Developing At The Anchorage Estate, Rockingham
- Thread starter Kennethkohsg
- Start date
**********************************************sparky23 said:
Dear Sparky,
Rental Estimates given by Raine & Horne Rockingham are as follows:
a. 17, Broughton Way - $220 - $240 per week.
b. 26 ProperJohn Drive - $260 - $270 per week.
c. 15, FitzGibbon Road - $260 - $280 per week.
d. 21, FitzGibbon Road - $280 per week when completed.
17 Broughton Way is now being rented out at $220 per week for 6 months lease while 26 ProperJohn Drive is being rented out for $260 per week on a 12 months lease. Previously, the latter was lasted rented out for $240 per week only.
15, FitzGibbon Road has yet to be officially rented out.
21, FitzGibbon Road is still under construction and will soon be reaching its Practical Completion Stage probably in September 2005.
For your kind update, please.
Thank you.
regards,
Kenneth KOH
*******************************************cumown said:
Dear Cumown,
For the newly completed house at Lot 1664, 15 FitzGibbon Road,
Land size = 525 m2.
Land cost = A$109,500
House = 205 m2 (living).
4 bedrooms, 2 bathroom + toilets, Alfresco(under roof), open plan living room and kitchen with separate Theatre Room and Games Room
House Construction costs = A$154,849
Builder - In Vogue Living Pty Ltd/MetroStyle
Construction time taken = 10 months from site to Final Completion
For Lot 1667, at 21 FitzGibbon Road which is still under construction:
Land size = 598 m2
Land cost = $121,500
House (under construction) = 260 m2 ( living)
4 bedrooms , 2 bathrooms + toilets, 1 x spa tub, home office/Study room, Lounge/Theatre Room with separate Games Room, Alfresco(under roof), open plan Living/Dining Room and Kitchen.
House Construction Cost = $187,854.
Builder = In Vogue Living Pty Ltd/MetroStyle
Construction Time Likely to be |Taken = estimated 8-9 months from site to Final Completion which is expected to be sometime in October 2005.
I hope these provided data meets your full requirements requested.
For your kind uodate, please.
Thank you
regards,
Kenneth KOH
Ausprop said:
Looks like a lightning arrestor.......
that way only the portico gets blown up and the rest of the house stays intact.
But seriously.....how much more land is there to release in the area, and what are the new prices for land released ?
Kenneth...so after all your previous posts regarding selling, can you confirm that you have kept all your Rockingham properties and intend to rent them out ?
And based on refinancing to effectively live of the equity, with the propotion of the debt being used for private purposes not being tax deductible, how are you managing ?
I would have thought that the cashflow from rents ( with the yield being so poor ) would be substantially below your interest costs...
Can you enlighten us pls ?
Cheers
kp
****************************************************kph said:
Dear KPH,
1. I have actually received an buyer offer for the house at Lot 1664 for A$370,000 towards the end of June 2005, while it is being completed. I am likely to proceed to complete the house sale with this overseas buyer towards the end of this year and to help him arrange for the property management with Raine and Horne Rockingham Realty subsequently with the same tenant.
2. In return, I may try to acquire another piece of vacant land or a newly completed house which is being priced reasonably, to add to my personal portfolio subsequently.
Cheers,
Kenneth KOH
**************************************************kph said:
Dear Kph,
1. Yes, I am negatively geared. Thus, my tax liabilities are minimal.
2. How do I finance my lifestyle? Basically 2 ways, as follows:
a. translate the immediate capital growth arising from the newly completed house into newly found house equity and "en-cash" it out to further re-invest again by uptending its loan/ loan re-financing where neccessary.
b. Beside the rental income cashflow, to use my Company to pay me a salary to increase my borrowing capacity and to fund my personal life expenses.
3. I am still managing well and enjoying my life as a full-time property investor.
Cheers,
Kenneth KOH
Anchorage
Hi Cumown
There are only 2 releases left in the Anchorage release 17 being the last one left where you can buy land only. The final release will be prime lake front blocks complete with 2 storey townhouses which are expected to cost over $400,00. I am using Gemmill as they were one of the builders available with the house & land packages I am building & come highly recommended. Which home are you building with them & what is the cost? As I am in NSW I liked the feature they have on their website enabling you to see the progress of your house on-line.
Hi Kenneth
It is good to see that the rents are moving in the right direction. The original rental guarantee was only $200 per week on my packages so I think once my houses are built, which won't be until this time next year, it should be up over the $300 per week.
I have just booked flights for Perth for the last week in October & wonder where would be a nice place to stay perhaps in Mandurah or Rockingham - any recommendations? Also where else should I look for further investment opportunities - thought aswell as the coast I might venture out to Kalgoorlie to check things out there.
Regards
Sparky
Hi Cumown
There are only 2 releases left in the Anchorage release 17 being the last one left where you can buy land only. The final release will be prime lake front blocks complete with 2 storey townhouses which are expected to cost over $400,00. I am using Gemmill as they were one of the builders available with the house & land packages I am building & come highly recommended. Which home are you building with them & what is the cost? As I am in NSW I liked the feature they have on their website enabling you to see the progress of your house on-line.
Hi Kenneth
It is good to see that the rents are moving in the right direction. The original rental guarantee was only $200 per week on my packages so I think once my houses are built, which won't be until this time next year, it should be up over the $300 per week.
I have just booked flights for Perth for the last week in October & wonder where would be a nice place to stay perhaps in Mandurah or Rockingham - any recommendations? Also where else should I look for further investment opportunities - thought aswell as the coast I might venture out to Kalgoorlie to check things out there.
Regards
Sparky
************************************************sparky23 said:
Dear Sparky,
I just thought you may want to know that one of the bank appointed valuer from Egan National Valuers, has reported that the estimated market rental for my house at Lot 1664 is between $250?/$280? - $300 per week.
So, I think your estimate is good and realistic.
Cheers,
Kenneth KOH
***********************************sparky23 said:
Dear Sparky,
1. You may want to consider Clipper Inn if you are checking out around at the Rockingham suburb area.
2. As for Mandurah, there are a number of nice accomodation around, but I just not recall their exact names now at the time of writing this post. Perhaps, other locals from Perth can help you instead.
3. If you are checking out other subsurbs north of Perth, you may want to consider staying the Indian Ocean Hotel at Scarborough Beach Road or the Lagoon West Hotel.
4. As for Kargoolie, I have still not been there myself. Soory I cannot help you in this area then. Perhaps the other local members from Perth can.
5. I think I should be in Perth around the last week of October. Perhaps we can arrange to meet in person then and have a meal or 2 together with the other local forum members from Perth too. Where I am available, I do not mind showing you around in Rockingham and Mandurah areas myself then.
Cheers,
Kenneth KOH
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Dear All,
1. Latest valuation report on Lot 1664, 15 FitzGiibbon Road by Egan National Valuers gives the land value as $160,000 and its main house building as $200,000.
2. The house sale at 8 Jupiter Street took place in May 2005 for a price of A$387,000 while the house at 48,Boyle Avenue, was also sold in April 2005 for $359,000.
3. For your kind update, please.
4.Thank you.
regards,
Kenneth Koh
1. Latest valuation report on Lot 1664, 15 FitzGiibbon Road by Egan National Valuers gives the land value as $160,000 and its main house building as $200,000.
2. The house sale at 8 Jupiter Street took place in May 2005 for a price of A$387,000 while the house at 48,Boyle Avenue, was also sold in April 2005 for $359,000.
3. For your kind update, please.
4.Thank you.
regards,
Kenneth Koh
Perth Trip
Hi Kenneth
Thank you for your kind offer when we come over in October, it would be nice to meet someone who knows their way around when we come across so let me know if you are available. We are going to Steve Mcknights seminar on Sunday 23rd October & will catch a plane to Perth the next day arriving at 11.00am & leaving the following Monday around 3.20pm. This should give us time to look at a few different areas we shall have our 15 year old son with us as he thinks being dragged around houses is worth a week off school and who knows he may learn something!! As long as he has his skateboard with him he will keep himself amused! We might look for a house to rent as it shoud be cheaper than hotel accommodation. We are thinking of basing ourselves in Mandurah so that we are sort of in between the places we want to see such as Kalgoorlie & Perth. Are you familiar with many forum members from Perth & do they have regular get togethers?
Also I was wondering how much your Property Mangagers are charging you & who you have found to be most satisfactory?
Regards
Sparky
Hi Kenneth
Thank you for your kind offer when we come over in October, it would be nice to meet someone who knows their way around when we come across so let me know if you are available. We are going to Steve Mcknights seminar on Sunday 23rd October & will catch a plane to Perth the next day arriving at 11.00am & leaving the following Monday around 3.20pm. This should give us time to look at a few different areas we shall have our 15 year old son with us as he thinks being dragged around houses is worth a week off school and who knows he may learn something!! As long as he has his skateboard with him he will keep himself amused! We might look for a house to rent as it shoud be cheaper than hotel accommodation. We are thinking of basing ourselves in Mandurah so that we are sort of in between the places we want to see such as Kalgoorlie & Perth. Are you familiar with many forum members from Perth & do they have regular get togethers?
Also I was wondering how much your Property Mangagers are charging you & who you have found to be most satisfactory?
Regards
Sparky
Dear All,
1. I write to update that my house at Lot 1664, 15 FitzGibbon Road has just been rented out for $280 per week for 12 months.
2. I have also changed the present asking price for the house at 26, ProperJohn Drive with Housemart to $360,000 to A$375,000. Previously , it was being priced to sell between $329,000-$339,000 in early June 2005 when I was previoulsy operating as a motivated vendor. Interestingly enough and I do not really know why myself, when I am no longer required to operate as a motivated vendor, I began to receive a number of offers for my house at about A$335,000. However, I have decided to choose to increase its asking price since then. The house is presently rented out for $260 per week for 12 months.
3. For your kind update
Cheers
Kenneth KOH
1. I write to update that my house at Lot 1664, 15 FitzGibbon Road has just been rented out for $280 per week for 12 months.
2. I have also changed the present asking price for the house at 26, ProperJohn Drive with Housemart to $360,000 to A$375,000. Previously , it was being priced to sell between $329,000-$339,000 in early June 2005 when I was previoulsy operating as a motivated vendor. Interestingly enough and I do not really know why myself, when I am no longer required to operate as a motivated vendor, I began to receive a number of offers for my house at about A$335,000. However, I have decided to choose to increase its asking price since then. The house is presently rented out for $260 per week for 12 months.
3. For your kind update
Cheers
Kenneth KOH
**************************************sparky23 said:
Dear Sparky,
1. I know some of them like KS and Casper007.
2. Dtraeger2k and I are arranging to meet in Perth in Sep-Oct 2005 period when I next fly back to Perth again in early Sep 2005 as well as trying to arrange for the other members in Perth to meet each other face in face too.
3. For your kind update, please.
4. Thank you.
regards,
Kenneth KOH
****************************************sparky23 said:
Dear Sparky,
1. Let me state this upfront this, compared to the property management fee in the Eastern States, the property management fee in Perth, is to a certain extent much higher, comparatively speaking.
2. I used to pay about 7% of my rental income for property management fees for my ex-properties in Goldcoast whereas I am paying about 12% flat of the rental income here in Perth when I was last using Satterley Property Management's services from April 2004 till June 2005.
3. Today, I am using the Raine-Horne Rockingham Property Management Services for all my properties, on the recommendation of one of my own associates in Perth. I find them to be more responsive and familiar with the local Rockingham-Shoalwaters-Wanbro-Safety Bay suburb areas' rental market situations.
4. For your kind update,please.
5. Thank you.
regards,
Kenneth KOH
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Dear All,
1. I write to update you of the following recent house sales in the Anchorage Estate that I have come to know of, which have achieved high sale prices:
a. 21 Ritchie Drive was sold for $348,000 in April 2005.
b. 45, Boyle Avenue was sold for $359,000 in April 2005.
c. 44 Ritchie Drive was sold for $359,000 in May 2005.
d. 9 Liechart Loop was sold for $370,000 in July 2005
2. For what I know so far, the house at 8 Jupiter Bend has achieved the highest sale price at $387,000 in May 2005.
3. For your kind update and reference, please.
4. If you happen to know of similar recent house sales achieving such high sale figures, please free fee too add to my list here.
5.Thank you.
regards,
Kenneth KOH
1. I write to update you of the following recent house sales in the Anchorage Estate that I have come to know of, which have achieved high sale prices:
a. 21 Ritchie Drive was sold for $348,000 in April 2005.
b. 45, Boyle Avenue was sold for $359,000 in April 2005.
c. 44 Ritchie Drive was sold for $359,000 in May 2005.
d. 9 Liechart Loop was sold for $370,000 in July 2005
2. For what I know so far, the house at 8 Jupiter Bend has achieved the highest sale price at $387,000 in May 2005.
3. For your kind update and reference, please.
4. If you happen to know of similar recent house sales achieving such high sale figures, please free fee too add to my list here.
5.Thank you.
regards,
Kenneth KOH
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Kenneth,
Is there anyway to find out the size, stats on these houses that have sold. The information is good to know so we can tell the valuer when they value our own properties in the area, but they need to know size, bedrooms, bathrooms etc. It also helps to know who sold the property so they can confirm it with the agent.
I find most of the time when I get a property valued the vaulers use sales from 6-12 months ago to establish the price, unless I tell them of the recent sales.
Cumown
Is there anyway to find out the size, stats on these houses that have sold. The information is good to know so we can tell the valuer when they value our own properties in the area, but they need to know size, bedrooms, bathrooms etc. It also helps to know who sold the property so they can confirm it with the agent.
I find most of the time when I get a property valued the vaulers use sales from 6-12 months ago to establish the price, unless I tell them of the recent sales.
Cumown
Whoa!!
Kenneth Koh ....from.....Singa poh..
(sorry, but it rhymes)
Can you pls clarify further ?
You have previously stated that you are 'living off equity' based on your property investing in Aus, specifically from the property activities and appreciation in those property values in the Rockingham area.
This would suggest that you are using this increased equity/profit to live on...is this the case?
You also mention that you are 'negative gearing thus yr tax liabilities are minimal'....but if you have no other source of income apart from your properties, then there would be no tax liability ( as there is already a shortfall between rents and property expenses)
You stated that you translate the immediate cg in the form of equity, into more borrowings to further invest.
So this equity, taken in the form of additional borrowings, is being reinvested and used to finance more property .... not to fund 'lifestyle' expenses ?
Surely this is also creating a further shortfall between your rental income and the property expenses.? ( now escalating expenses vs static rent )
Then you say that you use your company to pay you a salary to increase your borrowing capacity and fund your living expenses.....
So...how are you living off equity ??
I don't mean to be picky, but I thought the concept of 'living off equity, was to draw down on the equity from your properties to fund your lifestyle, and not to have to rely on a J.O.B. or a salary from another source to fund these living expenses ??
Pleas explain...............
kp
Kenneth Koh ....from.....Singa poh..
(sorry, but it rhymes)
Can you pls clarify further ?
You have previously stated that you are 'living off equity' based on your property investing in Aus, specifically from the property activities and appreciation in those property values in the Rockingham area.
This would suggest that you are using this increased equity/profit to live on...is this the case?
You also mention that you are 'negative gearing thus yr tax liabilities are minimal'....but if you have no other source of income apart from your properties, then there would be no tax liability ( as there is already a shortfall between rents and property expenses)
You stated that you translate the immediate cg in the form of equity, into more borrowings to further invest.
So this equity, taken in the form of additional borrowings, is being reinvested and used to finance more property .... not to fund 'lifestyle' expenses ?
Surely this is also creating a further shortfall between your rental income and the property expenses.? ( now escalating expenses vs static rent )
Then you say that you use your company to pay you a salary to increase your borrowing capacity and fund your living expenses.....
So...how are you living off equity ??
I don't mean to be picky, but I thought the concept of 'living off equity, was to draw down on the equity from your properties to fund your lifestyle, and not to have to rely on a J.O.B. or a salary from another source to fund these living expenses ??
Pleas explain...............
kp
I see the final release of Anchorage is next weekend (well for the local market anyway - they have probably sold half of it off over east and in Singapore already ... anyone been offered blocks yet? if so what prices are they on at?) - will beinteresting to see if they do push the block prices over the $200k mark as they suggested they would a couple of months ago. the demand is certainly there, but then they may go for just under as a price point
... anyone been offered blocks yet? if so what prices are they on at?) - will beinteresting to see if they do push the block prices over the $200k mark as they suggested they would a couple of months ago. the demand is certainly there, but then they may go for just under as a price pointSparky 23
May l sugest the Quest apartments in Mandurah during your stay.They are easy and very pleasant stroll to cafe, resturants and main hub.
The apartments are also located directly across the road from a out door skate park!!!!!.That should take care of 15 yr old son.
The apartments are located on canals, very nice spot, have pool.Its not unusual for dolphins to frolic in front of the apartments.You can fish there as well.If you are keen there is small boats to hire.
I am sure you will really enjoy seeing Mandurah and Rockingham and be envious of that life style.
Cheers yadreamin
May l sugest the Quest apartments in Mandurah during your stay.They are easy and very pleasant stroll to cafe, resturants and main hub.
The apartments are also located directly across the road from a out door skate park!!!!!.That should take care of 15 yr old son.
The apartments are located on canals, very nice spot, have pool.Its not unusual for dolphins to frolic in front of the apartments.You can fish there as well.If you are keen there is small boats to hire.
I am sure you will really enjoy seeing Mandurah and Rockingham and be envious of that life style.
Cheers yadreamin
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