I'm looking to do this with my girlfriend and all my properties are in my name and my bank won't let me use the equity if I'm buying a property with someone else''s name on the title. Yeah all the properties i find and do some numbers for come back at alright profit levels(although I'm aware there will always be hidden costs or things go wrong) but the discharge mortgage fee i could do without. Might have to save up a 20% depoist to avoid LMI to make the deals more appealing.
I'm looking to do this with my girlfriend and all my properties are in my name and my bank won't let me use the equity if I'm buying a property with someone else''s name on the title. Yeah all the properties i find and do some numbers for come back at alright profit levels(although I'm aware there will always be hidden costs or things go wrong) but the discharge mortgage fee i could do without. Might have to save up a 20% depoist to avoid LMI to make the deals more appealing.
I think(could be wrong/probably wrong) it would help with expanding your portfolio from the point that you could use IP2 and IP3 as security for other properties. When i have applied for more loans the bank has asked me which properties i would like revalued and which ones not, not sure if this is the proper procedure but my bank allows it. It also might work in your favour if you went to another bank with the two property deeds and used them as security. Once again I'm probably wrong that's just my thoughts on it
I normally just ask the REA and then double check with council or water company. they've never lied but a fe whave been a few dollars out not a big deal when its a $4 difference per year
I normally just ask the REA and then double check with council or water company. they've never lied but a fe whave been a few dollars out not a big deal when its a $4 difference per year
Hey Flynn there are a few spreadsheets out there that cover this i got one for a $1 a few months back i'll tyr and find the link but from memory i just googled negative gearing calculators.
No its not in cairns and its not a on site managed property. Long term tenant close to shops. I’ve done some numbers and if i were to pur hase my share with no loan it would be cash flow positive by $33pw i underatand peoples concern about capital growth but i have the foundations of my portfolio as capital growth and neutral cashflow im just trying to generate a bit more cashflow. Good to hear some negative feedback but lol
I've bought a few unseen. I just normally ask the agent for a picture of every room from different angles and the building inspector will pick anything up. He knows what he is doing and I don't Apart from that street view will give you everything you need to know about the location.
You could start an E-bay business. My neighbour has 6 different accounts so he doesn''t have to pay as much tax makes a fortune by going to vinnies and auctions and just resells things.
I have a few questions about flipping as I’m considering changing my current style of investing which is buy and hold positive cashflow property but its not making me as wealthy as i’d like to be so my few questions are and sorry if they are outdated i read into flipping many years ago and im sure some laws etc have changed:
1. If you sell within a year of purchasing the property you are taxed 50% of the profit?
2. Can you apply for loans with no early repayment fees as you plan to flip?
I'm about to start a Reno early next week and I've been able to obtain quotes for everything I'm not doing myself but unfortunately I can't get any plasterboarding quotes until mid next week. Just wondering what people have paid in the past for a wall in your average sized bedroom. Whether it be put on the frame or just stuck to the internal brick wall. Any help would be greatly appreciated
A couple of ways to put the gyprock over brick, … if the brick wall smoothish and flat then you should be able to glue the sheets directly to the surface, otherwise and I prefer this method, screw timber battons on the wall and then apply the gyprock.
As far as cost of getting someone to do it for you …. the sheets are pretty cheap, but you also have to allow for adhesive, joint tape, joint compound and finish coat, it can start to add up, but a professional will already have this stuff, … plus you may need to match the cornice and skirting. Unless you are proficient with plastering then don't attempt to set the joints … you need to know what you are doing to get a smooth/seamless finish.
If it's only one wall then it really shouldn't cost that much, ….. I can't give you a m2 price as I do it all myself on my reno's, but definitely it should under $1,000 easily, it should only be a few hundred for one wall.
I tried to add a couple of example photo's from one of my reno's of the wall battons, but I couldn't work out how to paste photo's in.
Mystery
Thanks Mystery. Yeah I was looking at doing it myself but its a top floor unit and the hassle of getting the plasterboard up there plus the tiling and flat pack kitchen I'm doing will probably keep me busy so i decided to just get someone to do it i really should try myself but it'd be better if i didn;t have to worry about it. I'll post soome after reno pictures on here soon
Yeah Bunnings was my first choice but normally i find another place via late nights on google that have much cheaper stock aka kitchens and wash basins oh well i guess its an a'door'able situation Iám in……….Bazinga
I'm in a similar situation. The vendor of the property I'm buying is being rented to her son. No lease and the contract is stated as vacant possession although he wants to stay on apparently. I do my own managing so i have the joys of trying to organise a lease agreement that starts on settlement day. With all of my properties they've already had tenants or being owner occupied. The owner occupied were very fussy about letting me get out property managers for a rental appraisal even two days before settlement when i was doing the final check.
The holiday is a work thing so it's unchangable. The settlement can be delayed but it is already be delayed considerable with problems with the valuations etc it's alright I decided I'd just spend the money on a plane ticket for my Girlfriend to go and check it out. Not really a holiday destination like she thought i was sending her to
Kingswood= great place many of my early starts were here. Just need to pick the streets normally anything north of the train line is danger zone anything near the uni is good $ in time.
LOL no i would never give a discount unless they weren't willing to pay weekly. I should have written that in but yeah don't worry I'm not the discount giving type of guy
Yeah i was thinking that with my higher rent properties it would even be worth offerring a couple of dollars less if they paid weekly. See how they respond i guess