Forum Replies Created
Hi Zayne
There's another topic in this thread about cost of bathroom renos.
You'll find a lot of answers to your questions there.Paul.
Hybrid2007 wrote:Notorious? as in rough/high crime area? Is it comparable to say the Elizabeth area? I hear people from Adelaide that say dont invest in Elizabeth for that reason.The Elizabeth area for starters was predominantly settled from early 50's, (QEII) and is dominated by housing commission properties. There is a lot of 'fixer upper' properties there if you aren't phased by the socio-economic 'stigma'. I think median price there is around high 1's or low 2's. I haven't lived there for about 35 years.
Lot of transport/schools/shopping centres in the area. Main North Rd runs into Adelaide City. I think any area will have its pockets of rough/crime areas, no matter where you are planning to invest or live. It's what you make of an area.
My sister and family moved out of Modbury to Greenwith, a newish suburb. They were still planning on buying an IP in the Elizabeth area.I did mine for about $2500. Did all the demolition work myself which was only hiring a jackhammer from Kennards, buying the PPE gear and giving my partner 'bribe' money for dinner!!
Lot of DIY research, books, asking tradies/shop owners little titbits of info…..and mostly keeping it simple.
I merely retiled the walls from a creme 150 x 250 tile to a white 200 x 200 tile. Nice border tile (200 x 40) at eye level. 200 x 200 floor tiles too. Bought tiles from a tile supplier, (discontinued stock) along with all other 'tools'.
Paid plumber $75 to weld off the old copper pipes from the old basin, which we gyprocked over the wall cavity.
My one saving grace was having a JOAT mate who 'got me started'.Paul
I gather by your line, "no fuss that's claimed in the advertising" the company who's doors PLUS your problems = not happy!!
Have you gone to the Dept of Fair Trading? They'd be my second call after calling the company in regards to the complaint.
Paul
Hi Kris
You haven't specified your skill level so forgive me if I 'tread on your toes'.
To completely gut a kitchen and bathroom in one go is quite an ambitious venture. I renovated my own bathroom about 3 years ago and sourced the trading post, Ebay, seconds shops for materials. Most of the tools I needed I either hired, (Kennards) or even Cash Converters. Is that a choice for you? Are you willing to do the jobs yourself?You can salvage a kitchen simply by painting the cupboards, putting down a new laminate benchtop and retiling the splash back. Save yourself $1,000's there.
Gutting a bathroom is not easy but can be acheived if you remember one simple rule ; waterproof the shower alcove, floor and walls. Escpecially when you knock out the hob. I kept my old bath, (purely because bath's are always a requirement) just retiled.
You'd be suprised what can be done simply by researching the costs for DIY and by keeping your first project/s as simple as possible. You can always improve on the next one.
Good luck.
Paul.I think I have the record for the lowest score……………… – 2019.
Yeah, that MINUS 2019.HEEELLLLPPPP!!!!!!!!
My partner was made redundant last year, one wage now with 1 and 1/3 mortgages.This suburb was formerly known as Hackham back in the 80's.Pockets of public housing mixed with private. Depends on what part you're interested in. Like all other Southern suburbs, it'll be going through a growth spurt. Since Colonnades expanded anyway and businesses moved onto Beach Road.
I've bought into Woodcroft for an IP, had it 2 years now and it's grown in value by about 30%. Morphett Vale and Christies Downs/Beach have started moving upwards too. You can still buy in for early 200's.I grew up in Morphett Vale from '76 – 92.
Hi Richard
Thanks for your comments.
The two loans are crossed….yeah I know what some people think about that!!
I'm trying to get my head around the whole LOC structure and whether, given our finances above, future wealth creation is still possible.A work colleague of mine bought a property in an auction format a few weeks ago. I remember him telling me the day before the auction, "I've got my cheque book in my back pocket….just in case"
Seems like if you're serious about purchasing at an auction, you'd have the purchase details already sorted…………………….To those already who have replied, thankyou.
I didn't mention in my original post that, of the money left over after paying the loan payments each week, (approx $210), still have to take out groc/petrol and h/hold debits.
I can see the long term gains by keeping the IP going, I'm just running out of money!!
My wife is trying to get back into the workforce again, she's 51 now so the offers aren't exactly pouring in.
The one saving grace on the IP was I had the foresight when purchasing to fix at 6.75% for 3 years, 1 year to go with that rate.
I've got .7% discount with my PPOR so that's not really the issue.
Paul.My Dad passed away suddenly in June this year. He was religious, (and I guess to a point he still is).
Anyway, I can always remember him telling me that there are angels that watch over us…..we cannot see them, we cannot hear them, but we can feel them when they are near.
After he was taken from me, I have realised that there is a greater power of something I cannot fully explain, except to say that I truly believe Dad IS looking over on me from time to time, and there IS something unexplainable with me.
Hi Stu
A great article, I can’t wait to get my copy of API July.
Hmm…another thing I can’t wait for is to see my accountant for my annual tax pilgrimage and try and work myself out of a dilemma I’ve got myself into.
Allow me to explain for the forumites..
My 2 IP’s are cross-collaterised with my PPOR. I have a premier package with a Big4 lender giving me 0.7% reduction of the variable.
My 1st IP, a unit, is on a IO loan with 3.5 years of its fixed term to go. This ones at 6.5%. Costing me $1003 p/m – rent is $762 (after agents).
2nd IP, is a house also on IO loan with 2.5 years to go, also on 6.5%. Costing me $1352 p/m – rent is $750 (after agents fees).
Because my premium option home loan is offset, our incomes go onto our mortgage and so do the rents…
The ave interest on the PPOR is $1430 p/m.
A day b4 the 2 IP loans are due, (22nd and 24th), I sweep from the PPOR to an ‘investment account’ of the loan amounts.
I sweep the plastic fantastic on the first week of each month.
Query is….am I beyond help here![fear]
I’m willing to sell the unit more than the house.
Any ‘educated’ replies would be sincerely welcomed and replied.Interesting thought…
Here’s another.If you do use moist tea bags on the end of a broom, the main point is;
“Is it as good…..as Bushells”[strum][headphone]
Sorry!!
I use O’Reilly Lillicrap in Brisbane
Ph – 07 3395 1800They were recommended to me by a friend and made my first IP purchase (even more easier) as I was an interstate buyer.
I’d definetely recommend them to anyone and will be using them again.[exhappy]
Hi mcubed
Like yourself, 18 months ago I ventured into the foray of property investment and bought in FNQ. It settled on Dec 14th (first mistake) and sat vacant till Feb 12th (second mistake).
I’ve had it tenanted since Feb 05 and have had NO dramas with the manager, lender or tenants. It’s a great feeling and as soon as you get one you want two…..
Anyway, I bought my second last Dec, (yeah I know I didn’t learn anything the first time) in Adel, and have had it tenanted since settlement.
There’s no real time as when to jump in again because every investor has a different risk tolerance and financial situation.
Both my properties are I.O loans so as soon as capital growth takes off in Syd, I’ll probably go again.Good luck in your endeavours[thumbsupanim]
I tend to have the belief that, if a tenant is looking after my property for me, and they’ve already had 12 months in my property, I’ll reward them with a $50 voucher from a major chain at Xmas. This is currently applying to my first I.P, but seeing as the lease is up for renewal in September, I’ll seek feedback from my property manager regarding the current rental demand up there.
Call me cautious but it’s better to have a happy tenant for 52 weeks than to have it vacant while you ‘hold out’ for an extra $20 a week.I’d spend the million on buying pre-decimal banknotes….
Naturally there are only about 4 or so I’d consider buying due to current price and condition.
Sit on the banknotes (not literally) for 1 year, then sell them for a very tidy TAX FREE profit…………..
Now I’ve got my original million back….with approx 60k extra to spend.Numismatics is a great hobby…..
Does anyone know of good buyers agents in the Mackay/Townsville area? *raised eyebrow*
Hi Stevie
I deal with Lyn Anthony Real Estate in Townsville for my I.P up there. Have had no troubles with them and they’re on the net too.Hi Snowkiwi
Without knowing your financial situation, here’s some advice from someone who used to live in Blackett just over 5 years ago…
Houses back then (and for the majority of our interstate readers I’ll clarify) were mostly housing commission with a small minority who were owners. We lived in a rental on a main road and were offered the chance to buy our house for 75k.
We declined…
Now, houses in the same area are reaching 255k +.My reason for this email?
Don’t pre-empt social demographics by ‘looking for the bad reasons’ to get into a particular area. Sure, all areas are bound to have their bad eggs from time to time. Some houses do tend to have a fairly high vacancy rent, while others you wouldn’t touch with a barge pole. It all comes down to research, research.By the way…I learnt from my procrastination.
I’m now buying my own house near Erskine Pk, with 2 IP’s. A house in Adelaide and unit in Townsville.
Good luck for your future investing endeavours.[specs]
