Forum Replies Created
Hi Shane G,
There are two major reasons for people not telling you directly where to invest:
1. Because that depends on what your specific needs are, i.e. do you want CF+ for the sake of money in your pocket, or are you happy to have a neg geared property (sacrificing a little in the short term) for greater growth down the track???
2. Most “experienced” investors recognise the benefit of doing their homework and the value in researching areas of investment interest, and as such will often guide you, but they won’t “spoon feed” you!!!
Why not try….”what do people think of X?” and see what feedback you get. Most people are happy to give examples if you ask them, but the real homework is up to you; you have to do that for yourself….that way you’ll make the choices that are right for you (not for us)!!!
So you see….No one is ignoring the “where is??” question, it is just answered differently to how you(obviously) would like to hear/read it!!!
If you ask often enough, I’m sure sooner or later, you’ll get a response!!!
Jo
Hi Aafreen,
The reason I mentioned Frankston was because I recently purchased an IP there, and Yack is very versed with the area, having lived there. Frankson is not everyones ideal investment suburb, and certainly there are good and bad pockets within this city. North Frankston for instance is still very very cheap (but still a bit of a “rough” section) which has homes (some ex-housing commission, not all) that have rental yields higher than other parts of Frankston, and indeed many Melbourne suburbs. But this is not to say, they are the ONLY ones. My preference for Frankston (particularly South and Central) is because Frankston is set to gain substantial growth as the rsult of the new marina and the Frankston-Mitcham freeway, as well as other infrastructure plans in the near future.
There are many “undervalued” areas in Melbourne, which have yet to experience growth spurts, some of these have been tipped for considerable growth over the next decade, and I specifically want to emphasise DECADE because property investing is a long term exercise….people who expect to buy and hold for short periods on the hope of getting rich quick risk getting burnt, and unless they know their areas of interest to the letter, stand to lose a great deal of money!!
As I said 300K gives you a great deal of options as there are still many quality homes in this price range. What you need to ask yourself first (mainly because you are looking to live it in primarily, and as such people tend to be more critical; because it is for themselves) is WHAT do you want, house/unit, new or established areas, are you predominantly wanting CF+ or CG??? As I mentioned in my last post, look at population sizes (declines/increases), infrastructure plans (council sites), socioeconomic breakdowns, surrounding industries/commercial business, transport facilities (some areas are poorly serviced, making renting less appealing to some tenants) and the list goes on…..
But do be kind to yourself, don’t rush, take baby steps….write down all your questions, post them on here (one by one if need be). I am sure everyone will do their best to oblige in helping you find your way. But at the end of the day, we are mere mortals just like you, and can only give you OUR opinions often biased by our own indiviudal set of circumstances.
And no; you’re not being lazy at all !!! Just inquisitive; and that is healthy!!! [thumbsupanim]
Cheers,
Jo
Hi rachderick,
Differences can work to your advantage, they can save a marriage (but not necessarily your sanity!!!) When it comes to property investing, my husband is the conversative one, and I am the more passionate, or as he would call it “fanatical” player in the game of real estate. I am the one who spots, researches and enquires about them, then we inspect them together, and discuss (well, argue mostly!!) about whether it’s a “goer” or not.
As frustrating as it can be at times, I am grateful, because if it wasn’t for my darling literally tearing me away from numerous properties at open for inspections, I may have made some dreadful mistakes (yeah right!!!)[blink](Bless Him !!!!)
Like just recently, I wanted to buy a block 10 of units, but his fear of huge debt made him tremble at the knees especially when I pleaded “but honey, they’re so cheap, only 150K each if you buy the lot” at which point he turned a ghostly shade of pale and walked off on me!!!
[blush2] I shouted after him….”Oh well, I take it that means no????” Go figure……Jo
Hi and Welcome Peter,
I look forward to reading posts both to and from you, in what I think (this) will be a very interesting section!!!
Cheers,
Jo
Hey there rpdatareports.com.au
That’s great news (especially for us Victorians who were starting to feel left out)!!!
Many thanks, [thumbsupanim]
Jo
Please don’t misunderstand me Yack; I couldn’t agree more!!! My home may have tripled in value, but in comparison to properties in inner suburbs (I sold one in Nth Fitzroy for 925K) it just cannot compete, nor would I expect it to!!!
It would be like comparing apples and oranges!!
Besides, you know me Yack, if I had my way, I’d buy up all of Frankston/Mornington; now that’s MY cuppa tea!!! [lmao]
Hi Bennido,
I understand both Yack’s view and share yours; as I too live in a still reasonably “newish” estate. My home, as with many of those that surround it have skyrocketed in value, and this tends to happen more as the estate fills up.
But they (new housing estates) are not everyones cuppa tea; and that’s cool, especially if you don’t want to be around young families (who are the ones that tend to buy into them).
It suits me, big house on a huge block now worth 3 x what I paid to have it built; can’t ask for too much more than that hey???
Each to their own I guess!!!
Jo
Hi Deanna,
The more I read these posts, the more I am convinced that you need to look deeper into this area; it sounds way too risky for my liking!!!
I personally wouldn’t throw good money on a whim; 50k can work better for you in an area which has more potential; of course you may need a bit for funds, but it doesn’t mean you risk losing it all if there is a mass exodus!!!
Don’t misunderstand me, I am not doing a 180 on you here; I said it was too difficult to call in the beginning, and even after you have provided us with a bit more info, I still think it is a hard call to make, although I am now more leaning towards the GIVE IT A MISS side of the fence!!!
Pay particular note of HotRod’s post; getting on the ground “talking to the locals” is a very valuable exercise for the savvy investor; buying site unseen is fine (and can work well) however, nothing can compare to seeing things up close, and what better way, than to drive through the streets and talk to your neighbours!!!
Either way; it’s your money, and ultimately, you’re decision.
Best of luck,
Jo
I have to agree, these areas are lovely!!!
I sold a place in North Fitzroy for 925K and although it may not have fetched this kind of figure in today’s market, Fitzroy (including Nth) still have high price tags attached to them due to the fact that they are inner CBD suburbs. I grew up in Fitzroy, and boy it has changed dramatically since I was a kid; very cosmopolitan these days, and unfortunately not too many 300kish properties around, even in its surrounding areas like Brunswick, Clifton Hill and/or Carlton.
Northcote and Thornbury both lovely suburbs, which have seen fantastic growth over the last decade; but unfortunately as they are also neighbouring suburbs to Fitzroy still attract a high price tag (not as much to in today’s market) but then they do have a lot of character and full of beautiful old world charm!!!
If these sorts of areas appeal Aafreen, I would suggest you check out say Thornbury or Preston, maybe even Reservoir as these suburbs are still escalating in value and have slightly less expensive prices attached to them.
When you do your search, try http://www.realestate.com.au and select a suburb (i.e. Fitzroy or say, Sunshine) and don’t uncheck the surrounding suburbs box, that way you can compare the homes in nearby. It’s always worth a peek!!!
Cheers,
Jo
Originally posted by Aafreen:you have not mentioned about Point Cook or Caroline Springs or Laverton. What is your opinion on these places ? I have seen some 3 bedroom houses (around 300K) in that area.
These areas are all worth further investigation, and I think that there are many entry level properties for first time investors or home buyers in same. Again, I’d encourage you to search the net for info on these areas, that is type in (for example) “Laverton” and see what you come up with; plus check out the local council website; how is the infrastructure, what population movements have occurred over the last 12 months???
All the best, feel free to PM if I can be of further assistance.
Cheers,
Jo
Thanks Jars,
Your honesty is appreciated, as is your open-mindedness and understanding that I had no sinister motive in asking (what was IMHO) a very simple question.
I am pleased you took away vital information which will help you to work towards your goals.
I hope the same can be said for all who attended.
Cheers,
Jo
JetD,
Although I am no longer a moderator (my choice) at the time Steve announced his seminar, I was not one of them who was extended an invitation (as I understand in error). Nevertheless, I have no issue with this at all, and was merely enquiring as to how the day’s events unfolded.
Richmond,
No, you’re absolutely right $500 is not a lot of money in the scheme of things; certainly not expensive for a seminar. However for the sake of just a “get-together” it could have been a lot cheaper to hold a BBQ at the local park or book the bistro at the local pub. Basically it was just my way of saying, yeah that’s cool that everyone had a good time (I am pleased to hear fun was had, friends met and made etc) but DID people feel that they actually gained value for their money???
Where is the harm in asking that??? Chill guys, I am not asking for any deep secrets to be divulged or restricted information to be freely conveyed to the rest of the forumities who couldn’t be present for whatever reason. I meant no disrespect to Steve or anyone else in asking this, and if anyone took offense, I wish to apologise accordingly!!!
Cheers,
Jo
P.S. Thanks for the elaboration of the days teachings Jars11, although I was not expecting such a detailed review. Sorry, I edited this (post) after I noticed you had put up your thesis!!!! [lmao]
I think there will be/is a lot of “off-loading” in the pipeline!!! [blush2]
I agree Westan; so far it sounds like it was a very pleasurable (albeit costly at $400ish) “tea party” get-together type do!!!
Surely, SOMEONE can share what value they took away from it other than the ability to put a face to a name on the screen!!!
Anyone?????? [blink]
Hector,
Apart from talking to experienced “student accomodation” property investors such as Simon (MortgageHunter) and Jars11 from this site, I would recommend you do a search under “student accommodation” as I am sure this topic has been covered before.
I also agree with Acey in that students are ‘seasonal” to some degree (no pun intended) and as such you need to take this into (vacancy rate) consideration.
I have had students renting from me before, certainly not in a “room by room” set up, with both positive and negative results, as may occur with any tenant. Their needs are somewhat different to normal family/singles types, as stated by Pepper, many of them don’t drive hence you may not need to provide car garaging/spaces, and/or may wish to supply internet access, but all in all, they are no more “riskier” than anyone else.
Cheers,
Jo
Hi Aafreen,
This is right up my alley, as I too am a Melbourian!!!
Firstly, there are many areas worthy of consideration, and if you are going to be living in it for while first, may qualify you for the FHOG which can total a nice little 12K sum towards its purchase!!!
I could name at least half a dozen areas in Melbourne, including ones I have invested in personally, however it is YOUR purchase and has to be areas that YOU feel would suit you.
The kind of money you are talking is fine in obtaining a reasonable place in many areas, but a lot depends on where you want to live for the next 2 years whilst occupying same (and travelling to/frow work etc). Some bargain areas include Werribee, Melton, Sunshine (West), Epping, Thomastown (North), Frankston, Carrum Downs (bayside) and there are many others.
My advice would be homes near parks, shops, transport and schools are always a MUST. If you can get one near a beach, even better!! Try http://www.domain.com.au and select the “suburb snapshot” and use this as a starting point, look at population, median house prices and cultural breakdown…it’s worth a peek!! Research the net and try and see what the council for areas under consideration have to say about present and/or future infrastructure (very important).
Remember, take your time, do your homework and look at lots of places, talk to people and ask lots of questions before you sign on that dotted line, and part with your cash!!!
Good luck and happing investing!!!
Jo
Hi WAF,
Yes please do let me know; I personally would be interested to hear how you fare in this, and I think it would be good for all in here to know as well.
No offense to the RE, but he/she is an RE and unless they have legal knowledge, are just speculating.
Good luck,
Jo
Hi WAF,
I’m not a legal eagle hence this is mere guess work (so please bear with me)…..
I would ASSUME that if the law states that a certificate of completion is required before occupation is permitted (Certificate of Occupancy???) that you have enough grounds to delay settlement until this certificate is issued, and it is the builder’s responsibility to ensure all work is done to bring the building up to speed!!
Without knowing all the legal loopholes, I would say you have a good chance at not only delaying settlement, but also asking for compensation of rental lost as the result of not being able to take possession. I know that was the case for me personally, when my builder was late in supplying same!!
Yes I know….[blink]
Please seek professional legal advice!!!
Keep us posted!!!
Jo
Thanks Deeana,
Your information changes things, try the link provided in my first post, as WA is accessible in the rpdata reports. Seems as though you have done some homework already; good to see.
Good luck on your investing!!
Cheers,
Jo
Hi Westan,
Guilty as charged!!! [lmao] You’re absolutely right; my situation does not (and cannot) compare to “smaller towns in Victoria” – definitely my mistake!! However, depending on where in VICTORIA Deeana is referring to, will make a significant difference in being able to make a judgement call on the feasibility of investing there.
Nevertheless, as I have said repeatedly in this thread, the information provided is severely deficient, and pure common sense would dictate that making an educated call is near impossible, and to imply risking good money is extremely irresponsible!!!
Jo
