Forum Replies Created
If your comfortable where you are – stay. Then use the equity in your current home to purchase another investment and rent that out. You see to sell your current home, you would get 120k but to purchase aother home – the new one would cost you maybe 200-250k.
If the agent said you could get 200 p/w – I would get him/her to put it in writing. Look at the rental demand in your area. Is it highly likely that your current property would be rented or is the agent playing games with you.
Kind Regards,
George“If You never never ask, you’ll never never know”
Debts are Debts. Your sister is right. If the bank do a Credit check on you – and they most likely will, it will be very difficult to borrow money even after you have cleared the debts. They will say, “You had debts before, you could have it again if we were to give you the loan.”
Your wife’s time is precious – if she is free all day every day, then get her not only to call agents and look on the NET and through papers, but get her to also go out and drive around ispecting properties – but ultimately, I would clear the debts first.
I would suggest working out how much you’re willing to spend and see how much how the bank will loan you with and without the current debts. Then look at specific areas.
Kind Regards,
George“If You never never ask, you’ll never never know”
Hi Si,
no its not illegal and many do it – infact, many on this forum do it. Put this post in ‘General Investing’ or ‘Help Needed’ forum. your sure to get a reply. Or just email Westan, Bear, Muppet – they do it aswell. but I would put a post on the other forum. Try MortgageHunter aswell.
Kind regards,
George.“If You never never ask, you’ll never never know”
ITS A MUST – you have to have a goiod one of both – its vital. who cares if they’re expensive – as long as they’re smart and know what they’re doing – cause remember any payments to the solicitor or accountant are tax deductible.
Robert Kiyosaki once said,
“I don’t mind paying my accountants and solicitors millions of dollars cause they’re making me millions of dollars.”Howver after you have read what I have just written, I am living proof of this. I went to my solicitor with a deal and contract which had the sale price plus GST. Now this GST component was close to $20,000. You know what my solicitor did – he got rid of it – through his profession – that’s his job. he saved me 20k. Now can you see how vital it is to have a good accountant and a good solicitor – they work for you and you pay them.
Kind Regards,
George.“If You never never ask, you’ll never never know”
Hi Shane,
you’ve already made a good start by getting on this forum and making a learning experience out of it.
Yes there are plenty of properties out there to make us all financially free. It’s just a matter of time and persistence.
In regards to where to start looking:
To be financially free through property, you need to look everywhere, make contacts with agents and investors on this forum. There are those that find properties for other investors for a small fee – You can start by doing that. Settle your accounts first and your financials – see what your criteria is (i.e. where you wish to invest and how much you can borrow for a loan). Then start looking in the papers, on the NET and start talking to ppl.Kind Regards,
George.“If You never never ask, you’ll never never know”
so very true…i have to agree…they are cheeky at times yet still so very cute[hair2]
“If You never never ask, you’ll never never know”
Simon…your a wealth of knowledge…you should write a book[grad]
“If You never never ask, you’ll never never know”
I think so too…[biggrin]
“If You never never ask, you’ll never never know”
I agree borrow the entire amount and use your savings for two things:
– the investment into other properties
– reduacing your loan repayments off your current loans.“If You never never ask, you’ll never never know”
Hey Chan – got a great Idea.
Why don’t you buy or lease a PDA or even better a laptop and then claim it off the TAX…[biggrin][biggrin][biggrin]. Mate you’ll be[strum] for joy. It’s all [thumbsupanim] – trust me. You can do this. You see if your job is ‘to buy properties’ then buying a 2k or 5k laptop to surf the net and speak about properties is considered ‘work related’ tool. HeHeHe[thumbsup2][specool]
“If You never never ask, you’ll never never know”
Hi Darren,
thanks for your PM. The way I see it is that for you to get that kind of rent, you have 3 options:
1. Buy an expensive house around 300k in Metropolitan Melbourne and lease it out.
2. Buy an office block in the city
3. Buy a cheaper residential property in a country town that has better returns than property in Melbourne itself.
Personally I would go for the office block or the country property. But you’ll have to start contacting agents. Spend half an hour calling as many agents as you can, give them your criteria and they can link you up with a property. If you wish, ask for a property here on the forums again – but be more specific. Identify exactly where you want to buy and other factors and maybe some investor from Melbourne can hook you up with a property.
KInd Regards,
George.“If You never never ask, you’ll never never know”
Hi John,
Definetely don’t wait – well that’s my opinion anyway…Geelong prices won’t fall – especially with the new airport and many students go to study in Geelong…I know this for a fact…I would believe it is the perfect time. And personally I would get that property because it is low maintenance – that’s what I prefer…but how much less can you get the other similar property you speak about.
Maybe this property is costing a little extra because of surrounding factors such as location, area, schools, shops, transport – look at all of these and the consider. I don’t know of property prices in Geelong because I have never looked there but I do believe it will continue to rise in value.
Kind Regards,
George.“If You never never ask, you’ll never never know”
I would like to invest in Bali or Fiji – not sure if you need citizenship though. My cousin is from Africa and he came recently to Australia and bought a house and bought it cash. He therefore didn’t need any citizenship since he was not going to take out any loans. My understanding is that it would be the same for Oz investors investing overseas – as long as they pay cash.
Kind Regards,
George.“If You never never ask, you’ll never never know”
I have learnt NOT to trust banks…[angry2]
“If You never never ask, you’ll never never know”
by the sound of things – you are going to pay too much for an accountant’s advice – there are some that offer free advice out there. If your in Melb – I can reccommend one.
But I would take with you as many questions as you can possible. Until you meet this accountant, pick up as many magazines and articles and speak with people – anything you don’t understand, make a note of. I would also scan the forums on here and also anything you don’t understand – ask him.
Try taking your previous tax returns and any income statements in the ways of interest earnings you have had. This way he can help you identify your tax issues. Ask him according to your criteria, what is the best method to save on Tax whilst earning pasisve income. And also while you are there – ask him hundreds of questions on Company and Trust structures and make sure he gives you all this in writing – your bound to come across it in your property investing career. Ask him if he has any pamphlets or brochures on the ATO, Tax scenarious, Companies and businesses and the like.
but be careful – some charge by the hour. get the quote in writing first.
Kind Regards,
George.“If You never never ask, you’ll never never know”
yeah i agree – sus the agent out and the speak to the council and investigate its true worth – then always submit a lower offer. what have you to lose. The worst that could happen is the agent comes back to you and says, “sorry, the vendor won’t budge – you’ll have to go higher.”
Kind Regards,
George“If You never never ask, you’ll never never know”
like it – good one redwing
“If You never never ask, you’ll never never know”
I know of that system – it’s a bit of a headache and you’ll at most times need an extaernal modem connected as a bypass between your computer and the phone line and if higher management sees it – which is likely – you won’t be in a very comfortable situation.
“If You never never ask, you’ll never never know”
for further info on the South – try talkin to Westan – he’s very helpful – however he’s on holiday for the next two weeks up North
“If You never never ask, you’ll never never know”
where in Melbourne exactly are you looking – any specific suburb or North, South, East or West. You do want to live in it don’t you or is it for investment purposes.
“If You never never ask, you’ll never never know”
