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Hutch
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@hutch
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Post Count: 137
August 15, 2007 - 11:27 am
hi swifteagle
for what's its worth.
I use IO for all my developments and IPs for the exact reasons stated above ("to buy multiple properties do so with IO loans to maximise cashflow and tax deductions…etc")
PS: My PPR doesnt have much remaining on it, but it is the only property I have that is P&I.

H
Hutch
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@hutch
Join Date: 2004
Post Count: 137
August 14, 2007 - 2:49 am
Great to hear some positive stories on that issue Xenia.
I know Steve doesn't really do or talk about Wraps/VFs anymore, which is fine.
I think Jenman believes he serves a huge purpose as a savior to the broader (ACA watching) Australian community (Mum & Dad investors?). But to compare Steve (an educator who has the highest of morals and humility) to Henry Kaye (who crippled unsuspecting average Aussies out of millions of bucks, in under a decade) is frankly obscene.

Steve is big (& bald) enough to fight his own fight, but I couldn’t let that article slide without a response.

Cheers.
Hutch

Hutch
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@hutch
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Post Count: 137
August 13, 2007 - 6:12 am
Hi eternit
By many of Steve's own admissions both publicly and here.
That rule (circa 2003/04) from the 1st book, is just about obsolete in the current Oz market.
Cheers.
Hutch
Hutch
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@hutch
Join Date: 2004
Post Count: 137
August 13, 2007 - 6:07 am
Wow,
I see Neil Jenman is placing Henry Kaye and Steve McKnight in the same basket!
I know he is trying to warn people (which I'm all for) of potential property scams.
But is there is no limit to what Neil is allowed to write without any responsibility attached?
Fair go.
Hutch
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@hutch
Join Date: 2004
Post Count: 137
August 10, 2007 - 3:41 am
hi johann,
If it were me I would use the surplus cash for your next IP, depending on your serviceability (wages, expenses, cashflow etc..)From the small amount of information it appears you are in a healthier position than most in your age group.
(PS: Any reason why you can't develop/subdivide your West suburban 620sqm block?)
Hutch
Hutch
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@hutch
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Post Count: 137
August 10, 2007 - 3:26 am
barney
Yes I pay GST during the development (builders etc..) and collect GST on the sales at the other end (through the trust).
cheers
hutch
Hutch
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@hutch
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Post Count: 137
August 9, 2007 - 6:23 am
wow Blogs!
calm down, did you see (or forget) the orginal question that was asked?
Hutch
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@hutch
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Post Count: 137
August 9, 2007 - 12:53 am
t4 EVER
What the?
Yes they are great Uni's but dont forget that Victoria Uni (One good Uni) in Footscray Park, Footscray Nicholson, Melton, St Albans, Sunshine, Werribee etc..
Hutch
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@hutch
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Post Count: 137
August 9, 2007 - 12:37 am
Thanks Foundation,
Great link, just reading through it now, very helpful.
Cheers
Hutch
Hutch
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@hutch
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Post Count: 137
August 8, 2007 - 6:01 am
Don't get me wrong. I certainly wasn't advocating or waving the banner for Mancini RE (or any other) to purchase. Just to have a contact of a guy that has been in that market for over 20 years and to get advice on those three markets that were mentioned.
I main reason I was recommending contacting him is because I have purchased 4 IPs off them in 3 years and in turn used them as rental mangers on those, and have been happy (so far). It may be a different story if you are selling.
As I said if you take out the recent abnormal Esplanade (and large development blocks) sales out of the last 3 qtr figures it drops the Altona median value back to more realistic figures ($450-500k+).
Cheers
Hutch
Hutch
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@hutch
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August 7, 2007 - 3:30 am
Ok we've all had a crack now. Fair game.
Let's funnel energy somewhere else I say.
What is the progress of crashy's original deal??
two smileys also :] :]
Hutch
Hutch
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@hutch
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August 7, 2007 - 3:21 am
Too true Moosehead………very funny!
(Get Foxtel disconnected until she reads it!)
Hutch
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@hutch
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August 7, 2007 - 3:16 am
Hi SG
you'll find the Altona North median slightly lower than true Altona near the water/township. The Altona median has shot up in the last few years due to a few select properties along the Esplanade getting record $1m+ results and developers looking for large blocks within 10k radius of Melb CBD. Also the average block size in Altona/Altona Nth is alot larger than its Altona Meadows, thus being easier to develop (but less stock). Altona Meadows is newer than these areas, with lower prices, but also less CG. Don't discount the Newport/Altona North, Spotswood areas either. Altona North heading towards Newport will have good CG in the next few years. At your current budget it might be hard though unless you are willing to go further from the water.
(Speak to Voyo from Mancini RE in Pier st. he may be able to help also).
Hope this helps
Hutch
Hutch
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@hutch
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August 7, 2007 - 2:07 am
Jon,
Oh Please. Sorry if you disagree. But since you don't know, or live in the area in question.
Comments like "sun in your eyes" are mind bogglingly short sighted when property investing, NOT belittling. That was the point I was making.
Hutch
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@hutch
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August 6, 2007 - 11:37 pm
First up.
Get onto to a draughtsman that does alot of work in the council/shire that the property is located.
What area are in you in?
Hutch
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@hutch
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August 6, 2007 - 4:31 am
good reply crashy
Hutch
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@hutch
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August 6, 2007 - 4:05 am
Hi Boshy
This is a great post and a matter close to the hearts of many forumites.
A fine line is what we tread, we can only endeavor to educate them on the process and hope they bloody listen. A lot of us receive resistance from partners and/or family members over property investing at the start until…(you guessed it)… we start moving forward and making huge profits. Then they want advice, help or want to get into JVs!
Its a pity there isn't a book at the local store specifically on how to deal with this issue without being divorced, split or dis-owned by our loved ones!
dont give up
Hutch
Hutch
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@hutch
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Post Count: 137
August 6, 2007 - 3:20 am
Great to hear you thinking starting so early.
Having never had a student loan myself, I'm no expert…But… I have been for many Property/Home Loan applications over the years. I would have thought that most institutions/brokers/advisers Would take a HECS debt (with the ATO) into account when assessing your serviceability. I would be interested to hear what your financial advisor and bank would have to say.
Cheers
Hutch
Hutch
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@hutch
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August 6, 2007 - 3:12 am
All our developments and IPs are IO for most of the reasons posted above.
(But I do have P&I on my PPOR, as it was mt first property that I purchased 8 years ago and wasn't interested in IPs at that stage!)
Hutch
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@hutch
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Post Count: 137
August 2, 2007 - 5:15 am
Surprise!
I expected as much from Richard & Cameron. Fair enough protecting their industry. I'm sure you are the "good" ones.
Anyway as I said it is only my opinion for my vast experience. Fair or not, I don't apologise for that. Sweeping statements or not. Using your slanted rationale not many people on this forum would be able to post their honest opinions/experiences to other fellow property investors. It would be a very empty forum indeed.
Cheers
Hutch