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  • Profile photo of judijudi
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    @judi
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    March 3, 2004 - 9:42 am

    You reckon do ya?
    I’ve inspected two this week that are almost +ve and have excellent CG potential. I’m trying to get a deposit together for one (anyone wanna lend me 30k at 10% or so?) and the other is in a flood area. Shame because it’s been fully renovated-new kitchen, bathroom, painted etc, and the outside has been re-clad up to the bottom of the windows which is the level of the last flood waters. It would be difficult if not impossible to insure and therefore get finance. How much do you want to pay for a spotter? It would take a lot more time to find a property in oz that is a “good buy” as well as being +ve than in NZ. Westan already has properties to recommend and you don’t necessarily have to go over yourself.
    Regards
    Judi

    Profile photo of judijudi
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    March 3, 2004 - 9:04 am

    If anyone’s really serious, you can PM me. I’m in southeast QLD. If +ve cashflow is your number one priority, you might want to contact Westan who finds properties in NZ.
    Regards
    Judi

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    February 26, 2004 - 7:36 am

    I think it’ll be a little longer than 2 years for me. However, since i’m apparently going to live to 101, I should still have a few years of retirement to enjoy [:p]

    Judi

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    February 24, 2004 - 6:02 am

    Hi Celivia
    I’m getting the same result. I’ll go to the feedback link and try to let the technical support people know.

    Redwing, unless I miss my guess, it is still the 24th (all day, they tell me) [;)]. If you click on “more” at the end of “Todays tip”, you’ll see the whole thing where it mentions the secrets of property revealed. Could be the seminar. I can’t get the link to work either but am very interested.
    Judi

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    February 23, 2004 - 8:45 am

    Ooops! Forgot to reply to the original question.

    I’m very surprised with the answers so far. I guess I’m one for setting goals and keeping the final destination in sight.

    I have a certain figure for what I want my net worth to be (to provide me with adequate passive income), and a time frame. Property investing is just a means to an end for me. It is the only enjoyable way I’ve found to make money. But I’m in it for the money. My reason for living is not to buy property (or to make money), but having passive income and being free (mentally and physically) of the need to work for money will allow me to make the best use of my life and acheive far higher goals.

    Judi [:)]

    Profile photo of judijudi
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    February 23, 2004 - 8:29 am

    Oh Sis [:(]

    Don’t let that confusion get you down. It’ll pass soon enough.

    [:)][:)][:)][:)][:)]
    Be happy

    Judi

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    February 23, 2004 - 6:23 am

    Hi Originalsin
    Check out the thread titled “the order of buying a property”, and see how you go after that.
    Regards
    Judi

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    February 23, 2004 - 6:21 am

    Hi Russmarg
    I guess if you buy a property to live in, then it has to be in the area where you are. However, you don’t have that restriction if you buy as an investment. If you buy a home, will you have any cash left over to invest? It might work out cheaper for you to rent while investing in another area. Depends on your goals and on how the numbers add up.

    Hope this helps

    Judi

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    February 23, 2004 - 4:21 am

    Hi Benny
    Why not do both? Buy a property that’s below your means, get a good property manager and tenant and off you go! It doesn;t take a lot of money to travel depending on where you go and in what style. By the time you get back, you should have some equity built up to buy your next one.
    Judi

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    February 23, 2004 - 4:10 am

    Hi Waf

    I’ve been told that the valuation is valid for 3 months. I don’t know though if this is standard or if it varies from lender to lender.

    Judi

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    February 22, 2004 - 11:36 pm

    Hi Danw

    For the bond lodgement, entry condition report etc, you can got to http://www.rta.qld.gov.au and print them off.

    Steve has a product (Buyer Beware) that includes application forms for choosing a tenant. I’m sure there are other products that maybe someone else can point you towards.

    Good luck

    Judi

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    February 20, 2004 - 8:05 am

    What are the main reasons for using a trust?
    Judi

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    February 18, 2004 - 11:03 am

    penguin

    Talk to a mortgage broker. Find out how much you can borrow. Find a property in your price range. Inspect it yourself. Make an offer (in person to the real estate agent). Agree on a price. Look at the sale contract with a solicitor or an experienced investor that you trust. Make sure there is a condition on the contract about finance. It is usually 2 weeks to arrange finance and if you can’t, you can get out of the contract without a penalty. The same goes for building and pest inspections. The contract also states the date of “settlement” that’s when you become the owner.

    So, after signing the contract, call your mortgage broker with the details and he/she will look after you from there regarding finance. Call a professional builder who has insurance to do a building inspection and give you a written report. Same for pest inspection. These things should all be finalised by the “inspection date” that you agreed to on the contract. If it’s all satisfactory, the contract becomes “unconditional” and you can’t get out of it without paying some penalty. You should also have a conveyancing solicitor. Give their name to the agent at the start and they will take care of all the details (including building and pest insp sometimes).

    Another sourse of free info are legal secretaries. Go into a conv. solicitors office and talk to the person at the front desk.

    You will have a solicitor, a lender and a RE agent all working to make sure everything goes ahead according to plan.

    Judi

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    February 18, 2004 - 9:21 am

    If it were within my means, I would give it to him willingly without expecting anything in return. How often do people ask you for money straight out like that and without any deception?

    If I didn’t feel that I could afford it, I’d tell him about the cost and effort and time involved in renovating and show him how he could do it himself. I’d also explain (when he’d calmed down) that he was paid a commission and ask how it is that he feels entitled to another $5000? A little compassion and understanding wouldn’t go astray.

    Judi

    PS: Don’t go asking me for money now [:)]

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    February 17, 2004 - 7:02 am

    Hi Penguin

    Rates are what you pay to the local council each year (or 6months) as the owner of the property. The money is used to pay for things like water, although that is sometimes a separate expense, and sewerage and other things.

    Usually when you agree to buy a property, you will pay a deposit (which comes off the part of purchase price that you pay). Depending on where you are, it may be $1000, or 10% of the purchase price, or it may be entirely negotiable.

    When you borrow money from a bank to pay for a property, the bank wants you to pay a certain amount of the price (usually 20%), and they lend you the rest. The amount you pay is called a deposit.

    Judi

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    February 16, 2004 - 7:35 am

    Hi Ortheria

    “I suppose my first question is if this market is realistically going to provide me with a positive cashflow and secondly, if I have enough money to build a portfolio.”

    First question: Any property can be CF+ if you put down a large enough deposit and have a tenant. BUt seriously, look at some properties, find out the rental price and work it out. For an $80,000 property:
    Ongoing costs (per week) are the interest (about $90 on an 80% lend), home insurance ($25), rates ($20?), repairs and maintenance (maybe 5% of rental income), property managers fees (8% of rent).

    Second question: It is usual to put down a 20% deposit. You can do less but then will typically need mortgage insurance which adds to your costs. Say you find a property for $80,000 and use 20% deposit, that’s $16,000. Closing costs (solicitor, stamp duty, loan fee etc) are about 5% of the purchase price which is $4,000. That’s $20,000.

    Read a few PI books and the relevant topics on this forum. Go and look at properties even near where you live just to get a feel for what you’re looking at.
    Good luck
    Judi

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    February 16, 2004 - 7:14 am

    Thanks Simon
    I think I will end up using melamine. That’s a good tip about the handles.
    Judi

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    February 16, 2004 - 6:41 am

    Hi Westan
    I’ll be buying at least 4. I settle on the current one in two weeks and will be ready for the next towards the end of April.
    Judi

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    February 15, 2004 - 10:35 pm

    Happy Birthday Matt

    [:D][:D][:D][:D][:D][:D][:D][:D]

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    February 15, 2004 - 12:09 pm

    Hi Jason
    I’ve used sugar soap in the spray bottle and just wiped it off with a towel as I go.
    Judi

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