Forum Replies Created
Thanks everyone for your answers.
I will be keeping the property but as I have to borrow for another purchase, I thought it would be a great way to cash up and not get another loan as the new purchase would be PPOR.
cheers
Toni
Thanks for your info. Sorry its taken me so long. The house has been in the family for 20 years and we are buying half of my sister in law.
cheersHi
I have always used tiles/timber floors and always carpeted bedrooms. Never had problems leasing due to the location of the properties. To my surprise, i heard some people do prefer no carpet anywhere as kids are allergic to the dust that lives in the carpet.
I would probably speak with the local property manager as they should have a pretty good feel of what your prospective tenants will like.
As I mentioned, the location is probably more important. If you can get away with not spending extra money, then dont.cheers
Toni
Great info here, thought I would refresh the topic.
Can anyone fill me in on the rules about "arms length"?
I have an SMSF and want to sell my PPOR to the fund to release cash for another purchase.
I have a feeling this cannot be done but can anyone give me the advice I need?
Cheers
Toni
Hi
If you are buying a going concern it should already have all these things in place and if not they would not be a licensed child care centre. These businesses are heavily regulated and it would be a commercial investment for you. They would have had development approval from the council to run the place as a child care centre so I dont think its a question of renting as a home or centre, it is a centre. If you want a home then buy one, it would be cheaper than buying a child care centre. Your solicitor would be able to let you know what you need in relation to insurance and leases. The council for the area is a good starting point if you want to understand more about child care centres, also in NSW, DOCS is the main licensing body if you want to understand more about the physical requirements. In NSW the person in the know generally about centres in the area is the Children's Services Manager from the local council. They are pretty across the child care centres in their locality. I dont know about other states.
Bottom line its a commcerical building which essentially already has the requirements in place.
Hope this helps
Tonithanks for your reply. Not sure, never had to do it. Do you know what the requirements are?
Hi Mark
You pay 215pw @ Kirribilli? Stay right where you are. Invest in Pyrmont, Ultimo is a sleeper I hear. Surry Hills, anything close to the CBD. These areas are huge for students. There are companies that will rent the property from you to sublet to students. Chippendale is an area where i know this is happening. (not us)
Think about the things you look for when renting and you will have a list of things to look for in your own place. We have 4 Sydney properties and 1 regional. When we bought the regional, our solictor said we shouldnt as it was too far away. Well thought we were right to buy a cheap regional and it turned out we were wrong! This is an opinion that we have formed for ourselves. It works for some people but not for us.
When thing go wrong you are at the mercy of someone's mate and you cant get there to check the job. You may not even know they are mates. For us one of the things was a little plumbing job which became a nightmare because we didnt know how big the job was until we got the bill!
We resolved to buy nothing further than we could easily drive to to enable us to check out problems easily.
You dont mention how old you are but I take it you have a while to go. You mentioned you dont mind buying and holding. Keep buying property near where you live and let it grow.
Keep accumulating until you want to go sit under a tree, then sell off one at a time.
Good luck
Toni
Hi Karen
good luck with it. Have you had the building and pest reports done?.
If the contract falls through, you may be able to buy the ones that (hopefully) have already been done for the previous buyer. The REA may even give them to you.
The only suggestion I can offer is to offer a quick settlement, say 4 weeks if you have things organised and can do it. The vendor is probably feb up by now and will go for something quick. Dont offer any more than what they are currently going to get. Put the offer in writing telling them that this offer will expire within date of a couple of days or so. They will know you are serious and that you will walk away if they dont make up thier minds.
DONT let them know how much you want the property as they might try to get cheeky and up the price AND want a quick settlement.
Good luck
Toni
even managed to move a street closer! lol
I really feel for you. How much do you estimate the reno would have cost?
cheers
ToniHi Mike
Found this and wasnt expecing an answer so soon as today is Sunday! I emailed and I was so surprised that I got the report back today !
Thank so much once again.
Toni.
Can anyone give me info on a good one in Sydney?
HiI guess your best option is to speak with the council and do try to get the advice in writing before buying. I have been through the scenario of one telling you something and another saying something else!Toni
"MLM is just one more form of selling products or services, and needs a lot of time and dediction and real talent and love for selling and teamwork just like proeperty investing, or running a restaurant."
This is so true. I have been around these companies for many years. You have to have a love of the product and to use the product in your everyday life to become successful.
These sales meeting are great for personal development as well. Usually you will find its just ordinary people who have put their hand up to give a presentation.
It's the same as any business, you have to dedicate a lot of time to set up and run. You can make a success of these systems but only if you work really hard.
There are a number out there besides Amyway. Herbalife, Avon, Nutri-Metics to name a few.
I would say if you can sell ice to the eskimos – go for it with a product you believe in. If you want to improve you self confidence – these businesses help. But dont pay a joining fee – there are lots that will give you product for your money.
Anyway – my advice is try before you buy. You cant sell anything if you dont like it.
No i am not a member of any of them – just been around the block a few times:)
Toni
Hi Erik
Its a really good site full of useful info. It does look like its under construction stiil. I have put it into my favourites so i can see it grow!
Well doneToni
HI
Its a great position to be in. Put the money away for a while and educate yourself. You can do this cheaply by buying books. Steve's 2 books are a great start. Margaret Lomas has a a range of books and i think the last one is about 20 questions you should ask before buying. Thats a great one. Peter Spann is another that comes to mind. This forum can be a very useful resource. There are seminars and courses you could do but they are very expensive and sometimes not what they are cracked up to be.The biggest rule for me when investing is LOCATION, LOCATION, LOCATION.
Near to transport, transport, transport. This is what i have found works better than anything for my style.
Good luck with your future.
Toni
Welcome Josh
Check out October Money magazine. It has all the relevant information regarding this exact subject. I am looking at the same thing. Only difference is we currently own the property and will sell it to our SMSF. I have yet to check it out further but i believe this can be done.
cheers
ToniHi
Sell the house and reduce the loan on the PPOR. Investing later has more advantages tax wise. Collecting rent now from the house you own outright would be pure income (apart from a little expense along the way). DHA is a more expensive but less hassle free way to invest I believe. I dont have any but have looked at a couple.
You are right to cut emotional ties and have more of a business attitude, that way you will get ahead.
Keep reading and asking questions.
Good luck
I remember the days of free flights to Queensland to meet with companys like this. I thought this practice had been banned. The IP's were greatly overpriced, and the full day, high pressure sales pitches, by the end of the day, people were tired so signed !! Can you believe it?
A friend bought one and later found found he had paid about $25,000 too much. I am sure this was in the 80's. Sounds so similar.
wealth4life you are so right "you CAN buy a cheaper property 6 months old in the same street and get the same tax benefits and save $40,000.00 in two tiered fees"
Really, if you are just wanting a no problems buy and rent, go to Defense Housing, pay a bit more for the stock but genuine guaranteed rents for years.
