As always bill you are a wealth of information.
cheers
oh yeah as per that software you are after, am getting it done tonight so will mail it to you tomorrow. sorry it took so long.
It does sound too good to be true. would be worth further investigating though. my concerns are:
they are not doing this for you out of the goodness of their hearts, what are the hidden costs?
still if you give it a go, would be nice to see what you thought of it.
I’ve had the same problem. if you read jenmans book, his theory is that RE agents arent interested in buyers, just getting more houses on the market. I even went to the trouble of making appointments to speak to them, but in a booming market they are not interested. Ive asked people at a RE investment course i did, and they all had the same problem. they explained it as:
in a booming market “they will run with the hares”
and in a market slum “they will then have to swim with the sharks”
one way i found that worked was to have pre approval so when i made a bid on a property i had it attached. they take notice of you then!
just dont make the same mistake i made which was not to white out how much money i could borrow, boy did they want to up the price then!
i’d have to agree, though under billfromoz’s advice i’m not buying at the moment, i am still looking. at present the biggest problem i have, is when i get whiff of an area thats ready to expand, its usually been too late as prices have gone up. one of the rules i have is there has to be justification for the market value. ie house’s in harden NSW might be cheap but why buy there, is a new factory starting up? a new gold mine just approved? if not i tend to shy away from those area’s.
i have (sort of) i was looking into it a couple of years ago. buying the machines and stocking them is easy enough. the problem came from finding approval to put them in shopping malls etc. by the time i looked into it, they are already everywhere. i’m not saying its a bad idea but i would get a mentor first to find out how to be the first one in with approval.
sorry its not much help, but its the best i can do[]
didnt know about the round house, nor the licourice factory. just rang the old man in junee. the only problem i can see with properties there, is there is only one real estate agent in the whole town and apparently he’s doesnt discriminate who rents the place as long as he gets his commission. but in saying that i have met and spoken to him (his kids attend childcare at my sister place) and he seems a genuine person. so i will have to keep a closer eye on junee.
I’ve heard about that type of loan. apparently the ato has lost that appeal several times, finally ending up in the supreme court. it was then over ruled and the ato won. obviously the hart family have continued to push. the hart family by the way had companies with a vested interest finance the appeals etc.
as for IP property the RBA sent its report to the government recommending that depreciation etc be reviewed and more in line with the U.S, canada etc. this is in an attempt to bring down property prices as they say that its investors pushing prices up
I have some software you might be interest in,
email me with some contact details and i’ll see what i can do.
bill i havent forgotten you, am getting it done today. [email protected]
shaun
Jake
as for not being too strong with maths, trust me. when its your own money you will become strong with maths, leave messages on this web page, i know that there are many people here that will check your numbers for you
Junee might have been a good town, but prices have gone up there as well. My parents live there so i know what im talking about. over the last 6 – 8 months prices have gone up around 10 – 15 percent. those two bedders you were talking about got sold to two young guys several months ago who renovated etc.
the problem with junee is, because of the jail there now, alot of the convicts wives and families now live in junee so they can be close to their husbands. I dont even go to the pub there any more with my brother (whos the local butcher).
But in saying all that i would have bought in junee if the price had been right, 3 beddy houses rent for around 150 p/w, but now prices for houses are around 150,000 – 200,000 not really worth it. as for the railway line.
several years ago they closed down the round house, this was the hub for all trains in NSW it now gets done in goulbourn.
towns still ok, not alot of work (unless you work in wagga) a better town to look at is coolamon.
this town is only 1/2 an hour from wagga and is a much nicer town
i found one for 40k in harden renting for 90 a week. went to harden for a look it was a tin shed with a tap and a table used as a kitchen bench.
was pretty rough. the add originally said “some minor work required” needed bulldozing more like it!
another way around paying stamp duty, is to buy in the ACT, its not called stamp duty (i cant remember what it is) but you pay it and its tax deductable!
unfortunetly canberra prices are way too high
I know what you mean, when i bought my first ip it was a real eye opener, i thought i knew what i was doing as i had already bought a property 3 years ago. as for stamp duty across the states. go to reserve bank comission and click on the web page, they have made a reccomendation into having stamp duty the same for all states
Gday Rocket.
I have gone the ESC 3 day course where they teach all that stuff. i even bought the software. What i’ve found is with these finders fees, double check the numbers they are giving you, they rely heavily on neg geared but pos cashflow. for a couple of hundred dollars you can buy your own software and do the same thing (this is what i did). ie legal fees are 400 dollars where in reality they are more like 1000 dollars, sometimes they only put one weeks vacancy rate where in fact the average for the area is more like 2 and a half.
as they say with the advertising, these numbers are recommendation only, you will have to check your numbers to insure they are correct.
Honestly you’re better off with the software and doing it yourself. you will learn a lot more that way and any mistakes you make are your own.
Geez alf, this guy sounds like an A$%%hole!
I too have my own mortgage broker, but i wouldnt be taking that crap.
one of the biggest rules i’ve found and stick to.
get a good team around you and they will look after your interests. sounds like the broker you have is more interested in your money than you.
I’ll have you know being a janitor has been my life long dream. i kid you not when i say i used to mop up puddles of water whilst it was still raining! nothing more career rewarding than that!
melbear
congrats on more stars … Yay
Kay,
knowing my luck you will be on the panel [] Just as well there is testing, which (if its the one you’re thinking of) i am fluent in all of criteria 1. and have done the job for 5 years prior to discharging from the navy.
email me please? i’ve got to know if its the same job, in which case i will start studying, or whether you are just going to let me sweat it out!