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You may have to lower the standard of the type of job you are looking for as I have a degree and am the same age and now work in a newsagents part time just to get a job history of some sort for my next employer in the future. I am also learning how to drive a truck at the moment so I can increase my chances of getting a driving job. Basically I have given up on getting a high paid job in Australia with my degree and will make the money from investing instead over the long term.
Lenders usually want property secured against the loan to be in the country the loan is in. ( try checking with Citibank )
This means you could in theory borrow money in say the USA if the property is secured in the USA and then pay for a property in another country if you had enough equity. Then the money needs to be converted to Aussie dollars and there is a cost to do this.
Also the rates seem low but you have to consider the foreign exchange rate movements that might occur in the future.
There is a risk factor of foreign exchange rates moving against the Aus dollar. This means you could be paying more in $AUD for a loan in say USD or YEN.
There is an interesting financial instrument called an interest Rate swap
see
http://www.investopedia.com/terms/i/interestrateswap.asp
http://www.stgeorge.com.au/corporate/transaction/int_rate_rm/swap.asp?orc=institution
http://www.anz.com/edna/dictionary.asp?action=content&content=interest-rate_swap
http://www.banksa.com.au/corporate/transaction/int_rate_rm/option.asp?orc=institution
https://acleareducation.sfe.com.au/aclear/irswaps.htmThese web sites above are merely for education purposes so you can get some understanding of the interest rate swap instrument that you may wish to seek further information about from an adviser.
You have to be careful predicting what is going to happen to the property market as that sort of information is considered to be financial advice which can only be given if you are a licensed financial advisor.
see
https://www.propertyinvesting.com/forums/property-investing/help-needed/4323829
https://www.propertyinvesting.com/forums/property-investing/general-property/4323521yes
look at this post
https://www.propertyinvesting.com/forums/property-investing/general-property/4323895?highlight=meeting
not sure when meeting will be for april you may need to contact troynbec1. People just cannot afford to borrow money for houses if they start hitting 600K per average home
50K from Melbourne . Cranbourne price is http://www.realestate.com.au/cgi-bin/rsearch?a=s&cu=fn-rea&s=vic&ss=&ag=&t=res&snf=rbs&chk=0&lead=&ty=&tb=+CRANBOURNE%2C+&u=CRANBOURNE&is=1&pm=150000&px=200000&pme=150000&pxe=200000&cat=&o=def
$170k to 250k
you are investing so you do not have to live in the house.
Rental on average house $220 to $240 a week2. Paying back on interest is increasing far more than the income from rent
Short term yes . Long term no . Rent goes up over time where as principle can go down over long period of time. Thus interest goes down.You can borrow against property most important fact !!
Start small so you can pay down the loan to make property positively geared and it will cost you nothing to hold property.
Start big at $600,000 and yes it will be hard to pay off the loan.I have used a internet based service rather than software.
http://www.aweber.com $180 a year. Works with a web site to capture email addresses.
Stores 10,000 email addressesllc's are only available in America. A trust is a Legal entity see http://www.investorbuddy.com.au/financial-planning-and-tax/family-trusts-an-explanation
Now a trust can be controlled by a person or by a company. A company is also a legal entity but has directors.
These directors provide a guarantee to the lender that they as Directors will pay the lender back if the company defaults in the Loan.
Once the loan limit is maxed out the theory is that you start another company and it starts to borrow money.What I am unsure of is if the lender checks how much the director has guaranteed with the previous company.
Check with the lender or mortgage broker you used to see if you can pay off any of the principle amount or is there a restriction on the amount per year you can pay off the principle.
you may be able to offer a deposit bond from a bank.
You may have to drop the rent $20 a week that you are asking for this is what I had to do as I had 3 months of vacancy.
You need to also look at the total cost of the loan. What fees are you going to pay . What features does the Loan have. Offset account, repayment allowed ?, Line of Credit available ?, Credit Cards ? , ATM access, Bank branches, Ect.
One major problem you have is that you are remote from the location of your property. You may need to consider getting these things fixed directly by contacting a service company and asking them to liase through the property manager for site access with the Tenant.
Companies like Service Central – see http://www.servicecentral.com.au/ or possibly
Grey Army see – http://www.greyarmy.com.au/ or
hire a hubby see – http://www.hireahubby.com.au/
Husbands on the run – 03 9310 3389 based in Tullamarine.may be the quickest way to get this fixed ASAP.
I used grey army when I was about 240 km away from the property about 7 years ago but they have changed their business structure to a franchise network since I used them. My property manager does use hire a hubby for some of their maintenance work.
P.S
I had a Garage in one house where the light power was tripping the Safety Switch in the fuse box and when it was checked by an electrician it was being caused by the roof leaking onto the light fitting. This was after I had just purchased the house and rented it out.It is fair for a tenant to expect the range hood to be working and the garage to have working power. I am under the impression that the property manager did not notify to you immediately to the tenant's reasonable request. When a tenant does not see any form of repair or action they get annoyed and frustrated and resort to not paying the rent. I have after sacking my previously bad property manager now got a good property manager who notifies me if the rent is behind by 2 weeks and when things need fixing.
At the very least your property manager should ask the tenant why the tenant is not paying the rent and advise you of the repairs immediately.
You have a few options
(1) Keep ringing the property manager and ask for two other quotes for the work required.
Make it clear that you will get the items fixed ASAP but that if the rent continues to not be paid you will consider whether an eviction may be needed.
Make it very clear to the Tenants that if they do not pay you rent you can't pay the mortgage and other expenses and you will be forced to sell the house causing them to have to let a lot of strangers into the house to inspect it for buying purposes and that they may be required to leave when the ownership changes.(2) Ring up another property manager company and ask them to take over the management of the property from your current property manager and explain the mess your situation is in and ask if they can they sort it out.
I had my recently new tenant complain about a power point not working on an air conditioner , cooker hotplate and griller not working , taps leaking and a window that will not open.
This Tenant did not know the condition before he move in. Why because the power is not connected when a tenant checks out a property nor is the GAS. I rang the property manager immediately and asked for these items to be fixed immediately.
When people rent they expect things to be fixed ASAP.P.S. the repairs are tax deductible !
Todays Age has a subject related picture on the back page Wednesday 12/3/2008 on how not to safely work on Delhi power lines.
I am not licensed to give financial advice
but what some investors do when they have a large portfolio in properties
is to sell a couple of their properties that have large capital gains and low debt and pay out the capital gains tax and selling expenses.
With what amount is left over they reduce their outstanding investment mortgages.
This has the effect of increasing their borrowings in the future through having reduced the Loan to Value Ratio (LVR) of their outstanding loans and decreased their interest bill. However a downside is they lose an income stream from the sold properties.You can be limited by the level of income you earn as to how much you can borrow. This is happening to me with my LOC
Also on the same front page of the paper was Water Restrictions to Stay for 3 years. So no water will be available for the 90,000 houses. I didn't read anything about public transport like a train line being provided or a additional power station to power these 90,000 houses. So it will be a less desirable location to live.
The danger with electrocution is that the Alternating current causes muscles to contract and a person may not be able to let go of the wire. If you have your other arm earthed the current will go across the heart and stop the heart. Wearing safety shoes provides insulation from the ground and reduces the current flowing from the arm to ground if you are not earthed through the other arm or other parts of the body..
Having touched 240v it travelled through my arm down my body to my feet and into the ground. It hurts when this occurs.
My Father was with an electrician on a job who asked his apprentice if the power was off and the apprentice said it was. The electrician took his insulated side cutters and put them across the wires and it went zap . My Dad said that was lucky to the electrician and the electrician said that was not luck it was deliberately done to blow the circuit breaker or fuse and that the power was now definately off.
Always treat electricity as LIVE and minimise contact with bare wires as you never know if someone hasn't turned the power off or accidently turned it back on.
TV's are a lot more dangerous as they have > 18,000 volts stored in the Cathode Ray Tubes even when the TV is switched off.
My Dad touched the wrong part of the picture tube and was thrown across the room but lived.
I am not an electrician but I am an Electronics Technician.
Whacking your head when thrown from the shock is a possible danger.CGT is worked out from the date you entered the buy contract rather than from the date of settlement and from the date you entered into a sell contract.
If a loan is for investment purposes it will not be covered under the UCCC regulation if it is for residential purposes it is covered.
