Forum Replies Created
stay away from caravan parks. look harder and dont put all your faith in the 11 second rule. its only guide.
phil
great post. i live my life in part by the two rules you suggest. cut bad debt (whats a credit card????[confused2] and save like mad. friends and family come to me and ask how ive been so succesful in getting to where i am today like its some miracle [
!] i usually tell them that its very simple to do what i am doing. get rid of your credit card, live within your means and make saving a priority. only then can one better themselves and improve their financial situation.love the name old school skata….. very clever. and yes i like your opinion about oil prices and property. i hate nothing more than cutting the grass…..
just reiterating what others have said here. GET A PEST INSPECTION DONE! During a routine inspection last year at our ppor, a nest was located and removed. there was some stud damage however nothing major. I don’t believe there is really any cause to panic. Most property’s in Australia are susceptible to termite infestation. As long as you are vigilant and have those inspections done regularly, no big deal..
agree with others here. seems like your expectations are a little unrealistic. on what basis have you come up with the $60000 offer? have other reno-type pptys sold for this? and as foundation so rightly pointed out if you can grad such a reduction on the value of the ppty why couldn’t others post-reno. getting back to your original question, with my experience of low-doc lenders, they are significantly more selective about how and where the funds are used. shop around and you might be able to find a suitable deal.
firstly good luck with your future job prospects.
we are a single income earning family and just this week buy our 3rd property. [biggrin][biggrin] i certainly dont consider myself to be on top dollar either.
you make no mention as to your current property arrangements; do you currently own? renting? etc. if your husband works full time then surely serviceability of the loan shouldnt be an issue, providing he is on a decent wage?
personally though i would have thought that your decision to go full-time into pi would need the support (read interest) of your partner?
i hope it all works out for you. i certainly don’t doubt that if you do have some equity in your home and if hubby has a ft job then you should at least look into a property investment.
i agree, what different strategy???
hi gramyre
in recent forums i too have noticed the `doomsday’ phenomenon, the cycle has reached the top…yada, yada, yada…..
i do agree that as part of ones overall investment strategy risk and quality of investment are two major factors. the other is the fact that if you enter the market at the top of cycle, you obviously will not make as great as return as if you sat around waiting for the cycle to bottom out. and therein lies the problem. wait with the possibility of missing out on a good buy or sacrifice short term gain and buy at the top?
despite all the negativity around the place i’ve decided to start my portfolio this year. i know im unlikely to see any significant cg in the short term having bought in Tasmania, my objective is to buy and accumulate.
so how did i go? well i settle on the property tomorrow, tenants are already in and the ppty is +cf.all in all im pretty happy actually. [biggrin]
if the numbers stack up, if you dont buy somebody else will buy it thats for sure! good luck.the `bad’ debt problem in this country is staggering. why the hell do people need credit cards anyway???? i consider myself as someone in a reasonable good financial situation and refuse to have a credit card. in fact i dont have any bad debt and so i sleep very well, thank you very much! the thing that really p’s me is the number of letters i receive from banks (citibank, virgin money, amp etc.) each month offering me a credit card. maybe if they stopped doing that (read, banned) then maybe we could see a reduction of this ballooning problem.
ahhhh, spanky…. never a truer word spoken. well done for speaking out like you have. i too have times become a little `over’ the opinions of some who say that buying at the top of the cycle is not a good idea. for who? i am yet to meet someone, anyone who proclaims that they know the timing of the property cycle. i say as long as the numbers are right and the property has relatively sound growth prospects, GO FOR IT!!! I am sure there are plenty of professionals here, and thats great but we all need to start from somewhere.
welcome vjm to the forum. like you im pretty new also, and learning heaps. however it views like that of torachan which lead to confusion im afraid. whatever happen to the golden rule of property investments which says that it should be a long term investment, 10-15 years or more???? if thats the case it surely shouldn’t matter that you buy at the top of the cycle or at the bottom?? torachan believe me when i say that i respect your opinion, however i think your wrong on this occassion. and besides everybody has different risk profiles. dont be discouraging people from doing something positive for their family.
hi ref
i really think you need to be speaking with a qualified financial advisor. i dont think this forum will address your overall financial position adequately.
if i was to offer you advice on the property, it seems a little odd that you are renting and paying off an investment property?? i think if i were you i move into the property and with whatever savings you make from not having to pay rent plough them into paying off your debts. once those debts are relinquished and with the equity that you hold in the property you may even be able to purchase an ip???
hope all works out for you.
eric.
zac-moose, sorry to rub insult into injury, but not knowing your personal situation, like most here i would have thought that the rent in the bank was necessary to pay your mortgage payment (unless you own outright???) in this instance if the rent wasn’t in the account i too like others here would be having some very stern words with the pm to find out what the hell is going on…..
hi brad,
like you i started when i was around 18. i too found it difficult initially to get anywhere with the banks, esp. on my own. after speaking with my fathers bankers i was able to get something arranged. my advice to you is that it certainly would be possible to do something. check your numbers and get in touch with a broker. try to build a good relationship with this broker as they will be invaluable in your future investment decisions. good luck, i hope you find great success with your decision.
that doesnt sound too bad. anywhere up and down the queensland coast is a good investment i think. i agree that it may have had its run. as for positive cashflow, i think it would barely scrap in. not including rates, maintenance, strata levies??? you have a positive difference of $3380 (based on 6.5% int.rates). still better to be slightly positive or breakeven than negative if there is a reasonable prospect of cg.
finding +cf properties in todays environment is like trying to find a golden egg!! well done for asking the question, however i hardly think you will get people on this forum telling you where to find the golden egg. i think now investors need to make investments +cf by identifying growth areas, negotiating the right price and obtaining the best finance for your particular situation. there are other things that one can do to make an investment cf+. good luck.
i just bought a property in tassie, and the agent was asking for a deposit with my written offer. I rejected this request and advised them that upon acceptance of the offer by the vendor, then I will send my deposit. not sure about anyone else, but prefer MY funds in MY account rather than funds floating around…..
hi ty! thanks for your feedback and wishes. appreciate your view.
hi all
my first post here. great to see such a vigorous forum dealing with property investment. i kind of wish now that i read a few of the comments regarding investing on the west coast of tassie before buying.
so yes ive just bought a 3bdr in q’town. on a good note, the vendor will lease back the premises for $120 p/w for the next 12 mths. the numbers show that the investment will cost me $4.37 p.w. that doesnt include any maintenance. its the proceeding 12mths that concerns me. there seems to be quite a lot of negative sentiment on these forums about investing on the west coast.
this investment was always intended to be a long term, hold position. i am concerned though about long term values given that the population there is so tied to a mine that is run by a company that recently crawled out of liquidation. i hear that the ecotourism market is growing.
i would love to get the forums long term views (+10 years) on the area, particular of you that live on the west coast.
cheers
Eric
!] i usually tell them that its very simple to do what i am doing. get rid of your credit card, live within your means and make saving a priority. only then can one better themselves and improve their financial situation.
