All Topics / Hotch Potch / good advice really needed..

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  • Profile photo of jarvisjarvis
    Member
    @jarvis
    Join Date: 2003
    Post Count: 16
    November 16, 2003 - 8:38 am

    hi everyone,

    I am about to step into the world of property investing. And people around me are pretty negtive saying that” intrest rates are high”, “not in today market”, “the bubble is busting….blah blah….But i just listen and nod my head, but i know that a deflating bubble is the best time to buy. My strategy is to do a couple of renos, refinance, and hold. This is in the brisbane market. I am also looking to buying property with land which has potential subdivison(LMR sites) and develop in to duplexes or townhouse. Also intrested into looking at doing a reno on a larger property add rooms( by putting walls up and turn it into student accomoadation.As i have the access to student bodies in UQ andf QUT my vacancy risk can be lower. Maybe i have to do s joint venture with some one to do this.
    I am just wondering what you guys think about my strategy.
    The only thing is holding me back is getting the loans. I am wondeing what position am i in at the moment.
    I am on a $35000 pa. salary. living at home. have no other debt outstanding, own a car and have a 6mths old boy. I think at this monemt my borrowing abilities is actually nil. could some one advice me on how to increase my brrowing abilities?

    Thank you all.
    J

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    November 16, 2003 - 2:11 pm

    Hi Jarvis

    You might find that your borrowing capacity at the moment could be substantial! I suggest finding one of the mortgage brokers on this site, and dropping them an email. I think Melanie is in Brisbane, so would be probably the closest if you wanted a face to face meeting.

    Cheers
    Mel

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 17, 2003 - 4:17 am

    Hi Jarvis

    We purchase and develop LMR / RB3 / RB4 sites in Brisbane for a living and don’t think you will find it as easy as you think.

    Stock availability is getting short at the right price. Why don’t you pick a particular area or suburb and really research it and try and find the small lot subdivisions or LMR sites that the larger players think to much effort.

    If you want any more info please feel free to email me.

    Cheers Richard
    [email protected]
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Australia's leading private lender

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    November 17, 2003 - 4:44 am

    Richard, I don’t want you to give away trade secrets or anything, but could you tell me what LMR and RB3/4 are please?

    Cheers
    Mel

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