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I also think that it's likely that your premium will get higher if you claim it on your insurance policy.
Best to have your neighbour claim it on her policy or if she can, pay for it herself.
haha thanks for sharing that.
Interestingly, I've been reading a book about wealth recently, and your joke and the book both reminded me of the notion that "riches" really are relative (subjective).
I agree that it depends on your personal goals.
In my view, I would rent out the property that would give me the best cashflow potential. I would stay in and pay principal and interest for property with the worst cashflow potential.
Hey Jenny,
I don't know about a total abolition of stamp duty in Vic, but I am aware of changes to stamp duty concessions for First Home Buyers in Victoria over the next couple of years.
"The duty reduction of 50 per cent will be phased in over four years, with a 20 per cent reduction on 1 July 2011, followed by additional 10 per cent reductions on 1 January 2013, 1 January 2014 and 1 September 2014."
You can check out more about the gradual reduction of stamp duty for first home buyers in VIC on this page from the Victorian State Revenue Office
You mentioned that you will be out of work…
Even if you have $140,000 saved up, the only way that I can think of for you to perhaps get close to your goal is to use leverage. But you would still need a job, and perhaps a high paying one at that, in order for you to get the loan serviceability and to get those loans in the first place.
Will you still be in a job, and if so, is it a high paying one?
Such as by using this forum perhaps? There's a fair number of investors from Australia in this forum, just contribute and help people out, and you'll get to know them better and reach them
I just checked some research about Redbank Plains and some interesting stats are:
49% of households are renting.
Median rents for houses are $310 per week
Median rents for units are $250 per week
if you're based in NSW, then you could check out the "Being a Landlord" Guide from the NSW Govt.
There's also a really useful document called "Renting with Pets – a Landlord's Guide" from the Australian Companion Animal Council. You can check it out here. It may be of help to you.
How much were the management fees that you were experiencing in Cairns, Dark Knight?
I suppose you're wanting to become a real estate agent in Canada, not Australia?
I'm not too sure about the rules and regulations about the real estate industry in Canada, but know a little bit about the requirements to become one in Australia.
Depends.
Is the type of property you have suitable only for students? Or could there be demand from other types of demographics in the community? Preferably the property and the area are suitable for any kind of tenant, so that your vacancy rate will be lower in general.
If you're needing a valuation and you're based in NSW, then perhaps the NSW Government's Land & Property Information website can help you out. They've got info about land valuations and other property info across NSW
For first timers of investment property, I'd suggest not to get too emotional about the property. It will not be your home, and you shouldn't focus so much about how it looks and feels for you. Rather, you should focus on the potential returns based on the capital needed to invest into the property. Also consider the ongoing expenses to hold the property, and aim to get properties that give you more income than your expenses (i.e. positive cashflow). This will help prevent you losing money, and will in fact give you money in your pocket month after month.
I've mainly invested in Australia, not so much in the USA yet, although some good online websites for researching US properties that were referred to me by others include http://www.redfin.com and http://www.gosection8.com
hmm I'm not personally involved in the ACT land rent scheme. Actually, I wasn't aware of it before you mentioned it.
I did a search of it on Google, and fo others who want to learn more about the ACT land rent scheme, check out the ACT Govt Revenue Office page about the scheme
Some have had a negative outlook regarding Melbourne's prospects for capital growth recently, but that's only from recent media articles.
So you're planning to buy a unit in cash for $400-$500k? Personally, I'd rather use leverage (loaned money) to purchase a property of that price. What's your strategy with the property? Sell it off after a few years?
Hey Cunnin,
Are you looking for sales data of an individual property or sales data of a suburb (median or actual?)
If you clarify that for us, it will be easier to help you with the right resource
Was this your home that you occupied before?
Or was it an investment property beforehand? If so, is it currently tenanted?
Hey thecrest,
I had a quick read of the PDF. It is interesting that this was put together, and it really emphasises the importance of getting landlord insurance.
To be honest, I've been really surprised when a few of the newbie investors in the forum have mentioned that they had no landlord insurance. I actually use 1 of the specialist insurance providers that were mentioned in the report.
Kong, I haven't done Ron White's memory courses, but I hadn't heard of him before either.
Is he Australian?
I've read some of Tony Buzan's memory and brainstorming and mindmap books though. Good stuff too.
