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    June 27, 2003 - 1:52 pm

    Theres no way you could buy positive in this area – just get as close as you can to cf+ and rely on the capital gains. I have no doubt that the gains will be very good and I can always subdivide or sell as a 4 Unit site. It is very near a burgeoning Cappacino strip as well (1400m away!)

    They are a duplex pair (sorry should have mentioned that!) so the flow is always there as there is never one not rented out – tennants in one side have been there 30 years!! The quote when I was looking at the place was “we want to die here” – that was the clincher for me!!

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    June 27, 2003 - 1:34 pm

    Built in 1956 – solid double brick and bloody well maintained – Didnt take much for the Jarrah floorboards and a new coat of paint to work wonders. [^]

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    June 27, 2003 - 1:03 pm

    Perth is like anywhere – there are great deals out there just have to work hard to find them.

    My latest is a property 200m from Beach, 35min from city, bought for $250k and rented for $390 p/w. The block is also a 4 Unit site with huge development and capital appreciation potential due to government and private investment in the local area. [;)]

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    June 21, 2003 - 3:20 pm

    Thanks for the encouragement and feedback, Ish. Congrats on your big step forward. I will certainly be referring to this site a lot. Positively geared property is extremely hard to find. Either that or I am looking at the wrong places. Right now, I am looking for ones that are close to it and to leverage the extra expense against my taxable income will make the whole thing a little more easy. I had ordered Fastrack on tape and hopefully that will give me a few more tips to get me into my first IP.
    Right now, finance is one of my main hurdles. To be able to get approval to get enough dosh to invest in the slightly higher priced properties. The rumours and the talk around is that the major banks are not the best place to go for finance. Is this true? Can anyone give me any leads of where are the most reasonable places to get finance. My current mortgage is with CBA.
    Choc.

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    June 19, 2003 - 5:54 am

    well my name is luke (last name young, hence nickname = youngie), i am 20yrs old and live on the gold coast, i work as an IT professional which is why im constantly logging into the site throughout the working day.

    i currently have 0 properties and having been studying rei for the past year, i guess im just a little ‘too careful’ when it comes to getting that first IP, i really want to get it right from day 1

    i too find the information in this forum invaluable, and its great that the ‘gurus’ in happy are happy to let us pick their brains…

    thanks guys
    luke

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    June 19, 2003 - 2:05 am

    i like this quote –

    “If you are an investor considering using a “wrap-around” – my warning to you is this: find a more conscionable way to make your money, pal. And watch out you aren’t breaking the law, because when your naïve rent-buyers have second thoughts and seek out, independent legal advisers, their shrewd and consumer-concerned solicitors will be looking for the loopholes, the illegalities and the ways to make you pay! “

    cmon are you serious?????

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    June 18, 2003 - 5:35 am

    hi kellie,
    this sounds very similar to the deal i was proposing in the ‘land opportunity’ thread (and i agree with your negativity remark, but any feedback is good feedback negative or positive i beleive)

    i still think it is a good opportunity to build up some quick cash for other properties, i think i could end up being a bit late on my deal and miss the high capital gains, but go for it if your ready…

    good luck
    luke

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    June 17, 2003 - 10:59 pm

    In Victoria it is 25 above the limit unless you are driving in a 110k zone the it drops to 20k above the limit. It was changed either last year or earlier this year.
    On another note has anyone heard about the new speed cameras to be installed on the great ocean road? they are built into the road and look like a cats eye.

    Chris

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    June 17, 2003 - 7:08 am

    Well my name is Chris 34 live in Forest Hill Vic with my girl friend Sue. I’m an I.T. systems administrator (contractor)for a defence company and Sue is a school teacher. I have only 1 ip in Sydney at the moment and Sue has 9 units in Melbourne.

    I have a 5 year old son from a previous relationship who lives with his mum.

    Currently not buying because Sue would like me to finish my house off (so all my money is going in that at the moment).

    Will be buying again around Christmas.

    Cheers Chris

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    June 16, 2003 - 5:47 am

    NishuG with 250-270k you still should be able to buy a house within 15k’s from the city, Take a look at http://www.realestate.com.au and select some suburbs that you are interested in.

    Good Luck
    Chris

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    June 13, 2003 - 2:11 am

    I don’t know the block personally but be wary of the following.

    Off- the – plan in Melbourne has jumped in price significantly over the past year.

    I was paying about $4500 per square meter and it is now usually over $6000 per square meter, and quite often up to $6500.

    What this means is that we have a lot of 1br units being offered for sale that are only 60sqm for prices in excess of $350,000.

    I don’t have a crystal ball but I am fairly sure that rents for new 1br in Stkilda will not be going over $300pw within the next 2 years.

    I am very happy if people start paying $350,000 + for 1br units but for now it won’t be me.

    My thoughts

    Petters

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    June 13, 2003 - 2:08 am

    yeah im looking at setting up a trust first, because i want to do it right from the start so , once i sort out how it want it setup , im going to have a go…..

    thanks again guys

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    June 12, 2003 - 5:55 am

    thanks for all the input guys,

    ive been thinking about it a lot, and its really just like putting 10g away in a fund for 6 months and watching it grow, as long as i can get pre approva;l on a loan for say $150g as ‘back up’ if it doesnt sell by the settle,ment date (which remeber is no sooner than december at the earliest, negoitiated to an even later date)

    and another thing the land went up another 5g since this post ….. under 2 weeks….[;)]

    thanks again for all the input… time to have a go in the real world i think…

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    June 12, 2003 - 12:50 am

    Honkytonk, the same thing happened to me 8 years ago but in Vic. from memory the house was transferd into my name and little or no stamp duty applied. The major point for me was that my income at the time didn’t meet the banks criteria(just something to consider)

    Chris

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    June 10, 2003 - 11:27 am

    Hi Andrew

    Did you have any luck in finding any cheaper reports? I’m also looking for some cheap info – I’d be keen to discuss further options with you.

    Cheers
    Chris

    [email protected]

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    June 10, 2003 - 4:49 am

    Hi again. I think it’s great for +ve cash flow properties because capital gain is secondary. If this helps secure more IPs that put money in your pocket AND you retain 100% control of the property (deciding when to sell, among other things) it should be good.

    Of course, the devil’s in the detail.

    Michael

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    June 10, 2003 - 12:43 am

    SunnyGirl here is a link from another forum re this company
    http://www.somersoft.com/forums/showthread.php?s=&threadid=9164

    Chris

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    June 10, 2003 - 12:35 am

    No, just Queensland

    Chris

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    June 9, 2003 - 1:41 am

    Investment in QLD on $200k borrowed 100%LVR is $2,763 for a owner occupied property but $6,643 for an investment.

    From Realestate.com.au
    Owner Occupied Concession:
    These rates are applicable only where property is not being gifted or transferred between spouses. In these cases, investment rates are applicable.

    First Home Buyer Rebate:
    Full stamp duty exemption for properties valued up to $80,000
    – Stamp duty concessions on a reducing scale for properties between $80,000 and $160,000 in metropolitan areas
    – Property must be first home and intended as principal residence

    Chris

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    June 7, 2003 - 1:46 am

    thanks for the feedback guys,

    i’ll tell you my situation, im 20yrs old
    and i have about $25g saved up, so if i did have to make the payments on the land i could,

    to me it just seemed like a good quick way to make a profit, as its hard to find cashflow properties that are cheap enough for me (a 20yr old) to secure a loan on,

    as you came imagine, the bank doesnt want to give much money to a 20yr old on $33k a year!

    i might keep looking around i suppose, i just need to get my feetwet thats all, too much theory not enough practicval experience!

    thanks again guys

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