them discovers something, even so small, for the first time (has a “eureka” moment), I know I’m blessed to have been a part of it.
Steve, you have this to look forward to – enjoy life.
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Does she look after your property?
Is the place neat and tidy?
Does she do any gardening?
Does she expect that renovations are necessary?
Ask her if there was one thing she would like done to the property, what would it be and would she contemplate a small rent rise?
I know that this sounds like pandering to the tenant, but good tenants are gems. We inherited a tenant with a property eight years ago and are looking to knock the place down in two years and build two dwellings. We are looking for another place to relocate out tenant during the building, then he will move back in. He maintains an immaculate garden and fixes the small things that go wrong. We do not use a RE agent and he is 1600km away. He is almost part of the family.
And the rent – he pays below the average rent for the area, but he’s solid, reliable and long term. This still makes it a positive cashflow property. It’s the best of both worlds.[][
]Hi
Melbourne has about 5000 city high rise apartments on the market this year, Adelaide about 200. Don’t know the number in Perth, but know that South Perth with city and river views is a popular area. Does it have security/UCP? Good Luck with your decision.
[8D][
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We had friends who signed up for one of these type of deals and they added a clause about being subject to coming in at 95% of a valuation by the bank providing finance (friends had made arrangement with bank before visiting Queensland). It ended up being their way out of a potentially sticky situation.
Take care
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The ATO has issued two booklets titled “Rental Properties 2000-01” and “Guide to Depreciation 2000-01”, they may have updated them for this year (available at your local ATO)- they provide comprehensive guidelines on the taxation of rental properties or go to their website http://www.ato.gov.au or ring 1300 720 092 for their publications distribution service.
hope this helps
cheers
H[]Hi silver fox,,,
The soundness of construction is relevant with any IP. The amount of land is also important but we tend to look for the tenant who wants to live there. We are fortunate to have an IP with a tenant who considers the residence his home. The structure is irrelevant to him. (timber frame with cement sheet cladding.)
Depending upon it’s location Bricks and Mortar has benefits over timber. ie coastal areas, high termite areas.
Take each IP on its merits..Good hunting
[][
]Congratulations Tracey!
Will you keep us posted on how it goes? Post minutes on the forum? Let us know future dates so that when we visit Perth, we can come along too!
Hope all goes well.
H[]Hi Sooshie,
Like everything with govt depts/ATO – as long as you have the paperwork in order and a knowledgeable accountant, you have nothing to be concerned about. Just watch out for customs – they’ve been in the spolight lately! Enjoy yourself!
[]hi wilandel
the drought has affected many. in sa in the riverland, crops may have to be abandoned because of water restrictions. i love buying australian, but it may become more difficult!
what impact might this have on property in river towns?
hope things improve for you.
[]Hi Darwin,
Yes I heard it too and if you check out the front page of The Advertiser from Adelaide today, it has more info. You can go to http://www.theadvertiser.com.au to read the article.
cheers
[][
]I’m really enjoying the discipline that goes with keeping the journal. It makes me set aside time to do things for me (very difficult being a working mother!). I love looking for real estate, reading new books/articles and chatting with my other half. Writing isn’t too much of a task – at least it helps me improve my keyboard skills!
Keep it up, it’ll be worth it. You’ll be able to look back at the beginning and see how far you’ve come!
[]Hi,
Our closest investment property is 1600km away and it came with a tenant 6 years ago when we purchased it. We don’t use an agent for that one (he is an incredible tenant and we appreciate him), but the others are even further and yes, we wouldn’t be without a property manager. We interview them, just as they would a tenant and make sure that we are comfortable with them. It lets us spend time looking for the next investment, rather than worry about what someone else is doing. I suppose it’s also the tyranny of distance.
cheers
H[]Hi,
I would have to agree about “go north” – we just look at the changes over the past 5 years since we began investing in Perth. Living interstate, you really notice the massive changes when you visit. Most of it is north of Perth. With great infrastructure, coastal location and the possible relocation of EC campus, it sounds an interesting place.
The idea of an investors group is great. This is a fantastic opportunity to keep the momentum!
cheers
H[][^]Hi Steve
Thank you for clarifying things. I became frustrated with my group when they took off without getting organised first. In real life, I would be (and am) more choosier with my business partners. Some of the concepts were new/unfamiliar to me and using them so soon after being introduced to them confused me further. Back to the drawing board! I really enjoyed the weekend though and have much to work on.
Cheers
H[]
]hi matt
]
