Forum Replies Created
Hi Sonia,
Thanks for your reply.
I am planning a quick reno and flip, with no major structural needs. But need to leave open the fact that it is a flat market at the moment so I may have to rent out for a while until the market picks up.
regards
Thanks Duckster
regards
Hi Jacqui,
Thanks for the order. It will help alot
regards
Hi Mike
Thanks for the report. Wealth of information
regards
Thanks Catalyst,
At least I know were to start now.
regards
Hi Jamie M
thanks for your reply, at least it gives me an idea.
regards
Hi everyone,
Can people tell me how important they believe the percentage of renters in an area looking to purchase is important when doing due diligence. eg if you were going to reno and sell does it matter so much the amount of people that are going to rent compared to if you were going to reno and hold?
thanks
Hi Todd,
I was in a similar situation as your-self a few years ago, and now I am debt free, and we are saving now for a deposit for our first investment property. Below is my situation I have copied and past for you. I did it the other way around and started with the biggest loan first, I didn’t care about the interest rate side of things, but that was just me. I decided that no matter what happened every fortnight we were going to put 500.00 towards our debt and pay it off. It is now 2010, and we only paid our debt off just before xmas 2009, I was studying at uni, working, running a small business with my hubby and have 3 lovely children. So if I can do it anyone can. Good luck and if you need to talk more just PM me.
regardsHi everyone,
this was my post on this forum on July 17, 2007 – 1:38pm.
I need advise, here is my situation: I have managed to pay of fa family loan of $4,500.00 and pay down a p/loan from 12,000 to 7,000 since January this year (in total 9,500) which I am happy about, but heres my problem. While paying my loans, work got quite (Casual) I have other loans that I couldn’t pay the full amount each month, so I contacted the company’s and made an arrangement to pay the lowest amount possible for the month as I was experiencing hardship. Even though I have made this arrangement one of the credit card company’s has put a default against my name, I have tried to consolidate my loans but no one will look at me now because of my default against my name, and if they would I have been told that the interest rate would be so high, that its not worth me doing. I thought that if I could consolidate at least I would be able to pay just one loan off.
Now I thought I would share with you as off today I am debt free,
4,500.00 personal loan (family) – gone
20,000.00 CBA (personal loan) – gone
6,000.00 GE (personal loan) – gone
5,800.00 GO mastercard – gone
my hubby had to get a new car through his business so he has added me to the loan, which I have been told will fix my bad credit rating.
You know what this feels so good, It has taken a while but now that 2 yrs has gone and all the debt has gone it is an amazing feeling,
what do people think will I be able to get into property investing now? or will I still have problems because of that bad credit rating? I suppose the next step is to save for a deposit as I have no cash, but I have no debt now either YIPEE YIPEE YIPEE
regards
Dr.Spock
“you never never know if you never give it a go”thanks for your comments everyone
regards
j900 wrote:Congrats! Congrats! Congrats! This must not have been easy!No it hasn’t been easy, but we have stuck to it and if I can do it anyone can.
One more debt than try and get into property,
Is there anyone out there that has had bad debt like myself but got finance once they have cleared there debt????
take care
Hi Obie, thanks for your comments,
I will look into the residential act in Victoria, What I am trying to achieve is like the university’s with there student accommodation. Ideally I would
like it if the university’s where I am thinking to sub-letting, would say to the student (we are full however Dr.Spock we can highly
recommended). Through different people I have been talking too they have have indicated which type of student to pick for sub letting. If they
damage the furniture I know this sounds silly but I am not that concerned as I have looked on ebay and I can furniture a house for 150.00
I will look at the article you have suggested, thanks again.
regards
Terryw
yes I know its a risk but I can either sit here and do nothing or get of my ??? and start doing something to try and get ahead in life.
What did the people you know do? did they rent out there house to students? how did they find it? did it work ok?
regards
god_of_money
Did you sub-let to get other students to help pay for your rent or did you own a property and let it out?
Hi thanks for your comments,
Yes I realize a big risk if they do damage, however every sub-tenant will be putting a bond (4 weeks rent ) before they even go into the property.
Here is my plan:
Each sub- tenant will be putting 4 weeks rent as a bond ( which will be returned to them after vacating if no damage has occurred)
Each subby will be paying 2 weeks in advance into an nominated account
Each subby will have to sign a lease with me and make a note of damages eg: just if you were going to rent yourself you look at the
property in detail and make a note of any damages before you enter the property.
On the lease it will have that each subby will agree to provided there own linen,cutlery,china, toiletries, and pillow
On the lease it will say that included in the price is gas,water and sec.
I plan to provided single bed in each room, a desk in each room, a lounge suite, table and chairs,fridge, toaster, kettle, washing machine
some pots and pans. I will also have in the lease that if they become behind in the rent by 2 weeks they will lose there bond and be
vacated from the property. (bond will pay for the 2 weeks they have come behind and advertising for a new tenant).
I will also be looking at the property closely.
So there it is What do you think????
Thanks Scott No Mates
Do you mean they put there name in the area that says reference or description?
Come on
someone must have advise??
Me and Hubby,
Just paying off debt at the moment,
Would love to invest right now however we know we would not get finance.
I do get so frustrated because I can see some very good investments on the market now.
But I suppose our day will come, there will always be opportunity in any market (RIGHT)
regards
Good Luck Melanie
Keep us posted, and well done for not following the herd and doing something different
regards
Hi All,
Duckster I read the mezz finance information that you suggested, but don't you have to be a company, with a very good business plan to obtain this kind of finance, or am I missing something? It would have to be a very good investment to be able to repay the debt my understanding is it is upto 30% repayments.
Can someone explain how mezz finance works?
What do you need to get this type of finance?thanks for your comments,
