Forum Replies Created
I'm just starting out too but the one thing i have learned is that 'Analysis Paralysis' can set in for analytical people. I too have spent a lot of time researching different markets. Adelaide or interstate, house and land or apartment, new or existing, closer to the city with less house for the buck or further out with more house for the buck, which suburb – what have median prices been doing, what are current rents…
I got to the point where i realised i was never going to make a decision for fear that i would then come across a better deal next week… This is never going to happen to me – why you ask? Because after i decide on my first investment property i won't be looking at others for at least a little while – so i'll never know if a better deal comes up. If you are in a position where you will be looking at investment properties the week after you buy your first one then i assume you are way more cashed up than i am and if you find a better deal – buy that too!
The other thing i have come to realise is that the longer i wait the more it costs me as prices are on the rise, so there is a 'loss' associated with waiting and doing too much analysis.
So, my theory is now:
Buy something new so i can maximise depreciation claims, in an area close to either Adelaide, or major transport corridors into Adelaide (northern expressway, southern expressway etc), with all the desirable infrastructure within arms reach – schools, shoping centres etc. Get a tenant in, wait until the equity builds up and repeat…
Cheers.
Anthony – the developer is telling me the clause is as it is and will not be changed…
The agent is telling me it will all be fine and that the developer has no interest in backing people into corners on finance – my response is that they should allow me to amend the clause if that is the case,
I am fairly certain i am going to take a pass purely on principal. It might be fine but contracts are supposed to protect both parties if something goes sour – seems this only protects one party.
That's the other thing that got alarm bells ringing – they refuse the allow me to make an amendment…
Gary,
The opportunity was through Ironfish.
I am unsure if i am going to go through with it because i am unhappy with the contract with the developer.
Of course, that doesn't mean everyone would be unhappy with the contract…
Thanks Richard – i am being told it is a standard clause but i obviously had my doubts.
Brett
garybatz wrote:Hi BrettJD, Don't know the answers to the lending questions – if you're using a mortgage broker I'm sure they could find out for you. One thing they should be aware of is that you can withdraw from NRAS at any time (though you may lose some of that year's tax incentive), unlike Defence Housing where the property is locked in the scheme for the duration. That might make a difference. If you don't mind I'd be interested to hear about the NRAS opportunity in SA, I haven't come across any of those as yet. Cheers, GaryThanks Gary – i'd be happy to give you the details about NRAS in SA but i can't work out how to PM you…
I'm obviously new around here – is it acceptable for me to post details such as this in the public realm?
Hi all,
New to this place.
We are looking at purchasing a NRAS eligibly property here in SA.
A couple of questions.
Someone mentioned in another thread that it would be impossible to get mortgage lenders insurance for a property in the NRAS scheme – how is this the case? As far as i can tell, the bank is simply lending for a house and land package as an investment and the NRAS scheme is a separate issue. It is not mentioned anywhere in the purchase contracts…
Also, does anyone know if we will have trouble freeing up the equity in the property while it is still in the scheme? I heard a whisper that the banks won't allow this?
Cheers…
