Forum Replies Created
- Scott No Mates wrote:If you’re considering a course without the bs try http://www.oten.edu.au & look up course 32000 property development & investment.
Course is delivered by TAFE on the web & is self-paced.
Has anyone done this course? Although I’ve never done one, I generally think of TAFE courses as being fairly useful so would be interested in hearing opinions…
DetroitDan9 wrote:MrUnique,I have never seen a house in Dearborn for $1000! If you did you found the deal of the century. What is the address? I would love to check it out.
Have sent you a PM.
I’ve been looking at some Detroit properties this morning and am seeing houses for $1,000 – and there’s nothing to say that that’s just the despoit, etc. These homes are in Dearborn which I though was a good suburb based on the above posts. Can house prices really be so low or am I missing something?
I’m also wondering the same thing. All I can think of is that builders will be kept really busy, leaving an absence of new properties being built…
Well I'm going to his seminar tomorrow here in Brisbane, so perhaps I will jump online afterwards with some questions. I'm really looking forward to hearing his opinions, even if he is just a 'salesman'. He seems to know enough to be an authority in my eyes (although of course, I wouldn't trust him or anyone blindly without doing my own research).
Dave.
Thanks for the link W4L. I agree that his books get quite repititive, but I've read three or four of them now and have always enjoyed them.
I, like many others, began my journey to financial freedom after reading Rich Dad, Poor Dad. Can't wait for this one to come out!
Cheers,
Dave.
Thanks for the quick response. One place I've found apparently has no management fees, plus body corps are only around $2k, with returns of just under 15%! I will be making further enquiries into this property but, as I said, it just seems too good to be true.
Hi Neve
Well I actually live in Redcliffe and am fairly familiar with the property market there. I drive to the train station as Victor suggested, and actually enjoy the whole trip. I could quite easily afford to live closer to the city, but choose not to for the lifestyle I have in Redcliffe. And yes, the bridge duplication should make a VERY big difference.
As for property developers going bust there, I've spoken to quite a few who are merely on hold for the time being until things settle down. In fact, a huge new development is being built right near the 'cbd'. Plus I spoke to an agent a couple of weeks ago who confirmed the market there for cheaper properties is still very strong.
I think you'd struggle if you were looking for high-end properties, as there's perhaps too many, but for lower-priced places I think it's great. I plan to focus most of my attention there in fact.
Oh, and there are rumours about a $500million hotel/marina being built in Clontarf. Whether this actually happens or not, we'll see, but if it does it should really make a huge difference there. Fingers crossed!
Let me know if you have any questions about the area.
Cheers,
Dave.
I don't think Steve owes anyone in this forum a responsibility to pass on his advice, so when he does so, whether it's early or late, I think we should all be thankful that he's doing it. We're not paying for his advice…
I for one appreciate him confirming that the mining ares are unstable at the moment, even if such opinions have been around for months.
Dave.
kitwalker wrote:now my question is, i dont have the $19K in cash……does that mean even if do want to go ahead and pay that difference, can the $19K be added into my new loan amount? Or will I actually have to have the cash to pay for that?I was told by my financier that I would need to pay the money upfront, but then she made a quick passing comment with words to the effect that that could be negotiated… so I think it's possible to have it added onto your loan, but you may need to speak to someone with some authority to arrange it. I would've thought the financiers would be happy to add it on, as they will be getting more interest by having the loan increased!
Cheers,
Dave.
carlin wrote:Thanks for that info.When you talk about exit fees are you talking about the fees involved in going off the fixed rate (which I assume is now higher than the variable rate) before the term ends?
cheers,
CarlinCarlin,
Yes, the fees are mostly exit fees to move from a fixed to variable rate before the fixed term ends, as ING would be losing lots of money by me moving over. But my figure quoted also includes fees for moving from P+I to just I only, as well as consolidating two loans into the one. Their fees seem to be about $250 for each change to your loan you want to make.
If I could start again I definitely would've structured my loan differently, but you learn by your mistakes so I'm not fussed.
Hope that explains it,
Dave.
Terryw wrote:exit fees?Hi Terry,
About $14k all up. I knew it was going to be quite large, so wasn't particularly shocked. Am now just doing the number crunching. It seems that if we can get the $14K added onto the current loan, we will be able to save ourselves about $80/week. Trying to work out if saving $80/week is worth having an extra $14k tacked onto the loan… giving me a headache!
Dave
Hi Carlin
My wife and I are with ING Direct with a fixed-rate P+I loan for our home and have been very happy with them. We also added a 2nd mortgage for personal reasons about 6 months ago and all went smoothly. We are now looking at switching over to a variable interest only loan and can't expect to have any problems.
Just make sure you go through all the paperwork carefully and if you're happy with the rates etc, I'm sure you'll have a good experience with them.
Cheers,
Dave.
-1113.
Hrmmm.
I really need to start working on my investments!!! Bring on 2009
Wow! Certainly a lot more confusing than I originally thought.
Could you clarify what you mean by: "They would then divide this figure by the monthly factor of Principal & interest for the interest rate + say 1.5% (Maybe $8.34 / 000)"
I'm not sure I understand what you mean here…
Thanks!
Dave.
Hi Eddie
I don't suppose you're a co-author of certain series of books, are you?
Cheers
Dave.
eddiec wrote:There may be a way to achieve negative gearing by way of a "gift and loan back" arrangement even if the trust does not have any income. It involves buying the property in an individual's name but having the trust take a second mortgage over the equity in the property.You need to talk to an accountant and/or a lawyer to investigate if you could use the arrangement in your specific circumstance.
Eddie
[email protected]
