Forum Replies Created
adding antimould to the paint. explain this.
I know its to stop the mould. but how does it stop and how do you do it (prices and other info).Christopher Fife
Are all your loans(IP and PPOR) with the same bank.
IF they are then that should help to show them that you can be trusted and are reliable. It can be also be a bargaining chip.
You give me this loan or i’ll take all my business elsewhere.
They can see you a reliable, they will give you another loan.Yes i agree with DLPP that is a great idea that I have heard quite a few times. And I suggest you also buy another IP with that new loan that you have.
Thanks that does clear it up. The suburbs are in the west of sydney.
Originally posted by freeman cooper:In wet areas it is a good idea to use a satin finish because this is less porous and easier to clean.
Hope this helps
regards
FrankSo in the bathroom I should use satin finish?
For both roof and walls?Um i was thinking about what you said cbellesini. The reason why I am doing one huge reno is that I want to live in this house for 6 months so I can get the FHOG and get the free stamp duty.
With these discounts it will kick start my investing.
Any comments?
Christopher.
thanks. I’ll think about that
Thanks Celeste, good idea a new toilet. hmm, yes I should hide the pipes and electricals(much easier on the eye). Hmm, those colours sound great(the whole warm and cool thing).
Um, I dont understand what you were talking about with these rafter specs and stuff.Also the property im looking to buy will be in the western suburbs or maybe even out near penrith.
Thanks,
Christopher Fife.Edit; Also I’ve just thought what I haven’t before when considering an old dump is the fact that I should be able to get the building depreciations(the 2.5% or 4%), it’ll probably be 4%. Thats another thing I should note down. Yippie.
Thank you everyone for your help, It has been greatly appreciated.
Thanks,
Christopher Fife.I agree with Terry. Putting it in a 100% offset account will help to lower your interest repayments. And you can also draw out the money and use it as a deposit for another property.
Or. If you have a dump of a property you could reno it up lots and then rent it out at a higher price. you will also gain immense equity from these renovations.
Christopher.
May you please give us some information to what stage you are in now. E.g. Own your own home(how much loan?How much equity?).
Whether you are in a relationship and have a dual income. What your income is?
We need to grab some info so that we can tailor our tips to your situation.Christopher.
If your tight on money and are doing a P/I loan try changing it to interest only, its will make a huge impact on your budget for living.
Also with the car, personal loans and CCs, try consolidating them all into one of the home loans. I bet you are paying a much higher interest rate with the car,per,CCs than the home loans. This will free up a bit more money to live on.
With these two tips it should help alot get you back on track with your actual lifestyle.Well they are my two tips for the struggling with current money/living. Are there any other good ones out there.
Christopher.
Welcome illusion, its great to have you on board.
The best advice to offer to you now at this stage is to read books.
I recommend starting with Rich Dad Poor Dad by Richard Kiyosaki.
Also I recommend you read many other investment books.
They will provide you with so much of the basics so quick and will get you prepared in the heated discussions that spark up here from time to time.Um, the 10 properties in 6 months with financial freedom. Can’t really say. You would have to look at the level of leverage, or the amount owed compared to your equity.
If you have more and more equity when compared to your loan amounts then you become positively geared, this means you will be making a profit from your little property business and that is your income and will provide you with the starting blocks for you to leave your job and enjoy life.It is so much better to take out a loan and pay it back gradually. This is one of the strenghts in real estate investment.
Say for example you have $100k to invest.
You choose between shares or real estate.
Now option 1;
You invest the $100k in shares
Option 2; You borrow $900k from the bank and now have 1Mil in real estate(property).Say both went up by 10% in the first year.
The shares you have made a nice 10grand, but with property you have acheived 100K, now that is a 100% return on your money in one year compared to 10%.Compare this to saving up say a million(woah) or saving up a smaller portion(could be anything 10%,20%,99.9%, you get the picture) and leveraging against this to buy alot more property, quicker.
As you can save that little bit way before that full price saving comes around.There is no ignorance in your posts at all. Your questions are not silly or stupid.
The only question that is stupid is one not asked.
I was at your stage of the inveesting(building the basic knowledge) only last month.
At the start of August I showed a genuine and highly enthusiastic attraction towards investing and investing in property in particular. I was asking these exact questions only a few weeks ago. But my enthusiastic nature has helped me build my knowledge which I can comfortably pass on.Don’t be afraid to ask questions. By the way what else can we talk about in the Help Needed forum, there has to be questions.
Regards Christopher Fife.
Indians and Chinese.
Catering for those races, as immigration. Hmm.
Well I think one story houses, as the old people and I don’t think chinese like two story houses. Imagine a chinese lady trying to pull a vacuum cleaner up a flight of stairs.Christopher.
Seeing as I don’t yet own a PPOR or an IP, the first thing I would do would be to buy a few IP’s. Yea just to get me started.
A PPOR will come down the track(lol, im only 18, wait till like 25+).
Woah imagine the equity I would have then, woahhh!!. Can’t even imagine it now.Christopher.
Yes the HSC is just around the corner. I am spending alot of time doing that. Hmm, I should be spending less time on here now. Well until the middle of november.
Well guys i’m off to the beach today with my year 12, as it is our last day, we are having a fun day out. And free of charge. Yippie.
Have fun everyone.Christopher.
Thank you everyone.
Hmm, yep i wont worry about location for some time.Me and My chem teacher sometimes get caught up with chatting about investment properties that one afternoon after last period we were still chatting about an hour after class finished. Im to motivated to leave.
At 18 my goals are being set and being tweaked ever so slightly each and everyday. Yet the one thing I haven’t done is write it down or talk to my family about it. I’m scared of their pesimistic nature to the whole thing, and getting into massive arguments, even though I will win in the end, The power of knowledge never ceases to amaze me(go investment books).
Thanks.Christopher.
Thanks everyone. I have come to the conclusion that I will add the water tank when I am renovating the dump that i buy in 3 years time.
Thank you.Christopher.
When you say they charge 8%. Does that mean that they are charging you 8% of your rent(income).
Say you were renting out at $250a week , they would charge you $20 a week.Thanks cbellesini. I am beginning to agree with you there. When the time comes to sell, put it in.
Though what about the idea of selling the property to the tenants. Like you know that increased rent thing for a few years builds up a deposit for the house and you sell it to them, what is that called.
And would it be wise to do it in that sense as they will be seeing this house as theirs in the future and you will be gaining the benfits of the increased value of the water tank.Christopher.
I would not suggest using management for your first IP. As your business(real estate) is small, you’ll need to keep costs to a minimum.
Once you build up quite a few houses and feel that the burden of managing all of them is to much you can manage some out.
Though read a book on how to manage your own IP, they will surely have lots of tips that will help you move into positive cashflow.
Im not sure about the fees or any of that. never heard of it. I thought it was just a flat fee, i guess thats what you get when you assume things.
Christopher.
