Hello, new to this forum. Am deaf and mother of two kids with one on way.
I’ve read both McKnight books and found the second one much more informative and helps me to see what could be done.
I am very much a hands-on person, so half of the theory would go over my head till I apply to them.
I would like very much to have a mentor who have been there, done that, etc and can put up with insane questions from me, smiles. The interactions would, of course, be online…
If there are any deaf PI in this forum, I would like to read from you…
One question – apart from deciding how much you can afford, etc – how do I go about to actually look for several areas. There are too many and I have no idea how to be more specific… maybe I need to re read the book again…lol…
Cheers,
DarlsHappy to answer your insane questions where I can.
Post them here or email.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Darls,
One of the first steps an investor needs to make is to establish their investment goals in a manner that is consistent with their personal goals and situation.
I also suggest that a discussion with a broker fairly early in the journey is time well spent.
A good broker should listen to what you are wanting to achieve and help you structure your loans and bank accounts in a manner that minimises unnecessary costs and difficulties the further you progress along your journey. He/she will also help you establish your borrowing capacity – which can then determine your affordable investment areas.
A similar discussion with a savvy accountant is also valuable as they too can assist with issues such as tax and purchasing structures. Once again a little time getting the structure right now can be beneficial in the long term.
Once you have established your preferences and must haves, in an investment sense, then you will be better able to sift the ‘rubbish’ from the ‘possibles’ and subsequently down to the ‘that ones’ – then the real fun begins.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
My offer was as an investor rather than a broker, although I do have some finance knowledge to offer too. [blink]
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by MortgageHunter:My offer was as an investor rather than a broker, although I do have some finance knowledge to offer too.
No drama here Simon – I know your ethics are above reproach.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hello Darls,
welcome to the forum. You have made the right first step.In terms of a mentor, there have been numerous requests over the months for someone to perform this role. I don’t know if anyone has been successful in securing the services of a mentor.
But my point is this — there is so much knowledge on this forum — it doesn’t really matter what questions you ask, someone will have the answer or at least put you on the right track.[biggrin] So, in many respects I don’t feel you really need a mentor. Just ask any and all questions here — the benefit of the forum over a single mentor is that you get a variety of answers based on differing experience.
Don’t worry about asking basic questions or too many questions. Just keep firing away and your knowledge will start to build up.
All the best in your property journey.[biggrin]
Helen
Thank you for your comments…
At least I know there’d be some who can help, etc.
You see, my husband is into the Share Market but I am not as I’ve had an interest in properties as far as I can remember – I even recall loved to go to the display houses and work out which house is best and check out areas, etc. My family regarded me as odd! lol… [biggrin] So basically I am almost on my own with doing this, however I am lucky because my husband is much flexible in as how I can do with the property investments…
Anyway, a question or two for you!
How do I ask a real estate agent about the sales, rental rates and type of developments in the area without being too ‘nosy’ or pushy? Is there a right way of asking for information or? What do you do – how you ask for information?
Are they reliable with emails or I’d need to make calls?
And when I look at the area, how do I gauge what type of development that could happen within 5 years? What type of developments do you regard the best ‘measurement’ for investing properties around? Apart from checking RE and councils, is there any other sources I can look at?
Sorry – yep I have lots of ‘long’ questions!
Thanks, darls
Why would you care if a real estate agent thinks you are nosy or pushy? I think these guys are pretty thick skinned. Some might even suggest they are pushy too [biggrin]
Just get in their face and ask everything you want to know – if they think you are a buyer the they will be only too happy to help.
I would make calls. Agents seem to be a little lax in replying to emails in my experience although this is a generalisation. At least with a call you can ask all you want without emails going back and forth forever. Does your deafness make calling difficult?
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thank you Simon for your reply re responses from REAs…
Not in particular difficult for me to make calls, just that it will take almost as twice as long as any average call as I’d need to use Relay Service to relay my messages, etc.
I’ve only got one reply out of 12 emails from yesterday – but still the day is early, smiles…
Considering my position at the moment – just general idea of what some of you’d think I could do (apart from finding a broker and an accountant and go thru the actual number crunchings):
We own our home (valued at about $600K) up north of Sydney outright, investing $100K (from a $150K investment loan) in shares via Financial planner, has $50K cash on hand for emergencies (esp for my mum who is on pension and is generally unwell but living on the generousity of H.C.)…
So with $150K in debt, is it recommended to find properties and add at least $100K to the debt or find properties for $50K and build from it? We are not that keen on equity and are a bit worried about the interest rates (especially with three small kids to look after as well).
I’ve found several properties in south WA for under $50K with at least $3K to $5K cf… I may have calculated it wrong heh… still working on it – at least I am trying, smiles.
Looking forward to any suggestions and tips.
Cheers with thanks, darls
My first suggestion would be for you to take 20% deposits + costs from your investment loan and then take out new 80% loans against each new property.
I personally would prefer one $100K place against 2 x $50K places but that is purely personal opinion.
If you are concerned about interest rate rises there are some very good fixed rates available at the moment. 6.57% for three years is the same as todays variable rate – but with the certainity of three years.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Darls,
Great to see someone like yourself taking the big steps. I was going to suggest that if you were in Melbourne, we could catch up and perhaps aI can help out (I can sign – Auslan) but when I read on and found that you were in Sydney, I thought it might be difficult.
Derek and Simon have pretty much said it all but heres my 2 cents worth…
In regards to Interest Rates, don’t be overly concerned – you can always go with a Fixed IO option.
How are the shares going? If there not performing to the standard you expect, I would pull the $150k out and re-invest that into 3-4 properties.
You have to assess whether you want to go +CF or Negative Gearing – I guess it depends on the income of both you and your husband.
You mentioned that you’ve found several properties in south WA for under $50K – this is mostly rural area where there wouldn’t be room for much capital growth – have you researched the area well?
As previously mentioned, set your goal up – then see what you need to do to reach that goal and by when.
Kind Regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Hi Darls,
I would like to respond to a couple of questions you raised.
Quote:How do I ask a real estate agent about the sales, rental rates and type of developments in the area without being too ‘nosy’ or pushy? Is there a right way of asking for information or? What do you do – how you ask for information?[/quote]Once you have selected an area or two that you plan to invest in, visit the local agents, let them know of your ongoing investment plans and ask if they would be willing to provide the type of information you are after. It won’t take too long to know which agents you can trust and work with.[biggrin]
Quote:Are they reliable with emails or I’d need to make calls?[/quote]
I tried the email bit and believe it or not had hardly any replies. I believe the best idea is to contact agents either in person or by phone. Impress upon them that you are a serious buyer.Quote:And when I look at the area, how do I gauge what type of development that could happen within 5 years? What type of developments do you regard the best ‘measurement’ for investing properties around? Apart from checking RE and councils, is there any other sources I can look at?[/quote]If you have selected an area, why not invest in the local paper. This should give you an idea of future developments. Speak to the town planner and see what planning and development applications are being processed or in the pipe line.
In terms of “measurement”, look for future infrastructure investment; this is often a good indication of an area’s future potential.
In terms of the best type of investment, this is really something you need to determine as it will be an essential part of your overall investment strategy. In my case, I am now focusing on townhouses (new, 2 or 3 bedroom, 2 bathroom), as I believe this is where the market is heading. I am sure there are other members on this forum who would disagree with me. That’s fine. We all have differing viewpoints — and discussion revealing alternate positions is part of the education process.[blink]
In relation to general education — apart from Property Investing, I would suggest that you spend some time on Somersoft (another forum, in some respects quite different from this one). I would also suggest that you subscribe to Australian Property Investor (www.apimagazine.com.au). Ifind it invaluable. I also subscribe to Your Mortgage Magazine.
Anyway, enough food for thought.
Regards,[biggrin]
Helen
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