Forum Replies Created
Ditto to all the above. Starting to realise that this forum is the first site I check out every day. Could be an addiction problem……must go…..no, just one more post……….must have it……cant drag myself away……..help………someone out there may have same question as me……….aaarrgghh, it’s all becoming too much…….
Marty
P.S Yes Darling, I’m coming for tea, just reading one more postHi APIM. AD and mini have pointed out some great tips to you and I couldnt agree more. You will probably get SOMETHING out of any seminar you attend, even if it is to reinforce the message of property investing, but in my opinion, you are already attending the best seminar. That’s right, this forum has so many people out there just doing it (investing that is, what else did you think I meant). By all means, go to seminars, but I think that there is so much knowledge here that I consider this the best value for money seminar.
All the best
MartyHi Dino. I think your answer is in your post, a GOOD mortgage broker. Try and find one that is into property investing, he/she may understand your plight a bit more than other brokers. There are some on this forum.
Regards
MartyHi again. I just wanteed to thank everyone who responded to this, I am sure I wasn’t the only one who benefitted from your great replies. As I mentioned, I personally like buy and hold but Andrew (AD) raised a good point when he said that he has tried most strategies. Maybe there isnt a “best” strategy but just “what works for you” type of scenario. Anyway, thanks again to all.
Regards
Marty[
]Hi PJ. Sounds like you are pretty switched on. Already excellent advice offered. As far as Beenleigh goes, I have a little unit there which gives good returns (paid just under $60,000 18 months ago and getting $125 rent a week, and it is probably worth approx $75,000 now).I think Beenleigh is in a great spot to see good future capital growth due to it’s proximity to Gold Coast and Brisbane with good transport available and it also has a village type atmosphere to it. Just keep doing your research and you will be fine.
Stuart; hope you re-read this thread, you mentioned getting a mentor. I was wondering how you approached such people and did they charge you for their advice?
Regards
MartySuppose it’s not too important, but what is difference between the colours? i.e how come some people with the approx same amount of posts can have different coloured stars? This is important to my P/I strategy lol.
Cheers
MartyReally great responses (again).
Westan:
Love your way of thinking
Richmond:
As you say, hindsight is a great thing, but without minor hiccups along the way, I don’t think we would learn what we now know. I’ve said before that when mistakes cost you money, you learn real quick.
MJKMJK:
By the sounds of things, I’m trying to achieve along the same lines as you. I.E set up my portfolio, work on reducing some debt along the way, and probably sell a property or two further on down the track and live on the rents whilst still trying to buy more I.P’s.
Harold:
Could you please elaborate a bit more on what you meant
Keep the responses coming in guys.
Regards
MartyHi Hamster. My understanding is that if you sell, you will pay pro-rata as stated. It should only affect the period in which the house was rented out. Also, any renovations etc can (I believe) be deductable from the CGT. Get an accountant that knows about property investing.
All the best
MartyMs Elvis. Dont assume any of your questions are “dumb” (your word). If you are new to property investing, you will probably come across many phrases or ideas that you are not familiar with. We all learn everyday. If you don’t ask, you wont find an answer. This forum is fantastic for just about any property investing topics.
Regards
MartyThanks for your responses guys. It is good to hear what other people are doing as it gives me (and I’m sure others) food for thought. Anyone else reading this who may wish to repond, please do, by sharing our ideas and thoughts can only make this forum stronger.
Have a great day
MartyHi Ms Elvis (maybe that should be Priscilla). I have some P&I loans and some interest only loans. With my I/O loans, yes, I can make extra payments but unless you are paying a substantial amount it wont make a lot of difference. For example, if you had an I/O $100,000 loan at 6.5% your monthly repayments would be approx $541. If you paid $1000 off that loan, your new monthly repayments would be approx $536. Not a great deal, but I suppose every little bit helps. Speak to your bank/broker if your loan allows you to do this. Hope this helps.
Marty has left the buildingHi Mini. Sorry to read about your situation, but as you said, you still have options (decreasing rent etc). I’m sure things will pick up for you, you sound like a glass half full type of person (as opposed to half empty). Hang in there and think positive.
All the best
MartyHi ya Marcell and welcome, stick around and you will learn a lot more, like the rest of us do. As far as the property market “bursting”, who knows. These so called experts are having a stab in the dark. I dont think they would have predicted 2-3 years ago that the market (especially in Syd and Bris) would have done as well as it has. Your $50,000 is a fantastic effort and is not peanuts. Not exactly sure (but someone on this forum will be) but depending on how much you want to purchase an I/P for, I would have thought that you could get a loan as long as you can prove that rent will repay loan commitments. Probably good idea to speak to a mortgage broker or as I said, someone here will help you, they’re a great bunch.
Regards
MartyAlso, Steve McKnights “FastTrack” audio cassette is good listening and will offer you some ideas.
Good luck
MartyHi Benson. If it is the Invesors Club run by Kevin Young, they have been around for quite a while. Went to one of their seminars once where from memory they encourage you to buy so many properties (7-10 I think) over a certain timeframe (10 yrs?) then when the properties have gained value you draw down on the equity to fund your lifestyle. Sorry my details are a bit scratchy but it was something like that.Whether it is or isnt the same group, just have a think before committing yourself to anything.
Regards
MartyGreat advice already given Sharon, I’d just like to add that as much as I believe in “getting out of your comfort zone” you still have to be comfortable with what you are doing. Do your research (this site is fantastic), decide what you want to do i.e which investment path you take, and go for it.
All the best
MartyAll the very best Mey. Keep your eyes and ears wide open. Hopefully this will be a fruitful new venture for you. Let us all know how it’s going every now and then and who knows, some of us may be able to thrrow some work your way. Once again, good luck to you.
Regards
MartyHi again mpks70. Dont write off so called bad areas. 5 years ago I purchased an I/P (my first actually) in a so called not so desirable area of Sydney. It has had the same tenants from day 1, no trouble and nearly doubled in value. Maybe I’m lucky, but if you take out appropriate insurance and get a good property manager hopefully you will have few hassles. You could buy the best house in an affluent area and still get “the tenants from Hell”.
Hope this helps
MartyHi there mpks70. I too live in Sydney but aspire to move to Qld some day. You mentioned Cleveland and Victoria Pt. Have a look at Redland Bay (same postcode as Vic. Pt and just down the road). I believe it is really growing there and seems a bit more secluded (if that makes sense). I have an I/P there that has seen phenominal growth. Just an opinion but I think it is great both to live there and for any future I/P’s
All the best
MartyI too saw the ACA thing. I’ve never tried a full reno job like these guys are suggesting but I feel that you have to have a “bit of a feel” for the reno scenario and I’m hopeless with things like that so I think I would get ripped off by tradesmen so it’s not for me but in saying that, there seems to be quite a few people doing reno’s and selling for a profit or “creating” capital growth, so good luck to them. Just my 2 cents worth.
Marty
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