Forum Replies Created
Hi Arty, it nice to see that you’re still in love with your girl. I think the two of you wouldn’t really care about creating wealth if it meant losing one another. These days with divorce and seperations getting higher it seems difficult to find that one special person with whom to share the wonders of life. My hat is off to both of you.
C2
The grass always look greener on the other side of the fence, until you climb over and look back from where you came.
I’m with Steve on this one. Find out first why the tenant isn’t paying, a heavy handed property manager can do a lot of damage. Try to make it a win win situation. I think a tenant who is paying $395 a week has to be on a reasonable sort of income so there must be more to this situation. How long has the tenant been there and was the tenant there before you bought the property?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
LuckyPhil, DHA appears to be a secure investment but they do have some break clauses in their lease. DHA are particular about the area and if the area becomes a high insuarance risk 3-5 Ys later or if undersireable neighbors move in next door, this can be used as an excuse to break contract. Also, the guaranteed rent comes with an overinflated house price to start with. I’ve known a few people who have bought DHA properties, but none of them have gone and bought more as a second investment. I think they are very similiar to service apartments as easy investments to get into but not always easy to get out of. I’ve also noticed there are quite a few of these unit / hotel investments in Perth, yet I haven’t seen many replies from these investors on this forum. There must be some people out there who have them and can put the pro’s and con’s forward.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Carrington, I’m no finacial wizard, but I was in a similiar situation a few years back. What I did and this will depend on your current mortgage rate, was refinaced at a cheaper rate and borrowed against the equity to the value of the current payments. My payments were still the same as before but this gave me extra cash to do a few things. This worked for me and maybe there are some brokers that can give you some advice along these lines. It may not be the best tax situation but it can give you extra cash to get the ball rolling.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Wilko91, Thanks for the info on the 300ZX. But the bargain I really missed out on was 2001 GTO for $7K Aud. The owner needed the money and a condition of the sale was he could still drive it for 3 months. I was told on a Friday afternoon about 10 minutes after the banks had closed and the ATM has a limit of 5K. I rang a few mates but they were all strapped for cash. Needless to say someone else got themselves the bargain of the century. I think a true value of a 93 Supra is about 6-800000 Yen.
George, I agree that there are a few tired imports around but generally the cars in Japan are looked after a hell of a lot more than back home. I’ve been involved with various car clubs in Australia and the way the Japanese treat their cars you would think the cars were GOD. Oil change and service every 1,000 Kilometers, a speed limit of 50 Kmh unless you go on the express way and then it’s 80 Kmh. I knock around with a few Rev heads in Japan and when I tell them that in the NT there is no speed limit in some areas they nearly wet their pants. Most imported cars are 1 owners and under 60,000K’s. If I was given a choice of two identical cars one from Japan and one from OZ, the Jap crap would win every time.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi picja1, You have definitely hit the nail on the head there. With the govt tying up the import market this area of imports has taken off more. I just wonder how many dozer drivers would like to drive a nice big pink and purple one. Most of the ones I see in OZ are yellow.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Erika, 90-94/5 with the science dept. Erika do you think Cullen Bay has been a successful project overall?
Brent1, A Transient population at it’s best, the highest in OZ. I hope Darwin does take off as I have IP’s there, but I’m a little more confident into the long term growth than the next 18 months. So is a US military base going to increase or decrease prices. A lot of long term residents (LTR) are moving out rural and this has put quite a few properties on the market. These are being bought by interstate buyers and the off shoot of this is that there has been an increase in the number of rental properties and the rents in Darwin for houses have dropped a little. ( this information came from a RE who offered me an executive home to rent at nearly 200/month less than at the beginning of the year, a vacancy of nearly 9 months).
Hi Shaunwalker, You will find another thread where the NT has been discussed a fair bit. This has included the hype behind a few govt and private projects that are occurring at the moment. I think the real estate agencies are getting cautious about a slow down on property so they are really trying to push these projects and advising sellers to hold out for higher prices. Thus the market is overinflated at the moment. I’m very surprised at the number of properties that have been sold to interstate investors at nearly 20% above market value. There have been a few projects over the years that were meant to create additional industries and growth in Darwin but have failed. A good example is the Trade Development Zone (TDZ).
Em and Roo are you still with us?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi MiniMogul, Whilst we’re on the subject of the good old USA The US also owes a lot of money to Japan and if Japan called that debt in the US economy would probably crash O/night and they owe UN peace keeping fees that are equivilant to all the other UN peace keeping nations put together.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
When looking at an area to buy in there are a few good ways to get local knowledge (1) local police station and contact the neighborhood watch coordinator, (2) service station that are 24 HRs and talk to the console operators that work at night. They’re generally know all the local gangs in the area and what goes on at night time. (3) Pubs (4) Security companies.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi kelvinh, I will assume your talking about service apartments. As with everything there are some good ones and bad ones. SA’s are generally not as easy to resell as houses and units. My bank manager advised me that it is difficult to establish the equity, thus difficult to borrow against. If it is + cash flow then that will count towards serviceabilty of future borrowings. I dont know if this was his opinion only or a general concept amongst lenders. If you plan on keeping long term and it’s + cash flow then it should be okay. Are there any bank guarantees in place about rental returns or rachet clauses and how long is the service lease for? Some of these even offer to let you stay for free for a limited time each year as an inducement to investors. There can be management costs or the developer may offer secretarial services for a fee generally less than body corporates, but this is case by case.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Andrew, Have a look at goo-net.com take off 30-50% of the price and that is what the dealers are paying for these cars. BTW can you read Japanese?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Erika, I did my degree there. Two of my lecturers were Dean W (A&P1,A&P2, Pathophysiology, Pharmacology and Sharon E ( Microbiology) I also do some representations for them O/seas.
Brent1, There’s actually 3 places in Ludmilla. 2 official (Bagot and Dickward) and 1 unofficial (Bagot). The one on Bagot rd is going through a major maintenance program and the other is on Dickward Dve. Tent city is located in the reserve at the back of McDonalds. Also well put about Palmerslum (Palmerston).
Shaunwalker, please believe us (C2, Erika and Brent 1) NTU is no longer at Mylily point (Larakeyah). Actually there is no NTU anymore. The new name is Charles Darwin University and came into effect this year.
I haven’t noticed any replies from Em and Roo.
Hi JoC, I don’t have any properties with LJH, but have delt with them on a few occassions and the service has been good. One thing about Darwin is that if you do the dirty on people or treat them badly most people find out and it’s a quick way to go out of business or lose your job. I’ve met most of the agents over the years and 90% of them have been pretty straight down the line. I can give you some contact names and numbers of agents from different agencies including LJH if your interested in investing further.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Erika, thanks for supporting what I wrote. I read one of Shaunwalkers other posts and I think he meant he was finishing payment on his IP. Where in the Uni did you work? I’ve been involved with NTU since 1990.
Em and Roo, like Erika wrote anywhere near the water is good but it will come at a price. Darwin was a little bit of a social experiment after (74 Tracy) and each new suburb was allocated a % of HCH. Also the NT, I believe has the highest ratio of Govt workers per person and the highest rate of Indigenous people aswell If you are thinking of buying into an area you will read on other posts about contacting the local police. I’ll give you one better, contact the local 24 Hr service stations and talk to any console operator that works at night. They get to know all the ins and outs of the area including the local gangs. Which is starting to become a big headache in Darwin and the reason behind NT having or had mandatory sentencing.
Some areas I would stay clear of now but would have invested in 5Y’s ago are Karama, Malak, Driver, Gray, Moulden, parts of Nightcliffe, Tiwi Alawa and Casuarina. Unless you like mosquitos then Leanyer is a good area for IP’s. Please remember this is my opinion only and I’m sure some will agree and disagree. Also some of the new upmarket surburbs that are being developed are short of services and this decrease the number of suitable tenants. Also Darwin has one of the highest or highest ratio of short term residents mainly due to the amount of public servants who do a 2-3Y stint and then leave again. You definitely need to have a good rental manager if you’re not going to do this yourself.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Andrew, Depending on K’s and if 1 owner your probably still around the 8K mark. I’m assuming you bought it in Japan and freighted it back to OZ. If you bought in Oz then I stand corrected. Most of the importers are selling their cars for 2,3,and even 4 times the price they paid in Japan for the vehicles. Here in Japan, I recently bought and drive a 1 owner (94)300zx 5sp non/T 80K’s price I paid in equivilent Aud was $2,500, with 2 year govt registration. This car was an exceptional bargain. What do you think it is worth in OZ?
Hi Wilko91, I’ll have a look around and find out the going price here. Please understand I don’t do this as a business, but have helped a few friends buy cars here and then freight them back. The price you can probably save would cover a few years insuarance, I would think. A friend of mind recently bought a 98 Supra I don’t know the exact model but he paid around 25K Aud. I think he should have paid a little less. I don’t know what his finally price will be on getting it to OZ, but he works here and will take it back next year or the year later.
“Is it true the more you owe the more you grow until the bank steps in?”
I manage .17, and then the wife took over and she’s determined to beat me, thanks Billfromoz. I wonder if the type of mouse used would alter the connection time and response.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Dingo 21, well said about the glossy part.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Shaunwalker, Can you clear something up for me please? You have just bought a place in Larrakeyah 1 block from the uni. I thought the uni was demolished there about 5-7 Years ago. There are real estate agents offering 8-10% for management fees aswell. I’m also curious about who gave you abusive phone calls, RE’s or owners?
Em and Roo, there have been some previous posts about Investing in the NT on this forum. If you look back a few pages you will find it.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Andrew, By my calc you paid about 8-10 K too much, but then again you still made a profit. How much do you want to spend this time? Are you based in Japan?
Wilko what model supra and how much do you want to spend on the final price of getting it to OZ. Cars can be technically scrapped in Japan imported as parts and then put together in OZ and the modifications added on after compliance and sometimes before but it is a little bit tricky.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
What year was the skyline? T or Non T?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
I’m not sure about buying a car space in Australia but in Japan they can be a hot investment. A friend of mine leases 5 car parking spaces for 300 Aud per month each and sub leases for 500 Aud per month each. Not a bad investment return and he has people waiting for when one is vacant.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
