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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of David LaytonDavid Layton
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    @david-layton
    Join Date: 2008
    Post Count: 11
    May 28, 2008 - 4:51 am

    keep going Mel you are doing really well.
    Not sure of your exact situation however it would definitely be worth building a long term plan to ensure you reach these goals. Consider this as a business, every business has very distinct business goals, so should you.
    If you would like help with this please let me know as i have some documents and things that may help you.
    P.S. this is not advertising they are free. just trying to help

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    May 28, 2008 - 4:46 am

    Hi Spencer,
    in answer to your questions
    1. Yes our banks do something similar although not called the same thing most will take in the expected rent and tax benefits associated with an investment. Assuming they cover the repayments or have the capacity to cover the shortfall. They will however expect you to have an income in the case of failure to rent etc. They will also expect a settled job and accomadation situation.
    2. I am not an expert in this field however i am aware that there are definitely things you will not be able to do. However you can do quite a bit as an owner builder would be worth contacting the BSA (building services authority) in the relevant state to evaluate what you can do. Also worth while checking with the relevant local council (although this could be a headache)

    hope that helps.

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    May 27, 2008 - 1:33 am

    If the debt is personal debt ie personal loans and credit cards. you should definitely look to clear them first.
    If they are not big debts it will not take long to clear them and if they are big debts you should be looking to them first anyway.
    Investing should be something that improves your life not makes it harder, first ensure you can meet all your financial commitments.
    cheers

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    May 26, 2008 - 6:18 am

    Time and wise investing Daniel.
    it is never easy when you first purchase particularly with interest rates the way they are but we simply have to do what you have already done. wait until the rent increase past the cost.
    There is no easy solution to this if we could all go out and buy ready made positively geared properties we would all own thousands of them.
    all i can say is ensure you do your research and then go fishing for a couple of years while you wait.
    cheers

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    May 24, 2008 - 12:30 am

    Hi Justin,
    this can be an excellent way to begin your investment portfolio.
    DO YOU RESEARCH!!!!! is all i can say
    there are many companies out there who are not trustworthy.
    look for independant market advice and guarantees not neccesarily rental guaranttees but probably more important is build time guarantees. maybe approach some other similar companies and test out what you are going to get.
    cheers

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    May 24, 2008 - 12:22 am

    Hi Sharif,
    firstly you should double check the agreement, as most house and land packages are set up as a construction loan.
    I am not saying that is the case here but worth double checking.
    Also when dealing with house and land packages there are some things that need to be checked to ensure a profit is possible.
    1. check the market within the area this can be done by going to a research site such as this or this
    2. check the company building the house provides a time frame guarantee usually 4broom 2 bthroom home should be about 4 months from settlement.
    3. in regards to onselling your property yes you can sell it straight away however if you can wait for 12 months from settlement you will reduce your CGT (capital Gains Tax) by half. ie if you make $50k on the property in 1 year you will only pay CGT on $25k.
    4. You have made the right decision in looking for advice first, make yourself very knowledgable and this will reduce the risk.
    P.S. 1. research all market area's it is not always best to invest where you live.
    2. ensure also that the estate you are buying in has good access to amenities such as schools, shops, public transport etc.
    hope that helps
    cheers

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    April 22, 2008 - 10:27 pm
    mackar wrote:
    Michael Matusik is forecasting similar outlook… unsure how 'sub prime' in USA may affect this outlook until
    end of this year when more data will be available.
    I feel positive still though moving forward… but maybe not as positive as Bis shrapnel & Matusik…
    hopefully I'll be proved wrong by them as I have 5 properties plus an interest in a
    boutique golf course 14 lot subdivision (available later this year) in SEQ at the moment.

    my thoughts are:-

    if you don't have a property … buy one, & if you do … buy another!!

    it may be a slightly bumpy ride in the very short term, but it sure will be worth it in the mid term I believe…

    don't die wondering!!

    Hi Mackar,
    I agree with all your comments mate, it is still very worthwhile being involved in the investment cycle.
    I hope we all do well and pick up some good bargains over the coming year or so.
    cheers

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    April 22, 2008 - 5:44 am

    Hi Shel,
    wherever you buy you should look to get some independant advice on the market situation.
    part of my own website is dedicated to independant market advice and is also free of charge.
    if i can help further please feel free to contact me

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11
    April 22, 2008 - 5:30 am
    BDM wrote:

    Or perhaps the Million Dollar Question proposed by David here in this post could be re-phrased in Shakespearean form:

     "To Fix or Not to Fix – that is the question".

    I am in the process of refinancing a loan or two that is (unfortunately) expiring from the fixing I did three years ago.  At the time, three years seemed like a lifetime.  Now, with the benefit of hindsight, the 10 year deal at the time was a good one.  Never mind…..

    So, this time around, should I fix for another 3, or 5 years, or longer ?  Or not ? 

    Thanks,

    BDM

    Hi BDM,
    sorry it has taken so long to get back to you
    i believe you have it right in asking to fix or not to fix.
    I am not an economist but am still of the belief that due to the numerous issues the banks are facing overseas you would be better off fixing your rates right now.
    probably only for a short term though.
    however would be worth asking around for other opinions.
    thanks.

Viewing 9 posts - 1 through 9 (of 9 total)