Anyone interested to sell privately in Sydney & Brisbane?

[BV]

Hi everyone

As the title says, I'm interested to buy 2 houses up to $400K each
1 in Brisbane and 1 in Sydney but something with potential to add value
or to develop in the future.

If you have something which you think is of good value and for whatever reason you need to sell it, here is your chance to sell it privately and save on the agent fees.

Normal selling contract will be involved but using solicitors.
Please feel free to send me a private message with the details

Thanks

 

[BV]

bump.......................

 

[BV]

Anyone else???

 

[BV]

Common people this is a good time to sell

 

[Belbo]

Who are you calling 'common'?!

 

[BV]

Who are you calling 'common'?!

Belbo mate
Good one, I didn't think anyone would notice
Don't be concerned, my spelling is good most of the time (when I'm sobber)

Back to the topic now.
Do you have something to sell to me?
None else has shown interest in this thread.
The media are telling us that the sky is about to fall in and none wants to sell.
Go figure......

 

[Belbo]

BV, do you think I'm crazy? Why the heck would I want to sell? (I'm seriously trying to accumulate properties at this stage. I'm just awaiting finance approval to come through for my third one for 2011. No, I'm not taken in by the D&G brigade, as you might have guessed.)

Actually, I think you were absolutely crazy for selling your QH property. By your own admission it was a blimmin' gem of an IP, if not 'very unique' as you've now been soundly advised.

But all that money in advertising costs, agent's commission, CGT and legal fees up in smoke, and for what? To release some cash . . . to re-invest?

I'm with Dazz on this one: You'd want to have a incredibly cunning strategy up your sleeve, or otherwise you're my candidate for Stark Raving Bonkers Property Investor of the Year!

 

[BV]

BV, do you think I'm crazy?

Yes but that's another story....

BV, do you think I'm crazy? Why the heck would I want to sell? (I'm seriously trying to accumulate properties at this stage. I'm just awaiting finance approval to come through for my third one for 2011. No, I'm not taken in by the D&G brigade, as you might have guessed.)

Actually, I think you were absolutely crazy for selling your QH property. By your own admission it was a blimmin' gem of an IP, if not 'very unique' as you've now been soundly advised.

But all that money in advertising costs, agent's commission, CGT and legal fees up in smoke, and for what? To release some cash . . . to re-invest?

I'm with Dazz on this one: You'd want to have a incredibly cunning strategy up your sleeve, or otherwise you're my candidate for Stark Raving Bonkers Property Investor of the Year!

Belbo

I'm not releasing cash to reinvest, I'll be re-investing using equity.
I'm reducing non deductible debt which will allow us to travel more often.
Life is short mate, we should enjoy it now that we are still healthy enough to travel.

Where are your IP's if you don't mind sharing and what are you thinking of buying?

cheers

 

[INVSTOR]

Are you looking for house only. My friend is selling an owner-occupied townhouse in Runcorn. I think the location is good, rent return is OK. In this complex. http://www.homehound.com.au/62+brandon+road+runcorn+qld+4113/15577978/ If you want to know any more PM me your email and I'll get her to contact you. IMO kitchen could do with a cheap update. Up to you to decide if you can add value. I know the townhouse beside her sold recently and they did a total reno before moving in.

 

[BV]

Investor
I'll send you a PM

 

[Belbo]

Belbo

I'm not releasing cash to reinvest, I'll be re-investing using equity.
I'm reducing non deductible debt which will allow us to travel more often.
Life is short mate, we should enjoy it now that we are still healthy enough to travel.

Where are your IP's if you don't mind sharing and what are you thinking of buying?

cheers

Okay, that's cunning enough for me, BV. No-one can critique your restructuring for those reasons.

As for me, I've got a PPOR in Surry Hills (a semi, 1 bed but will be made 2 at some point 'soonish'), the other side of the semi is an IP (2 bed 1 bath); I've got an IP apartment (2 bed 2 bath 1 parking, common pool) in Alexandria / Erskineville (it's right on the border, come on!); a house in Sth Hedland (4 bed, 2 bath, 2 car, pool), and very soon a townhouse in Sth Hedland (3 bed, 2 bath, 1 car, common pool). The last two CF+ beauties will bring the portfolio to cash flow neutral, finally!

Then, just one more year I reckon of slogging it out 'for the man' and saving seriously, reval the lot, draw on equity get another one or two more CF+ puppies, and that's me and the missus out of the workforce and renovating these bad boys big time.

I don't need much in life, just a place to call home and the chance to become my own boss. I've got books to read, maybe a couple of books to write, a wife to take care of me, and a country to take over (oops, scrub that last one).

 

[locko24]

As for me, I've got...

Thanks for sharing Belbo! Always interesting. How many more until you can stop work (if that's your plan?)
I'm in the midst of settling number 3, though being in regional NSW (central west), they are a lot lower value - gotta start somewhere though

 

[BuildingBlocks]

Thanks for sharing Belbo! Always interesting. How many more until you can stop work (if that's your plan?)

See his second last paragraph, one or two more

 

[BV]

Then, just one more year I reckon of slogging it out 'for the man' and saving seriously, reval the lot, draw on equity get another one or two more CF+ puppies, and that's me and the missus out of the workforce and renovating these bad boys big time.

Belbo
Thanks for sharing your plans.
Out of interest, how did u find those CF+ puppies?
cheers

 

[virgo]

Yes but that's another story....



Belbo

I'm not releasing cash to reinvest, I'll be re-investing using equity.

cheers

HI BV

Noticed this very interesting quote by you and i know you are selling IPs and then buying IPs again....do you mind expanding on this strategy ? Some numbers for illustration will help...i think i am kinda doing this strategy but just wanted to confirm it!

Thanks!

 

[BV]

HI BV

Noticed this very interesting quote by you and i know you are selling IPs and then buying IPs again....do you mind expanding on this strategy ? Some numbers for illustration will help...i think i am kinda doing this strategy but just wanted to confirm it!

Thanks!

Hi Virgo

Here is a rough example.
Lets says you sell a $400K IP which had doubled in value so you're making $200K.
You pay $40K in tax and you're left with $160K so you reduced your PPOR debt by $160K which is equivalent to $12K in interest savings per year.

Reinvesting can be done with as little as 5% deposit but if you wanted to put down 20% deposit for your next IP, a $400K IP could be purchased by redrawing $100K from your PPOR

This $100K is now tax deductible so by selling and buying again
you'll probably be saving $15K.
Ofcourse there are other costs to consider but they are one offs.
Ideally you need to have a spreadsheet to work out the exact $ figures for various scenarios but if you are selling your old PPOR its a no brainer really.

If you have equity in IP's, selling isn't the only way to reduce non deductible interest, you can do this by debt recycling but its a slow and messy process.
I'd rather sell and start fresh. Ofcourse its cheaper if you can sell privately so do u want to swap IP's with me ?

Cheers

 

[Belbo]

Hey Bill,

How did I find CF+ IPs in Hedland? You gotta be kidding me! Everything there returns around 11%. The adverts arrive in my email daily from Crawford Realty (Can I say that? - I just emailed them once, and the emails haven't stopped coming since), so I don't even really look. I just pick something I think I can afford, and go like gonzo for the finance!

The really hard part is building up a deposit / equity sufficient to buy them. They're, like, expensive as hell, and 10% of $700K to $1M is no fun to find, but I let my equity build up for the first few years and kept saving hard too to get in there.

I won't say it's been easy. Not having kids helped, I admit, as did my wife working - even in her low income job - but the clincher was trebling my own salary over the last 5 years by working very hard in my career (i.e. 55-60 hrs/wk, and getting results). Oh, and cashing in 2 weeks' holiday pay a year (i.e. take 2 weeks hols at Xmas, and then work 5 & 1/2 days a week for the rest of the year, bar public hols). It sucks, but it all adds up.

If anyone wants to try it, the key I quickly learned is that you need a well hooked-up WA finance broker to get the finance from WA bank divisions that understand the WA economy. Your Eastern states divisions just can't comprehend any of it. PM me if you want my broker's details. (I just recently sent him an $850 dinner-stay-overnight voucher in thanks for his brilliant work).

PM cost are high. But you can negotiate, especially for the second one onwards (when you should try for 1 weeks' letting fee and 7.7% mgt fee plus sundries. P.S. AAMI offer by far the best insurance prices for up there.)

Finally, it's really damned risky. If you don't think Resource Boom II doesn't have a big fat future, don't even think about it. I'm playing Russian roulette here, and I know it!

 

[BV]

Hey Bill,
I'm playing Russian roulette here, and I know it!

I wouldn't worry about it for now.
11% is fantastic and the resources boom isn't about to end anytime soon so enjoy the returns

Sorry mate, I wanted to know how you found them because there are so many other places to invest in and a lot closer

You've bought the properties without even seeing them?
Mind you, it would probably take you 2 days to get there.
I haven't been there but a sparkie friend of mine tried a job for a few months and didn't like it. He came straight back.

 

[locko24]

See his second last paragraph, one or two more

Yeah, sorry, my eyes would work better if they were painted on - at that stupid hour

 

[Belbo]

See them - what do I care?

If some mug's willing to pay me 11% sight-unseen, why would I want to even think about going anywhere near that hell-hole of a place? Have you seen the climate charts for Hedland? Wooah! No way would I want to see what horror I'm letting to those loonies! If they can stomach it - and the rent - that's just wonderful, I say. And the loony PMs live there too!