Forum Replies Created
Hi one-step. Are you a new player in Perth or in Investing? If it is in investing then I would suggest 2-3 slightly cheaper properties to get you started without having all your eggs in the one basket.
C2
Have you considered marketing the property yourself and when someone contacts you refer them on to the agent.
In regards to agents there are quite a few good ones out there. Most of the agents I deal with know what I like and only contact me when they think the property suits my taste. They know sometimes I will buy and sometimes I dont and when I don’t there has never been any pressure to change my mind. It’s all about establishing a good working relationship.
C2Which other country you in Dazz? Petrol here in Japan is about $1.40-$1.50 Australian. Was in Australia during August and enjoyed the cheap prices only $1.20. If I could find a cheap Harley here I would buy it and take it back to Oz but there to expensive in Japan.
C2
Hi ET you might be able to try this one. Refinace your o/s property with an Australian bank in that country. This was recently suggested to me when when I looked at buying a +cashflow IP in Japan and wanted to have the rent used as declared income for buying another IP in Australia. I didn’t go through with the deal so don’t know if it would work. Maybe some others can shed some more light on this one.
C2
One area that may have been overlooked by some people is how experienced the mentors may be at mentoring. I read on this thread some people think that an hour a week is not enough to be mentored and that may be so for some, but a good experienced mentor will know what each individual requires and how best to mentor that person. A mentor is not there to answer questions on the spot but is normally informed of a situation and then later offers suggestions, ideas, alternatives, possible pros, possible cons and finally a stimuli to create or initiate responses or actions. The mentor guides and advises but doesn’t do the required response or action.
I have mentored groups of up to 100 (not in the investing area) and fully understand what faces the mentors. If a good system is in place and set up then 200 people is quite achievable but not ideal.
My understanding is that Steve has previously mentored a group of about 20 and that this mentoring was considered quite successful. It is now a matter of applying the same principles of mentoring that he used previously to a larger group.
It is also important for the people being mentored to understand how to get the best out of their mentor by giving the mentor enough time to be effective. If you expect a mentor to provide on the spot answers for everything then you most likely will end up being disappointed.
C2
6 Cars and 3 bikes
As I live in 2 countries we need cars and bikes in both, and I prefer four wheel drives (4WD).
Overseas we have, 98 Mitsubushi Delica Space Gear 4WD, 95 Honda today, 91 Daihatsu 4wd van, 96 Honda steed 400cc(motor bike)
Here, 96 Mitsubishi Space gear 4WD(self imported), 88 Toyota Troop carrier 4WD, 92 Lada niva 4WD(stop laughing) , Honda XL 185 (motor bike)and a Yamaha XT 200cc( great for zipping around in heavy traffic.
C2
Dazzling, I though I had a good relationship with the nightmare bank, but they just ended up being more trouble than what they were worth. the staff have actually contacted me a few times to see if I would be interested in coming back but unfortunately I cant see it happening in the near future.
C2
Which bank should be called The Nightmare Bank. Applied for a loan preapproval whilst overseas and get the okay to go ahead and find a suitable property. locate property and negotiate a very nice deal whilst still overseas. contact bank to let them know coming and want to get things started. Bank confirms everything looks good. Take a couple weeks off from work fly to Australia and visit agent and owners on sunday to confirm deal. go to the nightmare bank to find out manager who approved loan has quit and new manager is not happy with the deal and wont approve the already approved loan. After explaining that the little exercise has cost me nearly $5000 new nightmare manager replies its not his problem.
It’s time to forget what could/should have been done and concentrate on what can be done. It maybe worth while to find out why the place was mortgagee sale. Their situation may have changed from when they lost the place and may be able to meet what you need/want in rent. It is most likely that they want to stay because;
1) it was their home,
2) they have nowhere else to go or
3)it’s their way at getting back at the bank for taking their home and you for buying it.1) Have you considered them as tenants?
2) Could you possibly turn it around into a wrap situation?
3) Offer to help them find a new place.A phone call to them may be the easiest way to find out what they want and then turn that want around to suithelp your situation. I would forget any heavy handed tactics and as a secondary precaution get insurance on the property right away if you haven’t done so.
C2
Hi there,
you need to work out what type of commission area it is. many people associated commission areas with high crime and low incomes but this is not always the case. Some important factors are 1) who will manage the property and find tenants(2) cost of insuarance for that area/post code (3) what factors may increase the value of the area in later years.
C2
Happily sitting in the conveyancers office 2 hours before settlement when the lending manager rings and explains there is a $22000 shortfall in the figures and can someone transfer some funds to cover this. Politely I ask “when do you need it” and he replies “before settlement”. After a couple of phone calls the bank manager rings and says the bank will cover it for 48 hours. Only problem is, its thursday afternoon the funds are sitting in an overseas account and cant be transferred on time. A few more telephone calls and the bank manager agrees to cover the difference until the funds arrive. It definitely pays to always keep some money in reserve for lifes little hiccups.
C2
Hi Terry,
I sent you a message earlier. You can ring anytime or reply here.C2
Hi Tacarroll,
If you contact Trevor Schirpig in Darwin he can probably give you the contact details of a building inspector in Katherine.
I prefer to have my properties with different banks to provide a safe back up in case one bank doesn’t like the deal. I use to rely on one but when the person I was normally dealing with was transferred it was like starting all over again. Also it is good to shop around and see what special packages they are offerring at that moment. It’s also interesting to see how far they will go to get you a better package if they think you might bring all your deals across to them.
I will be available to meet any evening after 6pm from August 3rd-6th. Any forum members from Darwin or just visiting Darwin who want to meet and discuss ideas just post here and I will organise a meeting place.
Thanks,
High Flyer.Hi TMA
Why isn’t loan 2 non- deductible as its on an IP?
IP 1 – 90% LVR
Loan 2: $53,000 (Non-Deductible)
Interest Only Loan
Loan 3: $203,500
Interest Only LoanHi Joanne,
It is difficult to make suggestions/ assumptions on the information provided, but here a few.You will need to supply figures of your equity in both places if there is any to receive better advice. You say you have 30K in personal debt but how long are these loans for? Are you able to combine them in to one and shop around for a lower interest rate. You may also need to think about down grading your lifestyle a little or changeing to a cheaper car and removing some of that personal debt. It is difficult to make suggestions/ assumptions on the information provided.
The goverments plan to stop the problems of too many people over 65 is to allow more immigrants in to the country. There will most likely be a shift in policy to allow families with children to migrate to Australia more easily. More children means more demands for goods and services which then equates to more employment to supply these goods. The more people there are over 65 is also a bonus for investors. These people will need housing and this will most likely be in 1 br units or bedsits as they move out of their large 3-4 bedrooms homes and in to something easier to manage. Their may be a global depression as historical cycles suggest but with thorough planning smart investors will survive and expand quickly when it finishes and the new boom begins. So start planning for the boom that follows the depression and be positive.
Hi AXJ,
You might want to find out what she wants out of life and make your investing part of that. For example she may want to live in an outer suburb on a slightly larger block for the kids to play in or may have a favorite little holiday spot. You need to have all the answers to questions she will ask and the figures to back it up. Try not to push but nudge a little. Leave magazines around with pictures of nice houses or the type that would interest her. Another way is to show how much equity you have in your current house and how prices have gone up and maybe hint that you can move to another nicer house. Time is your only enemy but give her time with some gentle nudges and you may be surprised.
