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Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
May 31, 2010 - 10:46 pm
Hi Eddie
Congrats on pulling together more importantly holding onto your 20K deposit.
You will hear a bunch of different approaches to both building wealth and property strategies in general.
In regards to what you should read…   anything and everything !!!
Steve McKnights books are really good if you want CF+ property, Michael Yardney is good if your looking for more longer term capital gain…   the daily papers are a great source of 'sensationalism'.
Ultimately, your strategy needs to be one that your comfortable with and motivated by…
Warren Buffet is all about Shares, Donald Trump is development, Steve McKnight is CF+ property and Micheal Yardney is inner city capital growth properties…   all these guys have made serious wealth, so there isn't any 'single pathway'.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
May 20, 2010 - 2:51 am
Residex can provide substanial reports on either a post code ($90 inc GST) or specific property ($55 – $65 inc GST).
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
May 3, 2010 - 10:02 pm
Hi New2invest
Have a look at this thread…    may help answer some of your initial questions'
https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4331667
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 24, 2010 - 12:06 pm
If you bought the property using a family trust wouldn't this allow you to further distribute the cash flow to assist with tax ?
Eg. Your children can each earn $6000 from the property before they pay any tax…
Nb. I am defiantly not an expert in this area, so not sure what implications this would have when selling the property, asset protection etc… best seeking good accountant / legal advice.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 15, 2010 - 12:17 pm
DWolfe wrote:
Best way to create a crash is to keep saying it will happen!
Hey DWolfe
Yep…   the economy (the share market is one of the best examples) is predominately driven by emotion.
It is scary how many people (aka general population) base their decisons on things like what the 7pm news report said, their best mate at last weekends BBQ said and what their work colleague said.
That's three sources of information right ??    Thats a well researched descision by anybodies standards !   LOL
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 15, 2010 - 10:55 am
Ni Nillix
Great to hear you have an active investor as a mentor who is able to cast an eye over your decisions…
I personally use PIA by Somersoft and find it is very good, the reports the software will generate and the ease of entering 'what if' calculations are great…     don't know the others so can't comment there.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 13, 2010 - 8:04 am
I just bought a unit that had tennants in place.
They were on a expired lease, and the only notice that was required was 30 days + postage…
(From my understanding, standard notice is 60 days + postage, unless sale contracts have been exchanged and it then becomes 30 days + postage.)
In regards to if you should give notice to your current tennants prior to selling, if they were willing to assist in the sale of the property (allow open houses etc) then i would simply let them continue on a expired lease.
The advantage would be that if a home buyer buys the place, eviction is given and based on a 42 day settlement, any delays subject to vacant possesion would be minimal and it hasn't affected your cash flow.
The other advantage, if they are good tennants, up to date with rent etc, your Agent can use it as a 'sales pitch' to potential investors…   tennants already in place, happy to stay and sign new lease etc etc
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 12, 2010 - 11:18 am
Make an offer subject to the driveway being repaired to the approprate standards.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 12, 2010 - 11:13 am
Hi Andrew
Mate, this question is bound to stir up some varied responses…
Historically, House and Land has gone up quicker than Units.
Having said that, i have a preference for units or townhouses…   i feel that society is moving away from the Married Couple with 3 kids and a dog towards things like the DINK's, single parents, Gen Y / Gen Z putting off having kids until later in life, retirees downsizing into a more 'manageable property' etc
The best advice you can probably be given is to become an expert in your chosen area…
Eg, Are you a house or unit investor ?
What area do you invest in – not just NSW, or Melb, but which specific suburb…
Do you buy and hold, or renovate and sell etc

Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 10, 2010 - 7:22 am
Nah Mate'
This guy got one here last night and posted a bunch of posts along these lines…
Stick around, there are plenty of people on this forum who are genuinely interested in answering your questions and learning from the various opinions put forward.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 9, 2010 - 9:10 pm
dcn08 wrote:
I read somewhere that If you have a high enough Credit limit on Credit Card you can use this for a deposit for your first investment. A way to get started sort of thing if cash flow is tight…
Hi dcn08
Although Terry or Richard may be able to comment on this, my understanding is that there arn't any lenders at present who will give you a loan without some % of 'genuine savings'.
Although what you suggest may have been a valid option a few years back, the banks currently will not see a 'credit card cash advance' as genuine savings and thus, won't recognise it as the deposit.
If you were seriously stuck for cash, my advice would be to get the property across the line with a 97% LVR loan, and then use the credit card for either the LMI, Solicitor Fee's etc or for the 5K 'paint and carpet' type upgrade. Once complete, transfer the balance to a 6 months interest free card with another bank…

Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 8, 2010 - 9:15 am
DWolfe wrote:
The only problem with hiking up income tax is that most people who can afford a top accountant wont pay over 30% tax. The only people who will hurt will be the tradies and the like who do Saturday overtime and lose all of it to tax.
The only way to effectively tax all citizens equally is to increase the GST…
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 7, 2010 - 10:43 am
Survival money…
Without knowing how much you require each week to live, it will buy you time.
Use that time to either get another job, and simply resume paying off your property, etc etc
or, Use the additional time available to you to get a decent sale price for your property as opposed to a 'i have no choice except to take the first offer on my property which is 30K + below what it is really worth' sale price.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 7, 2010 - 10:08 am
lucky4s wrote:
strata is quarterly not sure what you mean by this does it mean i can take out money from my home value?
In essence, yes.
A LOC (line of credit) is basically a extension on your current loan that you can access at any time.
The advantage of a LOC is that although the money is available to you at any time, you only pay interest on the amount you actually owe.
Some banks will want to know what you intend to use the money for. Eg. Further Investments, New Car etc.
Being that you have 130K in equity, a LOC for 20K normally wouldn't be difficult to arrange. The main thing going against you is obviously your emplyment status.
As mentioned, have a chat with your bank – preferably with a real person face to face.
Simply explain that you would really like to keep your property, am committed to getting a job etc and ask what options can they offer to assist with your 'temporary situation'.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 7, 2010 - 8:18 am
Hi Lucky4s
Is the $520 Strata Monthly or Quarterly ?
If Quarterly, at a real quick count your property would be CF+ if you were to rent it out. Obviously, you would need to rent elsewhere and that would incur costs etc.
Other option would be to change the loan to Interest Only, to allow for a few extra bucks each week (i presume your paying P+I)
Not sure if you would qualify for a LOC with your current employment situation, but drawing out some of the available equity would definately buy you some time.

Ultimately, it's a good thing that you've identified that your heading for trouble and are beginning to act. As Shahabr said, the banks are very willing to help people in your situation. It's a whole lot easier for them to work out a revised repayment strategy etc with your co-operation, than to go down the path way of mortgagee repossession…

Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 4, 2010 - 12:00 pm
hugomax wrote:
I arrange a meeting a met with their Director Pino Tedesco.
It may just be a complete co-incidence, but at one stage 'Pino Tedesco' was the Director for the Sydney Metropole Office…
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 3, 2010 - 10:31 am
ryan mclean wrote:
I thought I would just get a no back, but I go a counter offer. They offered $70,000 with $65,000 paid on settlement date and $5,000 paid back over 3 years.

Hey Ryan
Please understand, this is not a critisism, just a question…
Do you think that the vendor being willing to accept a Vendor Finance sale, is an indication that the property to date has been a difficult sale ?
If so, are you concerned that when it is your turn to sell the property, you too will have difficulty exiting ?
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 1, 2010 - 11:21 am
Hey Asoka
I have to agree with Duckster mate.
If your going to work, aim to get a job that will give you field experience to back up your qualification.
Matt_Arnold
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@matt_arnold
Join Date: 2006
Post Count: 142
April 1, 2010 - 10:21 am
DWolfe wrote:
Do you think that the increase in "aged care facilities" such as they are building around here, (Think pictures of grey haired, wine sipping, Mercedes driving, gents and ladies) will fill part of the gap and become a new trend? I don't see older people flooding out of this particular area hence the shortage in available stock for rent and for sale.
fWord wrote:
On the topic of units or townhouses getting popular however, what do you think of apartments in the inner ring? I understand there's talk of 'oversupply' of apartments in the inner city, but is that the same for apartments further out, say 7kms from the CBD?

In all honesty guys, i'm on a massive learning curve…
As such, although i'm willing to back myself by saying that although the Baby Boomer generation was predominately attracted to the traditional '3 Bed House and Land', the upcoming Gen Y, Gen Z's will be predominately attracted to 'town houses / units', i really don't know enough to be confident to make claims in regards to specific areas etc…
Matt_Arnold
Participant
@matt_arnold
Join Date: 2006
Post Count: 142
April 1, 2010 - 10:00 am
fWord wrote:
This makes sense to some degree. However once we factor in the 'record immigration rates' or 'population growth' that some pundits talk so often about, and these immigrants having some serious cash to boot, I don't think the big houses in blue ribbon suburbs will plateau in terms of value. Furthermore, these houses apparently change hands quietly, never seen on the market, never reported to the REIV.
Fair call… Plateau may have been a bit of a strong word. Probably a better way of putting it would be that i feel the % growth will be better at the lower end unit / town house than the higher end '3 Bed House and Land'.