Forum Replies Created
Ahh – makes sense! Thanks for that
Ok cheers, thanks for your help
Queensland. Working out interest payments and stuff would be where it gets murky – I'm going with the assumption that this guy doesn't want to be overly complicated with trying to work out figures, so if I can either do that for him or there's a third party company that is set up to facilitate the vendor relationship then that would be ideal.
Ok, but say the vendor is happy to work on more competitive terms (haven't proposed it to him yet), is there a third party that would facilitate the vendor financing?
Are there many people here who invest in the UK? I found some amazing properties while living there – for 20,000 pounds you could buy a place that was returning about 80 pounds a week in north England. Not only that but the tenant pays the land tax and water rates.
Phil
“A life lived in fear is a life half lived”
Hi Simon,
The rental return (see my first post) is $145 per week. Based on a 20% deposit, this property breaks even, and this is the ASKING price. No I’m not selling this property, it was merely one that I saw in an agents window while travelling and thought that others may be interested even if I’m not in the position to purchase at this point.
I’m happy for constructive criticizm as to why this would NOT be a good deal – I’m only starting out investing and your input would be appreciated.
Phil.
Originally posted by Mortgage Hunter:Anyone can find deals with numbers but please tell us why you think it is great Phil?
You haven’t even advised the rental?
and I am assuming that this isn’t a thinly veiled ad for a property you are selling……..
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
“A life lived in fear is a life half lived”
quote:
PhilAny chance you used to work for NAB?
Ron
No, why?
It really is amazing how a reputation can kill property values!!! It only takes one shoot out to give an area a bad name, but on the same note there was a murder in a park near where I used to live in Killara – a very up-market North Shore suburb of Sydney. It can happen anywhere really. When you’re comparing it to slums in LA, there’s no comparison! Way overated crime stats!!!
A very friendly and helpful solicitor who really goes out of his way to help you and ensure you’re getting the best deal (how many solicitors will jump in their car to drive across the city to pick up documents off the plane to deliver them somwhere else). Very highly recommended –
Allan De Brenni & Co Solicitors – 07 3841 6202
Hope this helps!
Phil
“A life lived in fear is a life half lived”
Thanks YI,
This is a way of working around the problem – although having to put a search word (I have put in a vowel in the search field in order to bypass the error message if I fail to put in a search word) is not the ideal. On other forum sites I can either opt to receive an email when a post has been replied to or I can click on a button to see my past posts. Also having to search for your profile name amongst hundreds of others in the dropdown is also time consuming.
Not one to gripe though – fantastic to have such a great site!
Phil
“A life lived in fear is a life half lived”
I WILL be a Queenslander, but currently a… um… New South Welshman [
]… living in Artarmon on Sydneys Lower North Shore.Phil [
]“A life lived in fear is a life half lived”
Hey Tim,
I’m living in Sydney as well and, although this is totally my viewpoint only, prices in Sydney are not going to be doing any major improving price wise… esp with the interest rate hike. Are you in the investing world? In Steve’s book he mentions that he would have preferred to continue renting rather than owning while he was investing. You are not getting any tax benefits and its a huge liability that you pour your money into to pay it off so that you’re not paying as much.
We’ve just bought a place in Brisbane close to +ve geared and we continue living in Sydney renting. Our wages are much higher here than in Brisbane (although no-where near as high as yours!) and on your salaries you should be able to snap a few +ve geared properties which will return more than what you’re paying in rent, plus you get the tax benefits on whatever it costs you each year – interest, maintenance, small improvements etc.
Phil
Hi Ironman,
Supposedly banks have a rule that you have to be working full-time in your current job for 3 months, or if its casual for 1 year. We were recently approved finance with my wife on the contract who has been working on a casual basis for 8 months. Being a nurse, maybe they take your previous jobs into account as well, but they went against their rules!
Phil
A life lived in fear is a life half lived!
quote:
Hey PhilJust a thought! How about buying the positively geared property and spend a few grand on maintenance before you head overseas, and make some money $$$. Add extra payments from job in the UK and you’ll be streets ahead of that silly old negatively (-) gear ip.
You know what to do!
PS Think positive! It works for me!! $$$
I don’t know why, but my last reply to this message didn’t work! The property is not negatively geared by far – a 4bdrm townhouse potentially returning $210pw purchased for $155,000. I would love to buy and improve, but we don’t have the time to before leaving for o/s.
I would have liked to buy a positively geared property in the Brisbane area, but they are definitely far and few between! Even -ve geared properties are snapped up before even being advertised! Has anyone else got some recent success stories of properties in the Brisbane metropolitan being +ve geared?
PJ
Josh,
I initially didn’t think you could, but a quick conversation with my accountant told me that you can offset your negative losses against your future earnings [8D]!
Phil
A life lived in fear is a life half lived!
Wow, that’s better! It was quite frustrating before, but its great now! Many thanks – makes browsing here much better [
]A life lived in fear is a life half lived!
Thanks Melbear,
Why would he say to wait a few years? Wouldn’t it be better to get into the market while its relatively affordable?
A life lived in fear is a life half lived!
]… living in Artarmon on Sydneys Lower North Shore.
]
