Forum Replies Created

Viewing 20 posts - 61 through 80 (of 92 total)
1 2 3 4 5
  • Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    July 26, 2010 - 11:09 am

    i am starting to feel that my biggest mistake was using St George 3 years ago to buy my PPOR.

    Went and saw the 'loan lady' on Saturday morning, to refinance and look at pre approval for an IP, with my hopes and dreams ready to begin… left there feeling like i was told i was too young to bother with IP's and i cannot do a, b, c etc – this after 5 minutes and she didnt even ask how much money i had in the bank (not with st george).

    So with minimal questioning, a obvious lack of care and much more pressing priorities (she answered a personal call from her son who wanted to tell her he had a girlfriend and asked whats for dinner) i walked out of there thinking i will not be using St George for the large amount of $ i would like to borrow.

    But one thing i have learned from these forums and books is that there is always a way if you want something bad enough…
    St George just clearly didnt want the business bad enough

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    July 6, 2010 - 11:21 am

    i find that ridiculous. A valuation is a valuation
    mine was so i could refinance and use equity for an investment property

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    July 6, 2010 - 4:15 am

    i am having the same issues with valuations… i think i will try another valuer through another bank, cant hurt right? a couple of extra hundred bucks for a possible outcome of owning my first IP.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    July 5, 2010 - 11:46 pm

    Thanks Jaster.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    July 2, 2010 - 5:48 am

    The thing that bothers me is that the agent is probably lying about the offer to make me submit an offer of $182k or so when they probably havent got an offer of $170k.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    July 1, 2010 - 11:22 am

    I was in your shoes about 5 weeks ago. I have read 5 books since

    2 of Margaret Lomas'
    Steve's 2 books
    and Investing in Real estate for dummies

    Margaret's – 20 must ask questions before you buy – is a great one. It gives you links to websites to find all the data you need and i couldnt put it down

    READ READ READ!

    And then get out and meet  some real estate agents.

    I have 3 in my area calling me weekly because i emailed them what i am looking for.
    Make them come to you.

    ENJOY!

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 30, 2010 - 4:39 am

    We have already seen 2 other brokers and felt they did not know enough about investment loans / products so went with an investment specialist instead. Got our preapproval through 30 mins ago, valuation on PPOR in the morning. could be shopping this weekend.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 30, 2010 - 1:55 am

    Im in NSW.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 29, 2010 - 8:29 am

    Exit fees depend on which loan we go with – this hasnt been decided yet

    They will only lend 90% for an investment.

    getting our house valued tomorrow which will be the clincher for us as we would like to have a 20% deposit for our first IP

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 24, 2010 - 12:23 pm

    Surround yourself with like minded people – dont discuss property investing with people who care more about the footy on the weekend or when they can head to the pub…

    Talk to us :) We care!

    I look at my parents who are (divorced) 50 and 52 years old and still, dont even own their own cars… thats my motivation, to never be like this and thats all that matters and i dont expect anyone else to understand my deepest feelings

    "shoot for the moon, even if you miss it you will land among the stars"

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 24, 2010 - 1:05 am

    Thanks for the positivity guys. There are a few people on these forums who like to bring you down a peg and i really feel i have read enough books and done enough research on this one for it to be my first IP. 

    We had a broker over last night – and yes we did our homework with him too! he was the 3rd one we 'interviewed' and we are going with him. He is getting our house valued in 2 days, then our pre approval then it shopping time. the 2nd unit in the complex is available to look at  until 3rd july so we have a bit of time to get finances right

    Shall keep you posted!

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 23, 2010 - 8:46 am

    so here is the update, i went and saw the agent, the unit sold for $20k above the asking price on the 2nd day of its listing…. the agent tells me he was BOMBARDED with investors wanting a very positive cash flow property.

    So the unit sold for $140k, rent is $200 a week, 14 year tenant who pays his rent each and every week – i saw the ledger!

    Bugger… then i get a txt  from him 20 minutes ago saying he has another unit in same block for roughly same price which is vacant which could get $200 a week in rent… but i am kind of upset i missed the 'hoarder' one as he pays his rent!!!
    A new tenant could be like playing russian roulette as the area is very low socio economic status with crime a little high… BUT the railway station is 300m away – which is getting a $2mil upgrade shortly and a new medical facility is about to be built with all bulk billing doctors… so could still end up with a positive cash flow unit…

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 22, 2010 - 2:41 am

    Thanks for the advice…

    I will inspect to check for damage / fire hazards. But yes if its under market value then i would  look at the rental history to make sure its not lies then either keep him as he is ahead in rent or kick him out and find new tenants….

    Shall keep you posted

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 21, 2010 - 11:53 am

    Thanks Duckster and Terryw.

    Trustee – thanks but you dont have enough information on my situation to make such demotivating comments.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 6, 2010 - 10:31 am

    I am currently talking to my bank who wont let me access the equity in my house unless we have 80% LVR. We are sitting at 82%… very frustrating as a great investment property passed us by on the weekend.
    We are currently re assessing our options as we would like to get started!

    Steve and Richard i would love to know your thoughts on my question: Should i use up all of my equity for my first IP or not?

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 4, 2010 - 12:22 pm

    Agreed. I bought my first house at 21, 3 years ago for $380k. We didnt realise at the time that we bought VERY well… it is one of the only 4 bedroom houses with a pool and entertaining area and spa within our post code! Got it valued today – $430k.

    Not bad for 3 years – $50k – we certainly couldnt save that much in 3 years. We owe $362k = $68k of equity.

    I am a big believer in surrounding yourself with like minded people. Dont tell everyone about your grand plans as not everyone will get it and their negative comments can bring you down.

    Crunch the numbers, have a crack! I believe it is worse to waste time than money… we only get one shot at this.

    Keep the dream in mind and everything you do will get you one step closer.

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 4, 2010 - 12:02 pm

    Isnt it funny how things can change in 1 day.

    Got our house valued today – $430k, owe $362k…

    Getting closer to unlocking the equity…. seeing the accountant next week…

    Time to bite the bullet

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 3, 2010 - 10:54 am

    what about just taking our PPOR out of it and just starting with $10k. there are plenty of regional NSW properties with about 8% ROI after all costs are deducted etc, there are some cashflow positive properties that we can start with using our $10k

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 3, 2010 - 10:22 am

    Hi Terry,

    i have done plenty of reading in the last 2 weeks and felt i was ready to have a crack to be honest.

    I feel that $10k is enough to get started and will get some advice from my accountant first

    i was hoping for a more positive response but thanks anyway

    Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    June 3, 2010 - 4:55 am

    Thanks. just spoke with my bank and i am really optismistic now that i could be buying my first IP in the next few weeks

    EXCITED!!!

    Just gotta pick a Regional NSW town – possibly Forbes. Yes i am doing my research everyone

    I am thinking 1 x buy and hold at 7.5% ROI
    and 1 x buy and reno and sell – A bit closer to home.

    PUMPED! bring on financial freedom and happiness and the ability to raise a guide dog and volunteer at my local food shelter! Giving back is important

Viewing 20 posts - 61 through 80 (of 92 total)
1 2 3 4 5