Forum Replies Created
Thanks foundation you are a hard person to convince[biggrin]
Kerwyn
Hi Foundation
Take this scenario: house sold on 2-8-95 for $100000, sold on the 27-10-04 for $225000. Now $100000 + $100000 = $200000 price doubled, sold for $25000 over and above or another 25% more on the original selling price, so more that doubled. Actual figures because I bought the house at $225000.
Kerwyn. [wink]Hi alexmmc
Not sure about the first part of your question, but have a talk to PropertyGuRu about finance.
KerwynHi All
Thanks for the replies.
Yes I understand why the banks say they need a buffer but how do they get their money back from the $300000 car that you paid nothing for and they loaned you the cost of car + rego + insurance etc when you can’t pay for it and it is repossessed? 6 to 12 months down the track it is worth at least 25% less than when you bought it: houses in general tend not to do that?
What the banks say they are doing to protect themselves is a smokescreen to cover up the fact that they are ripping everyone off.
Some of the European countries I believe that will lend 100% are Germany, Norway is another. Russia is another country that will finance you 100% but they do have a big administration cost to get in to the property.Yes Foundation: I should have clarified my statement a bit better by excluding one horse towns, Broken Hill, the back of Bourke etc. Although I do believe that the larger cities tend to double every 10 years, the one I live in certainly has. Most of the statistics I have seen seem to indicate that also.
Kerwyn
[wink]Hi All
Great advise I will try that.
KerwynHi Shelley
You have to understand that valuers are very cautious by nature they have to be careful. If they overprice a property and the owner defaults and the bank forecloses especially if the loan is not that old say with a 95% or 97% loan. When the bank analyses the figures and finds out the valuation was 10%+ over priced they are well and truly exposed. Of course the banks have mortgage insurance so they are covered, but the insurance company is going to spit the dummy. The valuer is then liable for the mistake and the insurance company will hit them for the shortfall. The valuer is then going to have to access their indemnity insurance or pay out of their pocket, either way they lose big time: hence extreme caution.
KerwynHi njohnson
You are right most of us on the forum are either Aussies or Kiwis.
As far as the principles taught by Steve in his books go, they will work in any free enterprise system. You may just have to sieve through a bit and take out a little colloquialism, but no more than you would reading an American property author. Apart from that you should enjoy the books: I did.
Kerwyn.Hi TerryAnneG
Who ever told you there are great deals in OZ for renting out is pulling your leg. Unless you are heavily into negative gearing I would look further a field the USA is not bad, have a chat to Westan regarding the USA.
KerwynHi MiniMogul
I asked a couple of agents if the vendor would leave 20% in a deal on some units, met with a real lot of resistence. Even more than in OZ.I could be wrong but I have been told that L/O deals are viewed a bit better than warps but not by much, maybe try that dkfchuckles instead of a wrap.
KerwynHi Ozi
I was dealing with Johanna Russell she was good with me.
KerwynHi techhowse
Let me start by saying all banks suck, they are a bunch of rip off B*#&*##s. Now I have that off my chest I like Bendigo bank at least they are friendly and you don’t have to line up for hours.
I will tell you a story that happened to me not long ago concerning one of the big banks you know the one “which bank”
I was standing in the line of about 12 people waiting to be served and of course there was only 2 tellers on. After about 5 minutes one of the tellers disappeared completely. After another 5 minutes the last remaining teller disappeared. Since there were only 2 to start with this left zero tellers. By this time there were about 20 people waiting. After about 5 more minutes we natives in the line were getting a bit restless by this turn of events. After around 2 to 3 minutes longer some one poked their head out of the back room and promptly disappeared again. Around 2 minutes later 2 new tellers casually strolled in as if nothing was wrong and started to serve people again. I finally got served and as I was walking out of the bank I noticed the first two tellers quietly puffing away on smokes in the corridor next to the bank. Seems they needed the nicotine fix more than seving the customers.
Kerwyn.Hi beno999
I have heared of people buying mobilehomes in caravan parks and then wraping them to other people. Seems to work as a couple of people do this all the time.
I use to live in a caravan park once many years ago and the fee you pay covers your use of all the park facilities.
Can’t see why you could not rent the van out if it is CF+ but you may have to pay the fees.
KerwynHi cathnniv
If you are doing wraps or L/O in NSW go with Tony Cordato at http://www.businesslawyer.com.au he is the best around.
Kerwyn.Hi bomandlouisa
Have a look at Tokoroa there are still good deals there. Give Jenny at Lambertons a call she is good to deal with and won’t sell you a dud. NZ 07 8868229.
Have a talk to Property Guru about finance for NZ you won’t find a better operator.Kerwyn
Hi Jenny1
If the paneling is that imitation 6 by 4 sheets you can pull off the joining strips and wall paper over the panels. If it is the redwood or pine overlapped paneling then that is a bit more difficult. If you repaint it that stuff looks like the weather board on the outside of a house. Maybe restain it a lighter colour or you may have to rip it off and giprock the walls.
Kerwyn.Hi Nobleone
Looks like you have a case of the tenants from hell, kind of spoils your day. Mate! you better use a hunk of 4 by 2 I think the bat may not be strong enough.
Hope you get it sorted out hope they don’t do to much damage to the place.
I was going to have a look at that town definitely stick to Harcourts if I buy anything there.
KerwynHi Razza
I am heading that way on the 4th April on a buying trip myself. I would only be to happy to find you something good. I am already looking for a couple of other people so it would not be a problem adding you to the list. I have sent you a private email have a look.
Kerwyn.I have just read your post MiniMogul good call, Passionate but with stile.[biggrin]
Kerwyn
Hi All
I am one of the lucky ones who has a wife who is very keen. So keen in fact that if I start watching the footy she points out that I could be looking for more property instead of wasting my time.
On the other hand my friend who is very serious about investing had a wife who thought all the money he got should be spent on the family consumed immediately: that was until about two weeks ago. I loaned my friend a DVD by Jamie McIntyre and she for some reason started watching a little of it. She has now read his book and watched other DVDs. She is keen to be involved with him in investing now, a 180deg turn from were she was before.
I know that Jamie has taken some flack from a lot of quarters even on these forms, but one thing about him he is a great motivator even if you don’t agree on his teachings.
Just something to think about.
Kerwyn.Hi soum
I think I heard on the radio last year when they were talking about air craft noise that Jerrabomberra would not be affected that much as the planes would be diverted further south. It was the new suburb they are going to build that will have the air craft flying overhead. The airport board did say that the noise would be very slight as the planes would be quite high over the new suburb.
The thing I don’t like about Jerrabomberra is the road in and out of there, it can get a bit slow sometimes.
Kerwyn
