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No idea if the thread is gone but I still like the Hervey Bay area in Queensland purchasing property
Yes. Ring the bank make an appointment and ask the bank manager if they will send in the paperwork to give you the loan. Just ask, all they can say is no; and if they say no is that going to kill you? most likely not. People go on and on with this is what the bank wants or this is what the bank is looking for when the easiest way to find out what the bank wants is to ask the bank. I suffered more damage, hurt ect. being rejected by a lady I asked out on a date than I ever suffered from being knocked back by a bank. Banks can be very flexable . I purchased two houses with a total of two hundred dollars of my own money. One hundred dollars deposit for each house and the rest I got from the bank. Ask the bank all they can say is no, or they could say yes. The banks want to see that you can afford the repayments
Hi. Wylie gives a lot of food for thought. One thing that I realised early was that I had to make my decissions and live with the consequences of those decissions. Oddly enough I found it very easy to live with negative consequences if I had made the decission that brought them about.
I know a man who all his working life said ” I’m working and investing hard so that I can retirer at 55 years of age”. 55 years came and went and he said just a bit more so I can feel secure about retirement. 65 came and went and he said just a bit more to make certain. 68 years came and at last he took a break and went on a trip around Australia with his wife. This was something he had looked foreward to doing all his working life. They were away for three months and returned home after a great trip. The wife awoke one morning, about a week after they had returned, and said ” I’m having trouble breathing this morning”. Trip to hospital, diagnoses cancer of the lung. Prognoses three months without treatment who knows with treatment. That was 18 months ago. True story. The point is that life is temporary and unlike money once spent you can not get it back or make some more.
I invest because I enjoy it. I invest in order to hopefully make a difference. The idea of investing just to make money to my mind makes little to no sence. I know one day I will be no more. I live my life knowing that this life is temporary. When I get so old that death is likely I want to look back and know that I made the most of my life, I made a difference to someone. Milly you have to make the decission . To me investing is more about the journey ,the challenge and the enjoyment than it is about the money. Ask yourself why are you working/ investing? and what can you do to achieve your goals. What are your goals? and when you look back on your life will you be happy with the choice you made.I have to agree with notabrokeranymore. So long as you invest the money you are saving I think renting is a smarter idea.
The very first step you or anyone needs to take if they want to achieve a goal is to get your head right. Do you really want this; because like anything it will cost you.
When I was 18 years old I purchased my first house in partnership with my brother. My brother and I still talk to each other but at times during our partnership he could have killed me and I him.
Partnerships can be one way to get started. Three or five people can achieve a goal more quickly than one. They can also have three to five time as many disagreements.
The Mortgage Adviser was very right. DO NOT smoke, drink and take drugs. As an 18 to 20 something year old I had to watch my friends go off for yet another night of adventure fuel with cigarettes and alcohol. I desperately wanted to go but I had to pay the mortgage and could not afford to go drinking. I had to make a choice every week. Did I want a night out on the town or a house, did I want an overseas holiday or a house, did I want a new car or a house. You can not spend your money and have it for investing. You need to make that choice every week.
The next most important thing to do is to get educated. The best thing I ever got form university was having my mind exposed to new and different ideas. Thoughts and ideas that I would never have had on my own. This experience raise the horizons of my mind and I began to see that many things were available and possible to me.
If you did not know anything about engines would you strip down the motor in your car, only if you are nuts. Yet people armed only with the thought ” I want to be rich” go and make decisions about their financial future. Get educated. This does not mean that you have to go to university. Read books on wealth creation.
My grandfather said to my father ” the first hundred quid is the hardest”, my father said to me that “the first ten thousand dollars is the hardest” for me the first five hundred thousand was the hardest. The point is that for every generation starting out is the hardest part. You need to build a foundation of assets and cash flow to build lasting wealth upon.
There is no simple answer to your question. You need to have the right attitude, be able to work with others who are like minded, delay gratification of your wants and get educated about investing/ making money.
I hate it when I rave on like this but as I said I started when I was eighteen years old and it makes me smile when I think of another eighteen year old now starting on that road I also took. I wish you success.Just my point of view but the best FA I ever found was me. Everyone else was trying to sell me a product, a particular share etc. I like knowing who I can blame for the stupid mistakes I make as well as who to say “well done” to when I make a good investment. Listen to everyone, be selective about who you trust and make your own decision
I was going to give you a long reply about my experience in real estate over the last 26 years but decided not to. All I want to say is that I always purchased the best house as close to the CBD as I could afford. I would say “in twenty years time this will be prime real estate” and guess what, I was right. What I have found is that I had to work very long hours and days , up to four months, without a day off to service the debt. I did not have a holiday for twelve years, I got married and had a three day honeymoon. My wife and I live poorer than anyone I know and we own several million in real estate. WHY! Because of cash flow. You can only work so many hours in a day to service you loans. You become a slave to your property trying to buy the best house that you can afford. Rule number two is keep your debt down. Look at the returns today and how quickly you can pay the debt down so that the deal is giving you money not taking it. From my experience I would buy a property that would not cost me an arm, a leg and lots of my time to own.
I started out using other peoples money in 1979. I never considered that you could buy a house any other way until I started dating a very average lady who bought her first house for cash. She was employed as a registered nurse and saved this money over the years from her wages. Over the years I was continually impressed how this lady could go through life without spending money. The point to this is that we both purchased our first homes in the same town. I purchased mine in 1979 she in 1989. The difference being that at the time she paid cash for her house I still owed money on my house. People look at the large sum required to buy a house and say I can’t, this lady would look at the large sum required to buy a house and would say how can I get enough money to buy it. This lady, employed as a nurse, would also buy her cars for cash. She is lived proof that you can save for what you want
Insurance is one of those products that you can not buy when you need it. Only you can say if it is worth it for you. I found the least expensive way to buy life insurance was through the superannuation fund I have to contribute to.
Just a thought, this could be just a dead cat bouncing.
I am not a real estate agent but I have to ask the question, don’t you work for your own benefit. I have a simple rule, I call it rule number one. “If I don’t get paid I don’t turn up”. I expect that the agent is working for their benefit. Part of their job is to bring together my inflated expection of the value of my property with the reality of the market value. You don’t have to like the market value of a property and you don’t have to sell.
Queensland is a big place. Do you have a city or location that you want the solicitor to be close to or in?. I have always been very happy with the solicitor that we use in Brisbane. The firm is called Blake Topping located in Ashgrove Brisbane. A very professional firm I have no idea if the work with lease options. Only have a telephone number 07 3366 0133.
I would say get it all everything down on paper. Spend the time and money engage a solicitor and an accountant. Start as you intend to finish, be professional in your approach. It never ceases to amaze me how people can hear what you say, hear the words that you use and still have a different interpretation of what was said.
A friend of mine went to a TAFE college here in Brisbane an did a short small business course. It seemed to be pitched at people ,like yourself, who were just starting out in small business. I would suggest that you start at TAFE
Living in Queensland as I do I am use to Termite damage. If I were intending to demolish the property in 10 years and the building report was good then I would go with the treat the termite problem fix the cosmetic damage and do the deal. I have to think that any building inspection should find major structural problems and if they have not the rest is likely to be cosmetic repairs.
Hi I have removed wallpaper very easily by getting a bucket of warm water, add a cap or two of wool mix to the water. Next peal the top ply of wall paper off the wall. In my experience this peals away very easily and you are left with the glued plain paper on the wall. Get a sponge, soak it in the buket of water and wool mix and liberally apply the water mix to the glued paper. My experience has been that the glued paper wipes of the wall, glue and all. I have removed an entire room of wallpaper in under 20 minutes.
A real estate agent did not turn up to let me in to look at a house that I was interested in. I was not surprised by this. His first remarks to me when I rang to ask for an inspection of the property were something along the line of ,it’s a pointless exercise because the vendor is nuts and wants to much for the place’. I told the agent that I still wanted to see the place and he was a no show. A real estate agent who goes out of his way to not sell a property, it’s gotta make you ask who is nuts .
When I was a younger man in my 20’s my father said something that I have never forgotten and always found to be true. He said “son there is no such thing as the last best buy.” . I have found that there has never been a time when there has not been a property I wanted to buy. There are always good buys and bargains to be had. Today you have to look harder and perhaps look at the market in a different way. When the numbers work the deal generally works.
Making money in real estate is not just buy, rent and hold. Today you have to find a market and supply that market with a solution to their problem/need, matching properties to people’s needs. You get your profits through cash flow or by selling. There are always deals and profits to be made; today you have to look at what need or problem out there you can solve.
My worst mistake was falling for the idea “wouldn’t it be fun the do up an old Queenslander”. I bought an old house that was literally falling off it stumps,facing west and located on the busiest road in Queensland. If there was a mistake to be made in real estate I made it in that house. This turned out to be one of the best things I did. Mistakes are how we learn and are part of life. I was able to confine my real estate blunders to that one house, I learnt and moved on. The best thing I did was marry my wife. We move evenly yoked together in life as well as in our investing life.
