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traolcoladis
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@traolcoladis
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February 19, 2011 - 4:16 am
see my comments in
https://www.propertyinvesting.com/forums/property-investing/help-needed/4335673
Essentially paraphrase to suit your location.
"My advise would be to proceed with caution.
Find out if there are any body corp fees.
How close was Redbank to the flooding that occurred recently.
Was the area damaged by cyclone weather recently in the last 4 years.
What is the rental return (Balance this against what your mortgage commitment will be.)
Make it subject to being able to find a tenant for the property.
My understanding is that there is a high vacancy rate in QLD
Find out what the property prices have been doing in this area in the last 6, 12 to 24 months.
Despite common hype property prices to drop. I know of this happening two separate people. One bought an IP in QLD and the other in WA."
Hope this helps
traolcoladis
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@traolcoladis
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February 19, 2011 - 4:07 am
You can have that the house pass the building inspection report. This may be semantics but the devil is in the details. One thing to be aware of is that Real estate agents want the sale to go through with the minimum fuss. Even though they are meant to represent you as the seller you may find that your gut feeling will contradict this.
You as the vendor can request that this amendment be that it is subject to the house passing a building inspection report.
Otherwise get the agent to ask specifically why they want a building report. What is the aim of the building report.?
Is it to see if the house will be able to be extended safely upwards?
Get the details.
traolcoladis
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@traolcoladis
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February 19, 2011 - 4:02 am
One thing that I would like to raise is:
If you go for the IP will you be able to afford the additional repayments if interest rates go upto 10% Also will you be able to afford the rates if you are on a single income. I am asking these questions as my friend and his wife borrowed an extra 100k to go into a development proposal.
This has a great possibility of a great return. Now that he is in between work it is putting pressure on their mortgage until they can find him more work.
Just a few other points to consider.
traolcoladis
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@traolcoladis
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February 19, 2011 - 3:54 am
You may need to get your conveyancer to write a letter stating that you are prepared to extend another 4 weeks to them on the proviso that they release the deposit to you so you can make use of it to find accomodation. I believe that if they default that you either keep 2% of total sale price or the full deposit.
Have a look on your section 32 or the contract of sale. It should have the information on it. I believe that it refers to reasonable costs.
I believe that you may be able to get them to pay costs associated with obtain bridging finance if you were looking to buy another property.
Any interest on the property from the due settlement date on any mortgage you have for the property.
Accomodation expenses incurred by you.
Additional costs incurred by you for further contact between you and your conveyancer.
Costs incurred by a 3rd party for any delay in the completion of a vendors (your) purchase.
There may also be a fee for allowing them extra time on each extension offered to them.
Your section 32 may be different. Check with your conveyancer.
traolcoladis
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@traolcoladis
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February 18, 2011 - 6:59 am
Hi Big Teddy,
what were you wanting to find out. Was it anything in particular. Also which shire were you needing access too. Casey, Kingston, Frankston?
Feel free to contact me. My contact number can be found on the below Link. or I believe that you can contact me via my profile.
Kind regards
traolcoladis
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@traolcoladis
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February 18, 2011 - 6:09 am
Some friends of mine have put their house up for sale, and I am helping them with it. They are looking to sell it to Developers or anyone else. I would be interested if you can send this to me.
They have also used a Quantity Surveyor as well in relation to the subdivision of the property. It is 1061m sq flat and rectangular.
It might be worth while using a quantity surveyor as well for your project as they should know the costings and depreciation schedule.
traolcoladis
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@traolcoladis
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February 18, 2011 - 6:02 am
Is there an existing house on your piece of real estate. One thing to be careful of is the unknown. If you do have a an existing house there then you will need to make sure that demolition costs are included. Also with builders that you use it is imperative that you check the previous referrals from 1yr ago, 3 years ago and 5 years ago. Find out what problems if any have occurred.
Also find out how quickly if at all the problems were resolved. My Wife and experienced a very costly issue with the first builder that we used and it cost us 30K and it almost cost my marriage as well.
If they say that they have multiple locations around Australia ask them are these Franchises or is it all one company. Also where is the head office. You want the head office at the very least in your state or driving distance from you.Any more that 2 hours and it then becomes arduous to get complaints resolved.
Hope this helps
regards
traolcoladis
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@traolcoladis
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February 18, 2011 - 5:54 am
Yes and definitely read the fine print that will cover your property before you have the need to. This is because the devil is in the detail. It is what you are not covered for that will more than likely bite you in the rear.
Important point is that if your tenant does not look after the property then you have to be prepared for major repairs. It is not all hell-fire and brim-stone either. There are good tenants out there. Just make sure that you or your agent filter the applicants properly If something seems to be off with the application then go with your gut.
traolcoladis
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February 17, 2011 - 11:14 pm
If the house is on stumps check underneath the house for a dead horse…… but seriously I am grossed out about this as well.
Work out what the problem is. Get the agent to double check the references supplied by the tenant.
traolcoladis
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February 17, 2011 - 12:35 pm
I have a quick question that I am hoping people can answer. Is a quarter acre rectangular block, in Hampton Park, reasonably priced if the buyers are looking for offers over 425K?
traolcoladis
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February 9, 2011 - 3:43 am
Hi BelleStar,
the other thing to do is to surround yourself with people in the know for example you want to have accountants bankers and lawyers who are also in property investments with portfolios of their own. The reason for this is b/c you will then know that they know the best way to go forward and also how to minimize your outlay and increase your return.
If you are going to purchase your first property then take advantage of any government grants that you can while they are still offering them. But be careful where you buy and what you buy.
Look for properties that are not on top of train lines or major roads but are easily reachable from the property. Before you buy the property go there at different times of the day to ascertain what the neighborhood is like.
It should be close to schools, Public transport and shops. If you use the 1st home buyers grant then live in it for the first year and rent out the rooms to help with paying it off as soon as possible.
The aim is to have the property paid off as soon as you can so that you can start to leverage off it. The other suggestions above are definitely worth following.
There are many paths to rome. Some are smoother than others.
traolcoladis
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February 9, 2011 - 3:18 am
Hi Jacqui,
I am helping a friend sell their property in Hampton park through my site. They have gotten a QS done on the property and used someone not connected to any real-estate agent or solicitor where there may be a $$ remuneration for them to do so.
I would recommend that you organize an independent QS to do your work for you. That way you know that there is no conflict of interests happening.
traolcoladis
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April 25, 2010 - 11:17 am
Isn’t a referendum needed for the gst to be increased?
traolcoladis
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@traolcoladis
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Post Count: 19
April 25, 2010 - 10:19 am
Ok I have just entered the re industry. Have a young family and a mortgage.
Pay wise you may be offered an advance on commision with the estate agents refer to as a retainer.
You may get offered 500/week + commission. Which is brocken down into to parts. Listing and also selling.
You may get 10 to 25% for listing a property and maybe 10 to 15% on the sale of properties. Both are payable when the property is sold.
Now when they are sold you have to wait until it is settled. And you may be able to apply for a section 27 which allows the agency to apply for an early payment off the initial commision after all conditions have been cleared. So ultimately you could be waiting for 3 to 5 months for the commision depending on how things unfold.
You can kiss saturdays and sundays goodbye. Say hello to late nights as your main work times is mostly during the times that people are not working
You will start as an agents rep. I would recommend that you read the book”Don’t Sign Anything” by neil Jenman.
It will tell you the common practises of the estate industry. I don’t approve of those practises. I have seen them at work though. It partly comes out of frustration from greedy vendors which, I believe, over a period of time results in jaded agents thus they use the tactics that you will read about. The industry is commission driven which is one excuse that has been given to me.
traolcoladis
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April 25, 2010 - 9:05 am
You need to ask your accountant how to minimise stamp duty. Of that there is a way. Some one explained it to me and it has to do with trusts
traolcoladis
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April 25, 2010 - 7:14 am
“Tongue in cheek” yes I will see your bet of one 4.5 mil property in toorak and raise you a 1.5 mil property in albert park.
traolcoladis
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@traolcoladis
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Post Count: 19
April 25, 2010 - 6:30 am
Ok I am an estate agents rep. I would recommend that you get a bank to value the house as they as stated by another member of the forum use their own evaluers who are more conservative.
That way you have a written valuation.
Now if anyone is lookinf for investment properties then I know of a few that are available in a gated community. Indoor heated pool, gym, for existing residents.
They start at $349,900 . Rental returns are projected at about $350 +
They are in Victoria, South Eastern Suburbs. I can supply more information feel free to contact me in interested.
Regards
Andrew
0418538094
traolcoladis
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April 25, 2010 - 4:13 am
One thing that you could do is possibly play hard ball as well with the banks informing them that you ere assured by their staff that approval would not be a problem. Subject to them telling you this you went ahead and you now stand to lose $20k. Inform them that unless they approve your loan you will be takeing legal action for loss and damages. Put this in writting to them and deliver it directly to a manager. Also inform them that if you do loose the $20K that at the first available opportunity that you will be transfering your existing mortgages to another financial institution and point out to them how much revenue the bank will loose.
Make it dollars and cents equation to them.
See if that works. It sounds like you have nothing left to loose at this stage.
traolcoladis
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@traolcoladis
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April 24, 2010 - 11:57 am
The other thing on the news is that in victoria that $100 million of land is tied up in victoria alone in forieng investors.
Outrageous.
But let’s have a look at this. They were stating that properties at about 4.5 million and up to about 10 million were being bought.
Do the math. You are looking at about 25 investors from over seas. For what it is worth I am caucasion and also a realestate agents rep. It is amazing the !4 that comes out on the media.
Btw feel free to contact me there are some great deals at a new gated community called lynbrook.
I also have an investment property or three that I own in the new inverloch resort development that when completed with be guaranteed 6% net profits.
Let me know if you are interested.
The other thing as well is that too many people don’t have financial intelligence. And this is the fault of the education system. It needs to be taught from the kindergarden or primary school age.