renovating/investing for a job

[morty]

Sorry Minx but i really don't know what you are talking about. I also don't know what a spring line is??

I don't see what you mean about a DBU being so golden. When i sat down to do my 1 day course going over putting my application together there was hardly any difference in what you had to learn when going for a normal license or an unlimited one. It was just a different application process. And even if you aren't up to scratch during your exam in a certain area you only have to re-study that module and book in to be re-tested on that part, not do the whole test again.

If you ring the HIA or the MBA you'll only be told that you need to enroll in one of their long and costly courses. If you ring the building commission directly (the body that actually issues the licenses) you'll be told what you need to do.

But on the other hand if you don't know anything about the building industry then a long course may be needed. I was simply trying to clarify what is possible.

Regards
Morty

 

[Minx]

I meant string line not spring line.
I would much rather have unlimited as not every trade is reg. I

I would never use a limited builder or a manager. But that's just me.

 

[Alex P Keaton]

Yep....no income no serviceability...even if you have a huge positive geared property porfolio.

Banks think income from a job is safer than rental income even in a recession!

Go figure!

What about in a more normal economy? What if someone owned 10 fully paid off ips in twenty years time?


I would have thought that you could use the rental income as income for serviceability calculations!


Perhaps Cashbond/Annuity Income payments could come in handy as explained by Rixter in this post for when you are not earning a normal "payg" income anymore ? What do you think ?


edited to say:
Or maybe an option could be to own 8 fully paid off ips instead of 10. Sell the other 2 ips, and use the cash for the purposes of buying Cashbonds so as to buy yourself an income, also to use as a buffer too.

# 2 edit
Forgot to say..... i'm thinking about renovating and selling or developing and selling when i retire from my payg job (goal being 20 years time) and I have enough cash and experience behind me to do so.

 

[Perp]

What about in a more normal economy? What if someone owned 10 fully paid off ips in twenty years time?


I would have thought that you could use the rental income as income for serviceability calculations!

It's usually discounted, ie they only count 75 or 80%, but it is usually counted. I'm not sure what sash meant.

Perhaps Cashbond/Annuity Income payments could come in handy as explained by Rixter in this post for when you are not earning a normal "payg" income anymore ?

This is a really savvy strategy. You don't need to necessarily sell 2 IPs to buy cashbonds, though; you could borrow to buy them.

 

[Alex P Keaton]

thanks

 

[lisport]

Hi,

I am reading the book "Think and Grow Rich in Property" by Stuart Zadel. The Second chapeter is written by Steven Tolle & Cherie Barer and deals with Reno's. And I'm half way through that chapter. Anyway...

I reckon that it would be a fun hobby/2nd job. I am thinking of doing 1 cosmetic reno to an appartment, just to keep it easy and not too expencive (I'm not a handy person, but I know tradies).

I just started today (but dont plan on doing anything until december), and saw an apartment in Dandy (Vic) for $200k, which needs some cosmetic work to bathroom, kitchen, and get rid of carpet. Looked at another apartment with same numbr of rooms, same distance to Dandy CBD, and it was going for $240k plus. So using this as only an example, what would be the costs of the makeover and what would be other costs, ie REA, bank fees etc.? Also, how long do reno's normally take?

Any replies would be appriciated, and I'm sorry if this isn't the right spot to be posting these questions. I wasn't sure, and didn't want to make another thread if I didn't have to.

Cheers

EDIT - You could get about $230 a week after reno.