Forum Replies Created
Jarra,
I'd like to hear about your experience with Metropole. What did you use them for?
Athers, just for interest, what type of loan did Destiny recommend for you?
Hey Richard,
You must be back home by now !! Would you please answer the first question soon – I too am interested in the reply !!
I agree with Yarpos, sounds like a bit of the green eyed monster.
Potential FHO – you too can be an investor and claim negative gearing benefits. Sometimes the best way to get into the property market is to buy an investment so you can get the rental and tax benefits; and continue renting where you want.Personally, I would get too emotional managing the properties myself. We have 5 and go through PM's every time. They actually don't get much money for what they have to do. I know that if I got to know a tenant, after a year, when normally I would ask the PM (or they would suggest to me) to increase the rent, I would personally find it difficult to ask the tenant to pay more. So I would employ a PM every time. Especially when its not your thing, and you don't know the exact legislation.
Hi Matt
I agree with the most of the above posters – DON'T attend any more seminars. Read library books, get yourself a decent broker. Richard (QLD007) from this forum sounds pretty good if you are in QLD, I think he even helps people in other states. Seminars are OK to get you going, but after so many if you are feeling disheartened, give them a miss. Positive books are good, and cost very little (especially from Library).
Hi Angela,
We did the same thing a few years ago, wasn't happy with the old PM's. The new PM handled EVERYTHING. They contacted the old PM, got all the paperwork sent across, contacted the tenants. There was nothing we did except sign a new agreement with the new PM. They didn't charge us any leasing fee as they didn't need to advertise etc. Hope this helps
Winzer, as far as I can tell, your costings look pretty fair – we are doing the same thing in Doveton, and our costs are similar.
So far we have just received planning permit from council; and are now in the process of getting building permit (we are going to build the back unit, then subdivide). We haven't been bitten by any unplanned for costs as yet (crossing fingers). Good luck with yours.Hi Rob,
I'm surprised the driveway is considered too narrow – we just have planning permit issued for a back unit, and our drive is less than 3.5 metres. Depends on the council I suppose; but investigate further. Don't just take the first no for an answer. 3.9 is quite a wide driveway.
Not sure what …..bump means !!!
But I have a copy I'm willing to sell. Email me
[email protected]Hi TroynBec,
I'm a newbie and plan to come along. Do you want me to email you outside this forum?
Hi Bricks and Morter,
What state are "Sizewise" in?
Jan Somers books also – very easy read
Hi there Rudolph
My mortgage broker just advised the same thing to me, but basically said you don't have to use your ABN, just create it. I just registered online at http://www.abr.gov.au and when it came to registering for GST, choose the option (can't exactly remember the wording) but its 'optional' registration not compulsary. Also choose under $74,999 per annum so you only have to do BAS statements annually, not monthly. Problem is most lenders now require you to have an ABN for at least a year, most require 2 years, so register ASAP. I wish I had about 14 months ago, when another mortgage broker suggested it would be handy for the future, but my now ex-accountant advised against it. Apparently just because its registered doesn't mean you have to use it.
Hope this helps. If anyone out there disagrees, or can add any more information, please do so. There's so much to learn.Hi there,
I too was considering going with Destiny at the beginning of this year. Had a one on one meeting in Melbourne, but the one thing that put me off, and eventually dissuaded me from going with Destiny, is that they absolutely push cross-collaterisation. Part of the service (& I gather a huge part) is offering a broking service, and if you read any of Margaret Lomas' books, she is all for cross-collaterisation (or cross-securitising). After doing a lot of reading on this site (search back a while) I realised this is definitely not a good way to go. Once you hit your max with that lender, you are really stuck. Margaret apparently goes with St. George Bank, has all her properties there. I approached them earlier this year, and the most I could borrow was $34 k. Yet I've since bought 2 IP's, worth combined $720k. I think initially I liked the idea of paying a fee, and someone holding my hand & helping me with my decisions, but if you do enough research yourself (lots & lots of reading – library is great), you will get the confidance to do it yourself.
This is only my opinion – Destiny turned out not to be for me. But I'm sure they have helped others.Sorry me again – forgot to ask – what is the name of the Furniture Hire Company you used?
Well done Jase & Flic, I'm really happy for you that you got that great offer so early, but a bit disappointed as I was gearing up to go to the second open for inspection. Oh well. I'll really miss your posts, so hurry up and do the next one !
Organise an insurance covernote ASAP, once contract signed BEFORE settlement.
Then organise quantity surveyor – even if it is an old property, there still maybe some writeoff in it, and the QS report is also deductible. Great finding KingB. Did you have help with other agents viewing it for you, and a building inspector etc?Hey L.A. Aussie, Books sounds great – My Dad & myself play golf every Tuesday afternoon, and I'm not getting any better !! Is the book available in Australia?
Use these companies up as much as you can. In 2003 we also had a meeting with a company who drove us to the site of their latest developments, showed us great numbers, rental guarantee and gave us the very hard sell – sign now or you'll miss the last townhouse. We signed, knowing there was a 3 day cooling off period. Then I did my research for the area. They were about $35k over priced. So I rang the next day and cancelled. They weren't happy !! From that research I did, we ended up buying two properties on our own over the next 2 years, no need for rental guarantee as vacancies were low anyway. So all I can say is use them for as much information as you can get, then do your own homework and if it looks like a good area, buy on your own.
