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i agree with Deka,
it is just as affordable if not more, to rent and use the extra money (rent being less then morgage, rates and insurance) to build wealth thru real estate. because at the end of the day mortgage interest or rent is only dead money anyway.
as long as you invest the extra money and don't blow it on keeping up with the jones'shi all,
i did not get anyone to look at it but have organised a building inspector and pest. i know that it ais a very risky thing to do (buying a house with out looking at it) but it is more then 2000 kms away from me, and at the end of the day, i have to trust my gut, even thou everyone around me is saying it is too goodto be true and that i should put the brakes on. i have done almost everything i can from a distance,eg town search, council search, employment in town, average rental in area, location within town ( good side, bad side) unfortunately it is in the bad side of town and the tenents have a bad history in rentals but on the up side it is least by a community group that pay for all rent even if vacant, and any damage done also, (it does sound too good doesn't it)
once i have settled i will be more then happy to share location and any thing eles also but for now at this vulnerable stage i'm not even telling my mates.
thank you for the congrates, because as the saying goes "the first step is the hardest" and i have now made that first step and stopped just looking on and hoping.
hello to all,
can some one please explain how the low deposit works? ($100 or $750) this may sound like a stupid question to you but i am new at this and have paid a 10% deposit. i would like to be able to keep my money for longer if i can.
Jason
Hi all,
Justin thank you for that site for i am looking at Vic very strongly and it will come in handy.
Jon it is not that i want it handed to me on a plate, it is that somewhere, someone has the information i want and does not charge for it. The fact that i want the information says that i dont want a property to be just handed to me, i want to go thru the information myself and make up my own mind on the investment and not just sit back and pay someone to tell me where to invest MY money. maybe i am just a control freak, but at the end of the day why pay someone to do something that i can do myself!!
Tammy, i think i will have to pay for RP data eventually but i do not want to limit myself to just one or two suburbs, do you know if RP data have a national or state report so that i can get all the spots, good and bad! Because i am still quite young and time is on my side, i want to know where the booms are but also where the busts are so i can go there and buy and wait for the boom to come back.
p.s. good news from me is that i am no longer a want-to-be property investor!, for i have negotiated and been accepted to buy a property for $88,000 that has a rental arrangement of $135/wk with an increase of $5 in 6mths. it may not be +ve geared but it is pretty dam good for my first one, and it only took me two days of searching Vic, SA, NSW and parts of Queensland and putting in about 20 offers.
now to go back to work and save for the next one, financial inderpendence and having a choose in life, here i come!
hello to all,
thank you for the help, i have to admit that i never would of thought about following the big companies for the next boom area, or to search councils for approvals for developments so thank you for that and the web sites.
jason
hi there,
i am trying to keep me LVR down as low as possible (hoping to find a property that is neutral geared) and i only have $10k in savings. but now that you mention it i proberly could use that way, can you send me some info on lowdoc nodoc loans for i have never used them.
just send me a PM for my personal e-mail
thank you
Jasonhi there,
i have heard of a good cash flow strategy, it is called "share renting" not to sure on the fine details as yet but the general concept is you buy 1000 lot shares in blue chip shares, talk to a broker who deals with them (not to many around) and people will rent your shares for a period of one month at a percentage per share eg. if your shares cost $15 per share, they may rent it off you for about 60 cents a share times your 1000 shares =$600 cash in account for that month and you do that month in month out. one catch, the person renting your shares has the right to buy the share at a per determained amount eg. $15.50 so you get the rent as well as the capital growth. and if the shares go down in value you keep the shares and rent them out again.
like i said i do not know all the details yet but it could go hand in hand with property investing to cover -geared properties.
hey there,
yes that is how i grasp it as well and as you pointed out it is not always a option with every house you look at. but it is still a good option nonetheless, and there is nothing wrong with trying to save your own money and as the saying goes "you will never know what is possible until you ask the question"i would like the name of that developer as well if i could. for i am also looking to do a 20% vendor finance as well.
and about that 2nd mortgage, i was under the impression that it is a loan between your self and the vendor for the amount and that you negoitate the terms of repayment, interest rate and payment options. e.g you borrow 10% of the purchased property at a rate of 8% over a period of 3 years to be paid back weekly/monthly or lumpsum. i may be conpletly wrong as i am only just starting to look into this as well, if i am wrong please tell me.
