Forum Replies Created
Hi RK.
I don't know of either of these companies in my professional dealings but may I suggest you have a look at this link to the Sydney Morning Herald :
I provide you this link to highlight the absolute necessity of NOT making decisions on the day with a so called 'wealth creation' company until YOU HAVE DONE YOUR DUE DILIGENCE ON THEM. Too many unreputable and unqualified people are cashing in on ordinary Aussie's lack of true understanding on how IP works, the tax implications, the growth implications, tenancy vacancy rates, and so on.
I hope this has been of help to you and others who read this post.Terri Scheer are the Landlord Insurers we use personally, and also recommend to our clients. They are the ONLY Landlord Insurer in Australia who ONLY insure Landlords. They do NOT insure anything else – cars, boats, life, etc.. I have known Terri from as far back as 16 years ago when she first started specialising. Now she has grown into a national insurer and the company does offer benefits and levels of protection unequalled by any other insurer. We have a write up on our website about Terri Scheer and would be happy to send you an information kit if you would like.
Kind regards,Hi Bullet.
Woah! Way too broad to answer with any degree of accuracy. Please feel free to drop me a personal email below and i'd be happy to discuss further with you but really need more 'private' financial info to guide you with professionalism. The consultation is free and you're welcome to checkout my other posts as well as our our website.
Kind regards,G'day Willister.
I would suggest, firstly, that you do have an electrician give the wiring and wall plugs the usual tests to make sure the premises do meet the minimum standards so you know you are protected with regards to your building and public liability insurance. Now, if the premises are indeed ok, and your tenant wishes to introduce operating equipment that requires a change in the pre-existing electrical wiring/system then, with the limited info you have supplied above, the electrician and costs are on the Tenants bill, not yours. However, there are many other factors to consider such as how reliable and good a tenant you have; how much longer does his lease have to go; is there the option to extend; and so on. You have both made concessions: you in reduced rent, he in improvements. Ultimately, if the tenant is a good one, you should (as a suggestion) factor in ther costs to do the re-wiring against how much longer he will stay in the premises continuing to be a good tenant and see if it is worth the expense (which will also be tax deductible for you!).
I hope this has been of help to you willister.
Kind regards,Hi hankmoody.
As I have said, everything is negotiable and so are my fees!. The problem with most lawyers and in particular, the big law firms, is it's pretty much a 'boys only club'. Most Lawyers won't negotiate on fees just like Doctors and Vets won't. Most of them believe that the 6 years minimum of study it took to obtain their qualifications means they're entitled to charge the often exorbitant fees they do. Also, Lawyers can also be governed by such professional organisations such as The Law Society and the Attorney Generals Department.
Lastly, during my career, I have done and will continue to do, my fair share of 'pro bono' or 'good works' which means I either help people for a significantly reduced fee or I do it for nothing. I don't believe people and professions should all be 'tarred with the same brush'. I take each persons case individually and is why I set up my company to always have a free 1st consultation, free of conditions and time limits.
I hope this has helped you realise hankmoody that bwe are not all the same
Kind regards,So true Richard – my bad and my apologies to the forum – and again, please people listen to those specialists who are certified and licensed as they know the laws and regulations in their given fields and will not only help you but, more importantly, protect you. Remember also, the true professional who comes on to this forum disclosing who he or she is and provides you with contact details usually has alot more to lose because they are the ones who have already spent the time and money to not only become certified and licensed, but continue to keep abreast of changing legislation so you, the novice or experienced investor, will know that you are lowering many of the risks involved – as highlighted in the previous post.
And on the seventh day I rested. Enough from the pulpit from me!
Thanks again Richard.
Kind regards,G'day Troy.
Is this cheque on top of your agreed deposit amount? Is the $5k simply your deposit? Is this cheque made out to the Vendor directly? You must be careful here. When a contract is drawn ias a formal offer to the Vendor (usually by the real estate agent) an agreed deposit amount is written in to show the Vendor how serious your offer is. The higher the deposit, the perception to ther Vendor is that it is ALOT harder for you, the Purchaser, to simply walk away from the deal. Also, monies offered in the form of a deposit for the purchase of residential property MUST be held in trust by the real astate agent, conveyancer, lawyer, etc. and cannot be released until the conveyancer/lawyer has settled the property and titles have changed names.
I hope this has helped.G'day Jake.
May I suggest that if you are PAYG now and qualify for the loan amount you require in around 6 months time, that you go ahead and get the loan to pre-approval stage because, unfortunately, once you become self-employed the majority of lenders need to see at least 2 years of Profit & Loss plus what income you are drawing from your business. It is not impossible to get the loan through a lo-doc or no-doc loan but you will probably be charged a higher interest rate and the lending criteria is usually a lot stricter. May I suggest you talk to a Mortgage Broker (there are plenty of good one's just in this forum) and talk to him or her. A Broker will be able to offer you more options and flexibility by looking at all the lenders, their products, and their lending criteria for self employed. Best part of all Jake – usually the Mortgage Broker comes to you and we are FREE!
I hope this has helped.
Kind regards,And what a great lesson it is for all the new and inexperienced investors and Brokers and, perhaps, even some of the 'old school' investors and Brokers. Fraud is fraud and if we, the Broker help facilitate that fraud, well …….. Thanks Richard.
Kind regards
G'day everyone.
There has been alot of good discussion on this particular topic but what it all seems to boil down to is if we have a bust or not this is really the not issue. The issue is two fold: 1. If you don't invest into property then what alternatives does the ordinary Aussie (who usually lacks time and knowledge to learn more) have to create wealth outside of working for a wage?: and 2. Do we REALLY stick our heads in the sand and do NOTHING based upon the few who grandstand on hyperbole, supposition and assumptions? You simply can't continue to do a Nostradamus and try and fit what has been written in the past and try and make it fit into the present. As my dear ole Dad used to tell me, "son, you either have to S__T or get off the pot!Hi again Cappy.
I have no problems with your figures and yes, traditionally, Australian property performs much better in growth and our government does allow for depreciation and tax variation that often reduces the investors out-of-pocket costs on a negatively geared property down to almost nothing. However, there does seem to be one factor a lot of people contributing to this forum are NOT considering when looking to the USA to invest. Take a hypothetical US property that pre GFC was worth say $400K that you can now buy for say $50K. Is this property going to now slowly grow again from this level at single digit capital growth % rates OR, is the US economy going to do what it has always done after great economic upheaval – make great strides back into a 'bull' market, creating more business infrastructure, creating more jobs, creating more demand for owner occupier properties, leading to significant (and maybe at times, enormous) leaps in property values?
This is just my humble opinion Cappy, but I believe property values will return in many parts of the US to pre GFC prices and beyond and one cannot rely on the more traditional 4-7% rates of growth like here in Oz. Not too disimilar to what happens to real estate values around a resource boom i.e. checkout the cost of property in Karatha, Kununara, Port Headland 5-10 years ago and look at them now!NO, you are wrong again Matt! Cash is NEVER king. During WW2, when the proverbial hit the fan a whole suitcase of cash in Germany wouldn't buy you a loaf of bread. GOLD and precious metals are truly king my friend and I guess this does prove that a single post grad in Finance doesn't make one the Master Guru of Australian and World Economics. Oh, I forgot, you didn't do economics, just finance. Perhaps a PhD might be of benefit Matt?
Hi Cappy.
I find one big, glaring problem with your figures. I am pretty well researched on IP in the US of A and wish to know why you have allowed zero,0, nadda capital growth in your hypothetical USA property but have in your OZ IP? Of course this magnitude of omission in your figures will allow your Oz IP to kick the brains out of your USA IP.
Kind regards,
Hi Haratio.
Have a look at our website and see what you think. We are in Hobart and Launceston.
Kind regards,
Matt, instead of trying to justify your position and knowledge based on an undergraduate degree in Finance and that "i know these things', why not take your wordly knowledge and invest in something better than property like, say shares, managed unit trusts, orworm farms and pine plantations i'm told are good alternatives(sic).
Yes, you have the right to your opinion on this forum but you are going against the grain of over 175 years of Australian property stability which encompasses the Great Depression, WWI and WWII, Korean and Vietnam War, all the recessions and oil crisies from the 70's to the 90's and enduring a Global Financial Crisis ta boot at the end of the first decade of the new millenium! Yes the bubble can burst so what does that leave you? Instead of all the doom & gloom why not provide this forum with solutions or alternatives with your acute and astute financial brain?ABC, PREMIUM FINANCE SERVICES, PREMIUM CONSULTING GROUP, BOSTON ONE, OPTIMA EQUITY SOLUTIONS, JARDINE PACIFIC, SYNERGY PACIFIC, CARLY CRUTCHFIELD & CCORP ………….Need go on!
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!A Tradesperson Brokering Firm for Property Investors and Managers? Mmmmmm……. I LIKE IT Brazy!
Did you use your own crystal ball,some old issues of Nostradamus, Dianetics or perhaps some Pseuddopygrapha, Apocrypha or the Gnostic Gospels. I haven't read this much "possible" future real estate negativity since reading a L.Ron Hubbard's "Battlefield Earth"!
You have met all your legal obligations under the terms of a WA Real Estate Sale's Contract – you owe the purchaser nothing. You tell this ignoramous purchaser that you have sought legal advice and the advice is this: you (purchaser) ignored your rights as outlined in the pre-settlement contract so "caveat emptor" or "buyer beware". Oh, and remind YOUR real estate agent that acted legally for YOU that he/she has a fiduciary duty of care to protect YOU and could possibly face litigation themselves for possible breaches under the Privacy Act 1988. You may also have legal recourse against both the Real Estate Agent and the Purchaser for Tort Damages for work you have already completed that could be argued in court were completed under duress.Call the Purchasers bluff because that is all it is!
I must, however, qualify the preceding statements as to be not guaranteed nor acted upon as I have responded to your questions based upon limited information, but, if the information you have supplied is accurate then it would probably be prudent to look up a local lawyer who offers a free 1st consultation and run it past him or her?
Kind regards,
