You will have to look into the cost of owning property in QLD they have differnt rates/land tax and stamp duty than we do in the NT. Also you will be in Darwin and it will be in QLD so you will be relying on some else to sort out any problems. My experience with agents has led me to run my IPs myself!
Originally posted by alffie355:You will have to look into the cost of owning property in QLD they have differnt rates/land tax and stamp duty than we do in the NT. Also you will be in Darwin and it will be in QLD so you will be relying on some else to sort out any problems. My experience with agents has led me to run my IPs myself!
Stamp duty is lower in Queensland.
There is no land tax in the NT and the land tax threshold in Qld is $450K.
Rates in SEQ are around $1400 (give or take a little). This figure includes water and shore services and is paid on a quarterly basis.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113Hi Derrek
Is the QLD land tax 450k across the board or does units/townhouses have there own land tax thresholdHi Alfie,
The $450 threshold applies to the unimproved value of the total land holdings.
A simplistic example to show what I mean –
Investor A has 10 vacant blocks all worth $45K has reached the threshold.
Investor B has two blocks with houses on them. Each unimproved block is valued at $225K so he/she has reached the threshold.
Investor C has one beachside block with an unimproved value of $450K. He/she has reached the threshold level.Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113Hi IAS
Howd the course go?We had a fantastic time – got back home after 1am – typical airline times into Darwin – back at work this morning!!
Our time in Brisbane was pretty amazing. We spent all day Saturday looking at various properties and areas. Sunday was pretty intense. We spent the morning going through the finances and looking at various options. We spent the afternoon looking at three specific properties that the company was promoting.
As you might know, we had a specific goal and a one specific paremeter. Our goal was to gain as much knowledge as possible, both of the area and the various options available to us. The one guideline to override everything was our unbreakable pact not to sign anything on the day. This was very important to us. It is quite the romantic thing to do, don’t you think, travelling interstate, looking at properties, getting advise from consultants, property analysts and even a lawyer who gave us some advise on Pty Ltds, Trusts and other issues. It would have been all to easy to sign on the line.
We had good leverage – as in we decided when we would take a coffee break and also the lunch break. It helped break the intensity of the sessions and allowed us time alone to reestablish what our boundaries were and what our expected outcome was.
Having said all this – we were were very interested in one property in particular. While we were reiterating with the Lawyer that our intent was to go home and do our own due diligence, we were informed that the property had been taken.
The people we worked with are commited to a 30km radius of Brisbane. I’ve got to say that I am interested in some areas a little further out too.
That night we headed out to the airport and bought a property investment book and a property analysist from Syndey started chatting with us (he saw the book we were buying). He too had good information and this gives us a good contact in Sydney who also works the scene in Brisbane and Melbourne.
Good news, our IP in Palmerston is about to go on the rental market again – and the agent expects to get over $300 a week for it. Considering we owe $144000 we remain very happy with it.
So, what about yourself – what are you thinking about the rest of the Darwin market, apart from the DHA deal. Also – did you know that if you go for a DHA deal in Darwin, Newcastle, Ipswich and somewhere else before the end of April – there is a closing date – then they will refund you the cost of the stamp duty?
IAS,
Great to hear that you had such a great time in Brizzy – it’s not such a bad spot is it! (Yes I’m biased!)
I must give you a BIG CONGRATS for sticking to your guns and not purchasing anything on your trip – you were very wise and very self disciplined. Now you have some breathing space, and you can sit back and objectively analyse the info you were presented with, and make an unemotional decision. Good work.
All the best – I’m sure you’ll do really well as a result of your obvious enthusiasm and thirst for knowledge.
Cheers,
Adam
Oasis Finance
for your Vendor Finance solutions
Achieve the Dream!
[email protected]Hi IAS
I am looking at Bayview, the land has only been available for about 12 months so there is still a lot of building going on so you can still get reasonably good prices for new property. Also looking at tipperary same reasons.
Good to see you got some positives out of your trip. Been given the same deal as you, but I dont think it is for me, sounds like they are pushing there own propertys to hard to be a good deal, if it was good value they would sell themselves. A bit like DHA houses are probibly 15-20K over priced but guarnteed rent for upto 12 years and refurbed at the end.Thanks for your feedback -we are benefitted greatly from the suggestions from people on this site.
Re Tipperary – we do the rounds every weekend at the moment and have found a couple of goodies – Dinah Court – we didn’t jump on it as it was a little out of our range – but I couldn’t fault the property, location, potential rent – very sweet … and very large 3br apartment.I also think Palmy (!!!) is a safe bet. Have you checked out Moulden lately. Poor suburb with very bad name and not much better reputation – but the tide has turned … what do you think?
By the way – I am still smiling about our brissie trip – no buyers remorse for this little ducky. Also, the book we purchased at the Brisbane airport was Secrets of Property Millionaires Exposed.
I also went into Nexta is Cas today and got the latest Money mag – it had good info re the property market around Aust.
I looked up an interstate property investors club (found them on this site) and they are meeting in Nhullunbuy in March … but I couldn’t see any meetings arranged for Darwin … so now I’m mifffed!!!! Could it be that our Southern folk think that Gove is our Capital!
Oh dear – re read my message and thought I sounded uppity re Moulden – I own an IP in Palmy and spent a good portion of my recent Saturday arvo in a potential reno in Moulden doing my scaled-down version of due diligence – do truly believe in the area and the turnaround is almost unbelieveable. Hi-fives to all who invested there in the last 6 years – we’ve certainly doubled our investment!
Hi IAS
The government is selling there houses in moulden and driver so the house price will continue to go up. There are a lot of old run down places there. My friend has 2 IPs in moulden and gets around 240-250 a week for an average quialty house, he says its easy to get renters out there because of the price in town. Try and get 4 bedrooms if you can 4th room worth at least 100 a week extra.
Have you looked at mitchell creek?
I have got an IP in Lambells Lagoon, the price out that way has gone stupid in the last 6 months, a bare 5acre block now 150K plus! You cant get anythinhg worth living in under 300K now. I have only owned my 25 acres for 6 months and has gone up 50K
I think darla 3 is bringing palmerston closer to howard springs/humpty doo which is driving the prices upHi IAS
did you end up buying a property in Brisbane?No – but we have been meeting with a broker. Will let you know what we get up to. BTW, have emailed you with a couple of thoughts on local issues … let me know what you think.
hi there
I’ll be doing a similar trip like yours this coming May. I just started property investment late 2005, and my investing partner and I are in the process of closing a deal in SE Qld. I’m currently working in Asia, so we bought the property sight unseen.
Since I do not know much about Qld, the aim of the trip is to familiarise myself with the following areas:
West (Ipswich and surroundings)
South East (supposedly growth corridor)
Gold Coast (I heard vacancy rate’s rising? possible price drop?)Do you (or anyone) has any advice in terms of the best people to contact to get an idea of the specific areas? Since I’m new to the area, I’ll need some guide in moving around? So far, I plan to meet
1) My Buyers Agent
2) My Mortgage Broker
3) The Building inspector who I knew through my first IP
4) Property ManagerIs it wise to contact the real estate agents? I always have the feeling that I’m expected to buy something after he/she show me around.
Would appreciate any feedback/advice.
wellontheway
I have had solid, reliable advice from contributers to this site such as Ada, Simon and Derek – you will find their comments in this thread. My husband and I took their advice seriously, we used it and have benefited from it.
Sounds like you already have a good idea of the important people to catch up with when you visit.
One thing we found was to ask the same set of questions to everyone … it might make you sound a bit lame at tiimes – it certainly helped us determine who was “safe” to listen to. We listened out for consistent advice.
The other thing we did was ask everyone who offered us advice about the properties they owned, and about any recent purcheses they had made. Got to tell you, a startling amount of ADVISERS and REAL ESTATE agents either do not own their own property or have not purchased in recent times. This is important to me … right now I am dealing with a broker who freely admits that he is an investor – he will probably sit back a bit (all the others did!!!) when I get a little specific and start asking for details! (Bit of an advantage having a media background – I do know how to ask the questions!!!
Keep reading the forums here – look forward to hearing how things are for you.
Whoops – I meant ADAM not Ada.
Originally posted by iamsooty:The other thing we did was ask everyone who offered us advice about the properties they owned, and about any recent purcheses they had made. Got to tell you, a startling amount of ADVISERS and REAL ESTATE agents either do not own their own property or have not purchased in recent times. This is important to me … right now I am dealing with a broker who freely admits that he is an investor – he will probably sit back a bit (all the others did!!!) when I get a little specific and start asking for details! (Bit of an advantage having a media background – I do know how to ask the questions!!!
Hi IAS,
Your first point is very important here and you are dead right.
Many financial planners know very little about direct property investment and if you search through some of their training websites you will see how little of the training programs cover direct property.
http://www.tribeca.com.au/content.asp?Document_ID=303 and/or
http://www.tribeca.com.au/content.asp?Document_ID=304 as an example of what is typically included in any FP training program.On a similar note there are a large number of REA who do not own investment properties. Approximately 5 years ago the Vice President of REIV was quoted as saying that approximately 20% of REA owned IPs. Now this percentage ay have changed somewhat over the years but I find it amazing that only 1 in 5 Victorian REA (at the time) invested in their own area of ‘expertise’ [bigeyes]
Now, as for the second bit, about asking questions. Some of the reluctance may well be due to our general societal expectations/habits of keeping private financial stuff private – maybe wrong but you’ll get my drift.
By the way great to see you have made some great decisions and your pathway has opened up for you.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113Hi IAS
I have been looking at palmerston, geez they are asking for outrages prices, beyond comprihension. Iam looking at a place in moulden to pricy but seems everthing is well over priced dearer than northern suburbs!Hi Alffie355: True story!! No matter how many ways we did the sums we can’t find ourselves a cash flow positive property here at the moment. Palmerston is going crazy… have chatted with lots of real estate agents in the past month. They must be sick of us!! But they are all saying the market’s got a bit of get up and go left in it. Moulden is going crazy – but it was overdue I guess. Interesting – Elders have just bought Raine & Horne in Darwin and Palmerston. And today’s paper mentions a couple of ex-elders agents going into business with another estate agent. There’s movement at the station … Anyway – I would love to buy in this area again – but it’s getting tough and I guess you know what they say about having all your eggs in the one basket!!
Hi iamsooty
I’d also suggest that you grab a book called; “How to Legally reduce your tax” by Tony Melvin & Ed Chan. It’s an easy read and a great educational tool.
And the trip to Brisbane. I’d stay away from it – big time.
Good luck.
Cheers, Paul
Paul & Karen Dobson
negative2positive
Turn your negatively geared property into a positive cashflow investment.
Phone: (02) 4984 9540Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
