Forum Replies Created
- Nigel Kibel wrote:Happy to meet up with anyone in Melbourne to discuss my experiences over the last 5 years.
Hi Nigel i am based in Melbourne just past the west gate bridge 10 mins from the city and would like to meet up to discuss about investing in the USA. I've already set up an LLC with a bank account with wachovia bank. I've purchased one property just last week in toledo ohio throught myUSAproperty company for 25k cash and renting out for $550 p/m. I have 40k left in the bank and not sure what to do next haha. Im interested in the stradegy that you are doing in Texas and would to have a chat if you are free too.
thank youIve sent you a private message USA…..
Thankz for the information Jeff. Sorry about the fullstops people but thats how i type when im chatting
. I will make sure il stay away from condo's like you said and by the way how should i get started researching the area. Any websites you recommend???? Should i start off by looking at umemployment numbers, prices 5 years ago…….etc. I dunno where to start off Its a bit out of our comfort zone to start off buying two IP under FHOG but thanks for the tip anyway.
What IP is better for cash flow in Melbourne ( residential within 10km of CBD or appartments in the CBD) ? After buying the first IP me and my gf will save another 24k minimum by 12 months so we can buy another IP. Thats our goal for next year. Which properties will make sure we can keep going at this pace?michaelparis wrote:Have you got pre-approval from the bank? If so, to what level will they let you borrow? If not, why not?What exactly needs doing. Is it major structural work? Or cosmetic?
Can you look at buying in partnership with someone and develop in tandem later?
More questions for you. But that's the only way we can help with our opinions.
Thanks for the tips and advice but sorry to say the property is off the market……
its under contract at the moment…….i was too late to take the opportunity. Thats what happens when you hesitate on a opportunity……back to searching for another place. I want to purchase it but did not know what to do with it to maximise the benefits.Scamp wrote:devo76 wrote:Scamp wrote:Sav : Every month , houseprices go down by 5% or more.
Why the hell would you buy now when you can buy for half the price in 1 year ?Another crap statement. If houses where to go down 50% in 1 year as you have stated in my area that would mean my house is worth around $150,000. It would cost more than that to build so the land must be worth nothing hey. I will admit that many areas are looking a bit dodgey over the next few years. But if you want to start now look around. There are areas that are not currently in a so called bubble situation. Find them.Pick the best property you can afford. Not the dearest,the best,( Position,sub potential,reno potential,improving local infrastructure and economy). Bargain hard and you will be ok. Sure it may drop a bit more but when the market turns you will already be off and racing thinking about the next IP you want to buy>
Wake up Devo. Haven't you heard ? We're heading global recession, hyperinflation in USA, fannie and freddy are down 90% !!!! What the hell are you thinking ? That your house will be spared ? hahah you amaze me. Houses are being sold cheaper than they cost to build all the time, in fact in USA if you buy a house that costs more than it cost to build, you're a sucker, please wake up and you will see that this is all coming to Australia too, and it will be MUCH worse in Australia. Your house could be worth 300.000 now, in 2 years it will be worth 150.000. Accept it.
ps : did you hear the newest trend in USA ? "Buy 2, get 1 for free !" ( HOUSES… that is , not vegetables )
hrm…..i guess its up to me to do my homework on this. Its up to me whether to jump in the market now or later on that will predict my future. Thanks for all the tips and advice you guyz have given to me. Well im still young and plenty of time to jump in the market but is it a good time now???? hahaha
harb wrote:Scamp wrote:And together with you , 99% of the people looking for houses have 0 options either. So , houseprice will come down since noone can afford them. Easy enough. Don't invest in property for at least a few years.There are always options, you may not see them clearly or are to scared of the options but they are there.
"Don't invest in property for at least a few years" , what kind of bs advice is that ? At any one time there are different market forces at work in each state even down to each suburb level. Or maybe you think you will scare enough investors to cause a price collapse to a level you can afford to buy in? If so you are dreaming and will remain a renter for the rest of your life. Sure it can be scary to jump in but remember that Risk =Rewards.When I bought my first IP for 45k back in 1985 CBA and NAB knocked me back because based on my 10k gross earnings I couldn't even come close to affording it. They were probably right but I managed to score a loan with T&C anyway and struggled to make repayments for the first 2 years before the wage and rental increases caught up with the repayments and I could afford it. By 1989 when the interest rates went up and prices doubled in Perth I couldn't afford to buy another IP but bought one anyway and struggled with even higher interest rates until wages and rental increases caught up with the repayments. Since then I've bought a few more properties which I couldn't afford at the time that are now +ve geared and will remain so even if we turn into a banana republic with interest rates at 18% again. If I was to follow your advice and waited for house prices to come down to a level I could afford I'd probably still be waiting to buy my first IP.
So what would be your advice for me to do at the moment. Ive got $20,000 cash in the bank, i earn 55k p.a and my gf earns 40k p.a. I just wouldnt know where to start because of the house prices around melbourne is too much for me to afford but if there is a way, im very discipline with money and willing to jump in the market.
thank you
its under contract at the moment…….i was too late to take the opportunity. Thats what happens when you hesitate on a opportunity……back to searching for another place. I want to purchase it but did not know what to do with it to maximise the benefits.
