Forum Replies Created
Is there a reason why you are investigating Bathurst specifically, or are you looking for CF+ properties in general??
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
""The 2nd property,I purchased about 4 months ago, more like development potential due to potential rezoning to occur in 2-3 years where I can build 6 units on a block of land, where currently, there is an old house through which i am getting some rent. Any thoughts?""
You talk about the development potential due to possible rezoning of your IP. Could you investigate this further (not something that can or should be done overnight) but if you ask plenty of questions through the development section of this forum ( eg https://www.propertyinvesting.com/forums/adding/4348373) and approach this with all your homework done, you could reap benefits from developing this block. Is this why you bought this investment? (to redevelop?)
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
I have found a renewed surge of ads from the big Mortgage Broking groups directed towards 'investors' … they all seem to have an investor pack. Maybe I should pick one up.
In all seriousness, I am doing the property apprenticeship and find it very comprehensive as a foundation course. I haven't done CB's course but from what I hear about her course, I think there would be a lot of cross over (they both teach how to investigate an area, find a property etc) although CB's course would have that reno slant.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi
There are other comments here: https://www.propertyinvesting.com/forums/heads/4345717
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi all
I am currently up to date with the course (was part of the first intake) and I certainly support the course, with one proviso…. you have to be self-driven. I will admit that I have fallen off the notes recently as work, life etc (all the boring stuff we are trying to get away from), has got in the way. Steve will certainly agree that this course is not designed as a mentoring course where people call you often to keep you on track, but that you have to be accountable to yourself.
I would also recommend that you sign up for the whole course, not just the notes, as most of the value for me has come from the extra 'bits' that Steve puts into the webinars, particularly as the course progresses. I don't think I would have got as much out of the course if I had just signed up for the notes. The assignments are very relevant and bring the course into 'real life' for you.
Cheers,
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Excellent comments here.
I also understand that to properly test a smoke detector, synthetic (or real) smoke must be used under it; just trying to work out how to create smoke to test the detectors (unfortunately most of mine are a little too far away from an electrical point to burn some toast under them)!
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
There are some solicitors who have 'in-house' conveyancers. The conveyancer does all the footwork and you are charged the conveyancer rates. If anything gets sticky or further advice is required, the solicitor comes in to provide that specific advice and you are only charged the solicitor rates for that specific advice
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Great comment Minds eye. Just wondering, wouldn't the 10 year average flatten out the shorter year distortions?
Combined with Jacquie's comments at the top of this thread, you could have a fairly good view of the anticipated growth (falling short of a crystal ball
)ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Bump…
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Appreciate your comment here Terry.
Could you please explain about reborrowing by setting up a new loan.
I am aware that once I take the money out of the offset, the home loan increases. I took this as a cost of starting the IP journey until the IPs started revaluing. However thanks for the information that this money wouldn't be treated as deductible debt – I thought it would have been since the funds were only in the offset and the purpose of the money was for investment purposes?
I am not wanting my PPOR revalued again as I have had the PPOR revalued twice as I paid the loan down and each time the bank allowed me equity but shrunk my loan so I didn't have the redraw funds available, if this makes sense….
I have the feeling the bank will say …you again…. I suppose the reason why I am leaving the money in the offset is to keep my PPOR loan out of the mix going forward. I was wanting to view the funds in my offset account as 'savings' towards my IPs and keeping the funds in the offset to lower my PPOR loan in the interim.
Appreciate your comments as I feel I am going down the wrong track with my thinking….
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
mmmm, bit out of my league…. you might be looking for the next boom town??
John Lindeman is a market researcher. His book – http://www.propertybooks.com.au/mastering_the_australian_housing_market might give you some insight??
Crystal ball??
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi Doug
Are you asking about books/guidance about if we are currently at the bottom of the market, or property investment strategies in general??
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi Terry
Just wondering about the other way. I am holding money in my PPOR offset account, which is currently reducing my PPOR loan until I use it down the track as a deposit for further IPs/investments. Since this money is in my PPOR offset, I assume it is simply called 'savings' and can be used as I like
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Doh!!
In 2011, I may not have been ready to absorb all the info I'm sure you would have passed on, but if it was today, I would have jumped at the chance! It would be great to talk with people, walk through projects etc and see on the ground what is being chosen, why, what calculations are done (and more importantly the magic figures) etc. Will keep reading and looking for opportunities to look at and talk through reno projects.
The current house prices in Sydney are stalling progress a little (harder to find those low priced gems – bottom end of the market seems to be moving quickly).
Enjoy your time off, certainly sounds as though it's well deserved and hope to keep hearing your great insights on the forums during/after your break.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Many thanks for your knowledge and comments here Catalyst.
Your comments have made me think that I need to be your shadow for a while…. (ok possibly joking, but behind every joke there is a serious side…. great way to learn is to follow someone who is successfully doing it!)
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Many thanks Derek,
Appreciate the comments. My accountant has recommended a QS report and I called BMT a little while ago. After giving them the property address, they still appeared keen to go ahead so we'll see the outcome.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
mmm, as I thought. I saw a calculation online that really looked too simple. Will wait for the QS
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi Blessed Happy
I have done Steve McKnight's property apprenticeship program, which is excellent for covering the fundamentals of property investing – gives a great springboard to then build on.
Reading Robert's books, I have the feeling that Robert's approach would be very different – much more around the mindset of being a successful investor generally (ie how to move from the 'employee' world to jump out on your own into the 'investor' and/or business world). I think both programs could fit well together – you need to know the technicalities, but you also need to have the mindset to keep going.
The one thing that I wonder about Robert's training is that they are held (and probably focused) in the US. Wondering if you would get the value from these courses – just a question without further investigation.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi Katie
You talk about using a buyer's agent to negotiate a price. From what I understand, you can't negotiate a price for OTP purchases, the price is set by the developer.
If you are interested in using a buyer's agent, they can help you find a property from the start where you describe what you are after and they provide comments/suggestions based on your discussions.
There is a list of buyer's agents at http://rebaa.com.au/members/ or the good old internet search.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hi Jamie
Yes, we are talking across forums! Appreciate the brainstrusts for their comments!
I agree that the timing isn't good at all… you have hit the nail on the head about why I am continuing to hold it – good tenants, difficult market, depreciation…
I also like your comment about possibly placing it on the market and seeing how it goes. Just have to find out what the costs are if I go into the selling process but don't come out the other side. Of course, the other issue here is that I may lose my tenant in the sales process, then not sell… a few months without rental… then to find another tenant. mmmmm….
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
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