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Robbie B
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June 14, 2005 - 9:34 am
Thanks for that. Very enlightening!!!!!!!!!!!!!
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Robbie B
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June 14, 2005 - 9:07 am
A Trust does not take that much longer than a company if you use a good Accountant. I think you need professional advice as to the above as the Trustee would appear to own the asset instead of the Trust unless you pay duties again to transfer.
Why don’t you just delay contract date for a few days and get the Trust sorted if you are adamant you want it???
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Robbie B
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June 14, 2005 - 9:04 am
In addition to my comments, I am only appauled because you will be living there with your mother. If she lived there alone, that is a completely different story. Personally, I would never charge an immediate family member any rent in any situation.
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Robbie B
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June 14, 2005 - 9:01 am
I hardly think 800/200 is a fair split for someone on centrelink benefits who does not get their name on title and especially being your mother!!!
Paying rent to parents is a long way from parents paying kids. Not many parents charge their kids any rent and, when they do, it is usually ‘board’ and they get a lot more for their money than if they moved out. It certainly would not be a 800/200 split.
In any case, parents tend to earn less as they start to approach retirement age. Your mother should be winding down and relaxing more instead of having to take on additional shifts to pay you rent.
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Robbie B
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June 14, 2005 - 8:54 am
Originally posted by Marisa:
Also, there was an excellent article in API on Mandurah about 2 months ago this should answer some of your questions. [biggrin]
I don’t read API. I don’t see the value in reading old news. Please enlighten me.
PS: I hear there are great individual stories in it though.
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Robbie B
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June 14, 2005 - 8:50 am
That is exactly right cathy. It is also good to get in before everyone else has caused the prices to skyrocket due to crazy buying!!!
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Robbie B
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June 14, 2005 - 8:29 am
And I will call to confirm!
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Robbie B
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June 14, 2005 - 8:20 am
Hey Stu, it was good to hear about the additional ANZ discounts. It will be even better when they aggregate all loans!
They are almost there!!! ))
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Robbie B
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June 14, 2005 - 1:40 am
Originally posted by Marisa:
I disagree with your comments.
No problem with that!
In my opinion Mandurah still represents good value compared to other coastal RE.
One question….
If you could buy a can of coke yesterday for $1 and today it was $2, would you consider that good value?
Mining …. Agriculture …. unique industry built around horse breeding and training…. Rock lobster fishing….
All have been around long before the recent property boom. Nothing new here! I have not heard of many new jobs being created in these long established industries.
Given the population explosion resi bulding industry is now worth $200 million a year.
Artificially inflated growth. Property development eventually ceases as land runs out. Those jobs will all disappear. Where will the influx of population work then?
This Region is the fastest growing region in WA and I believe Australia now.
Where are the jobs???
Population is expected to keep growing as developers fill in the gaps along the coast north and south of Mandurah.
Again, where are the jobs? Retirees will not hang around for long either. They prefer warmer climates.
Predications are that population will double by 2021.
Who has predicted this? The developers???
If formites are interested in Mandurah I think most would be smart enough to research and decide for themselves whether this is fact or fiction and whether Mandurah still represents good value.
Mandurah represented good value 1-3 years ago. It is currently experiencing what other parts of Australia have experienced in 2002-2004. WA usually follows the rest of the country when it comes to property and this is their growth.
Part of any due dilligence is to also look at other property areas and economic conditions. Have we not learnt anything by the extended property boom experienced in Sydney, Melbourne and Brisbane?
Don’t you think that more than a doubling of prices in less than 5 years is artificial, a joke and POOR VALUE?
I would bet on it that it will not double again in the next ten years or even 15 years unless some serious sustainable long-term job creation occurs.
Good luck to those investing there this late!
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Robbie B
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June 14, 2005 - 1:26 am
I think that renting rooms out individually also requires a permit – it does in NSW – or you may be considered to be illegally operating a boarding house or hostel or something else…
If you think the electricity and water bills are high, wait until you get the compliance costs of operating a boarding house.
Just rent it normally and don’t worry about the utilities bills. The tenant will pay them under a standard lease.
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Robbie B
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June 14, 2005 - 1:22 am
I have refrained from posting until now as I am amazed that anyone would charge their mother rent!!!!!!!!!
Maybe she should bill you for having to give birth to you, the changes to her body, feeding you, educating you, looking after you for years, etc…
Why don’t you buy it with her so she owns something as well?
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Robbie B
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June 14, 2005 - 1:14 am
No problem,
Good luck with your decision. It is definately a hard industry to operate in.
Have fun.
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Robbie B
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June 13, 2005 - 5:37 pm
PS: They seem to be spending a lot of time and money marketing in WA lately. Everyone is making money there at the moment. They are certainly not doing anything special!!!
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Robbie B
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June 13, 2005 - 5:35 pm
Originally posted by scissors:
1. Buy a property.
2. Rent it out (usually ends up being negatively geared)
3. Wait till it goes up in price.
4. Use the equity as a deposit on the next one and the next one.
5. When you have about 1.25 mil in equity, set up a line of credit against the capital growth (average 9%PA)
6. Spend only half of the capital growth using the equity line of credit.
7. Do the same the next year and use the line of credit to pay for the interest on the year before.
8. The property capital growth will exceed your spending of the borrowings.
Please keep my details handy to let me know the date of the mortgagee sale!!!
I have a friend (Many conversations start like this) whom was going to buy off the plan, but did a valuation himself and realised the property was overpriced and was put off, but he never bought anything. He kicked himself 3 years later. He said “If I’d just bought anything back then, even if it was overpriced, I would have made enough to buy what I really wanted now…”
I also have a friend (believe it or not), who bought a unit in Maroubra in 1990 for $400,000. They tried to sell in 2001 and did not receive a single offer over $400,000. They still own the unit.
Not all property increases in value even in a boom. This is especially the case with off-the-plan property in high density areas like that which The Investors Club offers. I think they should be renamed ‘The Mugs Club’!
Keep your surplus cash and income going into real estate because even the worst deals are better than sticking it in the bank.
5.4% gross guaranteed is a lot better than negative returns plus having to pay out of your own pocket. Please do some due dilligence because if this is what you learnt at ‘The Mugs Club’, you are destined for disaster!
The 10K over valuation of the investors club deals are probably just the price you pay for being lazy and not researching.
Rubbish… nearly all off-the-plan agents sell the same property ‘The Mugs Club’ offer for 10K less. They don’t have to pay the vendor, the boss, your ‘sponsor’ and high marketing costs like ‘The Mugs Club’. At least you know that other agents are selling rubbish. Calling your business a ‘Club’ certainly helps convince people you are on their side.
The ‘Agent’ works for the ‘Vendor’. Remember that!
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Robbie B
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June 13, 2005 - 5:25 pm
Hi Leo,
Get your friend to forward this on to them…
I am certainly not broke (nor am I rich) and have caught a bus 10 times in the last ten years (for 2 weeks after back surgery in 2003 when I was not allowed to drive). I own four cars (nothing flash) and a great little 250 CC motorbike!
Mortgage Broking is more of a hobby to me than anything else. My family has had businesses operating for more than 30 years (of which I am involved) and I have my own businesses both online and off-line (unrelated to finance).
Although times are tough at the moment and cashflow issues are being restructured, like most investors, I cannot see any chance of me going broke in the near future. I have three properties in WA, one in Southern NSW (unncumbered), one on the Central Coast of NSW and half ownership in two Sydney properties. I also have various investments in shares both in Australia and the USA.
Although I am not a millionaire (the way I determine it due to high gearing), I do ok for myself and am quite content with what I have. I am certain that when I can be bothered to put more effort into investing in physical assets, I will accumulate a lot more very quickly.
My current focus is indirect property investment through LPTs etc. and establishing various online passive income streams that will continue well into the future if current results are anything to go by.
Unlike ‘The Investors Club’, I actually do some research before I open my big mouth. This just goes to show how their due dilligence is lacking.
Let them know that if they want to know more about me, all they have to do is ask. My email and phone number are freely available all over this site.
It is certainly good to know that they have got the message. Maybe I should forward some Kleenex!!!
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Robbie B
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@robbie-b
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June 13, 2005 - 1:40 pm
And to what do we owe the new interest in Geraldton from you west????
Or is this an attempt at a dig?
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Robbie B
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June 13, 2005 - 1:30 pm
Marisa, what is common in areas where property prices increase substantially over a number of years???
1. The prices become over-inflated.
2. The locals make a fortune and go buy somewhere else.
3. An over-supply of property occurs with over-development for inadequate real population growth and minimal new job creation.
4. Development starts to drop off.
5. Prices correct heavily.
Don’t you think 5 years is more than a good run in that area? I truly believe it is unsustainable for more than another 18 months. Why pay top dollar following everyone else in when you can just look to new areas just picking up. This is exactly the sheep mentality that gets a lot of less-experienced investors into trouble!
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Robbie B
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June 13, 2005 - 1:20 pm
I don’t think many people are going to tell you their money making ideas or you may start it before them. Just like you have simply stated a retail franchise mine is to start a new profitable business.
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Robbie B
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June 13, 2005 - 1:15 pm
Same thing happened to me. Unfortunately, I was informed I had to pay the duty again. The Trust must be registered prior to signing contract of sale.
You need accountant or solicitor advice.
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Robbie B
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June 13, 2005 - 8:14 am
Actually, your income only includes half the rental income on two properties although lenders will look at all the rental income for serviceability. For this little favour, they will also look at all the debt on all properties even though half the debt on two of the properties belong to you.
This is the big problem with buying with others. Their debts become yours and vice versa.
You have well over one million dollars of debt to cover with your income. The information you have provided does not outline other expenses like a partner who stays home, children, car loan, credit card limits, other expenses.
You have also not included interest rates on current loans.
Although different lenders have different serviceability criteria, the correct information cannot be provided without all the correct details to assess.
If you want to get ‘creative’, expect some inflated interest rates.
The Mortgage Adviser
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