Forum Replies Created
Hi Dan,
In your situation i would have the current property revalued, take out the 17K to use as part of the deposit, borrow 80% of the price of the new IP and stick your remaining cash in an offset account.
By doing this you will still have some cash readily available for further purchases etc. and it will also put your total borrowings over $250K which, should qualify you for a greater discount off your interest rate.
Regards
AlistairHi Carl,
Information Victoria sell a book with the last 10 years medians for each suburb. The bookshop is in Collins St, I think. Its only about $30 I think.
Regards
AlistairA site that’s worth looking at re small commercial syndicates is Gardner and Lang (www.gal.com.au). They put together syndicates and offer quite a lot of free info on the subject.
Have a look at the fee structures, often the manager of a syndicate receives a large % of any capital growth, so the income might be equivalent, but not the pay back at the end.
Karina,
With 5 units you will be looking at a commercial loan. You will be lucky to get 80%, although if it is a particularly good deal for some reason, you never know what you might be able to get.
Regards
AlistairVexil,
Wholesale Property Brokers often purchase properties from distressed developers on behalf of their clients. Danny Smith, who posts on here quite a bit, works for them. You should send him an email, I’m sure he’d be happy to talk to you about how they find their deals. His eamil is [email protected]
Regards
AlistairHi James,
You’ve just proved that you do need a mortgage broker. If you fix a rate for one year you will be paying above the standard variable rate, and if you sell before the end of the period for which you have fixed it you will also incur breaking costs.
Why bother doing your own research is this field when a mortgage broker costs you nothing, will do it for you and will probably get you a better loan anyway.
Regards
AlistairAndy,
You should try on of the brokers on here, such as Simon, who provide us all with free information on a daily basis.
Regards
AlistairThis is a game of celebrity Head isn’t it. You’re Neil Jenman!!
Hi dontfightfacts,
I am aware that Nigel operates as a representative under another licensee. It is up to him whether he tells you any more. However, I don’t see that it is relevant to this discussion. If you have a problem with him you should take it up privately, same with your comments regarding his need for a financial services license.
Regards
AlistairThis post is getting a little off topic, is it supposed to be about positive realestate or Nigel Kibel?
I have a client who has purchased through positive realestate and has done quite well. What sort of longer term investments regional towns will be is a matter of conjecture, but they do seem to deliver what they advertise, so i have know problem with them.
I would also like to add to dontfightfacts that attacking a regular contributor to this forum, while not disclosing your identity does not paint you in a particularly positive light. I’ve met Nigel a number of times, as have a number of others who frequent this forum. He has been in the realestate game for a long time and held a number of different positions, i can also confirm that he holds the necessary licenses to carry out his business. You may agree or disagree with him, but his experience and consistent contributions to this commubnity gives him a a lot more credability than a nameless faceless person with a couple of posts.
Regards
AlistairHi Jacquin,
I have also heard Vaughn speak and highly recommend him.
Regards
AlistairHi JenD,
Be careful, if a beneficiary of the covenant objects to its removal, these is basically nothing you can do. Maybe make an offer contingent on the covenant being removed and then see if the neighbour will allow you to.
Regards
AlistairHi Megan,
You make some good points, however I have to disagree with your comment.
“Anything I’ve ever heard or read from succcessful investors says “never sell” (unless, of course, there are pressing circumstances).”
This is the Jan Somers method and has been very successful for a lot of people. However, there are also many people who have been successful and do sell properties. Steve McKnight is one of them.
I would go further and say that most of those at the top of the tree in terms of property investors often sell. You only ever have a finite amount of capital and the optimum use for it is to place it where it earns the greatest returns. It takes skill to make choices about where the greatest returns are and this is why some investors rise above the pack.
Landgrabber, from the detail of your post, you seem to know what you’re on about. Make the decision, are you going to get a better return on your money by selling, taking into account the costs involved. If you are, sell, if not don’t.
Regards
AlistairHi Vanessa,
The reason i don’t think this product is particularly good is because the interest rate is so high and also because there are 100% loans available that offer far better rates, particulalry if you are able to save 3% of the loan amount.
If you earn enough money for repayments on a loan at 9% for a %500K loan, why would you not wait a few months and save youself thousands. If people can’t dicipline themselves to do this, then i question their suitability for a loan in the first place.
Regards
AlistairThe only people who would find this product attractive should not be borrowing money.
Hi ES,
I have an 11 week old, my first, so am currently getting used to a very different lifestyle. I can’t really give any advice as its so new to me, but it’s good to hear some experiences from others a little further along the raod I’m now travelling.
Regards
AlistairHi Cama,
Yes I own my PPOR and am currently renovating it, although I intend to stay there. My personal point of view is that there is very little downside risk to buying a PPOR, if you are happy to stay in the place. The FHOG is a definate positive, and it really only costs you the difference between what your rent would be and your intrerest payments. It will take a long time for this to reach $12K.
I’m sure there are lots of different views on this. I know that Steve stated in his first book that he put off purchasing his PPOR so that he could spend his capitl on income producing properties.
In the end it really comes down to what you are comfortable with.
Regards
AlistairChang,
Some do a good job for their clients, others not so good and they all have different structures and methods of doing business. It is simply not possible to comment without knowing who you are talking about.
There are people who post on here who provide these services, you could try talking to one of them. Michael Yardney and Nigel Kibel come to mind, but there are others also.
Regards
AlistairHi Chang,
Name the companies and I’m sure you’ll get lots of opinions.
Regards
Alistair
