Replies Created | Forums | Catalyst | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 641 through 660 (of 1,401 total)

« 1 … 29 30 31 32 33 34 35 36 37 … 71 »

Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 26, 2012 - 3:30 am
If they are standard sizes you could just go to Bunnings etc. Or a local kitchen/cabinet maker.
Sometimes just painting the doors and putting on new handles can make a huge difference. We did this in one property. Will give us at least another 5 years before having to replace.
We moved one from one room to another and put new handles and new benchtop. Looked great.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 26, 2012 - 3:25 am
If your granny flat falls under the new 10 day approval guidelines then they overrule council rules.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 25, 2012 - 1:21 am
So you had a fight with your mum and you want to buy a house anywhere in America?
To live in? Seems a bit drastic.
Why not just move out? Might be easier.
Having said that there ARE some cheap properties in America. Whether you would want to live there is another thing. Have you been to America?
Atlanta is a nice town with good potential and cheap housing.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 21, 2012 - 11:00 am
When I'm a millionaire I'll travel more (my husband thinks I travel too much already) and in doing so use my time to help others. Building houses, schooling children, helping people help themselves to achieve a better life etc. And also increase my donations (both of time and money).
Money makes the world go round. The more you spend, the more it comes back.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 21, 2012 - 10:49 am
Granny flats are the buzz at the moment. It's the same thing as you're describing. Separate building, not subdivided.
And lots of them aren't small either (60sq).
Not too hard for approval these days. As long as there is still yard left I don't think it would limit resale really. Not difficult to value either, But it won't be double what it is with one house. Usually it's just increased by the cost of the build (but sometimes less).
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 20, 2012 - 12:56 pm
Sounds like you're keen to start your property adventure but really-
If you don't have any deposit and haven't been approved for finance who in their right mind would sell you a property and wait 7 months in the hope that you can follow through on the contract?
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 20, 2012 - 12:48 pm
Yes you can stick your money in the bank but in 10 years time you'll still be in the same position.
You have the potential to set yourself up with a multi million dollar portfolio but you have to get over your fear of debt and a bit of negative cash flow. Not wanting to work will seriously limit your opportunity to "make it" though.
Everyone likes positive cash flow properties but without CG you won't be much ahead in 10 years time. Sure the rents may have gone up and you'll have $20K cashflow but if there's no CG where does that leave you? You can't retire on $20Kpa.
Seriously, you need to sit down with someone and discuss your options.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 20, 2012 - 12:35 pm
Who told you that? Speak to a broker. I've not heard of anyone having to pay 30-40% deposit.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 20, 2012 - 12:30 pm
Hi, to add to what Jamie said.
People make the mistake of thinking if you up the loan because you're making it an investment property that you can then claim all the money as a tax deduction. This is not the case.
Regarding the 6 yr rule-
You can apply the 6 year rule to only one PPOR at a time. So if you apply it to the first house you will pay capital gains tax on the second one. If you claim the second as your PPOR then you'll pay CG on the first one (for the time it is rented). Calculate to see which is better financially for you.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 20, 2012 - 6:25 am
jim64 wrote:
I get my release from restoring cars,being a Holden boy,the collection includes only classic cars of the 1970,s.Have a HQ SS,HX Sandman ute,HJ Sandman van,HZ Monaro,HJ Monaro,HQ Coupe.I have a bloody big shed!!!!!!
My BIL has an FJ. Started restoring it 25 years ago and it's just been sitting in his garage. He has it on Ebay this weekend.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 19, 2012 - 2:31 am
There are meetups that happen every few months if you are interested. It's a great way to network and chat to like minded people.
Look on Meetup.com Sydney Investor meetup will be having a new one soon in Parra or Baulkham Hills.
They also meet in Chatswood.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 11:41 pm
If you are paying down your PPOR when you change it to an IP there will be less deductible debt. Then you have to borrow for your new PPOR which is NON deductible debt. By making your current PPOR IO your loan will be higher which means more is deductible. Then the money in the offset can be used to buy the new PPOR.
Always pay down non deductible debt first. So when you move into your new PPOR pay any extra money into that (via an offset of course in case you move on again or want to use that money for something else).
If you have loans with the same bank that is OK. Make sure they aren't crossed though. It does create more work being with different banks. To start with I'd just use one. You can negotiate a better rate and it's easier when financing the next deal.
Once you get close to $1M I'd look at going to another bank. Apparently your "on the radar" once you reach $1M.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 11:31 pm
What does "more" mean? 1% more? 10% more? I think it's just a story to fill the paper.
You can't accurately say why a person is breaking a lease.
As rents go higher though more people will opt out to buy, especially with low interest rates. They can see little monetary difference between renting and buying. But also people will look for more affordable rental properties. When I first started renting I moved a few times because the rent was pushed to high (greedy landlords!! LOL). Now I'm on the other side of the fence. )
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 11:25 pm
There are many people on forums who actually are mentored in a way by other people on forums. People send PM's then get aquainted that way. Some people don't want to put all theior info and thoughts on an open forum.
Most posters are willing to help others get started. So while not technically a "mentor" they are in fact assisting people to achieve their goals. So start on forums, meet people via meetups and seminars and go from there.
Belinda, did you not meet anyone of interest at the mentoring or workshops?
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 7:15 am
As mentioned- knowing where you are located will help. I keep asking for this to be on everyone sig.
What courses/mentorships have you paid for?
I'm in Sydney and invest mainly in Sydney. Strategy ATM buy/reno/Hold.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 7:11 am
Laury wrote:
Does being a mil in debt make me a millionairre? if so I think I will pass! Theoretically in a few years time I will be a millionaire and I will be doing the same as now – chipping away at a big assed collection of mortgages!
No it doesn't make you a millionaire. That would be too easy wouldn't it! I consider someone to be a millionaire when they have $1million in equity/cash (ie not counting their PPOR, car etc) .
I'm pretty sure that's the standard definition.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 7:03 am
nguli wrote:
Derek wrote:
Hi Steve,
At the moment quoted posts appear immediately underneath the original comment whereas the old forum the last post was the last post irrespective of whether or not it quoted someone else.
New format now means I have to try and find the new post in amongst the whole thread rather than just going directly to the bottom of the thread.
For example Freckle was listed as the last post in this thread (prior to this one) and it seems the only way I can find out what he said was to look at the time stamps and scroll through the whole thread rather than simply going to the bottom of the thread.
I was just about to write this too. Definitely an issue.
Me likes the previous process with quoted posts appearing at the bottom.
Couldn't agree more! On the smaller threads it's not too bad but if you are trying to closely follow a larger one There is a good chance you will miss some new posts that are scattered between the old ones. Used to be easy just finding the last post you had read and then continuing on from there.
How it is now may not be so much an issue once the email alerts are back in play as long as you can still subscribe to threads.
-Nathan
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 7:00 am
To get a professional look is not easy. I did a short course at Bunnings. Getting it totally smooth wasn't easy (and that was a small area) And you need to get it all on before it dries out. Watching the professionals do my PPOR was eye opening. It's definitely an art.
Try doing a small wall or back wall first if you think you could do it..
You could bag it which is easier but personally I hate the look (poor mans render to me).
If you don't do it right it's very difficult to remedy.
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 17, 2012 - 6:56 am
Welcome Daveskis. Water or snow??
Have you bought? hoping to buy?
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
August 16, 2012 - 9:50 pm
Mr Prop wrote:
Thanks for your reply Kong. IMO and from what I see in Sydney and Melbourne is that many investors are flooding the market (selling up), clearly it's not working for them in this tight market and they just want out. A number of Agents I've spoken with confirm this too. Sad times for many and lucrative for others. I have to agree though, the idea of making money sounds more viable!
REALLY!!! I have to disagree. I'm seeing more investors getting in than in the previous 4 years in Sydney. Agents are also mentioning the influx. Pretty hard to get a bargain these days. I'm seeing contracts being signed the day of the opens.