Replies Created | Forums | richmond | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 681 through 700 (of 785 total)

« 1 … 31 32 33 34 35 36 37 38 39 40 »

richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 24, 2003 - 3:06 am
howdy annie…
I think the guy who said only fools bought on the internet is spot on… the term “due diligence” is fairly wide ranging, but it is imperative that it be done. I’ve heard of people putting unconditional contracts on places over the phone after just looking on the web, and they are only opening themselves up to problems.
your points of a, b, c and d should all be followed… I bought buyer beware, and while it’s fairly common sense stuff, it’s good if you’re new to PI.
personally, I think it’s worthwhile to do a trip to the place you’re hoping to buy in (if you can afford it financially or time wise) it’s crucial to get your bearings and get a feel for things. If you can’t, then just research extra hard… I’ve even rung the local pub just to have a yarn to the publican and find out different things.
I’ve probably got a bit of an advantage in that I’m a journalist, so I don’t have any qualms ringing the local paper, radio or TV station and chatting to other journos about merits or otherwise of investing in a particular area.
hope that helps
richmond
(rip jack dyer)
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 24, 2003 - 1:43 am
Peter,
why wouldn’t they take gus seriously?
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 21, 2003 - 5:33 am
hi lynnem,
combination of working hard, saving my butt off and using a line of credit.
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 11:47 am
He’s gone from being Geoffrey Boycott to Adam Gilchrist in a fortnight.
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 7:45 am
I thought it was a good publicity thing for Crazy John’s to buy one… but as for the ones that sold on Sunday… far too much… []
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 7:44 am
howdy again fizman… please don’t feel as though you have to defend yourself… I hope you didn’t think I or anyone else was attacking or too critical, just trying to help mate []
I’d still concentrate on reducing the debt you already have…
all the best
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 7:22 am
I’d put my head down and arse up to get rid of the car and personal loans first of all, then reassess from there, but I’m conservative… I wouldn’t be getting myself into even more debt if I was struggling already… a cf+ IP isn’t neccesarily the answer to your problem. I’d have a look at your spending habits and get those in order…
cheers, have a good one,
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 6:51 am
it’s the old argument isn’t it? cg v yield… yield v cg… blah blah blah, horses for courses, it’s what you can afford, and what gets you to where you want to go…
from what I’ve heard from Ms Wakelin, the only IPs worth buying are the ones in inner city Bris, Syd and Melb… I can’t afford to do that just at the minute, as I’m sure a lot of people can’t, and if I could, I don’t know that I’d be willing to load up with massive loans when so many places are sitting vacant… I’d much rather look for regional areas where the prices are cheaper, yields are higher and rental vacancies are lower… sure, they mightn’t show the cg of the cities, but over time, if they’re well selected in the right places, they’ll chug along nicely.
In time I’ll get some more of the other types (I picked high growth first off, now CF+)… as Stuart says, diversification is a good option, and one I’m already following.
my two cents…
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 6:42 am
I’m pretty sure with a lot of the properties in geraldton, you are actually only paying for the house… you lease the land off the government, so it’s probably not 100% as it seems… I’d do some more research.
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 5:51 am
Hi No Cash,
I’m probably a bit conservative, but I wouldn’t get into IP if I didn’t have a job and was not self employed. I’d be too worried about a fallback position. What happens if this IP struggles to rent out? How do you meet the repayments? Probably need some more info from you on the stats of yourself and the property in question.
Cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 20, 2003 - 12:19 am
g’day mannie,
I’m sure if you go back through the posts and do some research it’s pretty obvious where westan is buying… he hasn’t made a massive secret of it…
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 19, 2003 - 12:54 pm
westan,
I was optimistic, but I told a few people “let’s not get too excited, just wait and see where we are at the halfway mark.” Sure enough, and sadly enough, they let us down again…
Ah well…
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 19, 2003 - 6:29 am
Good on you Michael and Kaye,
I left the city a year ago (still work there) for 60 acres 1 hr north of Melbourne… plans to grow grapes, get some cattle etc… best move we ever made, and we’re still within striking distance if I want to go and watch my abysmal Tigers play AFL.
Cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 18, 2003 - 3:53 am
Howdy,
Areas like Bundaberg, Mackay, Townsville, Cairns and Gladstone are good, but it’s a lot harder to find cashflow props up there. At least, that’s what I’ve found.
I was engaged to a girl from Bundaberg once (won’t bore you, but it didn’t turn out too well) and when I went there about 8 or so years ago, it was in a similar situation to what Rockhampton is now, at least, that’s the impression I got. Pretty depressing with not much going on. Wish I had thought of buying in Bargara back then, but c’est la vie.
I’m happy to have bought in Rocky, because the rental demand is good, and the houses I’ve selected are all neat and tidy rentable homes. My properties are all tenanted and returning close enough to 10% to keep me happy. My 56k one has a tenant paying 130pw. Capital growth’s a bonus if it happens. It depends what you’re looking for I suppose.
Also, I was a journo for a while in regional Vic, and covered stories in quite a few of our regional cities… I found that it is in government’s best interests to not let a city the size of Rockhampton just die in the a$se. Rocky might not have a whole heap of projects lined up, but its time will come. Besides, they’ve got a relatively new Bunnings and Officeworks that have opened… and as Steve says, those big guys do a hell of a lot of market research that is more in depth and thorough than anything I could hope to do before committing their millions of dollars… if they didn’t think it was a worthwhile investment they wouldn’t be there. That’s good enough for me.
Also, I’m not too bothered if an unemployed person rents my house… as long as they pay on time and look after it that’s all that matters.
I’ll be heading up to Qld again before the end of the year hopefully, and I’ll be checking out Mackay and Townsville in particular… but I already know that a whole heap of investors will have been there before me. It will be interesting to see what is left, but the market’s ever evolving everywhere… always new stock coming on…
Davo/Mel, just curious what type of combination of return you’re looking for… 10% yield/10% c.g, 8% yield/7% cg?
Cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 17, 2003 - 12:39 pm
actually wilandel, you raise a good point… I reckon a lot of people think “the block”-like thoughts as soon as they hear the word renovation…
by the way, I recall someone offering you to help out with a reno (from sydney if i remember correctly)… I wouldn’t mind getting some more hands on experience… I’m in Vic, near Kilmore.
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 17, 2003 - 12:08 pm
Hi native metal.
I’ve met Steve twice, and he doesn’t strike me as the type of bloke who sells pipe dreams.
If you spend time reading back through previous threads, you’ll find that looking at realestate.com.au is not the only way to find positive cashflow properties. In fact, it’s only a useful tool for getting an idea on areas, because the properties are often out of date. Use the search function and do some research. Different people have different methods depending on how much time they have available etc.
Yes, you are right that these properties are becoming more scarce, which is even more of a reason that I wouldn’t expect other people to all of a sudden say “here is the magic solution”… if only it were that easy. It’s not easy… not much is. Put in some more work, lots of it, and you’ll get some rewards.
cheers mate and good luck
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 17, 2003 - 11:45 am
on raw figures it looks promising, but never take anything at face (or figure) value.
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 17, 2003 - 11:36 am
I’m not qualified to answer your question in any real depth… the only thing I’d suggest is talk to your broker about it. They’ll have good advice…
How do you define the best anyway? I have 5 loans with Bank of Melb, one with Commonwealth… my broker reckons as I go along we should spread them around. He did tell me why, but I can’t recall off the top of my head.
Cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 17, 2003 - 11:32 am
hi trish,
sorry if I misinterpreted your question…
my loans with the bank of melbourne work on a 10% deposit. Personally I’m happy with that… I have a line of credit against my house that allows me to take action pretty quick if I spot a bargain, because I already know I have the cash up my sleeve. Plus, I wouldn’t want my LVR to be too high.
have you sat down with a broker to discuss your options? might be worthwhile.
cheers
r
richmond
Participant
@richmond
Join Date: 2003
Post Count: 831
August 17, 2003 - 11:28 am
Howdy Mini,
Of course it’s true. As I said I would have bought it myself had it not been outside my criteria… one of my purchases needed nothing doing to it, cost me 56k, will rent for at least 130pw. That’s more up my alley… one was 66k, probably needs a paint, rented already for 120 pw, there’s more but I won’t bore you []
Anyway, I’m not so sure there’s not anything left under 100k in Rocky… I was talking to an agent today that had some good deals that he approached me with cos he knows I’m not a tyre kicker.
by the way I interpreted melanie’s statement of: “I think it was Michael & Kaye who said the internet was like a colt .45 – it makes everyone equal, “ was that it’s now much easier for everyone for sit at their desk and try and locate deals, whereas in the past (and I’m not sure cos I’m only new) people had more deals to themselves (to a degree) cos they had to put in more hard yards in terms of hitting the phones and developing relationships.
cheers
r