Forum Replies Created
are you going to post that one (ringwood dev) in here oscar?
double bump..
they slugged 700 to upgrade from 7kw to 10kw might see what retail prices are and see if they had profit in there somewhere..
*bump* anyone?
Yep all sounds doable of you can find:
1) A lender to give you a personal loan for the deposit.
2) A lender who will allow you to draw cash on a credit card to pay off the personal loan and then allow you to have an interest free period on the card.
Course after that you need to ensure you can pay off the card or substitute the security as it would become a very expensive deposit at credit card rates going forward.
Cheers
Yours in Finance
Richard, I did a little research and found the credit cards that offer the interest free period (up to 18months) must be a balance transfer as such. So you can transfer either a personal loan or another credit card balance directly to the interest free card if approved. However even though the card is interest free and cash advances on it would be at the full 20%+ interest.
Cory, How exactly do lenders view credit hits when they check your credit file? e.g 3 hits a year too many etc?
I realise evn though paying the card with no interest would jeopardise borrowing capacity however as the banks normally take the full limit into account at the full interest rate payment yes?thanks guys
see how i go..
dam this post was interesting, has anyone done any granny flatting as such in the LLC?
anyone?
SO turns out they installed the wrong unit and had to upgrade from 7kw to 10kw. no labor to upgrade because it was their stuff up. Even the daikin website states a 10kw minimum for the sqm of the house.
Please Steve can you put this on tapatalk???
hey M & A,
welcome!Im doing research into subdividing and can share a bit of knowledge ive got whilst looking around..
1&2 – depends on councils zoning of the land and the suburb, residential may be able to chop a block off down to as small as 260m2 or the smallest they allow could be 380m2 but to find this out you would have to do some research through council or consult a town planner. Councils have specific rules you must follow as to frontage of land, setbacks (eg existing house may need to be 1m from boundary on existing lot)
3 – as for the time it takes this depends on a lot of things, if you have satisfied all the councils criteria it could take a couple months if they arent busy, if they are busy or you have issues getting it through could take 6 months plus..
4 – I would start by consulting a town planner, this may come at a cost but a few hundred bucks to save tens of thousands of dollars is money well spent i believe, there are companies that can help you with the subdivision proccess normally take you from start to finish, it will take a cut out of your profits but at least you get a helping hand the whole way along..hey isabel,
Im in the same situation, looking to do renovation or subdivision. I work a 2on2off roster and work long hours having access only to net and phone here.
my thoughts were that renovating would be a safer option (especially seen as though ive done a decent course on it) and be able to learn the ins and outs of researching, negotiating and project mangagement, without the exposed risk that a subdivision would have (have 2 or more properties to possibly sell, have to adhere to council, normally more money input required and would take longer than a reno because of council mainly)
However i understand that normally more risk normally equals more reward, having only 1 week off may be a challenge if you want to do a quick flip (so that mortgage repayments arent eating your profit)
A subdivision may suit better if you think you will only have just the 1 week off out of 3?
it really is a hard decision to make, 1 offers longer timeframe and more profit whereas the reno is a shorter timeframe normally with a smaller profit… guess this means you could do maybe 3-4 a year vs 1-2 subdivisions tying up your cash..
I honestly couldnt see myself completing a renovation in under 3 weeks and hence when i renovate will combine my rostered time off with annual leave to be able to adequately manage the project.
I myself am torn between buy and hold vs renovate and flip…
queensland or nsw but open to anything really (did a bit of reasearch in SA but unable to find reasonable yields in suburbs with any sort of growth potential)
any other buyers agents people would recommend for buying through for positive cash flow properties under market value?
Would of never thought of that thanks for the advice, how do u build underneath, do beams pillars etc get put in place and house lifted and put on or something?
Hi kylie, Have you done the lift and build beneath?
Im guessing the valuation of the GF would be better also if it has its own separation from the existing property? e.g its own seperate car parking area and fenced or gated. making it almost like its own self sufficient dwelling. not sure if council allow fencing and whatnot like this but i would think it would make a difference.
Make sure you allow for holding costs while DA goes through too that could be a money eater
thanks for the advice guys, am going with an unfurnished rental, expecting around 330-370 pw which will give me a yield of approximately
4.3% on conservative house value (395,000 valued) should be capital growth in coming years pending project approvals….
or
5.9% based on loan amount of 290k
any reviews from people that have used them?
