Forum Replies Created
Hi Gmid,
Sounds like you’ve got an excellent deal. You can always switch to IO whenever to reduce payments so that is up to you.
If you don’t want to sell it, dont, it sounds like you’ve bought an equity goldmine. You could easily use that equity to fund other properties, right now, but don’t be in a rush, in todays turbulent market you could easily undo all the great investing you’ve done so far.Hope this helps…G7
The Saturday newspapers usually have things like what you’d probably be looking for. All sorts of finance, private, development etc. is on offer.
This isn’t is a property, it’s a business man![wha]
Well it’s the business and the building it’s in (the freehold) and the stock that goes with it (SAV= Stock as valued). You’d be buying a business, the building it’s in and all the stock that goes with it!
What a unique problem, or is it a problem at all? If the insurance voids after 30 days, does it matter? You don’t have anything in there do you?
And if they haven’t moved in they probably dont have anything in there anyway.
Is there any chance that there’s something dodgy going on? Who cares, so long as they’re paying the rent and the place is in good order, who cares if they fall off the end of the earth?!P.S. You could always rent it to someone else aswell. I’d like to see the yield if that happened!
Really good insight. The market has been supposed to do this and supposed to do that for so long now, who knows whats going to happen. I think property has been in a sideways holding pattern now for the last 12 months and in the future, I beleive that property will drop, and drop more significantly than anyone is predicting.
Mateka,
Just be careful about what you take in from the API magazine. Most articles are written by people who make their money from the property industry.I know plenty of couples who have bought an expensive house. The way they manage it is to live off ones salary and the others goes into the mortgage. As for a deposit, usually they are met half way by family. eg. they need a $30k deposit, save $15k and the rest usually comes via the parents.
However, future changes haven’t been accounted for in most instances, like a baby or upward interest rates.Another term for ‘factory off the plan’ is financial suicide. Off the plan is considered by many as a dirty word as these types of properties have the next 10 years capital growth included in the purchase price.
You could always ask the vendor to leave in some finance and get a mortgage with him drawn up separetely. However, if this arrangement erodes your returns too much I’d be questioning the investment.
If there’s a will, there’s a way!
As a young investor I’d like to read about stories of people who started young, what they did and how and the position of where they are today. Also a book like this would be great; like Steves books because they are by Australians, investing in Australia for Australians.
Good Luck[specool]…G7
Yeah, I definately agree with Torachan, the real investors bought 10 years ago, sold everything 2 years ago or aren’t even in the market at the moment. The clock is definately ticking and it’s been getting louder for some time.
There are but they are nowhere near as lucrative as in the US. When a property is foreclosed on, the mortgagee has the legal onus to sell at fair market value.
If I was you I wouldn’t buy a place, not at this stage of the cycle. If you can rent do it, be patient because if you can afford it now, you’ll be able to afford it in a years time.
Even though you’re making good money, dont tie it up in something as expensive as a Sydney apartment.Go to google.com.au and in the search field, type “Bendigo building inspector” or “Tamworth building inspector” etc.
This also works for pest inspectors aswell.No, I wouldn’t. A lot of positive news about the property market is made by people with vested interests. Keep your hard earned in your back pocket, there are plenty of better ways to blow your money![wink]
You could then get an MBA to go with it for $125US allowing upto 28 days for posting courtesy of the world wide web. I am adding to my collection very shortly!
Harvard here I come![grad]
Steve’s first book is a great start, also check out other RE books at the book store, they cover wrapping too. It’s basically an overview of wrapping and you can use a forum like this to fine tune your knowledge.
At the business end there are plenty of resources, people etc. that can guide you exactly.Happy wrapping!
Yes, attention to detail is paramount. Also presentation too, the house should be absolutely immaculate when you’re on the market.
Simplicity, simplicity, simplicity. Try to create a “blank canvas” for the next owner, remember you want in and out ASAP and this helps you to do it and keeps costs at a minimum for maximum return.Specifically no dark anything, light and bright makes a house seem functional, airy and stylish. Also thick shaggy white rugs seem to be worth their weight in gold…Hope this helps.Good Luck.
This probably isn’t much help, but I look at US real estate at http://www.realtor.com
There might be some helpful links there.Good Luck G7
P.S. Nevada has minimal state taxes regarding proerty investing, and with 5000 interstate migrants each month, the market seems to be going from strength to strength.
I feel that property took off after people got spooked by the tech wreck. Also property had been flat throughout most of the 90’s, so it’s time had to come sooner or later.
Also I think home equity loans are largely responsible for the sharemarket surge and the high number of new cars on the road.
It all goes in cycles and property has had it’s run, I’m just looking forward to my expected 25-33% downward correction from the peak of the boom in property prices.
That’s my opinion and I’m sticking with it, so there![tongue]
