The higher you go in price, the harder it is to get pozz cashflow. Imagine trying to get a tenant for a 400k apartment in inner melb or sydney to pay 800 bucks a week rent! You’d be dreaming. I think the only pozz geared properties are under 100k. But others can prove me wrong
richmond- wow :o) I wish i could get away with that, but as a non-moderator, I’d just get yelled at []
I think a lot of wealth is inherited (I know some people on here will give me examples of when that is not the case- i’m aware that it is not the case in all situations- I just wanted to raise the notion here of inheritance, or lack of inheritance).
I don’t think rich people are smart and poor people are dumb. I also think we make choices- gee, we could have made a “killing” in buying shares for armaments when we knew there was going to be a war in Iraq. But buying shares to make money and knowing we made a profit from death, does not seem to me to be a hugely intelligent thing to do. Others might disagree :o)
Some of us are happy to earn an average wage- it’s enough for me to live on.
Fudge and Bro- sorry to have not completely answer your question. But I think you get my drift []
I wonder how much money people feel they need to live on. When’s enough enough? Given that propert’s had such a boom, and there are now so many more millionaires, is there some higher level to aspire to? Or is being a millionaire enough of an aim still? Or is it in terms of IP’s these days and not a dollar figure? As in retiring with 30 IP’s or something?
Yeah, mike- it’s why when I hear people saying they are paying half their income in tax,m it just ain’t true. For example, someone on 80k would pay about 20k tax all up- that is hardly half tax- it’s 25% all up.
Another bank manager in the Gold Coast? Gee, just what that area needs []
Mel, I appreciate your reply. In fact, I learn a lot from your posts and appreciate hearing about your personal experiences in dealing with RE. I hope you’ll continue to post on this forum. Your perspectives are valuable- I reckon a lot of newbies have been greatly assisted by your postings. I’m saying this because I think that people can at times feel discouraged from posting- for whatever reason, but I get a lot out of this forum, and I hope all those nicks who give such unselfish advice to others- with no expectations of garnering business or whatever- continue to help us out )
Queenstown is considered to have a “lunar landscape”- so overly mined that trees won’t grow. Well, that’s what it was like when I was there a dozen years ago- there might be trees now? But the soil is considered very bad- it really is naked and bare land- very sad really.
For a time, the locals decided to use the lunar landscape as a tourist attraction. It didn;t seem aesthetic to me- depnds on whatcha like, really.
I think it’s becoming easier for me to grasp as I think it through a little more- and thanks for your contributions. I guess I was wondering when does the bank say that, whilst you are entitled to borrow some large amoutn, that it becomes unserviceable due to large repayments. Seems some people on here have not huge incomes but a lot of IP’s! When does the bank tell you you’re too “rent reliant” and dump you? And ifytou’re dumped by one bank, how come another one will let you loan from them?
In the area of my work, disclosure is a really big deal. Do you think banks will start asking clients if they have been refused credit from other credit providers? Or is their credit checks enough, because they can see credit has been requested (and probably refused because you’re asking for it again a week later!)
I read somewhere that one shouldn’t apply for too many mortgages as loan providers are less likely to lend if you have made too many applications.
It depends a lot upon your budget too- but it’s good to have a wish list ;O)
Sometimes it depends on if you want to get tenants or not. You might want lovely old stained-glass windows, but it might be more practical with tenants to have aluminium ones in case of breakage etc…
If you’re going to get an apartment instead of a house, if you have a unit with a lift, a pool, gym, etc- and you’re renting it out, the body corporate fees and possible special levies for upkeep might eat away at your rent.
Sometimes an IP can become a PPOR, or vice-versa, so you might want to think of all the features you want in a place and look for something similar. I think the way to work out what you like as features in a place is to check out many houses- go to open houses and see what attracts you :o)
Re built in robes etc… apparently mirrored ones are considered the best these days, although I still think they’re vile :o) But yeah, you want BIW of some kind
Interesting about that job you’re applying for- I’m on the panel. I’ll keep the following information in mind during your interview:
” i had to write up a job application which took a while. pretty hard to justify how great i am without actually having any knowledge on the subject. Being another public service application, i then had to run around and bribe people to go referee for me.. [to]…convince these people that i know what i’m doing.”
I guess I just mean I like postmodernism because it’s anti-cult, anti-leader, and makes what once seemed “truth” to now just look retro. Yeah, a buck is a buck, and that is a fact, but the applications of that buck can work in many and varied ways.
I find postmodernism to be a very independent tool for thinking in terms of viewing life. I’m not as up to date with my architectural syles as you are! So for me, it’s not the stylistic element of pomo that attracts me- it’s the liberatory aspect of seeing perspectives (not facts) as just one idea, and that there are many others.
Go to the Real Estate Institute of Australia website- reia.com.au and they have a “careers” section there.
Or just type “mortgage broker career qualifications” or something into google.com australia only site. It should bring everything on the topic up for you.
Dear “powmow”… Do I detect a hint of sarcasm in your question? By the way, I do love postmodernism, if that’s what your nickname means. I love it’s deconstruction of “truth” and grand narratives- I find it useful for developing my perspectives on real estate too :o)
I have no “secrets” in my interest in real estate. I guess I use a combination of things to see if a property is desirable to me- price, location, rental income, etc. I do a lot of checking to find out everything I can about the location, the property, potential for tenancy and possible capital growth etc.
powmow, as my first paragraph stated, I am not really into “rules” or “truths”. I just do what I think it is best for *me* to do at the time.
As a fellow postmodernist, I’m sure you’d understand how difficult it is for another pomo to follow one rule when there are so many ways to do things :o))
Lucky you going to europe! I am going there too in February 2004. Courtesy of capital growth from an IP thank you very much I too have never travelled out of Australia before, so I presume it will be a blast. Have you thought of teaching in Japan? A few of my friends have done that, and onew doesn’t need a teaching degree to be able to do so- just a generalised degree, although given your nickname, I presume you have teaching quals
Best of luck with it Jason, and your property portfolio sounds exciting too!
I too enjoyed your article, although my finance is very limited, sadly :o)
Re gurus… I never see anyone as a guru. I think we’re all just people- all equal. I think a guru is considered to be one who has “followers” who blindly just take on ideas of another without scrutinising those ideas or their own values for themselves.
I have no doubt that even the “gurus” want to be seen as equal- with flaws the same as the rest of us. I don’t think it’s the gurus who are the problem. I think it’s the ones who see them as a guru who need to think a bit more independently.
I think the point of the program was not about “bagging out”. I think the program wanted to look at the issues of wrapping. Probably many people in Australia aren’t aware of what wrapping is. There’s a discussion about the issues raised in the program on the vendor finance/wrapping forum )
kay henry
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