Nras
- Thread starter RemoteControl
- Start date
Hi CHAOS, we were lucky to pick up an almost completed property due to it coming back on the market - just good timing and luck for us.
We'd looked at others off the plan because that was all we could find in Perth area but we weren't sure about buying OTP either. Once we get one NRAS under our belt we might feel better about it and look at OTP. Having never done NRAS or OTP it was a bit of a leap to do both for the first time on one property.
We put in the offer August 9th, dicked a round a bit with banks before going to Firstmac (thanks for the advice Euro) took about 2 weeks to get final approval and we should take possesion next week. Tenant is NRAS approved ready to move in as soon as we get the keys.
Matto, I'm happy to share my cashflow spreadsheet with you PM me. Also download http://www.investmentpropertycalculator.com.au/NRAS-investment-property-calculator.html so you can calculate some of the costs you'll need to plug in to it.
Drawbacks, you'll miss out on the lowest priced ones if you don't buy OTP and associated risks with OTP. Choice of banks limited and possible LVR and LMI.
Positives, cash flow, tenants that have an incentive to do the right thing and if they don't a queue of others who are. With rents 20% below market you'll never have a vacancy. Euro has explained all the benefits to your cashflow, which I checked with my spreadsheet (I love excel!
)PM me if you'd like to get into the nuts and bolts about NRAS, Matt.
I've got a fair amount of expertise on the subject of NRAS, and have very (very) recently started a business designed around education on the scheme. Happy to answer any of your questions...or anyone else's, here or offline
In the spirit of advising/disclosing to everyone on the forum that I have finally decided to actually start an NRAS educational business ( thanks to the many many of you who have PM'd me over the past couple of years encouraging me to do so...) I'll be starting to run free workshops on the NRAS very soon in various cities, if you (or anyone else) may be interested in learning about the scheme properly.
Otherwise, there are several NRAS experienced buyers/owners on the forum who I'm sure would be happy share their knowledge. Or, I'll continue to throw in my comments and 2cents on the forum and endeavour to assist people in separating myth from fact so to speak
You spent hours and hours arguing the positives of NRAS... but why? What do you get out of it?
We appreciate all the information you generously provided for free. Good luck with the new business.
Couldn't agree with you more Carol!!
You guys are awfully kind.. Thank You!
Dont worry- I'll continue to post on here and answer anyone's NRAS queries, and I'll continue to try to address what clearly still appear to be a series of misunderstandings and misconceptions amongst many of the somersofters
Any Adelaide developers looking for NRAS allocations to place on their stock- PM me pls
Dont worry- I'll continue to post on here and answer anyone's NRAS queries, and I'll continue to try to address what clearly still appear to be a series of misunderstandings and misconceptions amongst many of the somersofters
Any Adelaide developers looking for NRAS allocations to place on their stock- PM me pls
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Euro 73 If you wanted to do a construction of a duplex or triplex in SE Qld how do you become an NRAS approved property? I hear it is really difficult for an individual investor to access the scheme. I presume you have to contact a constortium but there are limited allocations and it is usually the bigger developers which get these.
Some background - A property needs to have been allocated an NRAS incentive in order for it to be eligible to be entered into the scheme. Incentives are allocated to "approved participants" - otherwise known as "consortiums". The incentives for Rounds 1,2 3 and 4 have all been allocated already. They total just over 40,500 of the 50,000 intended allocations. The remaining 9,500 will be for Round 5 which has a delivery date of June 2016. The Govt will be calling for Round 5 applications from consortiums in early 2013.
From time to time some of the allocated incentives become available again, or surplus, as developments they had been earmarked for, fail to proceed. If and when that happens, the consortium that holds the allocation usually seeks to transfer the allocation to an existing developer relationship, as its generally the simplest solution. But not always. If you are in the know, sometimes you can get your hands on the "spares" and apply to a consortium to transfer them to a different development, which is what you appear to be looking for....
But the allocations have criteria attached to them, depending on which Round they come from. Just to understand, if your developments are yet to be built, they wont qualify for Rounds 1,2 or 3 as the delivery deadline is June 2012 (now extended to June 2013) ...but they may fit with Round 4 which has a delivery deadline of June 2014.
PM me to discuss offline in further detail, if you like...
Yes- Aspire Housing is the consortium. They operate a Non Entity Joint Venture. 62 units = oversupply? I wouldnt imagine so. There arent many NRAS allocations in Sydney so far. Compared to the 11,000 in Qld, I wouldnt think 62 in Sydney equals oversupply
I get many PM's per month from people asking about Sydney NRAS - and they seem to be chasing NRAS stock that's anywhere, and at any price basically- as long as its Sydney. If that's any indication, it seems like there's a very very big appetite for it, and very, very limited supply, so I'd expect these to sell very fast to be honest.
Euro 73, I have no idea who or if we have any developers in our Twba regional area involved in the scheme. There is one real estate agent in town that was running a seminar on NRAS a while back so maybe contacting him could give me some intel on how it is working locally.
In a previous post you named some consortiums would it be of any use contacting them with a phone call?
In a previous post you named some consortiums would it be of any use contacting them with a phone call?
