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Hi me again
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Has anyone found how to subscribe to certain posts?
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I was told this is going to be a new feature on the new forums, may be I’m overlooking it or they haven’t organised it as yet?[]Gee Mary so many interested people! This answers the question whether there would be much of a market for this service!
Don’t forget, that if people are happy with your prices and services the 1st time they buy from you, there will most likely to be a 2nd, 3rd time they require your services.
Good luck and hope to hear from you soon![]May be because they need as many interested investors as they can since most investors have difficulty in getting these units financed. If you do a search on retirement units, you will find more information, which may be helpful.[
]Hello Ivana
Earlier this year I was in your situation- I had no clue what to do first.
Apart from the great advice given to you by Namaste, Blowie and Realtor, I would like to add that you’ll make life easier for yourself if you have all your paperwork organised before you apply for a loan.THen, when you have to fill in the loan application, it will really speed things up. Once you got your loanapplication you need to do things fast. I really got stressed out and running around for days like a madwoman, getting all the stuff together and copied because there is no time to lose.
First, gather your 100 proof of identification points together. For example, for my 100 points I used my birth certificate (worth 70 points), land rates (worth 25 points) and Driver’s licence (worth 40 points). We also needed our visa’s as we are not Australians. Make copies.
For the loan application I needed heaps cause we have our own business and I needed to copy the last two years of tax returns from company, and also our individual tax returns. If you don’t have your own business I think you need pay slips. Last 6 months of savingshistory (copy all your bankstatements), liability verification (e.g. credit card statements). Proof of existing mortgage if you have one: last 6 months of existing mortgage statements.
IOW Make copies of everything under the sun[:0)]
The loan application was very long, 10 or 11 or so pages if I recall correctly.
FInding a good broker is also important. I used Mortgage Hunter and he was really supportive and helped me filling in the application, as I ‘didn’t get’ what to fill in on some pages.We went to a solicitor and they were so great, they can arrange everything for you, pest inspections, building inspections, going through the loanoffer and loancontract with you. They work out all your payments like stampduty closingcosts you don’t have to worry about a thing. It was worth every cent adn I’d use them again. Conveyancers are cheaper but cannot represent you in court if anything happens, wherease a solicitor can. I think for newbies like you and me, using a solicitor gives peace of mind.
Good luck[]Congratulations Rubbachook!!! We now not only live in the same area, we both have a child born on the 19th december, as well. (except mine is 15).
Must have been exciting watching the little one hatch![]THe theory sounds good Andrew, but I think you need a high-paid job to be able to keep borrowing, or am I missing the point?
Say that I buy a $250K unit somewhere in Sydney.
First of all, this unit will be quite heavily neg geared, even if you pay IO.
(Like Kay says, who can afford those prices? One’s OK but I certainly can’t affford a few of these high-priced IPs!)[]
OK then after patiently waiting a few years (hopefully) you’ll be taking equity out and use this for a 20% deposit to buy another neg geared property. But will the lenders let me borrow the 80%, knowing that I would now have to support 2 loans?
We earn average wages (from our own company). We have 1 neg geared property. But already it would be hard for us to borrow for (and service) another neg geared IP. Even though we have a lot of equity in our PPOR and no debt except for our IP loan. SO I have no choice but look for a CF+, and the only place to find those are in rural areas (still haven’t found one in a 6 hour drive radius from Sydney).
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But I think once I’ve bought a few CF+ IPs to support the neg geared one, I can then look at buying another neg geared IP.Yes I definitely have to wait for the next boat!
But I’m not getting any younger[]Tell me if I’m missing something, cause I do like your strategy as well as Steve’s. But I think for me a mixture would work rather than sticking to just 1 strategy casue I wouldn’t be able to service the high payments.
Hi again Gerald, I think these townhouses are pretty close to the Macarthur square, do you know if it is walking distance from it? If so, I am very very very jealous of your townhouse! I think Rubbachook will be jealous as well! [
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You should may be go to this shopping square one day and check it out, look at your townhouse again. Mate look after it well ’cause it’s pure gold.[^]
Because these houses over there are going to be growing even more, I reckon. They’re selling townhouses now for around $320K, they look pretty good too. A few years ago they extended the whole of Macarthur shopping square (which benefitted the marketprices) and now they are going to spend another something like 30-35 million dollars to add even more shops.
They’re building some more houses opp the square, I reckon this will be the very last bit of land they’re building on now, I don’t think there’s any more land left around there, do you think that’s true too, Rubbachook?I can’t stand myself [xx(]for not being interested in buying IPs before, right under my nose were the best deals ever, also other suburbs around Campbelltown had 100% growth in the past couple of years (like Narellan). But no I had to wait until they became un-affordable! Must be pretty heavily neg geared if you start buying there now.
Now I have to go to God knows where for some income and growth, hours and hours away! GRRRR.[]
Oh well one good thing if I look at the positive side, I got a lot of equity in my PPOR now, used only little of it so far.I am very curious too, about the previous name of the suburb, I suppose Ambarvale?
ANd oh I wonder who was your previous PM, is there a reason why you can’t stay with them? Are you just looking for a better/cheaper one?
Hi Gerald, I live around this area, but unfortunately I have no IPs here. I wish I had started investing here a few years ago, nice and close and CG has been huge. IT’s all become so expensive now!
Out of interest, if you want to tell me, which suburb is your townhouse in? And do you live far from there yourself?
Which agency did you buy from? I’m asking that because I know about Starr that if you buy from them and then choose them as your PM you’re getting a reduction and/or some other bonuses.
Oh if you don’t want to tell me on the forum here’s my email address: cvanzal@bigponddotcomdotauNeighbours a few houses away from me are renting and Starr is their agency. THey say that they’re pretty good. But that’s from a renter’s viewpoint, of course.
I do know that they are probably the biggest and most well-known RE agency around here. (But there are many others)
I’m not sure if they do proper and regular inspections, I find this very important. I will ask the neighbours when I see them, if they get 6 monthly inspections and let you know.I don’t know of any agency that just manages properties, all the ones I know are selling and managing.
If you do a search, there is an interesting post on what to look for in a property manager, which might be good info to know before you proceed.
If you need me for anything if you live far from your IP, please ask and I see if I can help.[
]Yeh Chook, I’m terrified to see what kind of rates we will have to pay. Hopefully our rates will be used wisely![
][/quote]There are a couple of ways to do this.
1. Listing price of property is $100k, you negotiate with vendor to buy at $80k. $20k equity to be used.
2. 2nd mortgage from vendor
3. As Mel said Off the Plan
4. As Mel said Long settlement
5. Use your super.
(Gee I’m messing around to put this quote in, dunno how to do it properly. I pressed the “insert quote” button, then copied and pasted the quote, the letters don’t seem to change like they should, is there a better way???)[
]Picja1, I thought you couldn’t use your super for this, are you sure?
I’m interested to find out how to do this, since I thought super was ‘untouchable’ till you retire?
My husband once asked our accountant if he could use his super for property investing and was told this was not possible.Hi RickHy, if you do a search, you will find a post on it, I asked this same question a while ago.
After that, I did some more research and Steve’s right, the deals heavily rely on depreciation. Most of the deals are holiday appartments and office buildings etc, which are not my thing to invest in, I find it too risky.
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