Buying New VS Established Investment Properties | Don't Buy This!
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I bought unregistered land (not a house and land package) in Box Hill NSW in early 2020 for $485k, chose my own builder and started building a house in mid 2022 for $520k, got possession of the house in early 2023 and got it valued last month for $1.65mil, so its not always a bad investment. In today's market however, i would not do it again. It is far too risky.
I nearly got caught doing exactly this, I've been saying it for years, buy existing, it's open and transparent and allows quicker property acquisition. It's so good to hear someone else say it, well done Ravi
Good stuff, Ravi! At 12:00 can you/someone explain what is meant here?
- Where does the 3% come from?
- $15k compounds at no interest?
Yeah I wish I knew this back in late 2022. I'm still waiting for a build to finish. It's been nearly 2 years.
So many leaches out there.
Hope it's sorted soon.
@@joekeegan-yc4nm Thanks. Yeah unfortunately I have 2 builds, and one hasn't even started yet. I got the 2 in one rip off deal :(.
I was the opposite a while ago I went the other way. Bite off more than I can chew, then chew like crazy.
I got two 50 y or something like that.
Tough times for the minute however I see the light at the end of the tunnel.
Good on you to have a crack, I bet at the end of the day your joints will be completed.
And you will be peaceful.
💪
Feels. Me too. Signed in Feb 2022, build almost scheduled to start 😅
@@nsalt7 Oh wow mate. I'm so sorry. That's even worse.
Buy house & land package: no rental income for 12-18 months, less borrow, risk of delay. Buy off plan: risk that your circumstance changes or market changes, and the bank may lend you less than what you need. No brainer to buy with existing house, pay for what you can see and possess immediately.
Agreed! I wish more people knew this
What are your thoughts on interest only loans or principal and interest for investment loans?
how much is your fee? for a property in perth ? suburb ?
I found some issues while researching your TH-cam channel and videos, due to which you are not getting the desired video views and subscribers. I can show you the issues if you want.
I can appreciate both sides of the argument. I personally am building my first IP as a house and land package. I think it comes down to due diligence and like you say make sure you’re not paying too much. For me it’s the moral thing to do to try add to supply but I agree it’s slower as we cannot borrow again until it has rental income covering the debt.
I am not gonna act like it will definitely rent once completed but in this market I am very confident which also is what drove my decision to do house and land package
I committed 2 lands getting developed. Then i changed my mind from single dwelling to dual builds as i donot want to worry about repaying it myself, or keep track of the annual growth etc. I simply wanted to hold the properties as long as i could. My stratergy is getting me a yield more than 7% with both returns would even pay most of my interest. If i stretched myself and bought a single house, i would have been paying huge amounts out of pocket. Lucky i bought the land on time though, both grown by 250k plus since i bought. Moreover the rent gone up by 350$ pw each on both properties in this time. A d if the rates start to fall, each. 0.25% will make me money all of a sudden.
What are your thoughts on new updates to first home owners grant policy in SA ? 0 stamp duty irrespective of the property value and 15000 AUD FHOG
Do the numbers still stack up when rent doesn’t get anywhere near repayments? With 2 or more properties , the cost to the buyer to fill the gap between rent and mortgage will be almost unaffordable??
Great video mate. I now see why the House and land packages are marketed so heavily...
So general rule of thumb, buy in established area close to shops, schools etc...
I seeing beautiful homes in Sydney new no selling for months now i wonder why
I love hungry Jack angry whooper
Great video love it mate!!
Great content! I used to think that time in the market is better than timing the market for a long time. Then realized I was wrong. Your mate Pizzino taught me that timing the market is not hard at all; when will you have him again on your channel?
You could do both although extremely difficult. We are working on something soon ;)
Person 1 - Buys 4 established properties in so called data driven locations focused on short term growth.
Person 2 - Buys 4 new builds in not so established locations.
Fast forward 20 years. Person 2 wins after factoring lower maintenance, better yield, better vacancies, better tax gains, and equal growth (if not better)
And while doing so person 2 has created supply for the growing population, helped economy, created jobs and solved a problem.
While person 1 participated in a ponzy scheme (buy and then sell higher, buy again from the same pool), outbid first home buyers and fuel the ponzy growth that solves no problem.
I'm a person one type.
My colleague just once again falling into the house and land trap from an awful off plan apartment investment back in 7-8 yrs ago, probably is he didn’t believe my work but trust those h&l sales,how stupid l😢
why do you harp on about the black t-shirt so much? It doesn't count as branding if you have to keep reminding people it's your brand.