Forum Replies Created
i do as robert has suggested as well. this works well. other than than check the Microsoft Office Templates website. All sorts of templates including real estate types you can use
http://office.microsoft.com/en-au/templates/default.aspx?Application=OF&Ver=11
Ericlol, i knew you were taking the p***!!!! hey thats ok. i call it `shambletown’ sometimes. my office is in mascot, so i don’t get to see what happens there all the time. you still see the `flannellette-shirt’ brigade, albeit in dwindling numbers, and the odd 13-14 y.o. walking around with baby. but if you see my original post on this topic, i did say that EVERY area has its problems. And you do get little `pockets of resistance’ in every area. My wife came from good old La Perouse, so I recall the problems with Housing Comm in Malabar etc. Slowly but surely though, the Govt is breaking up these ghettos (eg. Airds in Campbelltown) and dispersing them into the broader community. This is the way to go. Eric
i must confess. i was born and raised in the east. with a young family had to move out to `greener’ pastures (due to affordability). i used to say to friends coming from the beyond the princess hwy, `wheres your passport??’. i agree that there is a stigma about c’town, but really i have come to like the area and its now very much home. we will be moving back to the east as soon as we can afford it. i think you will see things improve sooner than 10-15 years, but lets see.
get your finances in order first. then you know how much you can spend.
Robert, usually I like your balanced views but your last post is about 10-15 years behind the times and inaccurate (I for one don’t smoke anything). Whats having to show ID to a taxi driver got to do with the reputation of an area???? I think you’ll find that in terms of affordability regions like Campbelltown are becoming very popular due to the relative ease of getting into the market, particularly for fhb’ers. The reputation that besets the region has changed. You’re probably talking to too many snotty nosed north shore types who think there is a great big void past the cbd!!! Oh you should probably also check your facts as well. Crime in the area has actually decreased over the last couple of years.
kay, hope you didn’t take offence to my inclusion of you in my last post. Your motivations for living where you do are non of my business, however its hard not to miss the changes happening in and around Redfern in the last few years. And your right. Sartor and his spikey haired predecessor Clover (can’t stand that woman!) have done a swell job of `cleansing’ the place haven’t they??
so you have around $20K? that ain’t enough really when you consider that for a $200K property (an older style townhouse in say Campbelltown) you need a deposit of around $40K, unless you go for 100% financing. have you considered interstate??
fluffy, on what basis could you possibly say that Campbelltown has a bad rep. Do you live here???? This discussion is really hopeless. As Kay said earlier, she lives in Redfern. Redfern is slowly becoming like Newtown and Paddington. I assure you that in every suburb you have problems, and areas within suburbs that you probably wouldn’t invest. But if you’re a serious investor how can you possibly discount a WHOLE suburb. In Campbelltown there are some excellent opportunities for investment. Ask me, I know! For anyone thats read `0-130 properties….’ remember Steve’s experiences in Ballarat??? Be careful what you discount people.
well said sue! How very true that remark is!
Cashpoor, by what criteria are wanting to exclude suburbs???
Eric
Hi Matt,
As an owner of a good, solid, +ve cf property in a small mining town my advice to you would be to tread carefully. Knowing what I know today I probably would not have bought this particular ip given the low prospects of growth and uncertainty about the longevity of the towns main source of employment. Mind you I don’t totally regret this investment as it was a good start to building my portfolio. I’m buying another ip soon and will not be purchasing in the same area for above reasons.
Eric.
hi damo,
Can’t knock you for your drive and ambition!! Good on you!
I personally have not ventured down this path. Thats not to say that I would gleefully drop my high paying, highly stressful job at a drop of a hat if i had a string of ip’s making money!!!
I think it takes great big kahoona’s to chop off your only stream of cashflow to take up renovating full-time. Could you not do a couple/few reno’s first while working at your ft job??? Not sure about your comments about having multiple ppor’s too.
My advice damo is this. Start off small. You already have a growing portfolfio. Build on that. best of luck to you.
Cheers
Eric
i don’t believe this! The man is dead. Whatever happened to rest in peace!!!!! Sure he did some inexcusable things but has he not now paid the ultimate price??????
Same too with the death the other day of Sir Joh. Can’t believe how some small minded people who had a problem with the guy 150 years ago still begrudge him after his dead??? None of us are angels. I think once someone has died, and you can’t say something good about the person, be respectful and keep your opinions to yourself.
my pleasure
Originally posted by kay henry:neo,
I just wanted to make comment on your LVR calculation, because I think sometimes equity is seen as more simple than it is. Can someone *please correct me if I’m wrong about this, but I wanted to mention it because it does make a difference on how much useable equity one can have to make new purchases.
Caitlyn has about 1.4 million in property, and owes about 700k. However, assuming she has to have an LVR of 80% to call off the debt dogs… then she would have to have at least 20% of each property *purchase* price (not current valuation) in reserve. If she purchased her three properties for, say, $1 million, then she would have to have 200k remaining in the loan. She would have to minus this amount before she can determine equity.
On paper, her situation looks good, but when you add that 20%, it looks very different.
kay henry
Hi Kay,
I disagree with you. Equity has for me always been calculated using current valuation. I don’t see in what circumstances you would even need to work out the equity on the purchase price. Maybe if the current valuation of the property was, God forbid, less than the purchase price???[shocked3] I agree that some of us here (not me, ofcourse!) have hocked ourselves to the point of being a breath away from being eaten by those `debt dogs’ you describe. I hardly think Caitlyn is in sight of those fangs! Keep smiling, Eric
in the current issue of API there is a pretty good write-up on feasibility studies for small developments including steps on how to write one up, particularly if youre presenting one to prospective financier’s etc. Eric.
Originally posted by The Mortgage Adviser:Neo, do you think your friend would be happier doing exactly the same without using a LOC and at a lower interest rate?
Robert Bou-Hamdan
Mortgage AdviserI guess so Robert?? You’d have to ask him. I take it you’re not an advocate of loc’s???
trisha,
your total lvr for the 2 properties is 34%. you certainly don’t have problem with being able to purchase another property (assuming you are earning a decent income). like others have said here I believe you need to think about your investment and personal goals are. property is merely a vehicle to get there.
a friend of mine quite likes the set-up he’s using now which involves having an loc attached to the loan of the ppor which he then uses for deposits for ip’s that he buys. the balance of the ip is financed with a regular i/o only. he tells me that he is very strict with how he uses to the loc, with drawings only made of an investment nature only. no personal expences allowed. I’ll be adopting this structure just as soon as I can build more equity in my ppor. Eric
something is certainly not right in your numbers. can’t give you any pointers without knowing all the figures. can you supply these??
