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August 13, 2003 - 3:35 am
A friend of mine is really keen on purchasing the REAP software, it is a Dolf De Roos product … has anyone here used it before?
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August 12, 2003 - 11:44 pm
Thanks for the info RentMaster, I would be a much happier investor if the tenants were signing a 6 months or 1 year leases.
You said we could still do it .. it just no one actually does it, how would we go about organising somthing like that, would it be through the Real Estate Agent ?
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August 12, 2003 - 7:57 am
I’m interested in the QS if he’s up this way!!
So true tho, the prices do require a large outlay.
A friend of mine bought an off the plan house in the suburb of Roebuck Estate 4 months ago for $255K. It has just been completed and has just been valued at $305K.
The prices aren’t slowing yet and to be honest, I wouldn’t expect them to at least for another 6mths to a year..
Cheers,
Shell.
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August 12, 2003 - 7:48 am
Hear Hear Wilko91!!
From the experience of living in a mining town of 4000, in the 5 years that I was there I saw the prices go from ave $100K to ave $350 then back to $130 when I left. In the 3 years since I’ve been gone, it has once again gone through this exact cycle.
I would advise you to research the company and ask how many years the life of the mine has left in it. In the above case, it was 200 years!
Cheers,
Shell.
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August 11, 2003 - 10:23 am
Thanks for your reply Terry.
I have a regsitered business name and ABN number that didn’t really make it through the first few months. Never ended up filing any reports to Tax Office etc. The business name & ABN are still in my name and I’ve had it for around a year.
Is that enough for a low-doc loan? stating that I have a registered business and ABN number? If It would help I could start it up again but don’t see what difference it would make if there was no financial history.
I have 30% cash deposit available and need a loan for an investment property but am studying at the moment, do any financial institutions accept this sort of applicant criteria that is without the low-doc/no-doc/rise in interest rate loans. I just want the normal mortgage. If not then I guess I will have to revert to the latter.
Hope to hear from you or anyone who can help.
Christian
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August 10, 2003 - 12:42 pm
Sparkle, you said “It seems the light bulb is really starting to go on re interest only loans – have recently reverted all loans to p&i – interestingly the bank was trying to talk me out “
The fact is that one can have one’s cake and eat it as well.
What are the advantages of paying P& I and what are its disadvantages ?
Sometimes one’s circumstances change. For example borrowers have been sold up by the bank for being behind a mere couple of thousand dollars.
In one specific case I can remember if the borrower had had an interest only loan (with a redraw facility) instead of a P&I loan (and made payments at the same rate as if it was a P&I loan) he wouldn’t have found himself in this unfortunate situation.
All those people who insist on having a P&I loan because of the safety it supplies have got it all wrong.
If one is motivated to reduce the principle amount as much as possible and as soon as possible why not take out an Interest Only loan and make payments as if it was a P&I loan.
If one ever found oneself in the unfortunate situation of having a cash crises the redraw facility will save the day and tie us over.
Pisces133
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August 10, 2003 - 10:08 am
Come-on Brizza, Newcastle is right next door.
I am travelling from Sydney !!
See you at Maitland.
Pisces133
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August 10, 2003 - 8:40 am
One problem (I should really say ‘One task’) under your circumstances is how to obtain finance.
As your income doesn’t appear to be quite large enough to get a loan from a mainstream lender
that is one area you need to consider before you dive into the pool.
Possibly one way would be to do flips i.e. buy and resell (at a profit) before you yourself need to settle your own purchase.
Is there anyone in your immediate family who would be happy for you to do the searching for the right kind of property with your relation
or good family friend being your financial partner ?
You could start off by lending them Steve’s new book so as to get them interested in the concept.
After you have made a profit on the first one the next ones will be a piece of cake.
Cheers,
Pisces133
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August 10, 2003 - 8:18 am
The mortgage insurers nominate what the LVR is for each individual location.
The LVR ratio ultimately depends on many factors such as population, economic conditions in the town, if a small town how far is it from a major town etc.
If the town doesn’t comply with their desired criteria either the LVR is lowered or the location isn’t acceptable at all.
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August 10, 2003 - 7:58 am
Hi
I apprecaite your comments, regarding the phrase I inputted namely the “jousting” aspect. I came to the conclusion that I didn’t want to appear too conservative, formal and uptight in sending an offer in case the RE agent categorised me as one of those “buyers who love to waste my time by making sure every legal clause is read thrice over & signed perfectly on the dotted line x this many photocopies for their personal records, and this that etc.” only to pull out at the last minute because according to their calculations that miniscule rise in whatever rate now made it uneconomically feasable (if there is a word) for them to continue…
I also didn’t want to phrase the whole offer so casually as to make me look like i’m some uneducated wishful thinking bum who even though may have the capacity to purchase wouldn’t have the first clue as to how to implement a working strategy thereby wasting even more time.
Thereby I decided to combine a bit of both, a bit excessive maybe, it’s only a preliminary finding right? but then again.. it’s about time we started messing with their minds not vice versa..
I think I came off as genuinly interested and serious about the property, but at the same time eased the prospective buyer/agent tension in one remark and in turn showed an understanding of one of the most important aspects of purchasing property – the game of negotiating, you know it’s even considered in some places as an honourable profession..
But then again am I even making sense? it’s like when you play too much tetris and all you see when you close your eyes and watch tv are blocks. Right now it’s just property, numbers and that stupid Windows Calculator. I think it’s time to go bed, actually I won’t but I won’t write nonsense anymore until I’m properly rested!
Hope that helped / made sense / explained everything. Power to the Property!
Christian (over & out!)
[Just Do It] – “For The One Priceless Commodity an Investor Can Never Replace is Lost Time”
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August 10, 2003 - 7:28 am
Ah Mini…
Always there to lend a helping hand, */me bows to your wisdowm* [] Come to think of it your the one that persuaded me to think “beyond the square” and inevitably got me going out and around NZ. Also I was born and raised in Otaki & Auckland so here was a chance to say sorry for betraying my home land and moving to Australia hehe.
With regards to the advice, I can’t thank you enough. It sure is a lot easier following in your footsteps rather then going it alone and inevitably going broke! Maybe I could become your student? are you accepting at the moment? []
I know it’s asking for a lot and I hate to impose but I would be so grateful If you could forward me an email address where I could contact you directly if I get stuck & it’s somewhat urgent. If you can’t then that’s okay no problems I guess I can’t expect to be fed off a silver platter but then again it’s always better to have & see all the angles.
Thank’s again, oh yeah by the way do you know any good mortgage brokers who can find me a low doc/ no doc loan ? I have about 30% deposit available but am not currently employed.
Thanks!!
Christian
[Just Do It] – “For The One Priceless Commodity an Investor Can Never Replace is Lost Time”
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August 10, 2003 - 7:18 am
Sorry to hear about your dilemma Delight.
Drop me a line, there may be a way out (no guarantees).
Pisces133
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What I don’t understand is why that
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August 10, 2003 - 6:37 am
Sorry about that it’s a residential property. One of those that when you look at and I mean after looking at several hundred finally see something that with a bit of work would be worth a million dollars in a few years, it has the shape, it has the size the area, the street name, the perfect driveway, the perfect surrounds and settings, all it needs now is just a bit of colour in the right places some professional landscaping and there you have it the next big thing… we’ll to me anyways =p
Oh yeah I sent an email being Sunday and all, RE’s Closed, couldn’t wait till tommorow to call []
[Just Do It] – “For The One Priceless Commodity an Investor Can Never Replace is Lost Time”
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August 10, 2003 - 2:59 am
New Zealand, It’s a cherry just waiting to be picked. The question that remains is, what will be your excuse?
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August 10, 2003 - 2:43 am
Hey Guys,
Richmond/Garfield: Sorry I think you misunderstood, when I mentioned “work” I meant as stated above a 9-5 “grinding it out” job just to financially scrape through life.
With regards to working, If interested & motivated I become absolutely obsessed/confined and engrossed in my work. Am currently in my 25th hour straight researching IP’s (gone through over 300 and still nothing perfect yet) in NZ (hence some of the very early morning posts) I think i’ll end up sleeping tommorow sometime, lots of coffee, theres just so much work to be done, so much stats/info/background work to be gathered, real estate’s to contact, no time for sleep, ok.. i better stop now before i lose it.. []
Well thank’s for your help guys, most appreciated and I wish everyone luck in their pursuit for financial freedom.[]
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August 10, 2003 - 2:18 am
Thanks for the advice!!
I had never thought about the residence issue which is only the most important issue. I will be definately implementing your suggestions.
I wish your friend great success in his next venture to make up for the last [8D]
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August 10, 2003 - 1:32 am
>>If interest rates go up how quickly can you off load them when the positive cash flow becomes negative?<<
In a lease option situation isn’t it a good idea to set the interest the end buyer pays you by (for example) tying it to the variable rate (say) the CBA charges ?
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August 10, 2003 - 1:28 am
Paul, by all means go for it but ……………
hasten slowly.
The fact that your family has come up with objections is normal. In fact it means they care (even if they don’t understand the area they are expressing an opinion on.)
It is actually good to be aware of the dangers so you can start thinking of ways and means of how to protect yourself against them.
You say : “I really could have benefited if I was one of the lucky 10 people the guys are taking under there wing for 12 months”
Who knows, you may get lucky i.e. Steve may perhaps make it a total of 11 people he is taking under his wings ???
Pisces133
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August 10, 2003 - 1:09 am
Yeh Chris, I was only looking at John T. Reed’s website last night.
On the one hand of course the reason for him getting stuck into real estate gurus is to push and promote his own goods (books, newsletters, seminars) but on the other hand there is no doubt a lot of truth in what he says.
One danger however is the fact that his disparaging articles could have the effect of making us start to doubt the possibility that one CAN make money in real estate deals.
I have only been on the wrapping scene for about a month and could easily have become discouraged enough by Reed’s writings so as to ‘give up’ any thoughts of ‘making it’ in real estate.
Fortunately I have been around real estate long enough (many years) to know better i.e. that one can indeed pick up bargains (as long as we put in the work required to find them) so we all are NOT necessarily on a pie in the sky trip.
All one can do when wanting to acquire knowledge is to be very discerning where and how to spend one’s money.
Steve McKnight’s latest book (which costs less than $ 30-00) for example is excellent value.
So John T. Reed’s advice to first spend one’s money on the cheaper material before even thinking of attending expensive seminars is good advice.
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August 9, 2003 - 12:50 pm
Hi
Thank you for taking the time to answer my questions.
<<Metro (eg Brisbane) – up to 80% low doc at 6.5-<<7.5% interest, up to 90% no doc at 8%+ interest.
Is that up to 80% of the Purchase Price of the IP with 30-40% deposit?
Is it 20% deposit when the banks start lending without jobs/documentation or is it 30-40% deposit?
Should I see a mortgage broker with my situation or should I talk straight with the banks? Any advice would be great and if anyone knows any mortgage brokers/finance or whoever I need to contact to now get a loan at a good rate and start my way then that would be most appreciated.
Thanks