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How much does a trust cost to set up? And who do you consult to set it up?
elkam wrote:May I ask what the 28 day challenge is?Thank you
ElkaIf you can find and finance a property bargain within 28 days (after the seminar) you will get $500 off the upcoming advanced seminar
I certainly enjoyed it! I think that his 28 day challenge is very encouraging!
All good answers. While I am rather inexperienced, I learned quickly that the net is only good for an idea of an area, but the best deals come from talking in person to the agents. Many of the best deals will never get as far as hitting the internet, as they are first offered to the agents 'hot list' contacts… people that he/she considers serious investors.
Hi
I smell a little bit of discrimination, however I can understand your reason for being cautious. Yes, she lied. So you must be asking yourself what else she has lied about. However I think she can't really be blamed. I think that she realises that telling a landlord straight up about her job will cause unneccesary concern. And I think this is probably her only lie. Girls in this job can earn quite good money, and I don't believe their job impacts on their lifestyle. They do it to earn a living!Terryw wrote:One potential problem is if the MIL has a loan over the property. She would need a cash payment to pay that out. If this is the case she could vendor finance it to you on an installment contract instead though.Luckily she owns it outright. I am thinking I will offer her about 30k extra than market value for doing me the favour
I will certainly keep my end of the deal… Thats part of the reason I want a formal contract. I want her to understand that I am obliged to repay her, because I dont want her to think I am ripping her off. She is still having a little trouble understanding what I am proposing.
Well I have been approved for the $100000 I applied for so Im quite happy about that! Age wasnt a factor. Thanks for your advice guys
I agree with Jfisher and property power completely. If you are selling in 2 years the roof should not deteriorate too much and pose any serious risk. A coat of paint will do. If you were jeeping it for several more years then perhaps it would be a worthwhile renovation.
I have been to BH before and I do get vibes that it has great potential! I think I just need to look firther into the mining industry down there, and how long it has left!
I applied for a pre-approval today at Wizard, and the man there seemed quite confident in getting me the loan I am after…I guess I will have to wait until Wednesday to find out!
Thats great news! I was worried that id have to wait a few years. After reading Steves books I am motivated and cant wait to begin investing!
of course. Stay out of the major cities. Maybe try looking for some larger country towns. I am from NSW, and I have come across properties that have great returns and are under $100,000 in many different areas, including Broken Hill, Dubbo, Bathurst and Armidale. I dont think there is any particular area that is good to invest. You just have to shop around within the area.
thats correct. I found out the other way, when I was the tenant. I was always under the impression that landlord always paid for water, until i was given a water bill and was told that because each unit had its own meter we paid our own water.
So yes, its true!Thats alright because I have 20% anyway. Yes, its in regional NSW, in a fair sized town. Will my age be a factor though?
All you can do is research my friend. You will need a fair knowledge of not just the country of choice, but the area within it. There will also be different taxes and regulations, and you may need a fair knowledge of the economy. On prices always rising however, that is certainly false. Make sure you research past performances on capital growth in your country of choice, and then compare it with the rate of inflation. Where do you plan to travel anyway?
You may find that the high land tax in Tasmania makes it difficult to achieve positive cashflow.
However, this does not mean the rest of Australia is not a smart place to invest. As for wages staying the same while house prices are soaring, that is not necessarily a bad thing. It possibly means that with many people driven away from buying due to the expensive market, the demand on rental property will increase, leading to increased rent prices. This will also mean that there is less risk of your property being vacant for long periods of time. Have you read any of Steves books? I highly recommend them!I do not want to rely on a property increasing in value, especially as I would be looking in rural areas.
I will continue to look hard for a property that will produce positive cashflow while using a more traditional mortgage option.
Thanks for all your help [thumbsup2]
