Forum Replies Created
Lets petition for a chat room here.I for 1 would love a live chat at midnight when I do most of my stuff anyway.
DD
Terry is right, we have deals with Bank S, lender R, lender I, Lender P, Bank A, and an offshoot of bank N. Great brokers are determined by how much their clients love them.
I love mine.
DD
is it on one title or 4?? is there an active body corporate? Is there a property manager in place and what management rates?
Is the area growing and if so why?
Is there a slush fund in the body corp for you to do renos out of so you dont hit your money?
Have you got a building and Pest report yet?
What structural or other damage needs repairs? Answer these and you are getting close to an informed decision and not just base figures. Does each have a garage or carport? Are they covered or open?Get to it its all to easy on the face of it, do some real digging first.
DD
Instead of worrying on what might be, do oyur sums and work out what should be. Thats right….you investing in something somewhere not just chatting about it in a comfort zone website.
Have a go, you arent getting younger and neither are the opportunities.
DD
225k to me is 8 x $100 -$120k properties(as deposits) with enought left over for renos and legals. Sell and lock in the profit. Then use the cash wisely.
8 x ip’s gets you approximately 1200/week rent so thats 7.5% covering mortgage easily and management costs. Probably get more depreciation and definitely by spreading risk over several locations too you limit your downside risk and vacancy chances at the same time.
Its what I have done and strongly recommend.
DD
I am a computer consultant and do so little computer work these days its scary. My total focus is on properties and developing a great portfolio. Hit a snag. Found the “perfect house” to live in in Coffs and my focus is getting it all paid off by the end of the year.
Once that is done, a nice and healthy line of credit to go again. PAY OFF YOUR OWN HOME FIRST.It is the only one you dont get a tax break from. Then all of your efforts are shined upon by the tax gods. We will still have about 15IP’s after we sell 5 to pay tis new home off.
This to me is fun fun fun and now I have the luxury of not being a ‘wage slave’ as my first home in sydney is already mine. Take less now in the pocket to make your dreams come true.
Have a go. No one else will help you like you can.
DD
Quotes for painting a 2 bed townhouse ranged from $1900.00 to $2600.00. I had some time and did the job myself. You need 3 different paints, white for ceiling, a full colour for all the walls, and white gloss enamel for stairs(wooden)doors and trims. It cost me $650 in paint and tools. That included a 12 foot extender and cutting in tools.
Next paint reno will be quicker and easier from the experience and I co-ordinated all the other trades in the week I was there.
End result, a property that was previously getting $95/wk rent now gets $145 and it cost me $95k in December for this townhouse.
Do it yourself. Patching up after bad tenants is the hardest but you really get to know the property and its quirks very well.
Good luck
DD
Go to another lender is what I think as well.
Last year I bought an IP for $100k. Could only get a 65%lvr loan so got that and did the deal. 3 months later my broker suggested that a different lender would now lend 76% on the same IP. Greedy me say do it and I got 32K out(put $35k in to start)and the house was revalued at $120k
not 100k. So add the exit fee of $1500.00 it cost me a whopping $4.5k to turn around and do it again very quickly.Dont be scared, it is just a real game of monopoly.
DD
I have another good one for you and as Im new to this Im not sure how much I’ll be listened to. I have had 3 years great dealings with several lenders all through Dennis Mrljak of Smartline Home loans in Parramatta. Only 1 deal in all that time has he not been able to do. I went elsewhere for that and was soon back to Dennis.
Call him on 9630 0942.
me, im the devils advocate.
DD
another sad agent tale for you. A friend of mine had just agreed verbally to a price on a property in Qld. Signed the contract and was waiting for the vendor to sign when another agent getting wind of the deal got in the vendors ear and said they could get another $15k. Vendor didnt sign.
DD
Congratulations, you have passed the first test, ANALYSIS PARALYSIS!!!Now you feel suitable confident, do it, make the usual errors and streamline from there. Happy hunting.
DD
Ok so you have a bank, you need 6 or 7 with other finance options. Have you used low doc loans? Try whatever works through a broker, and feel sorry for your old, crinkly, 1960’s mindset old bank.When they loose enough customers this way they may just wake up in time.
DD
just seeing their recommendations and the 3 month trends in data state by state. Good starting point for beginners. I just like the site. Not to keen on some of their property though, just the data.
DD
the local council, dont forget flood lines as I faced this recently. A property of mine in Ipswich is 1/4 acre narrow block with 2 street access. Initial response was ok to build second house, further search showed 100 year flood line didnt allow anything more than a big shed.
Good rent though.
DD[buz2]
HI, I can sympathise. Wife and I turned up tp ANZ and asked to use the extra $210k out of our 7 properties with them to buy more. They laughed at us. We went to Suncorp and its the best move we made. Got the $210k, used as deposits and added 6 new properties to portfolio in May last year. The 6 new ones then gained $223k in 6 weeks.
Good broker is essential. Do not use a broker with ex Comm bank staff. We got told we were not using the LODOC loans in the ‘spirit in which they were intended’. I kept a straight face on that one until after I had left the building.
Good Luck
DD
yeah, just a thought. its completely self contained with a nice sunroom too.
Hope all goes well for you and you find some wonderful solution out there.Family is so precious, I know because I lost my mum 20 years ago a week before mothers day. This time of ear sucks for me.
DD
For the business cards go to vistaprint.com as they give you free cards and you just pay for the postage. About $9.00 US. takes 3 weeks but the cards look great. Use the US site not the Aussie site as you only get 100 free cards on the Aussie site not 250 like the US.
Good Luck.
DD
Used to manage 1 of our properties, never again. Tenant tries the im poor scam a few times and we had had enough. All thru agent now. Their headache chasing rent not mine. Small fee= piece of mind.
Concentrate on investment buying instead. Also, 10 properties thru 1 agent means 1 x DD/fn not 10. Easier to manage too, statements via email from agents.
If your cashflow is so tight you need to save the agents fee, maybe you need some good return properties. Maybe 3 in Tassie or NZ to fund shortfall of other properties. Just a thought.
DD
Guys, I like Minimogul am not qualified, have no training and do not report to either. But I usuall can work a calculator and see if there is room to the “vanilla’ 80% lend most banks will go to. Trust is two way so yeah Im researching the PS146 compliant courses, (which Ill travel interstate to do in a months time) but I dont want to miss several great opportunities in the mean time. Look at the growth in each capital city and the percentage difference in growth in a summary form between states, somewhere like quartile.com.au which is free and dont stick your head in the sand regarding investing. Go to where the bargains are wherever that is.
Basically its your choice and as the old saying says “you can lead a horse to water…”.
Get the picture and goodluck.
DD
Rebecca, what state are you in? If its Qld I have a nice house witha 2 bed granny and a pool. Currently rented out but all things can be looked at.
DD
