Forum Replies Created
Hi C@34 and Derek,
wasn’t there a large exodus away from LOC? Reasons given are: higher costs, higher interest, possible lack of discipline would undo the benefits of the LOC? Are you now (or have you never gone away from) advocating LOCs?Great question C@34!! I just applied for a loan as part of a contract of sale for a property but unfortunately due to unforeseen circumstances the owner had to take the property off the market and now I have been approved for the loan but don’t have a property to buy anymore! (although I am hastily looking!!!!) My finance broker rang me today and asked if I wanted to set up a line of credit, all I would need to do is sign the paper work and pay the stamp duty of approx. $400 and I would have the line of credit available to me for future deposits.
My initial thoughts were this was a little risky (this was not based on facts just my gut instinct) but would like to know if you guys have had experience with LOC’s. Are they worth it?
Would really appreciate your responses.
Thanks guys
krsHi Adrienne,
Welcome to the forum!!! Do you mean the Swan Valley in Perth?
Cheers
krsHi Ash,
This seems weird to me, is the studio attached to the main house? Do they share common services (e.g. water, sewerage?) I presume they do if they are on the same block, but people rent out different rooms to individuals all the time!!
I would be talking to the council and get them to explain to you exactly why the contract is worded in such a way. Sorry I couldn’t be of more help.
Good luck!!
krsHi Kev,
I would think that the “11 second solution” would apply anywhere. However be aware that a good understanding of what things like insurance, rates, water cost in the UK would help you make more of a conclusion. Possibly the cost of what is similar to Aussie’s strata fee would be something to watch out for seen a lot of UK houses have common walls and common property.
Good luck anyway, I am impressed if you can find houses that meet the rule…..my experience in the UK was that housing was hugely expensive!
krs
Hi Rich,
rip offs in the industry are common place. if you don’t watch them, dont be surprised to find half the rubbish buried in the fron yard.Ausprop has a point, be careful! One way that you can check whether they are “rip offs” is by asking the company to show you proof of their asbestos removalist license. In WA this is governed by Worksafe WA and I presume there is a similar crowd in NSW. If they are accredited, they probably won’t be dumping fibres any place where they shouldn’t cos their livelihood depends on it! (or so you would hope!)
Good luck!
krsHi Vernon,
In answer to your question:
Is landlord insurance necessary? I assume this form of insurance cover is different from the normal home and contents insurance?Some people don’t look at landlord’s insurance as a priority until they get their fingers burnt. I got my fingers burnt and for the extra few dollars a month that I now pay it is worth it! Not only to cover loss of rent or something but also for peace of mind. Just be aware that you have to have specific insurance for loss of rent vs damage to property etc and that in some instances you might have to pay excess.
Good luck!
krsHi All,
Thankyou so much for sharing your stories. I think there are two important messages that I can see so far. The first is that it is okay to take baby steps as long as you keep heading towards your goal, whether that be one IP address or thousands. And secondly, if the time is right trust yourself to take a leap of faith and see what happens…..I suppose I (or my partner) could always go back and get a job if things didn’t work out (that’s not really the attitude to have is it!!!!!)
Cheers
krsHi bd,
I also want to invest in fast growing area – either in blocks or in ready property. I need advise on both issues – how to go about it, best way to look, best areas for investment etc.Try south of Perth – Mandurah, Singleton Beach, Rockingham for property in fast growing areas. If you do a search on Mandurah and/or Singleton Beach in the forum there are a heap of links to property that is selling in the area.
Good luck!!
Krs.
Bravo Dr X,
It will WORK for other people! So work out if the shoe fits you personally and leave other people to make up their own minds!!!While I admit I haven’t been a “valued” contributor to this forum (yet), I just want to put my two bobs worth in and say thankyou to Steve, (and forum contributors), for allowing us to have this oppurtunity to share ideas, opinions and for those of us (me!!) who are just starting out, the ability to learn so much on a variety of subjects from the messages that are posted.
Now don’t get me wrong I am all for freedom of speech and debate, but of late, I have found some of these negative posts concerning. When I first came onto this forum I found the ideas and help in the posts refreshing and supportive and it really gave me momentum to continue to move forward in my property investing venture. It is disappointing to now come into the forum and have to “filter out” the messages that criticise the founders and contributors to this site for sticking their neck out and giving some of us beginners a hand to get started.
Steve and people like Redwing, grossrealisation, Dr X, Dazzling and everyone else who contributes so much to this forum you are legends!!! and I thankyou. I think some people enjoy being negative..for the rest of you positive like minded people, please continue to post your success and advice, it is inspirational!
Well done positive minded people, and again, I thank you all……
Krs
Hi grossrealisation,
I hope you don’t mind but could you explain to me what “da cc” is please.
Apologies for my ignorance.Thanks so much.
krsHi Tonylau,
I live in Mandurah and have had some success in property in the area (admittedly some of it was luck by getting in at the right time). While the area is now getting pricey it is amazing how much you can benefit by looking for a property that you can turn into positive cashflow (as Purplekiss suggested).
If you are thinking regional, the town of Narrogin has been good to me also. Only has a population of approx 5000 but services 25000 in the surrounding districts.Cheers and goodluck!
krsHi Katie,
I too was a fellow participant today and totally agree with your forum post (both the fried brain and the inspired part!!). If there is anyone out there who is unsure about attending the masterclass…go for it, it was well worth it!
Can anyone point me in the right direction of an accountant who is knowledgeable about property investment in Perth please?
Cheers
krs
