Total Members: 159,252

wilko1

  • wilko1 replied to the topic Property data analysis in the forum Help Needed! 11 years, 1 month ago

    $850 for a yearly subscription to RP Data.

    Worth its weight in gold if your purchasing more then one property in a year. OR are developing/renovating

    Can link you the web address if you want (Not through RP data direct)

  • wilko1 replied to the topic Advice on how to put a development deal together in Launceston TAS in the forum Help Needed! 11 years, 1 month ago

    If the site is really that attractive and or you cant afford, cant find people, cannot find investors to come in.

    I would buy, get the DA for as many townhouses/houses as possible on the site and then onsell the site.
    Perhaps try negotiate a long settlement. maybe 8 months to 1 year.
    The key is here if you only have 40K is that You wouldn't be…[Read more]

  • wilko1 replied to the topic Advice about IP Reno in the forum Help Needed! 11 years, 1 month ago

    Experience tells me how much I would need to spend on a home for a renovation. But if you were completly novice. You could write down the external measurements of the building (get off the floor plan) and give that figure. Say 100 sqm minus windows etc to a render and maybe a picture of the house (I would avoid saying
    you haven't bought the home…[Read more]

  • wilko1 replied to the topic Advice about IP Reno in the forum Help Needed! 11 years, 1 month ago

    size in sqm is not the be all and end of if a subdivision would be approved by local council. If the merits of the subdivision are strong ie. Private open space is met, set backs, rear set backs then then can be allowances for sqm size.

    Know your end sale value. Is this house with a new kitchen, cosmetic fix up, (I would render externally as…[Read more]

  • wilko1 replied to the topic Setup of business and Taxes in the forum Legal & Accounting 11 years, 1 month ago

    I agree with freckle in this market I would not be flipping. Many times I have flipped a home but had it revalued at the end of the renovation. 80% of the time the valuation is higher then the end sales price. I could of keep 4-6 extra houses at a neutral rent (positive after depreciation and tax).
    Unless you have a specific goal in mind for…[Read more]

  • wilko1 replied to the topic Setup of business and Taxes in the forum Legal & Accounting 11 years, 1 month ago

    Plus you could have one investor invoice the other, for his management costs. Then you have the advantage that you are a lower risk, your not a renovator, your a professional, project manager. Would only need to get 1 year bas statements/tax return then. 

  • wilko1 replied to the topic Setup of business and Taxes in the forum Legal & Accounting 11 years, 1 month ago

    Get a accountant. Pay for some advice – $300 a hour might seem like a lot but it's invaluable when you get information from the correct person. 

    You would have to register for gst only in some circumstances. Most likely if you did a structural renovation, subdivision then yes you would, the threshold is only 75,000 (turnover not profit) which is…[Read more]

  • wilko1 replied to the topic Finance for business in the forum Finance 11 years, 1 month ago

    1) harder then you think to do successfully. 

    What's your current incomes if you keep working ? ALOT of people neglect the fact that there is only 38 hours in a working week and there is almost easily another 40 hours that your can work if you want to put your head down.  

    I would actually personally ignore low doc loans. Unless you have…[Read more]

  • wilko1 replied to the topic Is structural engineer necessary for small crack? in the forum Help Needed! 11 years, 1 month ago

    Wouldn't be that worried about it. 
    Would only be concerned if it was 10-30mm not 1-3mm
    or if it had grown by 1-3mm in a week etc. 

  • wilko1 replied to the topic HELP – Creative thinking needed for PPOR in the forum Help Needed! 11 years, 1 month ago

    Continue to rent in the area that you wish to live and then buy investment properties in areas that are within your budget and that you can afford.

    Buy investment properties that have a upside, Ie renovation, subdividing and developing. Gain some equity

    Save longer and more intensely

    Go halves in a large home with another person (in your area…[Read more]

  • wilko1 replied to the topic Is 10+ Properties Really Possible in 12 months? in the forum Help Needed! 11 years, 1 month ago

    Plus I'm going to say it. That you get ALOT of motivation when you are halfway through the year and you have already bought and renovated 4 houses. It changes what you think is possible.

  • wilko1 replied to the topic Is 10+ Properties Really Possible in 12 months? in the forum Help Needed! 11 years, 1 month ago

    Multiple properties even of low value (using a buy renovate revalue strategy) lets you produce greater on paper equity (IE house bought at 100k, spend 10k, revalued at 140k but could only potentially be sold for say 130-135k). Which lets you leap frog quicker into more expensive quality houses.

  • wilko1 replied to the topic Question about equity in the forum Help Needed! 11 years, 1 month ago

    "Consider tapping all of your equity today even if you do not plan to use it all in the next purchase."

    Only if they are financially aware people. I've seen many people go down this path and end up with a boat and new car… Silly people. But it is a good financial back up for loss of work etc if your not insured or get dismissed or for…[Read more]

  • wilko1 replied to the topic Is CBA finally launcing fully transactional offset account? in the forum Finance 11 years, 1 month ago

    No suprise that took forever. The made Many many millions more by having the ridiculous MISA accounts.
    Min withdrawals – $500
    if you empty the account ie take out to a zero balance it disappeared off your netbank as a account.

    so much more interest that cba earnt.

  • wilko1 replied to the topic joint venture question in the forum I would be looking at lending 11 years, 1 month ago

    I would be looking at lending at %80  not at any higher as well if your strategy was to buy/renovate/sell for a couple reasons
    – at 80 percent you have a greater chance of just getting a desktop valuation over a valuation where the valuer comes into the property. 
    – that becomes a problem when you a trying to buy a property that requires work. Ie…[Read more]

  • wilko1 replied to the topic joint venture question in the forum Help Needed! 11 years, 1 month ago

    What is the aim of the "joint venture "?

  • wilko1 replied to the topic joint venture question in the forum Help Needed! 11 years, 1 month ago

    You would have to have a bank that allows 2nd mortgages over property.  Some banks ie NAB will only take a mortgage if they are 1st. Others such as CBA can go second mortgage.

    Why wouldn't you use the same bank. It is a much easier process. 

    And it depends how you go 50:50
    jojnt tenancy 
    tenants in common 
    50;50 shares in a unit or discretionary…[Read more]

  • wilko1 replied to the topic first time in the forum Help Needed! 11 years, 2 months ago

    Wouldn't say that time is running out for you. You have 20 years plus before the retirement age.
    Can get a lot done in that time. Some people make millions in that time period.

    You should ask yourself what the purpose of the unit would be.
    is it to rent and hold long term?
    what the area like?
    What is the expected rental
    What is the expected…[Read more]

  • wilko1 replied to the topic Purchasing property – put in Trust or Personal? in the forum Legal & Accounting 11 years, 2 months ago

    Well it might be under land tax value currently. But in 20
    Years time it might be well over taxable value, if the government don't increase the land tax threshold inline at least with inflation 

    the 6 year rule means that if you lived in the property for 3 years as you said. Then moved out you would have 6 years Of being able to
    claim the PPOR…[Read more]

  • wilko1 replied to the topic Purchasing property – put in Trust or Personal? in the forum Legal & Accounting 11 years, 2 months ago

    Hi nicki

    Terry is pretty knowledgeable in tax, law, and estate planning. The only reason he cant give you specific advice on your situation is because he doesn't know your situation. The information you gave in your initial post is enough to give general advice. The specified advice you can ask for $200-300 a hour for a qualified person to sit…[Read more]

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