first time buying looking for advice and opinions.

First time poster, long time reader. (Researching/learning about property investment for 3 momths)

The Situiation:
- deposit saved 93k
- pre approval loan 450k purchase price.
- 250k no more then 290k
- work in the defence force so my income is very secure.
- renting in sydney
- want to buy in Brisbane

I like the area Woodridge 4114 south of Brisbane I think it shows promising statistics for steady growth. My main goal is to have a positively geared property.

To achieve this I am looking for a 3-4 bedroom place that can be duel rented. I have found a couple in an area I like and I was wondering how they looked.

I want to buy through a buyers agent so I don't have to fly up there myself. Then also use a property manager to find tenants and manage then once they are in.

My Questions:
- Would a buyers agent find a place like this for me?
- Would a property manager manage two tennats on the same property?
- Can I get insurance for two leases under one home.
- How do you split up electricity bills? An agreement between tennants or new split meters?
- Is this legal?
- What if a room is "not legal height" can you get it certified by a building engineer as safe? What are ways around this?
- What other things do I have to consider when dual renting?
- I am unclear on the law reguarding dual renting in the Logan council.
- If only one lease is legal would anyone pay a premium for a split level home or granny flat?

http://m.realestate.com.au/property-house-qld-woodridge-117419607

http://m.realestate.com.au/property-house-qld-woodridge-115944723

Quite a few questions a know. You lot are full of knowledge, I appreciate any answer, comments or opinions.

Thanks in advance!

Fresh.
 
You can ask a buyer's agent to find you a property that is achieving a dual income.

You can engage a PM to manage two tenancies.

As far as I know there's no such thing as lease insurance. You would need landlord insurance for the building as it is one address. I doubt it would be strata titled.

You can charge slightly more rent and include power or come to some other arrangement with the tenants. It seems like a system has been in place for three years if the first ad is to be believed.

It could be legal. You need to check that the building complies with the BCA. There are fire resistance level(FRL) requirements at the very least. In this case it's the garage. You can't advertise that space as a bedroom.

I doubt the issue here is it not being 'safe'. Habitable rooms (bedrooms) need to have a ceiling height of no less than 2.4m high and most of the time 'not legal height' means someone has built in under their house.

Other things to consider are Council regulations.

If you are unclear on the law I suggest you do some research. Google is your friend.

People pay what the market requires.
 
Hi Fresh

Quite a few people on this forum are actually doing what you are contemplating though no one I know in that specific suburb, but certainly in the greater region.

Obvious question, but why the specific need for a positive geared property ?

Whats your end goal, eg how much retirement income from property in x years time in todays dollars ?

ta
rolf
 
update.

Sorry for the long absence SS community.

As you know, purchasing property can be quite time consuming. So between that, a holiday and moving between states for work I haven't had a chance to jump on SS for an update.

I bought my first one!

A 3bed 1bath 2car 1980's QLDer.

It is walking distance to the shopping centre and kippa-ring train station that Is being built. It is also a short drive to the coastal waters in redcliff where there is new cafes and shops along the re-opened boardwalk. Great tennants that pay early.

I borrowed using 95% lmi capatalised. The left over in a 100% offset account. Purchased for 339k with a 5k discount costing me 334k. Returning $350 a week. With the offset it is sitting slightly positivly geared but after maintenance it with be around neutral.

I did purchase site unseen however I had the help of a buyers agent. (Andrew allen realestate) Recomend them for anyone buying in the SEQ area who doesn't have time to sus it out them selves or like me didn't have the confidence to jump in and do it alone. They were extremely helpful and educateing along the way and in no way forcefull. Everything was my own choice.

I used a broker for my loan (rolf latham a SS regular) great bloke, helpfull, laid out my options clearly and knew his products. His employee was so polite and everything ran smoothly with the paperwork side of things.

For my solicitors I used certus legal, very professional and knew what they were doing. I could always get a hold of them when I needed them.


After all expenses (deposit, stamp duty, BA fees and sneaky extra costs) I was cash out of pocket 36k and a interest only loan of 334k. A few expences since I calculated that would bring that close to 40k.

So I am well in the clear with a buffer and I am waiting for tax time to see how my property goes. I will reassess my finances then and start the research for number 2!

I would just like to thank all the help I have had from SS. Even if it wasnt direct just reading everything you all had to say was so helpfull and motivating.

If you have any questions, pm me and I am happy to return the favor.

Cheers,
Fresh.
 
Sorry for the long absence SS community.

As you know, purchasing property can be quite time consuming. So between that, a holiday and moving between states for work I haven't had a chance to jump on SS for an update.

I bought my first one!

A 3bed 1bath 2car 1980's QLDer.

It is walking distance to the shopping centre and kippa-ring train station that Is being built. It is also a short drive to the coastal waters in redcliff where there is new cafes and shops along the re-opened boardwalk. Great tennants that pay early.

I borrowed using 95% lmi capatalised. The left over in a 100% offset account. Purchased for 339k with a 5k discount costing me 334k. Returning $350 a week. With the offset it is sitting slightly positivly geared but after maintenance it with be around neutral.

I did purchase site unseen however I had the help of a buyers agent. (Andrew allen realestate) Recomend them for anyone buying in the SEQ area who doesn't have time to sus it out them selves or like me didn't have the confidence to jump in and do it alone. They were extremely helpful and educateing along the way and in no way forcefull. Everything was my own choice.

I used a broker for my loan (rolf latham a SS regular) great bloke, helpfull, laid out my options clearly and knew his products. His employee was so polite and everything ran smoothly with the paperwork side of things.

For my solicitors I used certus legal, very professional and knew what they were doing. I could always get a hold of them when I needed them.


After all expenses (deposit, stamp duty, BA fees and sneaky extra costs) I was cash out of pocket 36k and a interest only loan of 334k. A few expences since I calculated that would bring that close to 40k.

So I am well in the clear with a buffer and I am waiting for tax time to see how my property goes. I will reassess my finances then and start the research for number 2!

I would just like to thank all the help I have had from SS. Even if it wasnt direct just reading everything you all had to say was so helpfull and motivating.

If you have any questions, pm me and I am happy to return the favor.

Cheers,
Fresh.
Congratulation Fresh! Andrew Allen also steered me in the kippa ring direction, i purchased in early janurary 2015 fingers crossed we get some good growth this year :D
 
Hey Tom.
Just after I settled in Dec 2015 he said he was looking for more in the area after mine haha. Must have been talking about you!

Read some of your threads after seeing you bought in the same area. 24 and multiple properties! Killing it! Inspiring. I need to get off my bum and start some proper research for Number 2! I hope to do it without a buyers agent this time. That might be hard if I buy interstate again, but I will see how I go.

Enjoy your euro trip!

Cheers,
Fresh.
 
Good stuff mate! Hope its the first of many for you

Im a prospective first-timer too, so its fantastic hearing how well and easy (hopefully) it all went for you.

Would you recommend using a BA for people who are confused and hesitant? (aka me)
 
If you have the spare cash and you are time poor/ not in the location AND hesitant/confused. Then yes I recomend it. If you are purchasing in your back yard then do some serious research to fix the confusion and watch motivial youtube videos or something to fix the hesitation and just go for it!

If you do go down the line of buyers agent then do some research on who you choose. There are alot of people out their claiming to be a buyers agents and are actually just trying to sell you their developments.

Goodluck schmik!

Cheers,
Fresh.
 
Great result fresh well done and good form on the positive reviews always good to know who is doing quality work (though I knew 2/3 in this case)
 
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