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Try http://www.esuperfund.com.au
Great site and free for the first year.
Am in the process now of changing over. So far so good.
If anyone else has gone down this track, would like to know how you got on with the Esuper system.
Good luck
Thanks so much JacM. Greatly appreciated and thank you for the PM. I will keep you informed.
Thanks Melanie. Much appreciated.!!!
Excuse my ignorance but what is an NRAS property?;
Hi everyone. I live in Perth and so flying to Dysart, Mooranbah and surrounding areas took a bit of organizing (not to mention sleeping in my rented Hyundai Getz in Mackay airport the night before flying home) because there was no accommodatiion for weeks.
This was approx 4 months ago. For what it is worth ( and only my opinion), the situation now seems vastly different from what I found.When I was in Mooranbah there was a "frenzy". Sign now or it will be gone this afternoon…. and it was !!!
I came home empty handed and disappointed but enlightened. Was hoping to have found something that was special. Talk to the council in places such as Mooranbah. I did and I left with the clear understanding that the good times were about to come to an end.
Congrats to people who got in and made serious money, but this area needs serious thought if you are buying something and RELYING on the hope that present rentals arel sustainable.
At that stage there were 7 properties for rent in Mooranbah. Now there is 150. !!!!!.. check out realestate.com
Wish you well. At least I got off my sofa and had a look for myself.
HB and Dazzling, with the greatest of respect you are are NOT reading the Question!!
If KT had the deposit, this post would not have been written. Here is a person who has found a GREAT opportunity to advance financially and is being held back by lack of deposit. Dont knock the fact the deposit is not there , find a solution to the problem.
I was in exactly the same position some time ago and this is what I did, which by the way was sucessful!!
Assume for simplicity an investment property valued and available for sale at $100,000.
An LVR requires a 20% deposit (which in this case is NOT avail). FIND IT FROM ELSEWHERE eg approach another lender for an unsecured loan at a higher interest rate.
Once obtained, place this deposit to assist in the purcasing of the other 80% plus closing costs. Provided the rental returns and the automatic equity in the proprty upon purchase stacks up, and the deal is at LEAST neutral, all parties are happy and you are your way.
Is this IDEAL. Mo. But you now have in your possesion a piece of valuable real estate, 75% below valuation and paying for itself.
Good luck
Sell the house.
Rent a home sufficent for all the growing family to enjoy with all care no responsibility,
Sweeten the pot with the purchase of a moderately priced family vehicle,
Deposit the money from the sale of the home and organize a line of credit from the bank, ready to pounce on the pos properties you locate.Set a sensible time limit in which to buy “the family home”, because the reality is you would have to rent for at least one year anyway whilst building on the present site.
Once the family has moved , they wont be that keen to move again and as the cash starts coming in, the stress levels will lower and you are on your way
Good luck with the convincing, as this will work!!I am an airline pilot, and fly international routes, and spend most of my time “jet lagged”
I bought 2 properties in Singapore in the 90s when things were really in a frenzy.
Saw the inevitable and sold before the big crash and thankfully made money.The market today is still reeling so yes, a perfect time to buy. However!!!!
I would only buy in districts 9, 10 and 11.
Would never contemplate leasehold no matter how good the positive cash flow.
There was capital gains tax (introduced to curb the speculation which drove the frenzy) so please be careful and get qualified advice on this as I am not aware of the law being changed.
My main concern is still the oversupply of brand new properties. They are everywhere and are still being built!!!
I am surprised to hear you say there is a shortage of accomodation, but I am not suggesting this is not the case, just surprised.Anyhow good luck if you decide to proceed, I enjoyed the ride.
Brady5
Gambit,
I am a bit confused!!!Are you selling your property at a discounted rate, or BUYING at a discounted rate.?
May have a typo error. Please reread your post.
Brady5You havent mentioned how many bedrooms the property has!!
I assume you and the g/f are sharing a room ( otherwise you would be man and wife !! ), so what of the other bedroom!! This would have to rent for how much per week/month/furnished/unfurnished/with meals provided or without/ with laundry done or not/ with English lessons after 6 pm for 2 hours.
God forbid if there were 2 spare bedrooms plus study!!
Get creative and make this situation WORK for you and your future
Please dont tell me that same story about ” not fitting into our quality of life”, you are capable of purchasing this property for your financial future if you consider all options.
If this is all too hard, then the best of luck, and I mean NO DISRESPECT but with your combined salaries, you need to think OUTSIDE the box.
Sincere best wishes.
Great topic, love it!!!!
I used to make excuses for being succesful, or at least ATTEMPTING to correct a path that was leading no where.
Nowadays I am confident in myself, for what I have done has been succesful.!!!!So when confronted, I step aside and ask for a piece of paper. Then In write. “The more you do of what youve done, the more youll get of what youve got”
Then I walk away and ask them to think about what is written and will return when my drink is replemished.
The people WORTH talking to will realize that their present situation is not enviable, and here is a person who has seen a fault and made a correction.
Those people who respond positively as opposed to negatively are worth your time, otherwise move onto SPORT.Hi Dee Berry,
I am no expert so please seek professional advice, but my understanding is::
Say you make $100,000 on your investment,
$50,000 is yours (ie no tax) and the other 50% profit (ie $50,000) is taxed at a rate at which your personal income tax is assesd eg 30%.It worries me that you you are trying to sell it yourself!!
We all know why, but the odds are against you and I am NOT a realestate agent. I find the relationships you develope from engaging agents, can materialize into financial gains for the future.Anyhow, good luck. Hope this is of some help.
Brady5Dunnyboy,
I think you had better take a big deep breath before you embark upon this line of investing.Suggest you purchase and read CAREFULLY , Robert Kiyosaki’s “Prophecy” prior to buying a single share, especially with your well intentioned and obviously very devoted father’s hard earned equity.
Your age is young and I appreciate your eagerness and impatience to accumulate wealth ASAP, but do it on your own two feet. This “line of credit” suggestion is fine if you have a proven track record and are willing and able to accept losses.
This may or may not be the case when it comes to your father, who stands to do the loosing.Alarm bells are ringing.This in my opinion is not the foundation for future wealth creation. If you were my son, I would be showing you the way to save your OWN deposit!!
Wilko,
Warren Buffet has many great sayings, but the one I love best is how he describes the average man (like you and I with our approach to investing in a :balanced portfolio of shares:) compared to the people like himself. He says:
Ordinary people dabble in shares by driving to Wall Street in their motor cars, and blindly hand their hard earned cash over to a stranger on the floor, who then takes the SUBWAY home!!
In my experience, unless people are prepared to GAURANTEE results ( which no F/A s will ), you cant and shouldnt rely upon them for your financial security. None of the supposed experts,
and there were plenty around, advised the ordinary person the 87 crash was imminent.Anyhow, just my thoughts.
Brady5Angel,
Firstly let me REALLY commend you on your efforts so far.Your enthusiasm for financial independance has been put into action as opposed to others who just talk, so I feel for your plight but you are on the correct road, DONT GIVE UP.and “YOU” probably are half the reason for your woes.
Reading between the lines, you seem a very compassionate person, ie tenants with 7 children etc is no problem except for the unfortunate small matter of no rent coming in which is making life for you miserable.
I bet you are on a first name basis with all tenants!!
Time to get tough and correct the things which NEED correcting.
Remove yourself from the emotional connection and employ a Property Manager (I know this is not your wish but your success at this stage must come first)
If the manager doesnt perform quick smart, get another, time runs out very fast when you fall behind in repayments.Once the non paying elements are removed and replaced by cash paying type tennants, gradually increase your rents EVERY renewal by small amounts consistently, rather than big hits occasionally, to ensure success of your venture.
This is what I would do and have done in the past, for what it is worth.
Keep going,
Brady5Nat R
Listed price of property is eg $100,000
Property purchased at $80,000(although bank is not yet advised of this figure)as you want their valuation!!
Bank valuation returned at $100,000,
80% LVR on valuation equals $80,000 (full purchase price)
100% financing.
(the bank has NO interest in your purchase offer or price, only 80% of valuation..so there is no “lower of” as far as they are concerned)
Cheers,
Brady5Sorry Nat R,
I didnt mean to ignore your comment, just scrolled down too fast. {still finding my way on this forum) and have only just seen your respnse.
I have never been able to succesfully apply for a home loan in all my years of property investing, where any reputable lending source will take a “purchase price” as an accurate indication of the value of a property as part of their dd for a loan proposal. After all, this is one of the fantastic things about RE investing, that the little man like me has this safety net of having a BANK VALUATION to back up my planned purchase, and not pay an extortionate, unfortunate price.
All the best,
Most importantly of course, one would hope that pre approval of finance up to a certain value will all ready be obtained prior to an offer being submitted, (but a subject to..clause SHOULD wisely be included for protection) so as to put you one step ahead of the opposition.
Brady5Foundation,the WHOLESALE price of a property is the price you can offer AND HOPEFULLY SECURE the property after having established your NOI (net operating income) then adding on whatever $$ you consider viable to make this a positively geared situation.
Doesnt mean your offer will be attractive to the vendor, but if accepted, then this is how the road to financial independence is created.It will then be positively geared, if not , move on.Hi Kerwyn,
Interesting question you have just raised!!
Please consider this :If you have selected a property for the purposes of aquisition as an “astute investor”, you will be making an offer based on the WHOLESALE price of the property. Once you present this property to the bank for evaluation, their estimate on the value of this property should reflect the RETAIL
price that the ordinary man (or woman) on the street would be looking and prepared to pay. Based on their valuation with a LVR, if this effectively is NOT 100% of your proposed offer to purchase, then you shouldnt be buying the property in the first place. This is all about beating the odds, and buying at current market value is not the name of the game.
Anyhow, those are my thoughts.
Brady5
