Forum Replies Created
The meetings usually start at 630pm Swaney.
Keep smiling
Felicity
Hi wild
With finance, in my experience it’s all about finding a good broker.
As for Wrap Camp, I went to the last one, AWESOME!, and I’m going to the next one. For me I found it took the basics in the Wrap Pack and expanded it to a whole new level. I’ve heard Rick say that doing 1-5 wraps is totally different to doing 5-50, and I’ve certainly found that to be true. Although Wrap Camp also covered information to help with 1-5 (as his Wrap Pack does in detail) it was more the 5-50 area that it was of most assistance with. And that was the help I needed.
And I’m tired, so I hope that made sense!!!Keep smiling
FelicityOops, sorry, forgot there are a lot of new people in here at the moment!
There’s a property investment board at ninemsn, and some of the people there organise a meeting once a month in Melbourne so property investors can get together and talk about property. They often have people in to speak, or else one member will talk about something they’re doing and get ideas or feedback etc etc.
It’s a good place to hang out with other property investors, network, and maybe learn some stuff. And it’s free.Keep smiling
FelicityHi roofarmer
Rick has already been! As far as I know he worked out how to go about it.
Try contacting him through http://www.creativerealestate.com.auKeep smiling
FelicityHi huntress_love
I think a little bit of “fine line” distrinction is required here.
You are unable to advertise for investment partners to invest in your own deals, as the moderators considers that this contravenes the law (you are required to have a prospectus if you advertise your investment opportunity to more than x people or something, I believe).
However, if you have money to invest and want to find someone wrapping to invest with, then yes, you can put a message in here asking for wrappers to contact you.
I wasn’t entirely sure from your post which one you were after!Keep smiling
FelicityHi Jody
Glad you put my name in the topic line, it’s busy in here at the moment!
I will email you in the next day or two, I don’t like to put my broker’s details on a public forum.Keep smiling
FelicityI’ve bought 11 wrap properties in the last year, had 1 negatively geared one prior to that.
I’ve found the major hurdle has been getting finance. I’d have a lot more if I didn’t keep having to stuff around on that front. I’m up to my 3rd broker!!!
Yes, I use the company/trust structures, but they only help for asset protection. Every time we do a loan we have to put ourselves as guarantors and our credit file gets marked, so it hasn’t worked any differently to borrowing as individuals from that angle.
It also took me some time to source investors to help fund the deposits.
I plan to buy a lot more yet!!! I want to start adding some positive cashflow buy and holds too.
So all you mums out there, you can do it!!!Keep smiling
FelicityHi OlorinSledge
You’d be surprised how many people would love to buy a home and can’t get finance. Estimates put it at around 15-20% of the market can’t qualify for a multitude of reasons.
This is one of the reasons I like Rick Otton’s strategy of encouraging people to refinance fast (ie 1-2 years), because most people are willing to pay the extra for a short time if they know that long term they’ll have their house and will soon be able to get into a normal bank loan.
Also, in my experience, both Steve and Rick do talk about buy and holds as an integral part of their strategy. Because as Rod says, buy and holds are the long term wealth creation assets, wraps are merely a cashflow creator. I know that’s why I do them!Keep smiling
FelicityI bought a copy at Reader’s Feast, corner Bourke street and Swanston Street in Melbourne, for $29.95 on Sunday 3rd August. They had another 5 or 6 copies there.
Keep smiling
FelicityHi Terry
Thanks for your reply, this may well be the problem.
Funny part is, my income really has grown enormously, thanks to wrapping! hehehe
Mind you, I’m still getting the “exposure” line too from one lender, the size of my mortgage repayment each month makes them nervous, regardless of how much income I can show to cover it. Not sure why that is.Keep smiling
FelicityHi Terry
Finding deposits still isn’t the end of the problem, as you may still have problems switching to low doc loans at that point.
Apparently because you’ve done a number of full disclosure loans, then want to switch to low doc, lenders get suspcious. At least, this is what’s now happening to me.
So here I was thinking that if I had my investors putting in 20% I could continue on …. not so far. sigh… And yes, I am using a company/trust structure, but as I’ve said before, going guarantor on the company loans gets marked on our credit file every time.
Any ideas?Keep smiling
FelicitySooshie
The fact that you’re seeing signs at all suggests the market has softened at least a little.
When houses rent so fast that there’s no time to put a sign up, then you know the market is strong with low vacancy.Keep smiling
FelicityI tend to like information couched in positive terms as well.
Having said that, though, some of Jenman’s information about the tricks and traps of RE agents is worth reading, purely to open your eyes. I’ve certainly become a lot more wary, and it’s been worth it.
I buy a lot of property through a Jenman agency, but not particularly because they’re part of Jenman, just because the agent there is great and understands what I do and suggests properties that suit me at the right price.Keep smiling
FelicityHi nnnnnn
I’m not sure, but I’m going to assume you’re referring to the ninemsn meeting which is on once a month in Melbourne, which I’ve mentioned here before.
Sorry, I’ve been away, and didn’t post this before I went!
Here are the details (courtesy of manny):the July (booked it in nice & early) Melbourne MSN/Somersoft IP Group meeting will be held at Victoria University, Footscray Park campus, details being:
Date: Tuesday 22nd of July 2003
Time: 6.30pm
Building C, room C410B
Address: Ballarat Road, Footscray (cnr Hoadley Crt)
Parking: Plenty of parking opposite the campus on Ballarat Road & it’s FREE
Agenda: well no agenda as yet, but we always have lots to talk about, especially in these even lower interest/low inflation times.
Cost: Free of course
Tea/Coffee facilities will be availableNote: vending machines with drinks, snacks, icecreams & cappuccinos are 50m away on the same level, so you may want to bring along some coins if you intend to use them…
As always, you don’t have to RSVP, just show up… I hope to see you there…
Cheers,
MannyB.
Keep smiling
FelicityHi Joff
I think it’s all about buying what you can afford, not necessarily what you want.
When hubby and I were starting out (over 15 years ago, gulp!) we looked around the suburbs we were used to, and decided that if we bought there we’d have a mortgage to choke on. So instead we went out of town a bit, bought land, built a house, and worked extremely hard for a couple of years to pay it off. We had friends who bought the dream home with everything in it, including the massive mortgage, and then lost it all with the 15+% interest rates.
I don’t think we lived in a dump, it was a very nice house, and in the end, we could both drive if we wanted to see family.
Looking back now, buying a house that was affordable and paying it off fast paved the way for us to move on to where we are now.
Sometimes I think that a little bit of old fashioned delayed gratification is worthwhile. It’s really not necessary to have the latest and greatest of everything to enjoy life.
Sometimes taking a step back is the best way to take two steps forward.
And also – what’s wrong with making her think like a switched on property investor? That may be the best thing that ever happens to her! []Keep smiling
FelicityHi Leigh
Not sure where you’re located, but in Victoria an agent is not allowed to accept an offer prior to the S32 being ready. You are supposed to sign a particular page of the S32 as part of your offer.
Having said that, what agents are supposed to do and what actually happens aren’t always the same thing!
Personally, I always like to sight a S32, because you just never know what surprises might be lurking in there…
Having said that, I suppose you can always make a verbal offer subject to seeing it, but really that doesn’t give you any certainty at all.
And remember, the deal of a lifetime comes around once a week….Keep smiling
FelicityI find this comment interesting from Senator Murray…
“tell me why rentals are roaring up and property prices are roaring up at unsustainable levels”
I’d love to know where rentals are roaring up, everything I’ve seen and heard suggests that in most areas there’s actually an oversupply and rents are dropping.
But although I do agree that negative gearing doesn’t always help the lower end of the market, taking it away certainly didn’t help in the 80s, rents went up by around 25% in under 2 years. I don’t see how that will help anybody.
I think some sort of capping perhaps (because most of the big NG is on top end properties) is perhaps achievable though, and certainly would be unlikely to affect the lower end as much.Keep smiling
FelicityI also found Monopoly Tycoon quite fun from the aspect of developing property. [
]Keep smiling
FelicityHi BuckRogers
http://groups.msn.com/PropertyInvestment
It’s a message board and does incorporate a chat room.
Keep smiling
FelicityHi Helen
It’s a reasonably informal get together of people interested in property who live in Melbourne.
Usually each meeting has a “theme” – this month a number of people are taking development plans and discussing developing in general. In the past there have been discussions about positive cashflow property, wrapping, OTP purchases, finance hassles etc etc. There’s a lot of experienced people who attend, and there’s always an opportunity to ask questions.
Unfortunately I have a prior commitment and won’t be there, but wander along and I’m sure you’ll be welcome. Usually it runs for a couple of hours.Keep smiling
Felicity
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