在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
Guys, i just wanted to shout out a very honest and greatful thankyou to all the experts on this forum!
Ive been reading this forum for 3 months now and it has helped me every step of the way in purchasing my first IP.(which i did last week)
My name is Elf, im 23yrs old and live in Melbourne. The wealth of knowledge across this forums is mind boggling.
Reading the threads in this forums gave me so much confidence going through the whole process.
As they say.. 'knowledge is power'
Thanks again everyone.
Good on you for doing something.
And good on you for taking the time to send a general thank you to the people here.
Yep, theres good info here Elf.
Well done on coverging from a lurcher to a contributor.
Also good stuff on your recent purchase. Which state / area did you purchase in?
depreciator said: ↑
Good on you for doing something.Gees your'e quick Scott!! I thought I was first.
And good on you for taking the time to send a general thank you to the people here.Click to expand...
haha thanks guys.. geez they were quick replys! Im currently living with my folks in Pascoe Vale, Melbourne. I found a 2 bedder in the same area literally round the corner from them!
Quick reply from me because I'm avoiding doing something by seeing what's doing on Somersoft.
depreciator said: ↑
Quick reply from me because I'm avoiding doing something by seeing what's doing on Somersoft.Click to expand...That is my modus operandi too .
I really need to finish writing some installation documentation
Good on you, Elfi. We look forward to you adding your own knowledge, gleaned as you travel this path, to the collective wisdom here.
So give us some numbers... how much to buy? rent? loan amount? amount of cash input required (ie cashflow negative amount)? why you liked this particular property, etc. (We're a nosy bunch. )
Yep I'm with perp, give us the gory details! congratulations and may your journey be ....interesting.
Your very welcome Elfi.
That's how we all learned when we started!
All the best to you
In regards to the 'gory details' i bought it because i managed to get it at a good enough price after researching the area substantially. I had a budget of $300,000 and ended up getting it at $275,000. 2 bedroom unit in a block of 8. Could do with some cosmetics
I took advice that i read here a while ago that said whenever you get the chance try and meet up with the vendor and find reasons for selling etc.
Well managed to meet up with the owner who was 65 years old, had no family and just wanted to rent as he knew his time was 'limited'.
The agents were shocked to say the least....
Paid 10% deposit and the stamp duty.. Rest via a loan
Congrats to you new home owner!
Is there a link to your new property under 'sold' section on realestate.com?
Well done on your purchase & welcome to the forums!
Elfi said: ↑
I took advice that i read here a while ago that said whenever you get the chance try and meet up with the vendor and find reasons for selling etc.Fantastic work!
Well managed to meet up with the owner who was 65 years old, had no family and just wanted to rent as he knew his time was 'limited'.Click to expand...
In this situation, I would have sweetened the deal even further by trying to get vendor finance, and using the cash you'd saved for a deposit on another place. So I would have offered him, say, $225K as a lump sum, and the remaining $50K paid as $100 per week over 10 years, or something like that. Pensioners can always use a bit of extra spending money.
I have nothing to say about houses, but the more elves there are on forums the merrier
Thanks for all the positive feedback guys. It really is a community here. It almost feels like an 'exclusive' club here. And the best part is when your friends are on double the income your on and still say ' housing prices are so ridiculous how are we ever going to own a property' hmmmmmmm
Elfi said: ↑
And the best part is when your friends are on double the income your on and still say ' housing prices are so ridiculous how are we ever going to own a property' hmmmmmmmClick to expand...You have seen the light, your friends (and some of my firends) are still lost in a dark tunnel spending their money freely.
Good onya Elfi
Good on you Elfi. It is part of my philosophy to never be backward in approaching the owner of a rental or house for sale. If you are well mannered and concise, most won't mind a genuine buyer/renter approaching....and often if they sense you are a good fella/girl, they'll soften the price.
Could I add that you spread the love. The vendor you bought from has done you a favor. Can I suggest you contemplate how you might do something positive for him in return. If he has a serious illness and no family, and is still living in the unit he sold you, maybe you can take him a home cooked meal a week or something....
Another suggestion is that you buy your next place as a PPR to get the FHB bonus and stamp duty concession, live in it for 6-12 mths, renting a room or two out....then move out and turn it into a fully fledged IP. Spreadsheet the scenarios though to see which one is better at the time.
Good luck with it all. You sound like you have your head screwed on.
agree with you Elfi..and congratulations !
Elfi said: ↑
And the best part is when your friends are on double the income your on and still say ' housing prices are so ridiculous how are we ever going to own a property' hmmmmmmmClick to expand...That, and we also know a few people on similarish income levels who have taken 90+% finance and whinge about lack of money, while we have more houses and a fraction of the debt
And theirs is 100% PPoR while ours <is/will be> split between PPoR and IP, so our 'debt' will be earning enough to pay for itself. Something you can never claim with just a PPoR. I'm actually not looking forward to not being a landlord for the next few months, I was getting quite used to that extra income ...