Forum Replies Created
Hi Terry,
In regards to the 6 years time frame does that start when you first move out of your PPOR and rent it out, or does the 6 years restart if you move back into your PPOR for a while and rent it out again?
It’s just that I have a rental which was my PPOR, then I rented it, moved back into it, now I’m renting again…
cheers
wayne
Hi Gambini,
Don’t really see what your getting at?
can u explain further….??
Hi guys,
thanks all for your feedback! I’ve been up north of WA for the last couple of weeks so I haven’t had chance to checkout the forums rcently.
I won’t comment on it to much, though some of the developments happening up in north WA are pretty amazing – there seems to be alot of potential and demand! I was talking to one agent and 121 lots of land we’re sold within 3 days!!! Who said the boom was over??
freedomfinder, have u done much land purchasing in WA? Are u based in Brissy??
Cheers
Wayne
Hi guys,
Yes, I’m from WA:) Live up near Quinns Rock.
David, that’s interesting what you said about “expression of interest”. I’ll look into this further.
Another good point about purchasing land in a new estate is that some estates do pre-releases of land, by where you can put a depoist on a block prior to it being released, then you don’t get the titles for another 6-12 months.
I recently did this on a block in the northern suburbs and I made $30k plus on the block before I even got the titles!
Is there any one out there that is doing this for a living? Eg, buying blocks in new estates, building a single house, finishing it off – then selling it??
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)thanks ActToday…
Though if you purchased the block for cash and you didn’t have to pay interest on it, then would this make a difference?
Reason being that it seems that you can pretty much guarentee Capital Growth from the first stage in an estate development…as this is what the developers always do – eg release the first stage land cheaper to get people interest…then as they release more stages, the block prices go up.
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi guys,
thanks for your input:) Yes, I’ve noticed that if there are going to be any duplex blocks avialable these are usually corner ones.
cheers
wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)I would say Padbury’s already had it’s jump in prices – quite a nice suburb, but the prices have gone up alot there recently…
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi guys,
Following my above post, I had a few people emailing and asking how? So I thought I would explain how I achieved this…
The first home I bought was my own home (eg, PPOR – Principal place of residence). I lived in that for a couple of years then moved elsewhere.
The purchase price was $104k – the deposit and mortgage insurance etc required was about $9-10k.. so i contributed the $7k first home buyers grant towards the home and then abit of my own money (which i had saved up – which demonstrated my savings ability).
I was fortunate that you could still purchase homes in metro Perth for that price. I was also fortunate for it to return strong capital growth over the next three years which gave me access to equity in the property – which I then used to buy the next property. The property is now valued at $195k – which has given me equity to play with.
This is probably not a good model to use, though because of my age I decided to take the risk. When getting my second property I actually borrowed additional money on top of the purchase price of the second property which I put in a term deposit account and used it to cover the mortgage short fall on the second property. This was using debt to pay debt, though I figured that property only had to go up 7% in value that year to cover my contributions. Again, I was fortunate as it went up 65k in the first 12mths!
From the equity in both these properties I’ve now just purchased a 3rd IP in Merriwa, Perth. Which I will be doing up and renting out. I’m renovating the property for two reasons, one to make it presentable for renting – the other to increase the equity in the home for further lending.
With only being 23yr old, my strategy now is to try to purchase property in new areas with potential for higher than average CG and work out ways to fund the shortfall on the mortgage. I’ll have to tread carefully now though as the market seems to be easing off and the CG potential is dying down.
I’ve gotta get back to work, though if there’s any young investor’s wanting a chat feel free to post your questions! I’ll respond here rather than via email so everyone can read it…
People may disagree – though being young in this game is a major advantage, so keep thinking about the bigger picture as time is on your side!!! Also think that time usually equals CG, which equals Equity, which allows you to purchase more properties!!!
anyway back to work!!! Good luck – and keep persisting!!!
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi slodki,
I’m 23yr old now, though I bought my 1st property at the age of 19. I was able to use the first home buyers grant and with that I only had to put about $2-3K towards it out of my money.
Since then I used the equity to purchase a block of land in yanchep, and another IP in Merriwa, Perth. (Currently renovating the IP in Merriwa)
The key is having a good Mortgage Broker that can go through everything with you and explain everything in black and white.
Anything is possible if you put your mind to it!!! Keep being persistant and maybe even see 1 0r 2 different brokers. Are you working fulltime? If you can get fulltime work this will help as it will allow you to service the loan better!
all the best!
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi guys,
thanks again for the feedback:)
after quoting up the house, it’s gunna cost be nearly $3,500 for split reverse cycle – As the only area I can put the units are on internal walls. I’ve decided to go for ducted evap with 8 outlets which will cover every room in the house and will cost less than $1 a day to run… got a quote for a coolair system @ $3,690 though gunna continue to barter and see if i can get the price down:)
For the heating side of it, i’m going to get a bayonet installed in the front room and connect a gas heater.
For people out there looking for a good split system unit – i managed to get needham air conditioning (subi area) down to $1750 for a 3hp mitsubishi reverse cylce unit – with a $300 cash back before august 31st (so works out $1450).
your then looking at bout $500-$600 installation.
Apartenly mitsubishi’s are pretty good. This 3hp will effectively cover 52sqm:)
cheers
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)hi arungounder,
Yes, it’s piped natural gas – from the street to the property.
Alinta gas said they would pay for the first 20m free from the mains to my property – though i would then have to pay for the meter box and the bayonet to be installed.
Rgds
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Has anyone looked at Exmouth – far north WA?? I’ve noticed alot of land releases happening up there…
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)that’s a valid point kay. I’ll look at doing this once I trust the tenant a little more:) I guess it’s not good to leave the inspections a year apart intially – just incase they don’t look after the place.
Cheers
Wayne
thanks guys! these are great ideas!
keep them coming![thumbsupanim]
I have a budget of around $1,500 for misc items – therefore if it’s going to help keep the tenant happy i’ll look at installing it:)
cheers!
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)thanks bennido – will nip to bunnings in my lunch break!
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Thanks jhopper!
i’ll give them a call sometime this week – will get back to you! cheers:)
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)thanks bennido:) I’m actually spending about 10k on this place so all little things like this are very helpful in making sure the house has those little things tenants like!
The heaters your talking about – are they the ones built into the lights?
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Anyone got any hot spots in WA??
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi guys,
thanks for your input:)
I’ve got an air con guy coming out during the week to view the property and make suggestions.
If I do go down the evap track, I’ve been weighing up two makes:
– Celair (made by bonaire)
– Coolair (made by Breezeair)Has anyone had any experience with these two models? Regrow, do you recommend either of these makes?? (btw, regrow – thanks for your detailed reply:)
Cheers
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)hi guys,
just picked one up from the local newsagent:) 75 cents per copy:)
cheers
wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)
