Forum Replies Created
yer ha ha… I feel like I'm the dice
I have been googling away trying to learn 'the factors that drive inflation growth' so that I can make my own prediction. It must be too simple or too complex a question cause I cant seem the answer (in simple form)
Cheers Terry, I wish I had 100k cash, sadly not… I would be borrowing the 100k.
Thank you very much for the replies – I had feared my post would end up in the too hard basket.
Thanks duckster for your detailed reply, it is the last 3 points (risk factors) that I am trying to get my head around. I am trying to turn the risk factors into figures so that I can make an educated decision and this being where my problem occurs.
I believe I will be able to find loan calculators that will aid me in determining my earings/saving by putting extra monthly funds into my offset,.
For property I will have another go considering your comments.. If I can just get this formula sorted I will be able to see through all those trees (I hope)….
Now where has that white board gone.
Phew thank you all for your comments and advice.
I took that chill pill via way of a bottle of wine and went digging for more info. There were indeed many properties for sale in MM and many were much cheaper (albeit not renovated) interesting, I went to bed to think on it, when I woke… ouch my head hurts,
but I no longer feel the need to buy the property…. not today anyway!The agent called to advise they had some good interest and were entering into a multiple buyer situation.. interesting.. I now know what I can buy a home for and what price buyers are willing to pay for an renovated home in MM.. good exercise
I guess with practice this panic moment will reduce.. just so hard when you feel that pressure of missing out.
Hi Richard, the home is in pattison st. I believe you were the registered owner a few years ago?
OMG Richard
This property was once your home…. hmmmm
Perhaps PM me, maybe we can do a deal…. Is the current owner a contact… I think so
Hi James,
Myself, I like to know the pros and cons of each option/investment choice.
To often I hear all the talk about all the pros of a suggestion but I am left for myself to detemine the cons. Often this takes me many years.
When you sell something you consiously or unconsiously omit the risk factors. I believe that a good educator puts all the cards on the table, explains what each one means and then guides in the way most suited to the person.
If that helps at all.
I too would consider the purchase of Carly Crutchfields home study course – DVD's and Workbook (I dont care if the workbook has been written in and completed).
I do not wish to sign up for the 6k+ for many reasons located on this forum. I also would not be able to attend the bootcamp thus a big part of the cost of course I cannot use.
If you have this material or copies of this material and no longer need it, please PM me.
Okay so we know there is likely to be some trouble ahead, we are told the waters are going to get deep but we dont know how deep. My question is… How do we use this knowledge to our advantage? and as the previous poster sentiments what happens when a country goes broke? I know this talk is all a bit extreme and I dont believe the sky will fall in overnight . I would think there will be future plans and strategies that will soften the blow albeit possibly send us futher underwater. So if we know the water is coming where is the life raft and what does it look like?
Thanks for the link JJ7.. but I think in that situation they are selling a lease, the use of the land rather than ownership of the land. and yes I am fussy, like everyone else I want the dream block for next to nothing.
They tell me if I work hard enough and focus positively enough……..
Me Too!
The deposit issue hadn't occured to me though. I may have to do my homework on how this works for QLD. If I have to have a 50% deposit .. It's going to be a long wait.
Regarding the above suggestion re:considering getting out of the contract (I wont comment whether this is a good idea or not as I am not familiar with your product or GC market conditions).
However I believe that most of the plan products have to be delivered within 3.5 years. There will be a sunset clause (I think) in your purchase documentation that will tell you what timeframe this is. If the developer has taken 4 years to deliver on a product with a sunset of 3.5 you should be able to terminate the contract. Would be worth checking!
Thanks Philip,
Look out I am on yoursite now, digging for gems!Is the UCV supposed to be equal to the value in which the property could be sold for?
Thanks Scott, can you please advise what you mean by 'values support'?
Okay Philip, I am intrigued.
Am yet to review the website in detail but thought I would look for the 12 free goals book on your website as I note you want everyone to read it… but I cant find it.
Am I blind for looking
Hello,
I too am trying to get my head around this concept. I have a PPOR valued at $420,000 and I currently owe $293k. I was paying principle and interest however having read this forum I now have IO and an offset. I had also been saving (in my offset, for a deposit for first investment property, so far only $7k but getting there – the change from PI to IO will spead this up).
I had planned to use the funds in the offset for the deposit so as to avoid cross coll the IP with my PPOR (definately dont want this). I was thinking I would try to save for a 20% deposit to avoid LMI but with the above correspondence I am confused.
Is it not a good idea for me to use the offset amount for the deposit and legals (I thought this is why I was saving it there?)
Is it worth paying the 20% to avoid LMI or I am now thinking better to get max amount 90% as the LMI is deductable anyway?owe cheers
Hi Terry, If Figc places the funds obtained in equity into an offsett on that home, and does not utilise the other loan until required, do this avoid your concerns?
(sorry Figc to interupt your thread – I trying to learn)
I'm no expert, just learning – but it does sound like there is some risk involved, only you can determine how great the risk is for the reward.
My understanding is that if you sucessfully bid at auction you will be required to pay a 10% deposit on the spot and sign documentation (do you have these funds)
Secondly as the contract will be non conditional you will be bound by the contract to settle within the terms, generally 30 days.
If you bid and sign on the night and are unable to gain the finance therefore unable to settle, you are responsible for the cost incurred by the seller in finding a new buyer plus you would likely loose your 10% deposit.
Perhaps you may wish to pay an independent valuer to inspect the property and see if you can gain a pre-approval from the bank. I dont believe this would be definative but would help you to better understand the risk!
I would say continue in your persuit for a pre auction sale, consider my above suggestion and well all else fails, hope it doesn't sell at auction and negotiate afterwards.
