Forum Replies Created
Hi Finden.
I agree HUGELY with with JacM – you don't want to be cross-collaterising and Richard Taylor is an excellent Broker who would ensure you are obtaining the best and correct structured loan(s). Please do yourselves a favour and at least run your loan scenario past an independent Finance/Mortgage Broker BEFORE you're comitted to these loans.Are the storms in the southern parts of the US any different to the floods across QLD, NSW & VIC or the terrible bushfires VIC and SA have suffered through? Nature will do what nature will do (Japan) and as much as we may fear these things happening, if we let this fear paralyse us into doing nothing then there won't even be enough homes for tenants to be unable to live in because they simply won't exist because investors won't build them. Mitigate or lower your risk by having appropriate insurance.
ABC, PREMIUM FINANCE SERVICES, PREMIUM CONSULTING GROUP, BOSTON ONE, OPTIMA EQUITY SOLUTIONS, JARDINE PACIFIC, SYNERGY PACIFIC, CARLY CRUTCHFIELD & CCORP ………….Need I go on! They are ALL the same!
ALL of these so called "Wealth Creation" companies (and there are buckets more of them) disguise their services as providing education and giving people the whole "Knowledge is Power" spruke when, the REALITY of what they do is they want to FLOG you one of THEIR DEVELOPMENTS and make tens of thousands of dollars in 'padding' to boot.
Have you also noticed they're all on the east coast (usually BrisVegas or Melbourne) and then fly people from all round Australia for a couple of hundred bucks to show you how you can pay off your home loan sooner, reduce your debts and be financially independent in retirement. How many of these companies, once they've flogged you that 'amazing' investment property they conveniently have, then truly continue to service you with their 'client for life' programs that usually cost you upwards of $5000?
C'mon people, wake up!G'day Brazy.
TIC are good for info and you will learn alot but (there's ALWAYS a but, isn't there?) they still want to flog you one of their own IP's. Go, Look, Learn, then Buy what you want When you want Where you want to invest.Gee, you make it sound like you'd rather watch grass grow or paint dry.
You don't have to like the style of Kiyosaki's book(s) but you have to appreciate the fundamentals; and it is the fundamentals in the way so many people think that need to change first. You don't have to like the style of the written book so that's why I condensed it for everyone.Some economic experts here and abroad are calling for property in Australia to drop by 40% citing we will suffer the same fate of the USA.
What these experts don’t realise is Australia’s housing market is radically different to that of the US. Today the US property market still remains in ill health because of these indicators:
- National unemployment remains at 9.5% (compared to Australia’s 5.3%)
- Mortgages more than 90 days in arrears are estimated to be at almost 10% of all loans. The situation is even worse in states like Nevada, California and Florida where the 90 days arrears rate is estimated to be around 20% of all loans (the percentage of Australian home loans more than 90 days in arrears is estimated at 0.6% of all housing loans)
- Research indicates that more than 11.3 million or 24 percent of all residential properties with mortgages had negative equity at the end of the fourth quarter of 2009. The typical US home owner with negative equity won’t move into positive equity until around 2015/16. In worse hit markets a move back to positive equity isn’t likely until around 2020.
The US market has a long way to go before a recovery can be celebrated. While home prices appear to have stabilized, volumes remain extremely low and continue to show further falls. The housing market is arguably going to present the largest hurdle for a broad based US economic recovery and an improvement in conditions doesn’t seem to be on the drawing board any time soon.
Australia vs USA property prices
Australia currently has a housing shortfall, strong population growth, a robust financial system, low unemployment, improving economic conditions and a residential market that appears to be moderating in growth in a controlled fashion. Importantly, mortgage arrears have not moved upwards suggesting that Australian borrowers are coping with the increased level of interest rates quite reasonably
REMEMBER FOLKS: When the pessimists rise from under their dark rocks so do the opportunities for the astute investor!
Hi Yanglee and Kotleralex
<moderator: delete abuse> This company is under serious investigation by ASIC as well the ACCC. People, do NOT touch this company, its subsidiaries, real estate agents, spruikers, or any other connection to them.
Where there is smoke there is usually a fire – in this case, an Ash Wednesday and they'll leave nothing but destruction in their wake!TTG Council unfortunately, tend to be one of the more 'anal' Councils. If it's in places like Golden Grove they are very restrictive but in older suburbs like Vista they tend to be a lot more lenient. There are certain suburbs in the TTG Council area that are old now and require 'fresh' money and investment, so again, it is contingent on which suburb in their Council area.
If you need some help with this Matt please feel free to drop me an email below where I could guide you much better and we could talk in more detail than in a public forum. If not, I will do my best (along with others we hope) to answer your questions here.Hi Matt.
I also live in SA at Port Noarlunga and alot of what you can and can't do is contingent upon which Council you're dealing with. Believe me, Salisbury and Playford Councils are far easier to get projects approved than say Marion or Onkaparinga Councils. Time frame will be based on what it is you wish to develop.Also, have a read of this too!
https://www.propertyinvesting.com/forums/community/opinionated/4336418
Good on you desilucky.
Let the doom & gloomers have their 'soapbox' moments. Have a look at this earlier thread of mine as a bit of moral and emperical support for your optimism.
https://www.propertyinvesting.com/forums/community/opinionated/4336372Richard, you nailed it!
Property Management is not worth the hassle of doing it yourself; the costs of using a real estate Property Manager to do it is tax deductible; and if your property is being managed and tenanted well, you never even have to see it – which means diversification into other states for different stamp duty, land tax liabilities, and so.Hi John.
Whether you buy a unit or a House & land depends upon what YOUR financial goals are. I have always believed in house & land as it is the land component that appreciates – everything else depreciates. You ask alot of questions John. <moderator: delete advertising>
PS: I usually offer at least 10% under their asking price as an absolute minimum. These developers usually have at least 10% worth of 'padding' in their asking prtice.
Hi elemental.
Unless you are wanting to plant grape vines or grow produce, for what intention would a 'Subject to satisfactory soil test' achieve that an EPA declaration won't show? What is a satisfactory land evaluation for? – evaluate it for constructing a very tall building, looking for bore water…… If it's just a standard housing block in an new housing estate and you just want to build a house, a 'Subject to Finance" or 'Sale and/or Settlement of another property' will usually suffice. Again, it boils down to what your purpose of the vacant land is to be.Hi WeMal.
Scott makes so many valid points you must consider and you must explore all of them. Arguably one of the biggest things you need to consider is you would probably not want to enter into this sort of arrangement without being aware of 3 critical factors.
1. You will probably need to commit to a minimum 5 year plan.
2. You will need to look at, or find ways, to improve the property and/or its returns for re-sale down the track.
3. THIS IS THE BIG ONE! We have friends who run a similar arrangement and under their 5 year plan they have NOT had a single day off or away from the premises in the last nearly 3 years because no one else can fill their positions – and they overlook one of Australia's most superb beaches. Up at dawn and finish around 10pm.
I hope this and Scotts' observations have you researching real hard on this one.Hi Nicole.
Drop me an email and let's see if I can help you further.Hi again Robbie.
You are certainly not short on questions for this Forum. Are you aware that we have finance and mortgage Brokers in Australia, like my company, who sit down with you for FREE and without obligation, and go through all the various types of lenders (banks, credit unions, etc) and explain to you how all their various loan products work specifically for you?
Why do we help you for free? Because we are payed by the lending institution so, other than a time commitment from you, you can actually get ALL the info you can handle on ALL the different lenders and their products for FREE.
May I humbly suggest that you contact a Broker of your choice because you will most assuredly get ALL your questions answered faster, more thoroughly, and specifically to meet your needs and wants.Hi JCLIMIE
Have a read of the 2 posts below and hopefully this will help to answer your questions.https://www.propertyinvesting.com/forums/community/opinionated/4336416
https://www.propertyinvesting.com/forums/community/opinionated/4336418
