All Topics / Help Needed! / Looking to buy first IP in Gladstone OTP need HELP!

Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of Admos88Admos88
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    @admos88
    Join Date: 2012
    Post Count: 5
    May 6, 2012 - 12:57 pm

    Hello all I am currently in the process of searching to purchase my first IP. I live in Karratha and after fair amount of research I am pretty keen on Gladstone due to all the future prospects for the town.

    Many people are saying its too late now to get started here what are your thoughts on this?

    Today, I had an appointment with KRK Properties who are a Real estate agent who 'source' mainly IP off the plans to clients in the Pilbara.
    Has any one had any dealings with this sort of company and is there anything I should be wary of?

    I have been looking at 4X2 OTP in the new estates on Kirkwood Drive, Dixon Drive and Forrest Springs. Any thoughts on these areas in terms of growth, or what i can expect in Rent p/w providing the house is built by a reputable Builder? They predict from $540,00 – $595,000 to build and was wondering what they would fetch on the current market when complete?

    Does any one have any positive reviews about these four builders in Gladstone:
    Path Developements? Sandsky? Queensland One Homes? homesRUS?

    Sorry about all the questions! This is all new to me…If there are any good websites which may be helpful in research that any one can recommend would be much appreciated also!

     thanks

    Admos88

    Profile photo of bardonbardon
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    @bardon
    Join Date: 2004
    Post Count: 557
    May 6, 2012 - 10:22 pm

    Can you split out the land and the building prices then it will be easier to review the deal.

    Also what kind of rents are they hoping to achieve ?

    Profile photo of Verity01Verity01
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    @verity01
    Join Date: 2011
    Post Count: 16
    May 7, 2012 - 2:59 am

    Suggest you call a local Property Manager regarding rents….

    Profile photo of Admos88Admos88
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    @admos88
    Join Date: 2012
    Post Count: 5
    May 7, 2012 - 3:31 am

    Hi thanks for the reply guys.

    Barden the land is for $255,000 and the build would cost $235,000 so in total $530,000 which I believe is cheap but the block is slightly smaller for the area I will find out exactly how big it is.

    Thanks verity will get into contact with a local PM.

    Cheers

    Mikey88

    Profile photo of Alistair PerryAlistair Perry
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    @aperry
    Join Date: 2004
    Post Count: 891
    May 7, 2012 - 4:51 am

    Hi Admos,

    Try EcoU Homes http://www.ecouhomes.com they are based in Bundaberg but are becoming active up in Gladstone. I know Brad, who runs the company, well and have had numerous business dealing with him.

    Regaerds
    Alistair

    Profile photo of bardonbardon
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    @bardon
    Join Date: 2004
    Post Count: 557
    May 7, 2012 - 8:22 am
    Admos88 wrote:
    Hi thanks for the reply guys.

    Barden the land is for $255,000 and the build would cost $235,000 so in total $530,000 which I believe is cheap but the block is slightly smaller for the area I will find out exactly how big it is.

    Thanks verity will get into contact with a local PM.

    Cheers

    Mikey88

    Admos, I need the house size and the land size to get back to you.

    Profile photo of Admos88Admos88
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    @admos88
    Join Date: 2012
    Post Count: 5
    May 7, 2012 - 9:41 am

    Cheers for the response

    bardon the lot size is 595 sqm in forest springs estate at $530,000.

    Admos

    Profile photo of bardonbardon
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    @bardon
    Join Date: 2004
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    May 7, 2012 - 10:47 am

    what is the house size ?

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 7, 2012 - 12:48 pm

    Yes house size if the important part and then you can work out the square metreage cost.

    Buying OTP can be difficult as finance wont be approved until completeion yet you have to go unconditional from day 1.

    Must admit i have been swamped with applications from Gladstone, Emerald and the Coast in 2012 and in the main we have found the valuations holding up very well. Some lenders are getting a little coy but that is not suprising.

    Just make sure you have sufficient funds to complete and structure the deal in such a manner that if the valuation came in light you can still settle.

    Your Broker should be able to analyse the deal for you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Admos88Admos88
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    @admos88
    Join Date: 2012
    Post Count: 5
    May 7, 2012 - 1:45 pm

    Thanks guys for the input!

    The house size is 200-216 sqm.

    qld007 so i get financial approval first up before i go to purchase land, what do you mean my unconditional? and in lehmans terms can you explain your second point about the valuation coming in light please?
    Sorry first time dealing with mortgages and property investing so bear with me!
    I am doing a lot of research at the moment and its hard to take it all in at first but im sure i will get to grips with it all!

    Many thanks

    Admos

    Profile photo of bardonbardon
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    @bardon
    Join Date: 2004
    Post Count: 557
    May 8, 2012 - 6:28 am

    Allowing say 230k for the build, landscaping, fencing and driveway. That leaves 300k for the block I had a quick look on realestate.com and there wasn’t much listed to do a comparison with coupled with the fact that I don’t know Gladstone and I don’t know how good your block is situated either . What I did see didn’t set off alarm bells though.

    Suggest that you get an independent valuation done before you commit.

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