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scott
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Post Count: 110
June 25, 2003 - 12:01 pm
Big Cat,
Personally I’d stay away from the house and land packages and organise the lot myself.
buy a good bit of land (any of the areas you’ve mentioned are good), and find a builder to build you a house or even better a duplex. This way you keep the money that the house and land marketing guys normally get. A friends mother did this recently and built a pair of duplexes for about 270K, and by the time she got them revalued just after completion they were worth 295K each, mind you this was when the market was moving fast, but still to buy the same thing, at the time she built them, would have cost approx 195K each!
Thats a 120K profit without the cap gains! Worth the extra hassles I think, and it really wasn’t that hard according to her.
Hope this helps you,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 25, 2003 - 11:10 am
Hi Wil and Del
Thats a good thing I wouldn’t want my message to go unheard ![]
If you have no luck with your bank try a broker. One of my best friends was very high up in lending at one of the big 4 and he used to complain that he didn’t have the flexiblity in lending that brokers had. He said that he would have apps knocked back and a broker would get the same client approved on a better package, through his bank, it was very frustrating for him.
Must go second half has just kicked off!!![]
Best of luck,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 25, 2003 - 10:58 am
sorry guys, hope you could make sense of that, I was busy watching the footy![]. We’re winning by the way[], yes I’m a New South Welshman even though I live in sunny??? QLD now.
Scott S[]
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 25, 2003 - 10:48 am
Wilandel,
From my understanding it depends on the particular package offered by the lender.
the on ethat we are applying for has a $295 per year fee for the first 5 loans and ohter extras included for that annual fee, then another $295 for the next 5 etc. there are no application or valuation fees as such.
someone like Stu from prosolution would be able to tell you more about whats available to you, that would suit your particular needs.
hope this is of use to you.
Cheers,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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@scott
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June 25, 2003 - 9:59 am
Hi Alex,
I think everyone buying at the moment has the same problems! R E agents have it too easy at the moment as far as sales are concerned.
If however you’ve got a property to sell you get preferential treatment. Ir’s just too easy for them to sell properties at the moment, they’ll get thier own back when the market slows, those who’ve given good serivce will be the ones who get the buisiness when the going is tough![]
I do deal with some really great agents, but there are many more slack ones out there!
regards,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 25, 2003 - 9:39 am
Hi,
I’m a little confused here, so if any one in the know can clear it up I’d really appreciate it.
When I went to buy a commercial property recently I was charged gst in the contract price even though it was tennanted. Was this the agents error or is there some loophole that I should know about.
Any info would be great.
Thanks
Scott S
P.S. Thank god for get out clauses I was being ripped of to the tune of 100K, goes to show know your market befrore you buy!!!
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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@scott
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June 25, 2003 - 9:19 am
Hi,
The advice that I’ve been given is to ALWAYS inspect the property just before you settle. That way you know your getting what you looked at when you purchased. As I think AD said, the
negotiations aren’t over till you’ve settled. If there’s no lights when you inspect negotiate a discount to the value of new light fittings I’m sure that’ll hurt em![]
Best of luck,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 25, 2003 - 8:11 am
Hi Potzmoa,
It’s good to get a bit of local knowledge on NZ, I’ve been intereted in investing over there since talking to MiniMogul at the masters seminar, but I don’t believe in buying without fully researching an area. As you say it’s not easy dealing from afar! At least now I’ve got some places that I can research over there. Still there’s no substitute for local knowledge.
Thanks for the tips.
Best wishes
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 25, 2003 - 7:55 am
Hi Big Cat,
Look around the Hawkesbury area, especially Bligh Park and North Richmond. There has been enormous growth there but I feel theres plenty to come.
No positive cashflow though!You tend to get good tenants in those two areas. South Windsor is another riskier bet, it hasn’t seen the growth of the other areas because of it’s name alone, I see it catching up in the near future. But that isn’t for certain.These areas are much cheaper than the hills areas and see simmilar growth figures, a better start if your after a neg geared cap gain property to start you off.
hope this helps.
Cheers
Scott S
P.S. Also try Wilberforce, Glossodia, and Freemans Reach areas, they also have very good growth rates.
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 23, 2003 - 9:20 am
Thats right , but and it’s a huge BUT!!!
Even if your name has been on the title of a property previously you can still get the grant!
WHAT I hear everyone say, if your name has been on a title you’ve owned a home, and your not eligable for the grant!
Well thats not necesarily true. I’m still trying to find out exact detials for Soosh but it goes something like this;
If you buy a home with your partner in both your names and the relationship subsequently falls
apart, so long as you transfer title into your ex’s name (ie; they take over the property), and can show that you gained nothing from the ownership of the property, you are intitled to still claim the grant.
This situation occured with friends of mine, but I’m stiil trying to track down the girl who managed to get the grant, to find out exactly how it was done, so stay tuned when I have all the details I will make a post detailing everything.
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 23, 2003 - 8:58 am
Good point Mini, the other advantage to the wrappee who defaults, (Please correct me if I’ve misunderstood this) is that they wont get another black mark from a bank against their name.
While still a loss, it’s better than a bank taking their home, selling it off way below market value, leaving them owing the bank money that they cannot repay. While in the current market this may be less likely, it has happened many times to people who lenders have themselves taken advantage of.
I feel that the criticism of wraps is largely unfair, but none the less spurred on by the bad seeds who do prey on the venerable.
Regards
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 23, 2003 - 8:37 am
Hi guys,
There’s more than just beenliegh! I just missed out on a deal where you walked out the front door and just about fell onto the platform for under 50k !!![!] Should have acted quicker![]
They’re out there guys you just have to look! Oh well, guess I won’t muck around next time. Lesson learnt.
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 22, 2003 - 9:43 am
hi Nick
The answer in short is YES, as long as you move in within 12 months you can claim the FHOG.[8D]
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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@scott
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June 22, 2003 - 8:51 am
Hi guys
I too would love a copy if anyone has one, more than happy to pay for it!
Email me at [email protected] if you can help!
Thanks
Scott
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 22, 2003 - 8:47 am
Hi choc,
For finance and advice I’d highly recommend Stuart from ProSolution. I’m using him for my finance, and I think that you would be hard pressed to find a better broker.[](I had to give you a plug Stu[])
Check out his site at http://www.prosolution.com.au, there is plenty of good info and contact details.
On the topic of properties stick to the lower end of the market to start I’ve personally found them to have better rental returns and tennancy rates than higher priced properties in the same areas. Plus there’s less at stake if it does all go bad!
Good luck with it all!
Warmest regards
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 21, 2003 - 5:58 am
Hi walkernick
As I understand it the difference is that an application shows an enquiry on your CRA , it will show the amount that you applied for and when you applied for it. If you were to then take out a mortgage in your own name those borrowings would show on your CRA against your name. If you borrow as a guarantor for a company, it only shows as the enquiry no borrowings are actually listed against your name.
This is only what I have picked up from talking to friends in the game so please don’t take it as gospel.
I hope it helps your understanding of this concept.
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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June 19, 2003 - 9:00 am
Hi Fullout ,
Good on you, it’s good to hear everything worked out! [8D]
I know how stressful it is when that sort of thing happens trust me!
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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@scott
Join Date: 2003
Post Count: 110
June 19, 2003 - 8:24 am
Hi guys,
My name is Scott, I’m 28 and live in Brisbane with my girlfriend Libby, in a rented house that I share with friends. I’m in the process of purchasing my first 2 IP’s, all since finding this site. I’ve grown up helping my family renovate houses so property is sort of in my blood.
I’m doing this not only for myself but to help my parents live in the manner that I feel they deserve. We’re working as a team to get us to a stage where, within 5 years they can retire and I can be financially independant enough to work when I want, allowing me to do what I really love buying, selling and renovating property!
My goal is to have 20 IP’s by the end of next financial year, a challenging task I know, but better to try and fail, than not try at all. Besides if Steve can do it why cant we!
Warmest regards to all,
Scott S[8D]
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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@scott
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Post Count: 110
June 19, 2003 - 7:45 am
Hi katsu88,
get on realestate.com.au and searc the areas that interest you when you find an area that looks good then do a search on the town through yahoo or simmilar to find out more about it’s economy etc. If it all looks good call a few real estate agents and go have a look.
It really is as simple as that![8D]
Happy hunting
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
scott
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@scott
Join Date: 2003
Post Count: 110
June 19, 2003 - 7:31 am
Hi guys,
The problem as I see it is that in this world there are unscrupulous people, and while 90% of wrappers are doing the right thing by the wrappee, there will always be the few who see it as aget rich quick sheme. As a result they do prey on the less fortunate, giving wrappers a bad name.[!]
I personally would have no problem with strong laws regulating vendor finance, because I feel that the preditors need to be stopped, and the consumer needs a certain level of protection.
How this would be achieved is a moer complicated matter as there is no hard and fast rule for mark up on the property and interest rate. Although limiting the interst rate margin to 2% would kerb the money hungry, while still allowing a reasonagle profit to be made, the issue of the mark up on the property is a much greyer area. Factors such as a purchase price well below market value and renovations after purchase, make a percentage limit unfair to some . I feel though that a limit of 10% above fair market value would not be unreasonable, allowing one to gain from a purchase well below market value or any renos that they have carried out.
I would be interested to hear everyone elses opinions on this, as I feel the lack of regulation is hurting not only the unsuspecting purchasers, but also the genuine wrappers out there.
Cheers
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon