Forum Replies Created
Hi Sjostrom,
Yeah I have agree with with Packer. Momentum Wealth are definitely one of the best buyers agents in Perth and Damian Collins is one of the most reputable guys around. The only problem you may have is that Momentum Wealth mainly concentrate on inner city properties, which in Perth can get very expensive.
Thanks guys just a couple of more things,
Once you begin to rent it out are you still eligible for all the normal deductions you receive with a normal IP? i.e interest payments depreciation, repairs etc.
Also if there is no defined amount of time you have to live in a property for it to become your PPR how does it qualify as your PPR.
No worries Workingonit, glad I could provide you with some good info.
If and when you decide that you would like to have another look send me an email and I can see that any joining fee's will be waived or if you have any other questions just let me know.
We have a LOC of credit account that we use for investment purposes only. Initially got it setup to access the equity in exisiting IP's we had. We use it as 20% deposits on new IP's and then get another mortgage for the balance.
You need to be very disciplined in making sure the interest is paid promptly each month.
We did get advised to split the LOC into two accounts, which gives us part we use for investment purposed and one we have for personal purposes (with just a small amount in it) in case we need it, and we don't get into any trouble with the accountant and the ATO in splitting out interest costs between investment and non-investment.
Our LOC's are with ANZ and we don't have any minimum balances and can use the account as a day to day transactional account and even have a debit card to use with it.
Hi Hendrick
secureserver1 is correct in pointing out the Real Estate Investar is a great place to start with your research.
An understanding of different property investing strategies and due diligence is still a must, but Investar definitely cuts down on the time and effort involved in creating a shortlist of the kinds of properties that match your strategy.
Please be aware that the upfront costs are waived if you purchase via a registered Real Estate Investar partner.
Please don't hesitate to contact me if you require any further information.
WorkingOnIt, you've definitely got a good feel for how Investar works.
A few bits of extra information that will clarify some of your issues:
The upfront costs are waived if you purchase via a registered Real Estate Investar partner. Your membership fee will also include free access to the reports and podcast.
As Investar is sourcing it's data from other websites, the information it shows is only as accurate as the data inputed. For example, if a real estate agent makes a data entry error listing a property, then that incorrect data is picked up by Investar and used for it's figures and statistics. This can sometimes look like a bug to the end user of Investar.
After your initial 7 day trial period before any payments are processed, you also then have a 30 day change of mind, no risk, money back guarantee.
A cost of $790-$948 for a 12 month period is excellent value if it saves you time and effort. If you conservatively value your own time at $15 per hour, you only have to use Investar for 1 hour a week to get value from it.
If for example you purchase a cashflow positive property using Investar and that property creates $20 a week positive cashflow, then your annual membership cost is more than covered. And that's before you start looking into other strategies such a sub-division, renovation, strata titling etc.
Put these two example together and you've got an even better deal, and that's only looking at one property.
There are known issues regarding dates in the Portfolio Tracker and My Knowledge parts of the website and these are being looked into.
It's a personal preference if you were to use the Analyser and Tracker parts of the website. Some people understandably like to keep this information to themselves, other like being able to access that kind of data at any time and place just by logging onto the website.
I hope this gives you a better understanding of our products and the purchasing process.Please don’t hesitate to contact me if you require any further information.
Marie,'
Dont be fooled by the 250k club. I am personally a member but in all honesty I think it was just some clever marketing to sell double passes to the 3 day conference. And dont get me wrong I think Steve is awsome and would pay the money to go to his conference without a second thought but being in the 250k club does not mean we have access to more info than others. I think it is designed to motivate individuals who join the club
I will gladly give you all the material and content that comes with being a 250k club member and you can make up your mind. One thing that I cant give you that came with the material is 2 tickets to the 2010 mega conference. But honestly if you want it you are welcome to borrow it.But getting back to your original question is that there is definitely potential in your block. Does it have a house on it at the moment? If so then you can apply for the DA and continue to collect the rent. if not, well you are just continuing to pay the costs associated with holding it anyway. Even if it does take 12 months and you make 80-100k then I think it is worth the time and effort.
I am currently looking for a site to subdivide/develop so if you would like to talk more then fell free to contact me any time on the details below or just reply to this thread.Hi GH,
I am in pretty much the same situation – a member of Steve's $250k club, live in Perth and currently researching developments sites.
I do believe there are quite a few decent sites out there – suburbs like Armadale, Maddington and some suburbs around Kwinana all seem to have big sub-dividable blocks at a reasonable price.
What tools are you using for your research? Because I use and am directly involved with a search tool called Real Estate Investar that is great for doing more detailed searches than your standard real estate website where you can tailor your research to the investment strategy you use.
For example, I can perform a search for properties within 30kms of postcode 6000 with a minimum block size of 750sqm and including keywords in the listing description such as 'subdivide', 'renovate', 'add value', etc etc and this would take no longer than 10 minutes to return a short list of properties that match my requirements.
If you are interested in more information on this, please don't hesitate to contact me as per details below.
Thanks
CorieHi Deb
I have been a subscriber to RE Investar for close to a year. There are no other search engines like it. The only things that can compare to Investar are realestate.com, domain and homehound and these websites cant even come close to doing what Investar can do. RE Investar actually searches all these websites and a few others when you perform any search. Currently there are 631,896 properties that can be found through REI
REI has over 30 filters to refine your search. You can perform keyword searches like "renovate" or "develop" or search according to your desired minimum rental yield. Even search for 10% yield properties! At this very moment, if I perform a search for a property with a minimum 10% rental yield I get 52 results!
REI is also in New Zealand and part of the monthly subscription gives you access to perform the exact same searches for properties in NZ.If you want to go to the website you can view a 50-60 minute live webinar that is held once or twice a week. You have to book a spot in the webinar. Alternatively, you can view some pre-recorded demo's that can be found on the same page.
http://www.realestateinvestar.com.au/aw/?a=SP30
Let me know what you think. I know when I first saw it I thought "I have to have it"
Corie
Justin,
I see your post is getting a little old now so wont go into too much just yet. Are you still seeking advise on software and internet site's. I am a regular user of Real Estate Investar – property analyser and thoroughly recommend it . If you are still looking for information regarding this site just let me know and I will help you out.
Corie McMillan
yes this is true. accommodation is going to be built on the Barrow Island. I have a friend who is going to be directly involved with the construction of the camp. One thing that most people are not aware of is that Barrow Island has its own airport and people working there are flown directly to the Island.
Guys,
This issue seems to have quite a few grey areas. I found a NRAS hotline number where you could speak to somebody and ask any questions which you may have. Now one of the Q's I was most keen to ask was the options available if you wanted to sell before the 10 year were up. I was told, and this is from a government representitive, that they had tried to structure the scheme to allow the most flexability and that if you wanted to sell the property before the 10 year period you could do so to anybody you wished. Not to another investor in the scheme but to anybody you wished and all you would lose is that years tax benifits. This gov representitive also informed me that there are different rules that apply to the people eligable to rent these properties based on the state the live in.
Since then I have spoken to a finacial adviser and he has told me that if you wish to sell it must be to a registered investor within the scheme. He could not give me a clear answer on how people qualified to rent these properties.
The point I am trying to make here is that it is really hard to find two answers to any one question that support each other.
I think it is very important to make sure that you only apply rules for your state to any situation of any given state. I have to say the more I look into this investment the more uncertain I become and uncertainty doesnt moke for good investing. I think there are far too many other opportunities out there to bother with these. Having said that I havent totally dismissed them.Thanks Lockymac,
Since I have posted this comment I have read some other comments on this web site and spoken to the NRAS hotline. But the most interesting thing that has happened since I posteds this comment is that I went to a Margaret Lomas seminar. Have you heard of her???
She has just written an article in "Your Investment Property" magazine about this scheme. She told me last night that she didnt know everything about it, but one thing she did know was that it didnt make sense to her in legal terms. As she saw it the developer was the person who owned the title not the investor. The investor could never own the title. I must say that I initially thought this sounds wrong but I must add that she is a very savy property invester and knows her shit!
Even more confused than before!Just wondering why you changed your mind on this investment? I am looking at investing at a property in Perth which is part of NRAS. Is there something I should know???
