my advice , if you are interested in Property and investing is to choose yourself as your principal financial advisor.

Educate yourself and research all your investments. This will help you in the long run.

Lifexperience

I always thought the cheaper/free financial advisors would reccomend commission based products (like retail super funds).

I thought the independant advisors would actually reccomend the best product available for you (like industry super funds)

As I understand it, the free financial advice usually costs you more in ongoing fees and reduced internal rates of return from the products offered.

I disagree with you “prop WA, that the “expensive” advisors had better make you % times more….. My beleif is that the FREE financial advice would actually cost you 5 times over if anything.

However prop WA, you do have some very good suggestions!!

“””””At the end of the day
– get down to detail on what you’ll get
– how many clients do they have (so you get an idea of how time your gonna get if your paying an annual fee)
– shop around

And above all feel comfortable with what your paying and know that if it does’nt add up – you’ve got a clear, unexpensive exit fee.”””””

I go to a financial advisor that charges about $1500, this comes out of my superfund and the advisor only gets paid wages , NO COMMISSIONS.

don’t be fooled.

Lifexperience

sorry, i’ve been off the forum for a while

First of all I have to give the “sparky lecture”. YOU CAN NOT DO ANY WIRING YOURSELF.
This is because a licenced electrician is the only one allowed to do the work and the rules and regulations are so specific that it is impossible to think you could get by.
If you caused a fire or electrocuted anyone than you would go a row of houses and probably a stint in lockup.
If there was a fire in the building of any kind and the insurance assessors found wiring that was incorrect or new wiring that had not been certified by the Office of the Chief Electrical Inspector… you’d be screwed too.

But, as I know you would be getting a Licenced Sparky in to do this work I’ll answer your questions….cool?

Q1. I need a seperate fuse to install the new electric ovens. Yes, the law says you must run a separate fuse for a stove.

Q2. That this applies for items that draw more than 15 amps ie some air conditioners etc. Yes, correct. Any single thing that draws that much current must be separate circuit.

Questions
Q1. do I need seperate circuit for
electric hot plates? No, just one circuit for the whole stove

Gas hotplates? Gas hotplates don’t usually need any electricity, but it might have a clock or timer that is mains powered. This only draws a small amount of current and MAY be able to be combined with an existing circuit to make it a mixed circuit. Electricians are sometimes reluctant to do this though as it complicates the wiring and can reduce the number of other outlets on such a circuit.

microwave/convention oven? Yes, if it is hard wired. ……… No, if it is plugged in to an outlet..

or one of those ovens with the hotplates on top? Yes.

…..With stoves that need any power at all, you just wire in a circuit that would be able to handle any upgrades or changes in the future. But only one supply is needed as it is one appliance.
If it is just a low powered plug in item, you might get away with using a power outlet.

Q2. Due to the fact that there is approx. 5 lights on the light circuit
can and run anything extra from this circuit? Yeah, you can probably put a lot more lighting points, depending on what rating the fuse and wiring is. Lighting points include ceiling fans, exhaust fans, floodlights, rangehoods(sometimes). There are a couple of other exceptions.

Q3. how many power points can I run from one circuit? As many as the electrician thinks is safe to run, if he gets it wrong or puts the incorrect protection on the wiring, he is off to court! The new rules are weird.

Hope this helps Celeste

Lifexperience

Wade, I will be more specific. I have usually had very helpful brokers and they are rarely the problem.
It is usually the maze of systems at the Lenders end of town where most costly delays occur.

When it comes to the crunch on the day the money needs to be paid, it is the Investor that cops delay fees and/or loss of deposit and/or Legal proceedings and/or losing a good deal.
The Broker, Lender, Real Estate Agent, Seller or anyone else do not suffer this loss. Just the investor, so if things aren’t getting done then is up to the Investor to get them done.

Push hard if you have a tight time frame. our paperwork will probably end up sitting in someones in- tray doing nothing right through til your time frame expires..

It is your responsibility to get the finance through, you have a right (and i’d say obligation) to be assertive.

trust me..

seems like a good strategy.

Read some of Margaret Lomas books, She advocates a style of property investing whereby you buy property, pay it off as quick as you can until the expenses are covered by the rent coming in, then buy some more property etc. This seems similar to what you are doing.

One of her books “positive cashflow investing” is good (i think thats the title)

If you wanted a more aggressive hands on approach to investing, then you could buy more property and develop/renovate/wrap whatever.

NOW WITH THE MORTGAGES….

Make sure that you only pay off extra money on your PPOR. Keep this P+I.

Leave your Investment Properties loans on Interest Only loans. Don’t pay off extra on this at all

You would only ever pay extra off your Investment Loans if you had paid your own house(Principal Place Of Residence = PPOR) and any credit cards and any car loans and any store cards and any personal loans.

This is because you can’t claim any of these personal types of loans as a tax deduction.

got it?

i like a recent opinion on houses i read from an investors viewpoint.

“they keep the water out”

so if it aint leaking, don’t waste your money on it.

If you really need to replace roofing, then start with the side that faces the road, otherwise spend your money on other things that would add real value.

Lifexperience

i think glen waverley is well poised to take advantage of the immigrating population. School zone is a big factor.

Frankston Highschool zoned houses too. Get a huge house here for $400,000

Lifexperience

consider bayside suburbs.

They have Great lifestyle.

With only $400k you might have to go out a bit from the city centre.

Mornington, you could get a 3-4 bedroom house on a big block with $400k and be within 1 block of the beach. Great fishing, great cafe culture, close access to wineries and all the benefits of the mornington peninsula. It is an up and coming trendy area too.

New freeway due to be completed next year will also boost the access to the rest of Melbourne.

Lifexperience

ok i’m in.

the 7-10 year argument is not a guarantee that you should bet on your mothers life with.

I do think that property appreciation in general is too often compared with “how can wages get that high so quickly” mentality.

I believe property (like all assetts) appreciation is more closely linked with supply and demand.

They are not making any more land, and it is a slow and expensive process for governments and councils to create the infrastructure needed to support new townships.

I can quite easily see the prices in Sydney or melbourne doubling in 7-10 years from now.

(although i wont bet $5000 against it Foundation….. brave call)

I base this on a population increase and a positive economic outlook.

There will be more demand for existing housing as a result…. prices up.

I still use it as a general rule of thumb, call me what you will..

Lifexperience