Forum Replies Created
Hi
I’d hate to think (and calculate) how much money I spend on beer and take-away food [blush2]
I’m so depressed, I think I need a beer and a pizza [biggrin]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
Try these:
http://www.propertytalk.co.nz/
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
Cheers for the info on Broken Hill [thumbsupanim]
It’s actually quite hard to achieve 10% in Karratha.
A 7% return in Karratha is to low by far, even with a 10year lease. Depending on your situation you may even have a negative cash flow in a country town!
There is a possibility that it is a company built property with the lease written into the O&A. Mining firms aren’t known for their generosity especially when they have the negotiating power. Very few firms in the Pilbara pay 100% of the employees rent, therefore they will try and secure a long lease with lower rent to ensure the employee doesn’t have to pay too much to make up the difference.
Remember you still have to pay a property manager (Rio likes those) usually at 10%, maintenance (cyclone area) and the mortgage (with a structured lease you can’t simply rise the rent if interest rates go rocketing up)
Sorry but 7% is too low, why pay more for 7% when you can pay less and get 10%!
Anyway I could go on and on but it’s not really the point of the thread [offtopic] cheers for the info & good luck
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
Like the link [rolleyesanim]
Unfortunately that’s a poor return for Karratha.
The property is on the outskirts in a new Suburb, you can achieve much better returns than that with a little extra effort (not just a 2 second search on the web) [grad]
Asking price is high but I suppose that’s what you get with a guarantee [biggrin]
You still didn’t give any input on Broken Hill?
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
Broken Hill, whats that place like??????
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
In my experience when building the builder gets a progressive payment, for example when they have completed the foundations.
I don’t think it’s just the bank, you should also check your building contract – the builder may of been getting progressive payments without you knowing.
Basically you should only pay interest on money that you borrow from the date you withdraw/spend it.
So I think one of the following situations occurred
1) Progressive payments – therefore you are liable for the interest on the payments
2) The NAB paid the builder upfront – I don’t think this would of happened but I was once with NAB and I know how dim they can be.
3) The bank is trying it on!
You should be able to get a statement from the bank with reference to the loan account and then you’d see when the money was drawn down – then you could calculate the interest yourself.
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
Hope you feel better now [wacko]
Don’t get too stressed, no point being a property investor and kicking the bucket due to “Property Stress” syndrome.
I sometimes find a nice glass (or two) of red helps [stun]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
Sounds a good case for a wrap.
I’ve never completed one before but as I understand you should still perform a variety of checks to make sure the deal is a safe as possible up front.
I’m sure someone will be able to help you on this forum – I’ll be interest to see what they have to say.
Have you read Steve’s book 0-130????
The wrap product on this website might be a good start[grad]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Just enough to roll around in would be nice[king]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
I know of someone who has a few IP’s in Geraldton.
The last I heard was that the local council was buying random properties for state housing.
This meant that a once considered good area/street was suddenly being populated with state housing.
Now, some people may be happy with this, others may not. My friend was very unhappy because 1) his property value dropped 2) I think it impacted his rent return when it came time to find a new tenant [confused2]
I’m not sure if this is the current situation with Geraldton, but I’d be very careful and perhaps contact the local council to find out more.
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
As with all agents there are good and bad, do your homework and phone around, even ask for references.
Agents normally charge more in the country (In Perth I pay 8% management fee in Karratha it’s currently around 10% for the same type of property)
“if I was a regional agent and saw a +’ve deal I would buy it myself!” – the problem is you can’t buy everything you see and just because at first it appears to be + it doesn’t mean it’s a good deal. Again do your homework, IP’s differ in quality, especially in the country!
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
There are the obvious comments, such as “get another job”.
But to try and be helpful I’ll suggest:
1)Perhaps you could find a partner who you could split the cost with and perhaps develop the block so it starts generating an income, therefore lowering your costs but still giving you the chance to capitalise on the block.
2) The vendor may help you finance the block so lowering your outgoings.
You really need to know your cash flow situation[blink]
I find it helps to write down the problem and then write all the way you can solve it, some may be silly but you never know you may come up with the perfert plan [biggrin]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
In my experience flats come in two forms
1) Strata
2) SharesWith Strata you are allocated a parcel of space (strata plan layout), I guess technically it is’nt land but you are actually buying the building component, the land is generally “common grounds”
With Shares you are buying a share in the complex, similar to buying shares from the ASX.
I personnal don’t like the concept of shares.
Although a lot of people don’t like Strata (there are some horror stories out there), I do. The key is to do your research and ask people living in the block.
I’ve also heard of leases (mainly heard of this in England). This is where you purchase a 99 year lease on the property – I see no value in this.
Someone on the forum may be able to expand/correct this info if you need more.
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
It’s important to look at the whole picture, just because a property is in a country area (remote) doesn’t mean it isn’t a viable IP.
You have to review each area and what supports the area (community & industry).
Cash flow is the main incentive for these areas but remember just because one area is experiencing slow growth it doesn’t mean another area isn’t experiencing good growth. This phenomenon is common in city areas too.
Everyone has different criteria they require to meet their investment needs, the key is to do a lot of research and build contacts so you can reach an educated answer to your question.
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Hi
I’m currently refinancing with St G.
I was previously with NAB, who very kindly cross-secured all my properties and tied up my borrowing capacity [angry2]
With St G I’ve been able to refinance my properties so that they are all stand-alone [biggrin]
Banks are generally all the same (out to make money) and it’s just a matter of finding the one that suits you best.
I personnel would use an independent broker. A broker should present all the available options to you, recommend two or three depending on your situation and then let you make the decision (as you not he will know what you are ultimately trying to achieve).
It’s important not to focus on the initial costs of refinancing but on the final goal of what you are trying to achieve, some times you have to spend a little money to make money [grad]
I am happy with my decision to refinance to St G and use the LOC, but the decision is yours and if I were you I’d find another broker.
Oh just a quick one, St G will lend 80% on inner city units in WA and there aren’t many banks that do that (South Perth and Subiaco are classified as inner city with regard to units).
Hi
Does that mean the book will be available at the Perth show??? Please[thumbsup2]
