Hey just found this now…..Yeah 80% Bank of Adelaide. Get a broker. There's plenty on here! We offered a quick settlement coz there was an existing tenant in it who was happy to sign on for another 12 mths. This property had been on the market for a year, so I think they were glad to see the back of it! Let us know what ur doing I probably wouldn't chuck down 90k on a shack I'd spread the love around a little! And there's nothing like a Friday afternoon deal, no one wants to go over the weekend if it is a cheepie!

D

Thank you Robbie and excuse my earlier comment as you have obviously found the whole dairy!

Hi,

I don't think anyone really respects something unless they have earned it, houses or money etc. Also your son may feel like he is taking from you. I would never want to take money or houses or anything off my parents, I would see it as my duty to support them! Maybe he has no other way to tell you he doesn't want to take from you apart from using excuses like the tax thing. He may also want to earn his own way and feel that if he takes from you he hasn't set up his own money for his own family. Also he and his wife may just have other plans that don't really involve property investing.

I wouldn't push even if it is the best thing. Maybe offer to write them into your will, or offer that in 10 years you can both sit down and discuss it again (maybe he will think differently when he has children to support etc.) But at this point if it really is pushing him away I would just let it go and take some of the pressure off.

D

Hey Scott do you mainly do units or single houses?

Sorry guys I just loathe Wayne Swan. He is all mouth and no brain behind it. At least Peter Costello knew when to shut up and when to talk up the economy. I have emailed Wayne Swan to let him know my sentiments and had no reply (maybe he is working, maybe he is guest starring on the news).

I am 29 and the couple times Labor has been in govt were not good times in my memory! There needs to be some spending but it needs to be smart, which unfortunately I don't think Wayne Swan and the current govt really are.

The problem with most govt is there really isn't any forward thinking. The forward thinkers all live in private enterprise land where the money is. None of the smarties on this forum are in govt (or are they?) Now for my rant! No new dams built in Victoria since the 50's. Still a heavy duty reliance on other countries, USA and China. Little support for farmers and manufacturing. Australia is the best and needs to be run that way and not like we are the littlies sucking up to the big kids. Love some politics before dinner!

Now WHERE is my soap box and my megaphone?

D

Good luck Robbie, Anyone wanna tell him which paddock the cash cow is in?

Yeah see we left a 20% dep and cash for legals, sd etc.  Got any equity anywhere? The buy price on our shack () was $128,000.

See how ya go. Got any friends or family who wanna go in with u?

Let us know how you go.

D

Hey,

Well with the regional IP we bought we looked at the population and made sure there was enough industry etc to sustain growth and that it wasn't just one industry (mine, or one company). The population was a decent size 12,000 people. When we google eath'd it there was a coles, Maccas few other big names, so they had put their money there. There was a lake and 40 mins to the great ocean rd tourist spots so there were other things around to do. There were also new units being built so money was starting to go into new housing, regeneration etc.

The main freeway is still in the process of being constructed so that was good for us.

Management fees are roughly 7.7 inc, so whatever I'm happy with that. I haven't don any work to mine even though it needs it which will be after Christmas so I will experience the tradesman thing then. I think in a small town while the availability of tradesmen might be a bit lower the prices will also be a bit lower.

I bought well below the median house price in the area of $200k ($128) coz it needs work (Bout $10k) So the growth will be there. But even so now after looking on the net there is not much really cheap stuff going so hopefully the market has already started to get going.

Our process wasn't very scientific we just looked at everything under $200k then worked backwards to investigate the town and the rest to see if it was viable.

Hope this helps, it's all about getting out of your comfort zone. Also going for a 2 hr drive to woop woop helps

D

Pick somewhere and look at the figures, will it be C+ or will it be positive geared or whatever you want. Then do research, whats the population like, who rents and what type of house/unit etc. What are the industries in the area. Is there roads, trains, etc. What about schools.

Then drive around. nothing beats going there especially if you are unfamiliar with the area. You can soon tell if there is nothing worth buying. If you drive around and have to lock your doors and leave in a hurry this may not be your cup of tea. If you go to a suburb and it looks like something is happening, renos, building work, units, then there may be opportunities. If there is heaps of building and the suburb is getting touted as the next big thing you may have missed the boat (may).

hope this helps

D

We are with CBA for our IP's but HAVE NEVER CLAIMED. I'm sure I'll be on here eventually bagging or loving them. The policy seems to be cheap (not freakishly so) but covers all the main stuff. We are also with CBA for contents and cars. It'd be really great if someone could advise as to insurance brokers. Has anyone had a good run, saved money etc? Is is a better option to go through a broker or hunt your own insurance? I think though after so many votes for CGU I'll check it out.

D