在澳大利亚 Hi Guys, Ive found a property that has mentioned two payments coming up of $1400 to apparently top up the admin fund and 2 have just been paid. Im looking at a financial statement (basically a balance sheet) for the strata and its all a bit Hi all, I currently have a PPOR and 10K cash in the bank which I plan to use as a deposit for a IP early next year. Is it possible for me to place this into my PPOR loan and then redraw the 10K when Im ready for the IP and then claim the int
just like to comment on what a fantastic forum this is. This is my first post so i hope someone has some input.
i am currently looking at an IP which needs a reno and has the potential for subdivision to become a duel oc. My thought was to keep both if possible and rent them.
Instead of building a new house in the rear and it costing say $120K i thought of putting a ralocated home on it for about $50K which would include the purchase, relocation,connections, and renos.
1. Has anyone had any experience with relocatable and if so what are the draw backs.
2. How do councils generally feel about relocatables.
3. Am i going to be able to claim buildings dericiation on it.
Any feed back or comments would be appriciated.
Welcome to the forum mak.
I recently purchased an old relocatable already on site. Place was cheap (homeowners shun them as not flash enough). Rented for regular rent immediately & shows great return.
High point was that the relocation date was in 1988 so all the stumping, wiring, plumbing & new front fence all came under building write/off even though it was an old house.
My great buy has turned out to be a terrific buy.
Check out the Trading Post or similar they are giving houses away for free!! You don't need to purhase one!
You pay for the removal etc. Maybe a way to save some bucks.
Hi there, I too have been thinking of doing this. I have a large block of land on which I could palce another dwelling and thought to pick up a "free to good home" house from the trading post and add it to the land and double my rent. Several people I spoke to have obtained free houses and moved them - one said she would never do it agin as it was too much trouble - this would need to be offset against the profit one would make and the other said he could never get the relocated house to fit quite right. Neither of these stories deter me and I am drawing up plans to see how it would look. I think it could be a great opportunity at a cheap price.
Do a search re Relocation/Michael Croft and im sure you will get plenty of info.
Beech is right. Thread you are looking for is:
Getting "free" houses is all well and good but the issue is getting them. Developing the network to find free ones does not come overnight. What if they are only 2brdm places that don't meet your criteria? In the meantime are you going to give up the opportunity?
Yesterday I signed a contract on a duplex that I am going to relocate onto one of my blocks.
1. Has anyone had any experience with relocatable and if so what are the draw backs.Click to expand...Michael Croft is the expert in the area but some initial gleanings.
-Everytime a house is moved damage is done to it. However matching the time from when the house must be moved to when you have council approval to put it on site are not always the same. In some cases the house WILL get moved twice (once to the holding yard and then out to your site after approval.)
-Banks do not feel happy financing them. You must have sufficient funds to 1) purchase the block 2) pay for house and relocation 3) building/reno costs to allow council to give it a "Certificate of Occupancy" 4) Have the council bond paid (even though refundable you still need to finance it) and 5) reno costs to complete it.
If you expect to be able to get a 80% loan based on this BEFORE having the certificate of occupancy using this as the sole security then you are in the wrong game.
-Sharks. There are many bad stories about people buying relocated houses from "dodgy" suppliers. Make sure you get references and check them thoroughly including checking their BSA licences.
-Have a large "contingency allowance" built into your budget. You will have extra costs of soil tests, reinforcing bracing for highsets, new electrical meter boxes (if fairly old) including safety switch, stairs (front and back), and downpipes to mention a few. Remember if it has an asbestos roof you will have to have this changed.
2. How do councils generally feel about relocatables.Click to expand...Depends on the council. There have been many cases of people moving houses and not having enough money to complete the renovation. I have seen houses without stairs for quite some time. That is why bonds were made in the first place. To make sure that the house was completed to a standard fit for habitation.
3. Am i going to be able to claim buildings dericiation on it.Click to expand...Have a read of this thread:
This will be an interesting project. But a cheaper way of developing whilst still getting a depreciation allowance.
Thankyou all for your input. As someone new to this forum i am amazed at the wealth of information and experience contained in the groups collective grey matter.
As for this deal i am crunching numbers to see what i need to buy it for to make it worth while.