Forum Replies Created
Another question re negotiations. Would it be advisable to try and negotiate a price from Monday next week then maybe put in the formal offer asap if we are happy with the inspection. Or wait till the inspection has taken place by the mother in law then start negs?
cheersIm keeping in touch with the rea and theres no interest in the properties as of yet so hopefully will be safe. So ill wait it out till friday. Fair enough he may not submit if we havent inspected. Thanks for the tips from you both.
Thanks for the comments. I may have written this post in a bit of haste. Spoke to my broker regarding finance and he has informed me that the pre approval was 300k due to the deposit we had saved up (which was nearly 2 months ago) we have a bit more saved now and he thinks it should be fine to get us over the line to purchase both properties!
btw, have about $25k in savings and save around $3500pm so borrowing capacity may increase slightly over the next month or two
http://www.onthehouse.com.au is pretty handy
managed to get around the world for 2 months on about 15k saw all the sites and not 1 backpackers hostel so you definitely dont need a mil to do it.
If i had $1m probably gear myself up 1:5 if possible and buy $5mil property?
If i had 20 times that:
-a few acres in my hometown cooranbong/martinsville (probably buy the house i grew up in back)
– a few dogs chooks cows horses hydroponic+aquaponic setup solar+wind energy and become fully self sufficient and off the grid
– continue in my line of work from home
– clear out some debts back in nz (Tangata whenua! – dam government!!!!)
– take care of family, community and the environment
could probably do that without $20m but they are my life plansProperty is NSW
merewether bar beach cooks hill are probably the ritziest places. new lambton heights is pretty exclusive with some nice big places there – rankin park is close by and has the same sort of places. Kotara and Charlestown are nice too plus they both have a big shopping centre each (charly just had a huge refurb).
Other end of the spectrum your probably looking at gateshead/windale/whitebridge/islington/mayfield/bolton point.yep grew up about 40mins from town n moved into town about 4yrs back
Gday MrLasvegas
Islington – pretty much the red light district of newy but theres alot of action to try and clean it up…although there has been for some time. Most of the places are fairly high density but it is the closest to the cbd of the 3. Got a couple mates who live there and dont mind and there are a few interesting characters living round there + a bikey club.
Mayfield – only a 2 min drive further west from Islington. Bit of a mix of people there. A walk down the main road and you will think its pretty dodgey but theres a lot of older style houses there. Some have been really nicely restored while others are still living in the past. Prices are 300k+
Shortland – another 10mins west of mayfield. pretty small quiet little suburb close to the uni. Alot less traffic than the other two (Maitland rd runs through iso and mayfield)
I wouldnt say any of them are bluechip or bad areas
If I had to live in one it would be Shortland first – Islington last…Shortland is pretty quiet and the nicer of the 3 to drive round IMHO
Hope this helpsTerry,
Lets say you have a dear old grandmother with a spare 50k that she wouldnt mind leaving in your bank. Could you potentially put that in your offset account or are there some other tax implications of 50k suddenly appearing in your bank account?
Also lets say you put 95k in the offset account would you really only be paying interest on 5k? or is that just not a logical thing to do in the first place?
Grant
Terry
That was exactly my train of thought when posting thisGday everyone
After reading this post I was pretty interested in the idea of an investing specific tafe course. Tafe teachers are pretty handy and I dont think it would be a case of someone trying to force theyre products on you. Anyway im from the Newcastle, NSW area and found this on the hunter institute of tafe website:
http://www.hunter.tafensw.edu.au/industry/property/Pages/default.aspx
Its down the bottom under "New course: property investment strategies"
I have no idea what its about except for whats on the page. I plan to give the number a call so ill report back with what I find.
Might be usefull to all the novocastrians out there
Yes I have read conspiracy of the rich. It was an interesting read but like his other few books i have read, nothing really concrete to gain from it. Id say if you can get your hands on a copy from a friend/library have a read but probably not worth forking out your hard earned cash for.
Terryw wrote:Start by reading as much as you can.Then try to get into a modest house as soon as you can. Don't aim too high, you just will want something to get a foot in the market. I suggest you go for the FHOG and stamp duty concessions etc, live in it for 6 months (and do it up a bit while there), and then move out back to mum and dads. You can claim all expenses etc and still have this one CGT exempt for up to 6 years. Use a IO loan wiht a 100% offset account attached and plough all rent and salary into the offset. Be a tight arse for a year and save for a new deposit and hopefully some capital gains will kick in. from there it is smooth sailing!
Terry,
Could you please elaborate on this a little?
What purpose does living in it for 6 months serve?
What expenses can you claim? Can these include reno's? interest payments? depreciation?
Why use IO loan and how will 100% offset acc. help?
I am not exactly sure how all this works.
ThanksThanks for the reply Scott. In the instance of pooled return would the resort then take care of maintaining the room eg cleaning, fixing fittings etc? or is this something you would have to take care of as well?
Hey Jo,
Thanks for your response. Gives me a bit of insite of what avenue to take when enquiring about this. Being a novice im not sure what you mean by "is there any strata" Ive tried to google it but would you mind elaborating more on that?
Cheers
