Forum Replies Created
Hi, esskay.
What you need is a buyer’s agent – make sure you get someone who is TOTALLY independent – there are many who are aligned to real estate agents, and will sell the properties for the agent – not what I’d call independent! There are others who are aligned to the developer, same thing! If you wish to contact me directly, my email is
[email protected]
[
]Once, I would have agreed that the cap gain is low – but having lived thru this latest boom, no longer believe that. Now I believe that cap gains come a bit less often, but they still come.
eg we bought a property under market value at mortgagee sale in 98 for $65k, just sold for $105k- I think you would agree that’s not bad, and it was +ve cash flow from day 1. I am about to move on to a property with ocean views for $130k returning $230pw – and am quite sure there will be brilliant cap gain from that.
You just have to look for what you want – not what you hear other people say you might find.
[^][]Hi, Ivan.
Not all is lost. There is a positive……..if you are stuck with this property – assuming contracts have exchange (if they haven’t you should be able to get out of the contract)- then do a quick upgrade and on sell for a profit, then learn by your mistake. Find someone who has experience at mortgage broking, and who can give you references from other customers., then make sure you ask the right questions from them – for example don’t ask ‘Were you happy with the service?” but ask ‘Was there anything you would have liked done better?’, or “Did you have any problems with their service?”
Also, ask if the broker is a member of the MIAA – a controlling body, under which they must have insurance for public liability – if this guy ‘James’ has insurance, I’d be asking more questions as it appears he has given incorrect advice.
Good luck[][][^]Have just done a drive around – for a week – thru central coast of qld – from Bundaberg to Mackay. Lots of +ve places to be had up there, all with big populations and large investments going on – eg Gladstone, pop approx 32000 Comalco putting in a development 1.54billion with 5,000 new jobs – and I’m sure they won’t all be single, so they need 5,000 new houses. Rockhampton also has a big development happening. Most of these places have universities, so have constant need for rentals. Then, of course there’s Cairns………so many places, so many properties!!!!!!! Have fun searching[
]David O’Brien is a broker who mite b able 2 help – but u would probably be looking at a non-conforming loan and the rates would be steep. If u want to contact him, his email is
[email protected]. Good luck[]Judge it for yourself, not on what others say. If you get a bad feeling, then rely on that. Otherwise, there is always someone ready to rain on your parade!!!!![
]Even at 15% Mike Robinson’s $30k property is going to be +ve[
]. The wraps should all remain unaffected[^], and I’m sure the banks won’t be calling in loans from people with lots of properties – that’s their last resort[xx(]. Cashing up now is also good if it suits you, but that is not what this site is mainly about – hence the upset – most people using the strategies on this forum will have enough property to be able to sell down if necessary to ride out the storm. AND I’m sure there will be plenty of support here for any who are having difficulties. The strategies here have also led to many people being able to cash out if they want to. eg for me I bought a home – 3b/r b/v excellent condition for $65k 3 years ago, and have just sold for $105k, to move to something else. My tenants have been excellent too…the point here is that there are very few bad tenants, but you hear about those.
It would be nice if we could afford to start like Packer, but we have to start with the other end of the scale.
Your point about rate rises does need consideration, but it shouldn’t frighten anyone – after all, last year the advice was to lock in rates, and they are still (as recently as last week with some lenders) going down!!
Are you also advocating (shiver) -ve gearing?Hi, Robert.
An answer on “doubts”………….sure have them, but, keep them in context………….and be aware that if anything does go wrong, you will be so much the wiser……..mistakes are hard to take, but they are absolutely normal…..and vital to your growth. I have found myself sorely disappointed by letting doubts translate into fear, then missing out on terrific deals. so do due diligence and jump!!!!!!!!!![]Have done this myself over last 12 mths, and report that instead of being charged $3k to lose us $7k, I have just made a nice profit of $44k on a $76k beach block. Go for it……..[
][8D]I think that roll over of cgt to next property is only applicable in U>S>A>? correct me if I’m wrong, someone.
Don’t sell your investment property- try the banks, they may look at you, but make sure you get a no fees loan – their rates may be lower, but by the time you pay their fees, you might be better off somewhere else. Try a broker again – most can still go thru the major banks as well as alternatives.
Happy renovating[]
]
]
][
]
]. The wraps should all remain unaffected[^], and I’m sure the banks won’t be calling in loans from people with lots of properties – that’s their last resort[xx(]. Cashing up now is also good if it suits you, but that is not what this site is mainly about – hence the upset – most people using the strategies on this forum will have enough property to be able to sell down if necessary to ride out the storm. AND I’m sure there will be plenty of support here for any who are having difficulties. The strategies here have also led to many people being able to cash out if they want to. eg for me I bought a home – 3b/r b/v excellent condition for $65k 3 years ago, and have just sold for $105k, to move to something else. My tenants have been excellent too…the point here is that there are very few bad tenants, but you hear about those.
) -ve gearing?
