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  • Profile photo of oziozi
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    December 3, 2004 - 4:34 am

    aussierogue,

    I just finished reading the book the other week and agree with you totally! The thing that worried me is, sure this approach can get your more equity hence more finance. But what if for some unforseen reason you need to sell one of these properties?? You may then be in a position where your borrowings are greater than the sale price. In my opinion this could be risky.

    I think Spann assumes here that the property will always increase in value and that he will never ever sell. In that case, this would work a treat.

    Regards,
    ozi

    Profile photo of oziozi
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    December 3, 2004 - 4:23 am

    Twinpeaks,

    That’s no good!. Can you give us more information as to why it isn’t renting out? 4 months is a very long time!! Is it purely because of the property manager? What condition is the house in? Is the asking rent inline with the market?

    I would suggest getting a new property manager. Good luck…

    Regards,
    Ozi

    P.S. There’s no need to post the same thread multiple times… it’s makes things confusing.

    Profile photo of oziozi
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    December 3, 2004 - 4:15 am

    Hi twimpeaks.

    I am also going to NZ, in January. I’m planning to stay in the South somewhere, not sure where though.

    Have a read through the recent thread I posted… you may find some of your answers there. I think i’ll be staying at a backpackers hostel… cheapest option.

    https://www.propertyinvesting.com/forum/topic/14082.html

    Let us know how you go.

    Regards,
    Ozi

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    December 3, 2004 - 2:41 am

    Is it a fair assumption to say that the buying frenzy in NZ will follow trend experienced here is Australia over the past 2 years. i.e. prices are rapidly increasing, interest rates are low, affordability diminishes, then interest rates start getting jacked up, prices start to fall?

    I’d be interested to hear what others think to.

    Regatds,
    Ozy

    Profile photo of oziozi
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    December 1, 2004 - 7:04 am

    Hi Linden,

    It really depends on how much you want to spend. For $20k, you can purchase a property for just under $100k (don’t forget closing closts) on an 80% LVR. Mortgage Insurance is a once off payment, normally if you require > 80% LVR. I think 20k is enough to get started!

    I will let someone more knowledgeable answer your other questions.

    Regards,
    Ozi

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    November 30, 2004 - 4:41 am

    I agree with diclem. A friend got Henley to build their family home and it doesn’t take a building inspector to pick out the cheap materials used, also poor workmanship.

    I would shop around. Maybe pay a little extra and get something which isn’t going to tip over once out of warranty. Also, try and find people who have used a certain builder, get their recommendations and see whether or not they are happy with their job.

    Regards,
    Ozi

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    November 29, 2004 - 12:16 am

    Shazza,

    I can understand how you are feeling. I was stupid enough to buy a Brother laser printer a few years ago. It was good for a few months until the drum unit went ($250 for a replacement). I didn’t bother replacing it as I knew the same would probably happen.

    I think Brother should stick to making sewing machines!

    Regards,
    Ozi

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    November 29, 2004 - 12:12 am

    Hahahah… I’d like to see how he goes!

    It’s funny that all he is asking for is $1 from 135,000 people, yet the starting big is $100. I highly doubt there will be many bidders!

    Ozi

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    November 29, 2004 - 12:07 am

    I think the number of bedrooms which is best is what the rental market is after and willing to pay. If 2 bedroom houses are in demand, they are the best. If 3 bedroom houses are in demand, they are the best. Having said that though, I wouldn’t turn a 3 bedroom house into a 2 bedroom house. You can still find tenants by lowering the rent to the 2 bedroom market rent if you can’t find tenants.

    Regards,
    Ozi

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    November 29, 2004 - 12:03 am

    Thanks MiniMogul & recoveryman!

    I appreciate the comments. That backpacker website looks great too!

    Regards,
    Ozi

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    November 26, 2004 - 2:02 am

    Thanks George!

    Ozi

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    November 26, 2004 - 1:33 am

    Thanks for the warning George! Yeh, that sounds dodgy! Good thing you outsmarted them :)

    Regards,
    Ozi

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    November 26, 2004 - 12:11 am

    Thanks GreatPig!

    Cheers
    Ozi

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    November 24, 2004 - 11:55 pm

    I agree with Mortgage Hunter. Spend some good money and time on educating yourself! Don’t rush anything. I would place the money in the bank (Term Deposit or other savings plan with high interest) until you know what to do with it. Then once you have done your research and have a plan, then execute it. But either way, with that much equity at your disposal, you are way ahead of most of the beginners in the field :)

    Regards,
    Ozi

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    November 24, 2004 - 5:09 am

    It might be a little hard buying it if it’s not for sale.

    Profile photo of oziozi
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    November 24, 2004 - 1:03 am

    I’ve sacrificed most of my spare weekend time researching and trying to get into the game :) I haven’t purchased an IP yet, but I know that with determination and patience I will get there and hopefully it will all be worth it.

    Regards,
    Ozi

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    November 23, 2004 - 6:46 am

    What is the price for the two properties (if you don’t mind me asking)? Just curious.

    Ozi

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    November 23, 2004 - 12:28 am

    What MSN ID are you talking about? From memory, the only ID I know about is your email address. Give that a go and see how it goes.

    Regards,
    Ozi

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    November 19, 2004 - 3:13 am

    Another thing to consider is that “some” international students go back to their home country during the summer vacation (November – Feb), so you could find your property sitting vacant during these periods if the demand for accomodation isn’t that high. You may want to keep this in mind when selecting tenants.

    Regards,
    Ozi

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    November 18, 2004 - 7:13 am

    ptking,

    Where are you looking to buy? Which country? area?

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