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I do believe they are legit as a very close friend of mine is a client of theirs. However it is alsways good to others opinions.
The strategy seems to work for him quite nicely and I understand the concept of this way of property investing. I just wonder if there is anyone from the forums who are proactively investing in real estate use this company or others like it.
cheers
Hi Skuz
Looks like alot of work, especially if you would like to do the work all yourself with no experience. You need to think about your turn arond time and remember every week its not finished is a week missed out on an income.
As a first reno i would be looking at for something that is more cosmetic.
Its also well and good to have friends in the trade, however everyone has they're own priorities. As a sparky i find that my own friends often commit me to jobs without a lot of notice and especially have no idea on the amount of work it takes to do the job. Make sure this is not the case otherwise this is more time that the property could take to finish without an income.
My reconmendation, if rennovation is the way you want to head, is a working bee, get it over and done with and get tenants in!!
Answer to your question, the cost?? well that depands on what your ideas for the property are. Hearing you mention that the IP could be something you would want to live in, in the future, i hear alarm bells ringing!!!! An IP is an IP. Dont let emotion get in the way, otherwise you a tap fitting or tile that may have been just perfect for a tenant, just cost you small fortune because you wanted something nicer.
That said, rennovating is very rewarding and i wish you the best of luck in your ventures.
David
Demographic sites and I try to get an idea of construction that is in the pipeline for the area. As well of course the internet. I find it a good starting point.
I have yet to purcahse one of the books that lets you know previous sales, and Market and postcode overviews. Has anyone purchaced one of these books and was it a helpful tool?
I did look into that some years ago when Westan sold up in NZ and started his venture in the states.
I havnt followed up on his progress in over a year but would be interested how the economy in the states has affected his vals.
Your right about our decision to purchace a property in Czech in that it is emotional regarding the fact that my partner is from there. As is the reason why i buy here is Australia. In someway i feel that i can keep a closer eye on it. Though do completely understand the danger of emotion when investing.
However i can there is money to be made there, and as you said people have. I believe that by the concession of the Euro there will be a rise in property prices somewhat if bought mindfully. If not, it will just be another CF+ property to add to the list. Im also looking at how to make this a tax deduction for future trips to Czech, ( I have no idea if this is possible yet, still researching, maybe you or someone else has some insight to this deductions for overseas realestate?)
Cheers
DavidHi Marc,
Thanks for the advice. Reason why im looking is my partner is czech and we would like an investment in her hometown. As well as being applicable for low interest rates.
From what i can see there is cashflow + investments to take advantage of and seeing my partner is Czech can do without the expence of settingn up a company. However the things im worried about is they're property managers and quals for becoming a realestate agent….. about a $100 fee.
Randy Gage?? I searched his name with no success.
ahhh the old rb30 strong as an ox. Very true! Havnt owned a vL but have had the skyline model with the same engine.
Thanks for all the comments guys!
I rang the broker today and was told that she didnt get the val as her mobile lender had told her that the val hadnt come in. She has told this bloke to ring me directly to explain whats happening.Didnt receive the call today. However i am now even more confused because when i rang the bank directly they told me i was rejected…….how can they reject a application without even getting a val first????? is this possible????
Things are just not adding up and unless someone knows something i dont, it seems i will be looking for a new broker and new lender i will however reaply for my credit file to ensure nothing is there im not aware if, though strongly doubt it.
Cheers for all your help
DavidI would agree as i got bitten with Allstate and dont want to now stay with the bigger banks unless numbers really are fantastic.
However will they now all decline me because CBA has? how does it work with LMI? or even the asking for 80%, im concerned i may not even get this now.
1994 Mitsibishi Magna, just under 300k. Ive just turned 30 and havnt owned a car over 4k. Though that said the old girl is starting to really need attention, i can keep the old ones going for minimal cost but after a while it gets tiring!
Now that i have a partner that isnt so mechanically savy, we are looking at purchasing something realiable and will last. Having peace of mind when she is in the car and not worring if its going to break down would be nice.
Also going back to what C2 was saying, i have gone all these years as younger bloke watching friends get their nice flash cars and bikes while ive done the investing thing. Now, im a long way off where i would like to be but there must be a quality of life as well, cause not matter how much better off you will be later in years, i wont enjoy it like i would now!
So a new second hand car is in the pipework, not an M3 buit will be new for me! Only thing now i need to crunch figures on is leasing or purchasing. And seeing i love bikes, that wont be too far away either.
Not in the last 6mths I was guarantor for my mothers property which she defaulted on but made arrangements with the bank to hold payments until property sold, which it did and she payed out the loan in full. The cba could see i contributed a 5k payment to her loan and brought it back no default. Even though this was a huge drama i was told this was not the reason and that is was was beacuse of the default
Thanks Andrew for your view on this situation
Hi Andrew
PAYG 75k and amount owing was paid in 2005. I too am confused!?I provided Full Docs. I can quite easily, (well i thought, may be a different story now however) get 80%. The IP im refinancing has a 300k loan and val at aprox 400k, however was banking on 380k. The bank wouldnt tell me what the val came in as because they said they paid for it. However knowing what it was would definately help further decision making. I believe the broker is trying to find out for me today what it was, though dont know how she will go.
I dont have a property in mind to buy as yet but would like the money ready to go if i find one as I am on look out but feel restricted by funds even though the sums add up.
Where to go from here? and will other lenders turn me down because of this. Can i appeal the decision? or is this a silly question. I dont want to touch the cash flow+ property for exactly that reason… its CF+
Cheers
DavidHow do the the agents get away with this? surely there must be someting in place to prevent this type of thing happening…..isn’t there??
I definately agree with Lucifer_au. The “Rich Dad, Poor Dad” series is fantastic for leaning the basics, as well as being very easy to follow!
Thanks Lucifer_au. That was a great help!
Cheers
LightyrsNeutral Bay Sydney.
Happy New Year to all.
I hope that everyone has a prosperous and enjoyable New Year!2004
– Bought my 2nd IP. Very happy about this as now I can see my portfilo growing.
– Named on the promotion roster for 2005.
– Completed a successful work trip to Tasmania, Hawaii, New Zealand and Christmas Island.
– Relised that New zealand is everything I had dreamed when fishing on Lake Taupo and visiting wineries outside Christchurch.
– Signed on for a further 12 months with work.2005
– To save everything I can for the next 12 months living on bare minimums.
– Deciding what work to partcipate in when I leave this job in 12 to 24 months.
– Keep looking for CF+ properties.
– Read many more PI books and other means of investment.
– learn everthing I can about investing in NZ.
– Sit my power boat licence.
– Subscribe to API
– Establish a family trust, or company once decided what is best for my situation.
