Forum Replies Created
G’day…
Wish I could give you a direct answer. I think your best bet is to ring the Acct your Dad is speaking with… or perhaps email him and ask the questions you are asking here… Make sense?
Keep in touch
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Azrael…
There are a number mistakes, and as I see them…
(1) Don’t buy “off the plan”…. Anywhere!!!!!
(2) Don’t buy a unit in Sydney today.
(3) Tell her to leave her Mothers House alone
(4) Look for a bank with Integrity.
I am sure you mean well…. but the Sydney IP Market is looking a bit sick at the moment and it sounds to me as if they should forget the Investment until they can do it without Mum’s House on the line.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Damian…
Geez and I thought I took risks!
You asked for “creative Financing”… bloody hell you need JC himself to pull this one off.
Time is not your problem… You appear to be biting off far more than you can chew Damian. There is no way that you can expect to make a lousy $30k on a $240k purchase… that’s just 10%. I would want at least that % for error.
You appear to be having difficulty in getting $$ for building and then you throw us a curve ball and tell us you’re going to borrow/develop another 1/2 million on top of the first problem.
I suggest you go away and think it through Damian. It appears that you are hoping you’ll make $60k to help in building your own home.???
Personally, I reckon there are better odds at the racetrack than what you’re contemplating.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Kenshin…
You didn’t deserve that sort of a welcome. Are you having a bad day PeterM?
Hang around Kenshin there are a few helpful guys/gals on this Forum. We rarely agree so you are bound to get a range of ideas.
Have you considered setting up a trust? Then you are your own tenant, with a $480k mortgage. Obviously get legal advice etc.
Thought of using a Broker… you get a cross section of potential lenders with the one application. All lenders vary in lending amounts.
A few helpful Mortgage People here for you to pick their brain.Have you considered that the market may be at a peak? Would it not be better to give it 6 months at least to see how 2004 treats the R/E market?
Don’t worry about your post….. that is a short one compared to some of the answers I hope you’ll get.
Stick around…
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Sue…
Whaddya think it means? R/E = -20%+ most areas.
Like I said in September, been over for months. When you can sell a BSS for $25k it’s gotta be over.”Fatboy” Paul is even getting emails today!!
Remember: that post in late September?
“Extraordinary Delusions & the Madness of Crowds”
Nothings changed since Tulip Mania,16th Century in Holland.
Cheers…..& DJIA breaks through 10,000 by Xmas
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Shirley…
You are right… but that’s the old REIA scale, some may still use it though.Negotiable these days and you should be able to getit done 2 to 2.5%.
Luckyone… that would not be right. You will pay more of course on a dearer home.But unless the guy with the dearer home is a bad negotiator, the overall commission scale should be the same or less.
I can assure you that if you tell an Agent you have an IP for sale at $190 and another at $490 you will be charged more on the $490k but overall a smaller %
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day… Westan & Mini
Apologies, you must have the same colour Stars?
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Lynchy…
An Agent?
Won’t hold that against you as I was for 30 years.
You wouldn’t have got my services at 2% though.Agree with all you’ve said for a “Good Agent” but we both know that more than half the Agents aren’t worth feeding are they?
If I get started you won’t stop me…so i’ll quit while I’m ahead… Do you want to see some decent Adverts? …….email me… and where are you based?
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Malachii…
I’m not sure if the tribunal can give you the power to have the tenants salary garnisheed or not. I have taken a tenant to the small claims court on behalf of a client and received $x per week for 2 years paid by his employer directly to my Agency.
Check with Mel or the Tribunal to see if you have the power to garnishee wages.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Mel…
Canberra has a mind of it’s own and tends to go to extremes. I think that this well become less so in the years ahead.
I’m sure you know the units at Hawker… While you’re in the area drive past our first home
9 Goodparla St… $50k 1972. Just to make your day drive past Nevada, Pasedana & Arizona near the Watson shops… had a third share in the 42.. cost us $550k 1972 then we strataed them, Unit Plan No 10.In reference to the cheapies I was refering to Westans “3 @ $70k in NZ”. Not for me.
Been a while since I’ve said hello… sorry.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Chambo…
Be very careful in buying property from any “Marketing Group”. I will even go so far as to suggest you avoid them completely.
They are a marketing machine with a lot of people to be paid and almost without exception you will be paying, maybe 20% more than the property is worth. If you must do biz with them, get your own “Independent Valuation”.
They may appear to be cf+ with tax write offs etc but in reality, usually an overpriced deal that will take you years to get enough CG to bring it up to it’s true worth.
Do your own legwork…that’s how you learn.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Ricky…
I replied to you earlier and said to Buy your own home first…and keep it…..Buy IP later.
Your opening sentence also suggests to me what you would “really” prefer to do. I don’t make all my descisions based on the Dollar and feel that security of tenure plus all the other ++++ are worthwhile and of course CG is tax free one day.
Westan has reminded me….. I keep forgetting to say not just now. I mistakenly assume that everyone recognises we are in the early stages of a correction in R/E.
I disagree with those that hold the view to rent and own an IP instead. If you buy right you will have far better CG than you would with 3 cheapies
that are cf+. My experience is that if you have excellent yield you have little CG.Also if you are buying Cheapie IP’s they may not necessarily remain positive cf and worse, as a cheapie more likely to fall heavily in a market sell off. An example is the 25% market fall in Canberra late ’94… Even quality homes fell 25%..but cheapies lost 50% in value within 12 months. 2Br units (Hawker) $112k down to $55-60k
Ex-govt homes in Higgins $130k down to $60-70kCheapie IP’s tend to attract the wrong sort of tenant. Of course you have a choice… but people rent cheapies because they have to, not because they want to.
My views based on my experiences…….
Cheers
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Westan..
At 50/50… yes… both ways
At 20/80…no
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Rickyw…
You’re all over the place…
Buy your own home first.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Rickyw…
Horse before the cart.
House to live in first… and keep it.
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Paul….
Diversify
Send me half and I’ll write options for you?
Cheers
Bill
ps I want 20% of profitsBill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Shirley…
Where you been?
Yes the interest is tax deductible.. no ifs buts or maybes.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Paul..
Longtime no G’day!
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’day Sue….
It is obvious to all that witnessed the terrible roasting that Kay gave “Sadie”, that Kay is now trying to play it down. Not good enough Kay!
Sue, I have to tell you that Kay really got stuck into “Sadie” and feel she may need to talk to another “girl”.
If I was “Sadie” I would moderate Kay outa the joint. She probably will when she’s feeling up to it. Kay… what are you going to do about the situation?… look at the havoc those few thoughtless paragraphs of yours have caused.
A feeble apology from you just isn’t good enough.
Now Kay… for your Penance reply to my post”Brainstorming Session” in Specific Properties
and I’ll decide if your contribution is worthy of forgiveness.Cheer up Sadie…
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]
