Thanks so much for the replies!More than a little helpful. I just got off the phone to the bank and I can confirm that it is a 60% LVR and the best(well cheapest) way would be to secure it against another property for achieve about a 1.6% discount in rates. Might pass this one in, but thanks again, ill certainly be referring to this thread again…[Read more]

Hey all,Been taking a keen interest in this area recently……..Not a local to the area(lived in Toowoomba for a few years),Why is Wandoan seen as the better investment location? Miles, Chinchilla and Dalby seem to ping up on my radar a little more prominently due to the planned infrastructure. Granted the 'boom' if such would come is a little…[Read more]

kameruka,Just a few questions, I looked at Detroit real estate a little under 12 months ago, at that time there appeared to be a lot of people leaving Detroit due to employment problems. As a result , properties were (and still appear to be dirt cheap).Do you think this has changed?There are multiple companies similar to this one(possibly better…[Read more]

Can  i ask where the land is located?Perhaps A kit home or a rentable transportable home could be a cheaper option? I know that there are business hurting in these markets and there are some good deals going.Cheers,Mick

If your going to restrict yourself to qld……Maybe take a look at Toowoomba. I think its still relatively good value with potential growth, low vacancy rates and decent returns.I just had a tenant move from Brisbane, based purely from the 'value for money'…. or maybe my rents are too low. Anyway take a look. Im also looking at smaller…[Read more]

Hey,There are a few more variables to add to your analysis….Management fees, rates, insurance, nil occupancy periods, maintenance and with the finance LMI and stamp duties etc etc.I admire your enthusiasm, however going into(by my calculations) over a million dollars debt within 18months puts you and your partner at massive exposure to any…[Read more]

Thanks for the responses!I will adjust my shopping criteria accordingly! :pCheers Mick

Perhaps a vendor finance option would suit, as the property is open to tenders?If, the property is worth what you say it is and the value of your assets is reasonable(i dont know enough about either).maybe you could offer the vendor 50k at settlement, 40k 3 months after settlement and the rest after 12 months? I have only read about these deals,…[Read more]

ok, i just found the property….. curiousity is a hell of a driving force!Dont worry, im not about to put in an offer! :p I think i understand why you dont want to disclose the location. With such a small population, anyone offering a finance solution to you, may themselves have difficulty getting finance in such a location from any bank. I…[Read more]

Spudway, i understand your concern with not disclosing the property location, but if you have already placed a deposit and have a contract you wont lose the property. The only reason i suggested disclosing the location is so that people can look into the whole situation in its entirety so that they can make any offers/suggestions based on that.…[Read more]

Hey Spudway,Can you please disclose the location of the property and if you know the approximate town population? as this will affect financing options for most of the people on this site.If there is a link to a website marketing the property this would probably be best.Are you staying on the pension or will you be seeking employment in the…[Read more]

Hey Sanjay,IMHO Capital value is worthless, unless you can use the equity to re-draw or resell the property for that capital value…..Im pretty sure(depending on the local council) you pay more in rates for an increased capital value. Not 100% on that though.Capital value is probably only valuable to a real estate agent trying to sell a…[Read more]

I had a similar situation, however in qld a couple of months ago. Vendor was going to auction but the agent WOULD accept a finance & bldg/pest clause as long as the contract went unconditional before the contract date. I can understand that there is money involved with advertising an auction and why they would want the guarantee of going one way…[Read more]

Hey Shanes388,welcome to the forums. Just to confirm, you achieve returns of 30% per month? Forgive me but you may have done more damage than good with claims like that. I am very keen to be proven wrong though.CheersMick

I had Terri Scheer insurance recommended to me by a friend…..I changed from Allianz because I felt they had really poor after sales care. I tried to lodge a claim and kept getting bounced around departments until i gave up. Another time i wanted to clarify what coverage I had with them and they couldnt seem to answer me, i felt like i was…[Read more]

Hey Mark,Im afraid my help is only limited, im not sure how you would go about finance for such deals in a trio(1 with a bad credit rating?) with regards to best structure for tax and business reasons….Sub-division and improvements to a lesser extent come down to local council zoning. This varies for all locations. Basically as a general rule of…[Read more]

Richard,Thanks for the reply! really helpful. Just to confirm that I am understanding you correctly, Basically with a $75k deposit, possible finance would be around 300k for purchase of pre-built block of units and slightly less if getting finance for construction? all of which would be with smaller lenders? im guessing that on such an LVR no LMI…[Read more]

Cheers, i agree, I was trying to work off the assumption that it would get completely dropped(the FHOG) as has been suggested previously in this thread. The way i see it, 2 Scenarios Scenario 1. Reduced FHOG, lower property prices and lower interest rates will see more FHB return to the market….. either propping up prices or at the very…[Read more]

Forgive my potential ignorance. At the lower end of the market: Less FHB = Drop in demand = Drop in pricesSo all the future first homebuyers will continue to rent, forcing demand up(and $$) in key locations for suitable properties.This in line with Lower interest rates(yes i realise its only temporary), while there may be capital losses, your…[Read more]

Had a WRX 3 years ago, insurance as a 21yo was over $3k/yr Sold it to help with deposit on first home. Downgraded to a an 89 Mitsubishi Galant. $2500Up graded more recently a 95 Mitsubishi FTO(import rice cooker) for 10k.Personally, Id prefer finance on property rather than finance on a vehicle…. For oh so many reasons. Sure I dont drive the…[Read more]