Forum Replies Created
IN NSW covenants can sometimes be removed if the Local Environment Plan has a clause that allows for removal of covenants that may get in the way of satisfactory implementation of planning objectives.
Ask the Council what their position is on this or look up their Local Environment Plan on the relevant Council website.
Hi Christian, I'm happy to give a comment from a NSW town planning point of view, if that helps anyone here.
I’ll be there. I just bought the wrap pack but have 3 houses (2 -gve and 1 PPOR)
see you there.
Savanna
two things in response.
Yes, this student rental thing works…..so long as you are ready to take them at the time Uni is starting….we missed the boat last year and had to take a “group”. Also, given Austudy (or whatever it is called now !), there is an upper limit to what they can afford.
re American finance. yes, you can borrow from the US but you need a US source of income, eg rent from a US property before you can borrow….I don’t know much about it But I heard Rick Otton mention it on a Video I got with the wrap pack. You can buy the video seperately so it may be worth a look.
Savann
I set a SMSF up recently. I bought a tape and booklet about costing me $59 from the SMSF Association. The regestering of the deed in the ACT cost me $20 (it’s free in NSW, apparently).
It is better to create your fund with a husband or wife as they can put their money in also and you must have two memebers in the fund or you will be forced to use a “corporate trustee”
I got the trust deed off the net and tailored it. (I am a solicitor but don’t practice as one so it barely helped…I wasn’t trained in this area of the law). I then bought the relevant legislation (the Superannaution Industry (Supervision) Act but you can access it for free on http://www.austlii.edu.au
The trust deed is pretty straightforward and so long as you comply with a few criteria and make sure they are written into the deed your fine. The ATO site on SMSF was the most helpful thing i used.
Total cost less than $100…….
some firms cahrge you thousands.However, be aware that it will cost you about $1200 per annum to have it audited….so you should be earning a reasonable amount to make this worthwhile. Prperty is a good vehicle to ensure this currently.
I’ve now “liberated” about $62K from those self-serving losers (the superfunds) !!! and can buy a small property in a country town and get about $80-$100 per week instead of the money going backwards.
Have a go, it’s easy
Savanna
Mixrex, I might be wrong but i think that the thing you mentioned is called “mirror wraps”
Savanna
lANCE….GOOD ON YOU, CONGRATS
I’d be interested to know how you are getting finance for 52 houses per year…or even 20 !!!
I’m off to see my personal banker next Monday (we have a St George portfolio loan).we have three houses (2 buy/hold and 1 PPOR) and I’m sure the personal banker is going to be thrilled!!!! when i tell her I want to start some serious wrapping.
Maybe I should bypass St george and go to a broker…
any advice for Monday???? also, any himts for getting my interest rate lowered….Portfolio is high at 6.7%. My friend with a Westpac executive loan pays only 5.9. I reckon that I’ll need a lowish interest rate to wrap successfully.
Hi,
It’s great to see the comparison of the two products written here. My “Wrap pack” from Rick arrived yesterday, complete with long video from his recent boot camp (a fabulous extra !!!) and I can’t wait to get started. We have 2 “buy and holds” and our own home we are now ready to ramp up to something new. We have been given approval for a 4th house but can’t find anything that is not overvalued at the moment (selllers expectations are still too high for the realities of the market)
I was most interested to see that Steve buys in regional areas as this will probably be us too (as we are in Canberra so there are many good centres close by). From something Rick said on his tape he seems to concentrate on the city areas.From what I have seen of the wrap pack, it looks really good. I also bought “Buyer Beware” 2 days ago and it looks like a useful addition too.
Dolf DeRoos is worht a read, as is Kiyosaki.
We have also used ideas from Peter Spann, eg, must have cap growth of 8% per annum or don’t buy it.
We even use the Investors Club idea of only looking at properties that yield at least 6.5%…all these strategies have worked well for us.
I would love to hear from people who have wrapped in regional NSW (I’m sure it has been a very successful experience).
Good luck to everyone wrapping…….I feel like I’m about to join a really special group of people !!!
Savanna100
Hi, anyone got any ideas about the top 10 towns in NSW?
Yass would have to be near the top….property is so sought after there. Orange and bathhurst also look really good. Which others can anyone think of?
In Victoria, don’t discount the future value of Warrnambool….the baby boomers will head there in droves in the years to come, giving Warrnambool and the towns along the south west coast a real boost.
Savanna100
Hi, this is my first post ever in the forum so here goes……….
We had trouble getting a QS for our second IP. I asked around at “Freestylers” (I’m an ACT member) and we also rang the Institute of QS and fianlly came up with a name. They seemed to do very little for their money (about $420) and got us less than I expected. If I have to do another one, I may look into whether I can do it myself as I have been trained to price building works.(I’m an architect but don’t practice as one anymore). I reckon that just using “Cordells”, (a building price publication) as most QS do when pricing a building, you would get a rough idea of what you could expect.
I wish you luck, the task of finding someone suitable is not easy.
Savanna100
