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Just sign it and or nominee and get your solicitor or conveyancer to nominate which company/trust you select. That way it's also their fault for any wording errors.
1-2 days it usually takes for me. Or by the end of the working day if i give all the details correctly first. If you signed the property in and or nominee and haven't created the company/ trust yet you can still buy it you just have to have a page added to your deed:/company information which is like a backdated approval for the company to authorize it as your nominee for that contract.
The old style Cornicing is prob cement plaster moulds usually nailed/glued on with plaster cement. If you have the plaster with fibers in it you can just start at one end and pull. Might have to use a crowbar or two everyone and then
Unless its a real old hertitage home and then they will be solid molds hand pulled and that would not be fun to remove and you prob shouldn't as they are feature style in old homes
Blue board is a type of compressed cement sheeting. Usually waterproof/ water resistant and used externally on houses for pillars, boxing up fences, bulkheads, putting on before rendering etc.
Theres also villa board, hardiflex, etc. most are brand names whilst they are essentially the same product some have higher levels of water, mould and strength resistance.
What is your reasoning behind wanting a non recourse loan, out of curiosity ?
If they say no to taking photos then I don't get annoyed. I usually set my iPhone to film mode and just casually walk around pretending i am typing a message to my partner about how bad this house is.
Your are there first and foremost to gather as much information to make a business decision which would financially impact you in a negative way if you couldn't gather the information you need to make such a decision. So to the REA i pay no mind. come take my phone away. I have respect for peoples personal belongings I'm just here to make a business decision.
and yes I 100 % guesstimate my figures because I already know from previous experience what its going to cost. My partner and I try to play games with each other for renovations. Looking at properties that we know would require a 20-30 k renovation and we say… Lets do this for under 10K. Makes it pretty clear cut what the most important items are to renovate and also stimulates your brain to think, i Have 1500 to finish this kitchen (with labour) how am going to do it for that price.
Suddenly your on ebay, auction sites, ex kitchen suites. You might spend 15k on the renovation but thats a lot less then the 20-30k you actually thought it would take because you actually challenged yourself to find the best deal.
I cant understand some people when they just get one quote for something and accept thats the price. I spend 5 minutes on the phone and find somebody who would do it for 100 dollars less. Thats 100 dollars in my pocket.
I think a big cost saver is to just get trades to quote for labor only. not supplying the material. example for a house thats getting carpet laid this week for me. First quote 1500 supplied installed. Second quote 1400 supplied installed, went back to first quote said how much for supply only they said 850 pick up from the warehouse, called 2 of my carpet layers, one said he would do it for 300 and he would pick it up.
so 1500 down to 1150 same product within a hour, You could say i earn 350 bucks a hour.
How do you parents own their own house and land? They might own it in a family trust with corporate trustee which could open some options. But that is assuming a bit too much foresight perhaps.
I have a friend who's parents inherited the grandparents home directly behind their home. The son (my friend) due to his large income and his parents semi retired nature is now in the process of using his income for serviceability to fund the building of 3 new homes whilst keeping one of the original homes on a smaller block. I think its a JV between two companies they created so one could provide the land as security with the other providing income as serviceability. personal guarantees given by all parties. But they will transfer 1 or 2 homes to a discretionary trust after completion. Yet i think from your post you are trying to avoid paying stamp duty?
yes, most likely as a LOC type of loan unless you were going to build. Beware though that the bank might continue to value your home at what it was valued at originally without the land being subdivided off. Your home would obviously be worth less now that it has lost some of its land content. But they might not readjust this immediately if you have just completed your subdivision, so if you are going to use the equity in the land to leverage into another deal be wary that you might have a shortfall in funding if they chose to revalue your home. So try and and obtain a valuation on your home before you lend money so that your not caught short with the bank saying…. " you owe us 30k so your loan is within our policy LVR limits." and you have just used that money as a deposit elsewhere
Mindset, jacM. Think you pretty much have it spot on and knowledge as well. Having knowledge reduces risk, but " isn't property investing risky?" Jumping off a 10 m platform into a pool of water seems risky to me. Ohh and then add 3.5 somersaults to it. Creating only a tiny splash. Yet divers do this again and again, the crowd just clap in amazement, " I wish I could do that". Wonder if that's what it is like for most people, they look and read about these people making money retired at 30 and "I wish I could do that" yet they never start.
So maybe the most important thing is action. And if the reaction to that action is negative then you get what's called experience and if its positive then just repeat again.
I would not recommend buying off the plan if your finances are limited. You might find yourself in a situation that you have paid your deposit without the ability to settle on the loan when it comes due. You also have to consider if buying a brand new off the plan unit is financially a good thing. If you think about a chain of money and where does this property fit into it. You've got the land owner making a profit, the developer making a profit, the builder making a profit, the real estate agent making a profit and now your last… to make a profit, if any and only by capital growth which may or may not come as you could never add value to a new unit.
After council approval for the dwelling is granted, when you apply for the construction loan.
Make sure you get the approval for the construction loan with your valuation on completion done before you make any changes to fixtures and fittings. By this i don't mean you can suddenly say your not putting in the huge wall tiles that you told the valuer you were putting in on the plans.
Ie you might decide that paying the building company 5k for floating floorboards of a substandard quality is not worth it and you wish to do yourself. Because if you didn't include these when applying for the construction loan. the valuer will see the house as not being complete or require you to supply quotes for the new floorboards. which gets a little bit more complicated for banks then a single building contract comprising everything.
And then save as much money as you can. Put yourself a goal perhaps 50k by 18.
Get a trade, or university/tafe qualification in project management, construction or building etc
Work towards getting a building license. The sooner you get one of the them the better off you will be as a property developer if you know the building and construction side and are licensed to supervise works. Because not only will you be able to do your own work, you'll have other people, other investors who once they see your success will want in. You will have something they want and that is the knowledge of how to build and develop property cost effectively.
Your old enough to do a cert 4 of building and construction in Tafe could be a good start.
Lots of banks do 95 % lends. Pretty much all the big 4. I personally wouldn't be using Macquarie bank and perhaps your broker is using them because their commissions are higher.
Im just trying to understand when you say you want 70k in equity and a 280k loan.
if you lend up to 95 % with LMI capped at 2%. And you get your house revalued to what you believe is around the 360k mark. then youll have a loan off approx 350k With 70K in equity that you would then use as cash for a deposit on a new property.
You wouldnt be able to have a 280k loan with 70k equity. Your refinance only lets you borrow your equity.
or are you saying You want your New loan for your new property to be around 280k. Time to wait for some posts from the brokers on here so you can get some better advice!
Do what terry said in first post.
But buy a corner house after letter box dropping the entire suburbs corner houses.
Get the FHOG
Live in home for the first 6 months with a gentleman agreement that your mates can live there as well if they buy you all your food and beer.
Rent 2 of the bedrooms to your mates with a gentleman agreement that the 3rd bed remains free at all times (In case you just happen to be in the area every month and want to hang out for a week or so)
Subdivide the land off the back or use your large income to build another home.
Depreciation schedule should cover the majority of any positive cashflow that you would receive from this home for first 5 years.
Hannah998 wrote:The "on par" property only has a carport, not a two car parking garage with roller doors at either end.
It doesn't have an extra double garage like my place has.
It has a flat tin roof. It doesn't have solar panels or high ceilings. It's 60sqm less living space. The quality of renovations is not even on par. For example, my whole property has been painted whereas the "on par" property has only had the front done.
I would say solar panels would not impact in the valuation at all.
extra garage space with roller door- minimal
high ceilings – depends on the house
roof – hardly anything unless structurally unsound or damaged
Your extra 60 sqm of living though in the main house should have influenced the valuation as valuers work on a combination formula of land size/$ per meter squared, living and undercover area size.
You might even be better getting a desktop valuation.
For example bought the absolute worse house for low 400,000s on street that was selling homes for 550,000 plus and a desktop valuation with another bank after i said i had renovated it. (Think i cleaned the gutters and some gardening) came in at 500,000.
Are you selling or keeping the property ?
If you can get hold of the valuation report or at least get your bank manager to let you have a look for a couple minutes to see what properties they used as like sales. I had one valuer use a 2 bed maisonette as a comparison for a 3 bed maisonette and it reduced the valuation by 20k which on a 200k house was 10 percent. I also don't know if theres any truth to this but i have found that i seem to get higher valuations when refinancing to 80 percent then when i refinance up to 95 % with capped LMI, Almost like valuers are including a extra buffer on themselves.
Aren't they demolishing this shed ? Seems like a case of " oh I forgot to check the air conditioning worked, the taps worked the hot water service worked and forgot to walk into the shed.
Hi Derek
You have addressed those points well.
Can I make a suggestion for your website. I think having the start to finish process/procedure on your website would add a level of transparency and also help people to get to understand the process. I'm sure you already explain to people how it works when they call or inquire. But even as a first point to read and be like "yes I would be interested in something like that" would increase interest
Since the USA took the dollar off the gold standard the dollar has been eroded by almost 96%. I just find a bit staggering. No wonder the poor and middle class say they are struggling.
On another rant. Pies in service stations. $5 Unbelievable. 10 years from now ill be paying $10 bucks for a crappy pie.
