Forum Replies Created
MarkyMark,
It’s okay to be an “out-of-towner” but if you add that to being “armed with little or no knowledge” of the area, and haven’t done your homework, you run the risk of being stooged.
RESEARCH, RESEARCH, RESEARCH….ASK ALL THE QUESTIONS BY PHONE FIRST….better a huge phone bill, than huge mistake!!!
Jo
Hey Krazystyler
Sounds great, can’t say for sure at this stage, but would love to join in if that’s okay.
Where would it be held? Oh and if you read my post re Town Population you will know I am in South Morang, but please…..that is nowhere near “the black stump” people still can’t fathom that is just next door to Mill Park….next to Bundoora for Christ’s sake !!!!
Cheers,
Jo
Kay Henry,
Yes, I am sorry, I should have said from when you make your “signed offer” / contract. I don’t know about other states, but here in Victoria, an offer is never verbal, it has to be in writing, and as such has to be SIGNED, and is a legal contract !!
Sorry, I just ASSUMED that the MarkyMark and anyone else out there reading my comment was savvy enough to be aware of this fact.
Thanks for the correction….
Cheers,
Jo
Mysta,
I don’t know where you are from, but if it is in Victoria, then you should be familiar with SOUTH MORANG (just next door to Mill Park, near Bundoora). It is NOT a small country town; oh well maybe 15 years ago, but I can assure you it is anything but small. It may not have a HUGE population at present, but its growth is one of the fastest growing new estate areas in Metro Melbourne. It is one of the only places left (Northern) that still has available land for sale.
There are homes here that range from 250,000 to well into the million dollar mark. My home is on the higher end of the scale, and it can hardly be called a small town residence…LOL Seriously, though, why do people think that if the population is less than 20,000 the town is full of tabacco chewing cowboys????
So I guess I can’t anwer your question adequately Mysta.
Sorry if I have disappointed y’all [lmao]
DAAJ
I do…..3 IPs and my PPOR = outright
Myself only; not including my husband’s assets.
Jo
Saskatoon,
Thank you for your suggestion. Who is Steve Navra and where can I find out more about him first.I ALWAYS make it a policy to research any venture before I head out. I have always been doing things my own way, and to date have done okay, 3 IPs and my PPOR owned outright (debt-free) is in my eyes very successful.
Anyway, please do let me know more about this person.
Cheers,
Jo
You have 3 days “cooling off” period from the moment you make your offer. You can withdraw your offer or reject any offer made before this time lapses, HOWEVER the law (in Victoria) states that this “cooling off” period is NUL/VOID if you seek legal counsel re any offer made to purchase real estate (conveyancer ok, solicitor – big no no).
Jo
Delboy,
I live in a suburb which has less than 5000, when I moved here 8 years ago it had even less. It is now a “hot spot” and is booming. There are heaps of affordable homes, new estates, shops, transport, all sorts of facilities. People are buying here, moving in and renting. I daresay, it won’t stay at 5000 for long !!!
Jo
Look to your real estate sales listed as MORTGAGEE SALE; this is another way of saying the bank is chasing the vendor for their money!!!!
Jo
Guess so Bear1964
Blinkers on and staying on I suppose; they have served me well thus far.
Oh well, guess I will be reading about your successes in the years to come. Either way…
Keep up the good work; whatever works for you.
Cheers,
Jo
Well done !!!
I have had dentist visits that have been less painful (and time consuming) than some of my “personal banker” dealings (even as a gold-valued-whatever-they-wanna-call-me member). LOL
Jo[tongue]
Sorry guys, I am not sure how to get that quote thingy happening, but anyway….
Yes Felicity, you’re absolutely right. Different strategies, and flexibility are the way to go.
DAAJ, that last post of mine was quoting you, as I said, I am not sure how to get the blue box around your comment to hightlight…sorry.
JoBut if you had fifty dollars given to you in cash every week in your hands and you had ten properties each returning $50, would it not be better to take the risk than to be giving that fifty dllars a week to the bank for a long long time.
Absolutely!!! However, how much do you owe for the ten properties? And who is going to pay of the debt; you or your kids after you’ve gone? And when you balance the amount of interest against the cash in your pocket, the sums aren’t as straight forward as some financial guru’s would have us believe.
Look, I appreciate your views and can respect your choice of operation. I do not object to anyone using whatever means they see fit to get them to their destination. My only gripe is….
Please explain (I am not implying you directly here btw) that it DOES NOT WORK FOR EVERYONE.Risk is fine (and healthy) but too much (like anything in excess) is DANGEROUS.
Jo
Bear 1964 (if this is the year of your birth, you are a year my junior !!!)
I have ALWAYS purchased real estate based on proximity to amenities such as parks, gardens, beaches, schools, transport and yes, shops too! Fast food outlets come and go…parks, beaches etc are more appealing – especially to dieters!! LOL
Seriously, a good rule of thumb is access to PUBLIC TRANSPORT; tenants need to have car spaces (perferrably) but more importantly, for those without cars; the ability to get around on PT.
Cheers,
Jo
That’s why BEFORE jumping into o/s investing, one should really do their homework. PMs are not always very trustworthy; I have friends who got burnt by their local PMs, this situation would be magnified if you were on the other side of the globe.
Don’t want to run the risk; buy home-grown !!! LOL
Jo
Hey Bear1964,
My son worked for HJ’s as a youngster, and many of his friends went onto management level….HJ, McDonald’s & KFC have close many of their doors…I know this for fact.
If people base their investments on fastfood outlets, they are a pretty sad munch, and I hope for their sakes, the townspeople never go on a diet !!! LOL
Jo
OMG THE VOICE OF #@!&*%$ REASON !!!!!
THANK YOU THANK YOU THANK YOU ANUBIS…..I thought I was the only one !!!
Jo
Bid1006,
Unfortunately, you will be liable for CGT but only for the period in which the property has been tenanted. Although, I believe that if this period is less than 6 years (will have to check that, as my husband was in the same situation before we married) it is reduced somewhat… will get back to you on that.
Jo
Sorry Sati,
When I said 230 p/w rent is low – I meant for the value of your property (450,000). 230 is fine on a cheaper property…..
Please don’t take that statement as an offense, none was intended !!!
Cheers,
Jo
Hi Sati,
Firstly, let me just say that 230 p/w rent on a property is pretty low (in my opinion anyway!!). I had a similar situation “once upon a time” owning a 750,000 property and getting a ridiculous (but fair for the going rate in the area at the time) 350 p/w. My solution was to sell the property, used the 800,000 (actually got) and purchased 3 other IPs (cheaper areas) @ 250 p/w EACH – okay I have 3 x the expenses, but I also have over double the return as I did with just the one. Growth is important in real estate, but if you are chasing cash flow; your situation may be slowing things down for you.
If you decide to keep the property, at least research some other means of reducing your interest. That I am not not real cluey on (I recommend talking to bank, building society, accountant whatever….) but for heavens sake….rethink you negative gearing situation!
Cheers,
Jo
