Forum Replies Created
Hi Jacqui and Corey,
Nice to hear from you Jacqui, it has been a while. I totally agree with your 1st comment of openly publicised so called hot spots and by no means would i ever venture into anything without thorough research 1st. It is a bit of a worry having all your eggs in 1 basket as you say, because I have my PPOR in the same town as my IP, therefore already a bit of risk there. Even though my IP is doing very well at this stage, (only had it 6 months), has a net yield of 7%, has good tenants which moved in 1 week after settlement and it is in very good condition so hopefully not needing to spend anything on it for a while, touch wood. The town is not doing as well as I would like it too at the moment with a lot of local mining jobs going and a lot of rentals on the market . In saying that, there are also plenty of positives in that there is other industries other than mining so it is not a 1 industry town. Also plenty of new developments are going up so someone must know something and median house prices have remained steady throughout the coal sector crash. I know investing carries risk, but I am 1 for spreading it which was my main reason for the initial post. In saying that if another opportunity came up here that was too good to refuse I would not hesitate to go for it because the area will again go through its property cycle like every other area. From your comments Corie I can't help to wonder if you are a local too.
Cheers Troy
Richard
Thanks for the update on NAB, wished I had known that previously but what is life without a few learning curves. I know we are sort of stuck between a rock and a hard place on this transaction but I am going to try and make it better for the next one.
Terry
I know that banks ask for guarantees as a standard practice however I was gullible in believing that limited recourse borrowing is just that and was quite surprised when they said that they would/could attack personal assets if default happened and they couldn't recover the money they were owed with the security property.
We were planning on removing my wife totally from the fund leaving me as the sole director and sole member. If that were to happen and basically I own everything in the super fund and my wife owns everything outside the fund how could they then attack and personal assets of mine if I was to guarantee another loan as I would not own anything (on paper anyway).
Hi Richard
The loan is with NAB
Hi Guys,
Thank you very much for taking the time to comment on the above topic. Any advice (good or bad) received is gold in my eyes to help make decisions. I feel out of my depths on here sometimes, however once I take that 1st step and buy a property I will hopefully be on the way to financial freedom. I am by no means greedy and don't want to own a thousand houses, but I do want to work towards a relatively stress free retirement which will hopefully see a nice passive income coming in each week to live off and set my kids up once my wife and I finally do go.
Cheers Troy
PS JacM I might just take you up on the offer of the PM
Thanks guys
There are some good tips there like having a definite time frame and giving the RE agent the verbal agreement of the next sale of the property. Also I agree callmeles we are definately in it for ourselves and who really gives a hoot what others think..Amen to that…lol
Cheers Troy
Thanks Richard
I am just trying to get a guage on initial ROI and then take into account other costs like rates, interest, insurances etc
Cheers Troy
Thanks Terry
Obviously I am trying to think outside of the square but it is very interesting to read comments about other companies/trusts who have had the same idea. Going by what I am hearing it may be more trouble than what it is worth to be honest. However not to worry it is not going to stop me from doing my own work and save some money.
Cheers Troy
Newcastle Knight
Thanks Scott
It sounds like it could be a lucrative little set up if done and managed correctly.
Troy (Newcastle Knight)
Thanks Terry
Is that the 6 year rule that I have heard about.
That is true Terry but even so the next one has got to be better than the useless one we have now. Definately not one that is into IP,s or SMSF,s which is what I need my accountant to be helpful with.
Cheers
Hi
I work in the coal industry and I am lucky enough that my job is safe at the moment, however it is sad because over the past month times have got real hard and I am seeing a big change in the way the mines are operating, mainly costs and what they spend on incidentals and more importantly contract labour. The amount of contract labour that has been cut recently can only lead to one thing and that is people moving from the area and vacating houses..
Thank you Terry,
thought you would of had to pay something
Cheers Troy (Newcastle Knight)
Hi all who have commented
Thank you very much for sharing your time to try and help me out.
GMH454 you are spot on with my knowledge of SMSF's and I really need to understand it before setting one up which is my main reasoning for this post.
Richard Taylor, thank you for the offer of the E-book, I will take you up on it as stated in the email I have sent you.
JacM, wow that is some very handy little tips that I would have never even thought about , i.e death and TPD insurance, among other things as well.
Thank you again and goodluck with all of your ventures
Cheers Troy (Newcastle Knight)
PS All comments are very valuable to me
Hi Jackie and Pete
Good topic and I am new to the game. I wouldn't mind finding out if there is a site that does the same in NSW that someone may be able to point out. It would be a very handy bargaining/info tool to have indeed.
Cheers and Thanks
Too funny
I drive a 96 model dual cab bravo, plenty of character with scratches all over it, a couple of dints here and there. It even has power windows, well 3 of them, the drivers side window packed it in so instead of paying the $550 bucks to get a new one I put a manual one instead…..lol. It goes well and owes me nothing so I am not getting rid of it until it wants me gone. I reckon you should never judge a book by its cover because I can near guarantee you that 90% of people look at me and think that I would not be able to rub 2 bob together…..if they only knew!
