Forum Replies Created
Great Idea SiS..
TMA..
I can remember going for my first loan (many years ago) and the Bank took my car, jewelery and even furniture etc into account as collateral(there was some mention of my first born also i think), now..they dont really seem to care..
as the Cadbury Professor used to say “why is this so..”
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorJust Thinking aloud here..
Here is my actual scenario…
* this year purchased a property in january for $120,000
* put a 10% deposit and monies for, legals and stamp duty.
* loan amount $108,000 ($12,000 as cash deposit + $6,000 for legals and all other costs)
* a week after settlement refianced property, new valuation. $145,000
When SiS refinanced – How much was the associated costs for this new loan- another $6’000?
* new loan as $130,500 (top up of $22,000) will use $22,000 loan as new property purchase deposit.
Taking the above associated costs into account was it still $22’000 in the Hand?
* i have the option to now list the property back on the market, as the agent has advise me that i can sell the property for a quick sale of $167,000Geez SiS if it’s going up that much that quickly and you can get $167K fot it in a Fire Sale..HANG ONTO IT[biggrin]
As Usual it’s great and enlightning reading your Post’s Still in School [thumbsupanim]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Dazzling Hope you stick around for a long time yet, the properties you look at are *WAY* outa my price range, but you have a lot of experience to offer and i’m sure you could field a lot of the Commercial Property questions on the Forum as well.
CONGRATULATIONS on your deal!!!
[jerry]..have you sorted out the problem tenants yet?
Centre of Perth..Hmmm Northbridge, North Perth, Burswood, Vic Park ?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorAgree with you on chatting with the elderly DAZZLING, especially “elderly investors”, no sense getting older if you dont get wiser.
I was talking with someone the other day who bought in CBA *big* time when they first listed, hindsight is usualy crystal clear isn’t it.
Great replies guy’s keep it coming, it’s always interesting.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorGreat Post Greg and CONGRATULATIONS on what you’ve achieved so far[specool]
Damo..i’m also of the opinion that if you did this more than a few times the ATO would classify it as your business and that you were a “Property Trader” .. you’d also be putting your eggs in the one basket.
IMHO you’d have to go for the higher end of the property price range and essentialy look at finding the worst house in the best street scenario (think the RENO brothers the other night on TV) every time and as AUSPROP said, your holding costs would be painful..you’re eating into your cashflow untill you can sell the property (hopefully for what you want).
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI believe it’s cheaper to rent than buy and when starting out you are better served staying at home with your parents and buying an Investment Property of which the interest and associated costs are Tax deductible.
The government and the tenant assists you in purchasing this property; with you *topping* up the loan regularly with your savings, this should see you build up equity quicker than purchasing a PPOR.
Ideally and maybe we should rent each others houses or at least a comparable one for the benefit of both parties involved?
Your Thoughts?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWhat has been your best move?
Marrying somebody like my wife who also finds Property interesting and enjoys looking at properties and discussing potential IP’s and Homes, luckily for me she has a great grasp on maths and is an EXCEL guru.
What was your worst mistake?
Selling one of My Investment Properties i *knew* i should’ve held
Key advice for the novice?
Do something..now
Best Property or Investing related book you’ve read?
Jan Sommers Books
Noel Whittakers Books
Steve McKnights Books
Dolf DeROOS Books
However my current favourite would be Peter Spanns How you can build a $10M property portfolio in 10 years
Your Top 5 Tips?
1-Buy well Add value Manage intensely
2-Use Debt Wisely
3-Listen to others advice-then sort out what is useful and discard the rest.
4-Dont buy your own home first
5- Build your Team (accountant/Mortgage Broker etc)
6- [biggrin]Plan, Plan, Plan
REDWING“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorSome great books he advocates such as some of Dale GG’s stuff
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorGoing to next Mondays meeting with another investor for interests sake and looking forward to it.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator[biggrin][biggrin][biggrin][upsidedown][upsidedown]
I “LOVE” the locked threads and go there first for a laugh[wacko]
They should be transfered to “FORUM FROLIC” once locked IMHO
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI’d use depreciator from this site, after all..you have continued access to him.
I’ve used Deppro on my IP’s but would’t have a clue who conducted the work and i definetly don’t get continued feeedback from them..
I’ll be using Depreciators services next time..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorVernon,
I have a lot of data on rural WA built up over time, what areas are you interested in?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThe ones that leave id say good riddance to bad rubbish, you’re obviously upsetting the applecart anyway and maybe it’s better to get things sorted from the outset..
keep us posted sounds interesting..[fear][handlebars]
I presume the previous owner was lax on the paperwork…
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorRead Jesse’s story in “Ordinary Millionaire$”
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorIMHO Money begets Money and when your into Property Developing you ‘need’ money..
AUSPROP & MICHAEL
There must be ‘many’ traps for novice players when it comes to the developing game and Michaels Seminar sounds ‘great’ (honestly) but…is it for the average investor?
What income level etc would this seminar be applicable for?
I’m sure ‘any’ attendee will pick up great tips from the presentors you have, but how many people will have the resources/funds to put the majority of them into action?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi guy’s, just throwing this one up for debate as i came across Hans DVD the other day.
has anyone else had any dealings with Hans?
..any thoughts?
Are his methods still relevant as + CF properties as prefered by Hans in Large Towns and Capital Cities (as he prefers) now a myth?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorAre you buying the block to put an IP on or a PPOR?
Who are you building with and have you spoken to them re both blocks?
Have you got quotes for leveling the block, improving drainage/runoff?
Obviously you’ve looked at neighbouring properties, re the unlevel block- how have they dealt with it?
What are the prices of comparible sized ‘established’ properties in both areas?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorSorry
Principle Place of Residence..now you know why PPOR saves typing [biggrin]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi MA
I don’t think all books go out of date quickly, i noticed “The Richest Man in Babylon” is still in 3rd Spot at Dymocks when i was browsing the shelves.
Had a quick look at your’hot links’, some great stuff..how about some links to free e-books for investors, such as TRMIB and some of Burleys stuff etc?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorIMHO why not look at doing both?
your PPOR is CGT exempt, pay off as much as you can and build your equity; look at using that equity to finance your venture into property investing.
Just remember its getting harder to find +CF deals, without putting some effort in.
Define your goals then refine your strategy..
All the best
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
