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kay henry
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March 17, 2004 - 10:53 pm
canneram,
You suffer stress but you love real estate? hehe. Being a RE investor can be soooo stressful! But I knowwhat oyu mean. When me and my ex had properties together, the only thing that we didn’t argue about was our RE- our properties were like our kids- well-behaved ones at that! [thumbsup2]
Canneram, given your situation, it’s really important that you keep your pension so you have a safe income. And oyu know what the govt is like with people earning more than they are allowed on the pension- ya wanna make sure you work within the rules- whatever they are- so you don’t end up in court- the DSS is super hard on people they catch out. A person I know will probably go to jail because she earned 17K extra over 3 years. Not a huge amount of money, but it’s huge to the DSS apparenly.
I do wish you all the best of luck with it, canneram :o) Where are you located? You might want to catch up with other people who share your love of RE. In sydney, a few people meet up pretty regularly- I have met three of the guys, and they’re totally sweet- we’rew all a bit silly, [whistle] but if you want to catch up with us, it’s easy to arrange )
kay henry
kay henry
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March 17, 2004 - 10:29 pm
Remember Craig, that when you are dealing with RE, you are dealing with one person, who is also two people. That is, when we buy we want to buy cheaply and get high rents. But when we sell, we want to sell for as high a price as we can.
Most of us who have sold properties have not sold CF+ properties. On the contrary, many of them have probably been highly negatively geared for the *new* buyer. So my property that might have been CF+ when I bought it is now neg geared (due to CG from the RE boom).
Not many people are selling up CF+ props, because everyone is trying to make huge CG on their properties.
1 investor = two very different creatures when it comes to buying or selling. Everyone wants to buy low and sell high. That RE fundamental means you have to understand the seller’s mind and probably look at markets where there’s less demand, fewer tenants, less desirable properties etc.
kay henry
kay henry
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March 17, 2004 - 10:17 pm
Mel,
Thanks for the mistake pickup :o)) Another mistake I made is that the stats I quoted related to Melbourne and Brisbane- different markets- hehe.
Luckily I’m not Mark Latham- there’s less fallout when I make a mistake than there is when he makes a mistake
Yeah, the new smileys rock. You gonna get yourself an avatar, mel? I quite like being green.
kay henry
kay henry
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March 17, 2004 - 10:12 pm
Thanks sis
I don’t like limits on what I can repay. I like to be able to pay out properties as soon as I can. Means I can buy more etc etc
kay henry
kay henry
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March 17, 2004 - 10:02 pm
Tycoon,
As you’re probably aware, Townseville has gone through a significant boom in the last year or two, so you might have to little a bit further afield. Ayr still has very cheap properties. Check them out on realestate.com.au. Go to the Qld map and then click on the Ayr link and see what comes up.
kay henry
kay henry
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March 17, 2004 - 9:59 pm
tridean
Why don’t you put an ad for it on the somersoft forum? The addresss is somersoft.com and they allow advertisements on their “caveat emptor” forum. You’ll have to provide significant details about it, but that will be good anyway.
If you’re willing to sign a two-year contract with the amounts you’ve stated to pay as rental, I think you’ll have no problem selling it :o) For what it’s worth, I think it sounds like a pretty fair deal.
Best of luck with it!
kay henry
kay henry
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March 17, 2004 - 9:29 am
Is he the guy who gives a one-year guarantee on his products? That you get 5 times the value of the products or your money back after 1 year? I have to say, that is a hell of a guarantee.
I also checked out some of the products that are said to be free in his package. Lots of books and stuff- decent ones too, I reckon.
Can’t remember if it’s Hans’ site or not. I checked out a few different ones today. But 3k or whatever the price is- plus a 1 year guarantee… well, at least he must have a lot of faith in what he’s selling.
kay henry
kay henry
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March 17, 2004 - 9:19 am
Mel, you shouldn’t hesitate about joining in this discussion- we’re all rational people who can discuss issues without losing our tempers [lmao]
hehe
kay henry
kay henry
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March 17, 2004 - 9:07 am
Given that this Forum is described as:
Heads Up!
Wanted! Posts about websites, books, courses, and any upcoming print, radio or TV matters of interest.
… then I think summo’s post was legitimate. I thought there was only supposed to be no advertising of properties.
kay henry
kay henry
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March 17, 2004 - 8:54 am
Just checking out if I’m green enough.
kay henry
kay henry
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March 17, 2004 - 7:48 am
No, of course there’s no rights and wrongs between IO’s and P&I’s- it’s all good guess I have been under a misconception that there would be a substantial difference in repayments is all.
the good thing I read in API is that one can make extra repayments anyway on an IO loan (another thing I didn’t know), so that one could actually make an IO loan the same repayments as a P&I, but reduce repayments to the IO level when and as needed.
Thanks for the information, folks- really appreciated- I’m learning more and more each day
kay henry
kay henry
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March 17, 2004 - 7:40 am
I suggested that the following two options might be getting in over one’s head:
ii) 100% vendor finance. If the vendor will lend you the money, you may not need a deposit
iii) 30% vendor finance. Bank lends 70%, vendor 30
kay henry
kay henry
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March 17, 2004 - 3:21 am
Chook,
Your accountant is just doing his job. He wants you to get $10k back because of all your “losses”. If he didn’t “find” those losses, then you would have to end up paying a tax bill due to your “profits”. I guess our accountants’ job is to make us all look like big losers who make bad investments. [laughing]
kay henry
kay henry
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March 17, 2004 - 3:16 am
Thanks mr sis! ;O) Yeah, that’s the stat I was referring to, but I think it creates a sense of false consciousness in 2004. I believe that many more % of property investors than 8% of all property investors own 2 IP’s. That stat has been used for years by people to sell books and make out that if you own 2 IP’s you are in the elite. Not so in 2004.
kay henry
kay henry
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March 17, 2004 - 2:45 am
Simon said:
“If you know you can afford the repayments then you can easily get a loan to buy another property for about the same value without a job.”
Simon, don’t lenders have bottom line criteria under which they lend? So I could be unemployed and borrow 240k if i have that much equity? What happens when interest rates rise and unemployed people struggle with their repayments?
Just wondering if the whole “you have to have a job” thing has disappeared from lending criteria?
kay henry
kay henry
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March 17, 2004 - 2:35 am
Thank you all for your replies- much appreciated
Actually, I posted those questions and then read about IO’s in the last API mag. from what you all and API have been saying, it seems the difference in the loans are absolutely minimal! Hence, I really cannot see the value in an IO loan (except for hoping for significant CG on any property one already has or might buy.
Seems we pay a lot more interest than we do principle [puke]
kay henry
kay henry
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March 17, 2004 - 2:27 am
georgis,
The stat that a lot of people use about “only 5% of IP owners own 2 or more properties” etc is a really old one from census data of 1991 or something. I think it’s time to update that, particularly given the property boom.
Actually, I am not sure the census collects data about how many IP’s people own these days.
kay henry
kay henry
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March 17, 2004 - 12:20 am
A lot of people (including Steve McK) advocate buying through a trust. That minimizes your taxes to 30 cents in the $. Tax deductions further minimize taxes paid.
Sounds like your guy is saying what many of us say- work out your entitlements, reduce taxable income, and buy and hold. Realising CG by selling means your mortgage broker might have to pay $1 million taxes on his IP’s. A lot of profit there to give back.
Tridean, invite him around a second time and ask him what he meant )))
kay henry
kay henry
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March 16, 2004 - 11:16 pm
tridean.
Perhaps he’s talking about profit from rental income. Given that the guy has “numerous properties” then it is likely he has made a *fortune* of CG over the past few years. So he HAS made a profit- just not one which the taxation office will look at unless he sells.
Perhaps he likes his job and that’s why he comes home from work at 10pm- it’s still possible to like one’s job, even in these days of early retirement
kay henry
kay henry
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March 16, 2004 - 11:11 pm
sunshine,
I agree. Fact is, if everdine bought the place, perhaps it was at a price which reflected how much the tenants were paying. I bought an IP a few months ago, lease had expired tenants have now moved out. Just got in new tenants who pay $30 more a week than when I bought it! (The new ones are now paying market rent- it’s still cheap). I think if the place I bought had market rental, I would have paid much more for the place.
By the way, it is not entirely up to the PM to raise rents- it’s up to the owner to reinforce that- if that’s what the owner wants. As with sunshine, I have had very long leases on past IP’s, and have chosen not to raise rents. I *hate* raising rents on existing tenants. It is also likely that if you make a rent hike of a large amount on existing tenants once the lease is finished, they’ll move out. Time for new tenants in Jan 05, methinks, everdine.
kay henry