Forum Replies Created
Since there are so many Brokers online, can i ask a question? When you set up a loan, do you generally charge the financier the fees, the customer or both? Recently, my broker charged us $550.00 to set up a loan that I ended up doing myself direct with my existing lender, but the bank also paid her. Is this usual?
Everyone, this is so important to get that final document after settlement. I did conveyancing for many years. In Queensland you can apply(though the solicitors at the time of purchasing) a copy of the Certificate of Title to check that everying is held in the right names and the right percentages too.
Infact you can all go along to your Department of Natural Resources and like you said for a few bucks get a copy of every one of them right now. I cannot emphasize how important this is. Who knows you might even have a couple of caveats over your properties that you never new about!!!!!
Mortgage Hunter,
Isn’t he just. thanks everyone, I will so some of the recommended research. I think I was on the right track though. The tax man has to get you somewhere don’t they. You know the more I delve into all of this property stuff I am quickly coming to the understanding that it is not how much money you make, but how much you know, do you agree?
Dear Matt and Gross Realisation,
What do you mean about Banks not lending the other fellow any more money – I am in the same boat too. I feel like I am missing the boat. We hage 3 properties, 2 ip, but the bank has said that is enough now. should I be listening?
Dear Dazzling,
In relation to half wit juniors, wet behind the ears etc, thought I was tell you that we have around $700K worth of mortgages to our Bank and I recently had a call from one of “the above people” scalding me from going over my credit card limit last month by $6.00!
Dear Redwing,
Yes, now we do in Queensland that is, but many yeras ago if you owned your property or whoever hend the mortgage i.e. the bank, we used to have these great big peices of cardboard like titles and each time the property passed hands, the new owners name went on it. The only reason I am telling you this is that there were a few stories going around that when people finally paid off the first home loan in their 60’s they were getting very excited and setting them alight on the bbq that night!!!!
Thanks everyone. Yes, I just keep going back to Beenleigh. You can still get a Beenleigh townhouse for around $120K to $130K with quite reasonable rents. It is still a little bit of a dodgy place, but getting better. Look at Labrador on the Gold Coast, that used to be classed as dodgy city 20 years ago, now it is booming – or was at that last boom.
Thanks for the feedback everyone, yes Christmas sounds like a good time to give a little gift. Like the idea of chocs and wine – everyone loves them!
Dear Rusty,
Your comments were truely rude to the poor guy asking the question.
Your wife cannot help the way she feels. Everyone is just simply a product of their environment. You need to get her to some seminars, books, give her evidence.
I am the wife in the family and I am the ONLY one interested in investing. I am lucky though, whilst my husband doesn’t have a direct interest, he sees the benefits and goes with whatever I want to do with regards to investing. Perhaps she should email me – I am happy to talk to her. You just need to bring her out of her comfort zones a bit.
The thing that keeps me going is looking at the alternative. Do I want to be still working full-time at 60 NO. Do i want to work hard all my life just to own my own home and have no income, NO. Your lovely wife just needs to ask herself those questions.
Hi Matt,
We have 2 IP plus 1 PPR. Next property we would like to buy it in a trust or something else. Trouble is, I don’t know much about how they work and the tax benefits. Can you suggest the best way to study how they work – books etc?
Much appreciated.
Hi, just the person – I live on the gold Coast and have ip here. Could you please email the details of you property to my private email address.
In the interim – LJ Hooker at Labrador are good. PRD Nationwide at Runaway Bay also.
Gold Coast Bulletin, but also on the internet. Not much happening here at the moment though, properties have been listed for over 6 months at least.
Good Luck.
Ah hah, new I had heard that name somewhere other than with Homer Simpson – you need to read September issue of Australian Property Investor – Page 100 has a spread on just the suburb you are asking about or have you already read it?
What State are you in? Are you sure there was a Title in existence to begin with? I have a legal background – in conveyancing that is – and here in Queensland each time a transaction proceeds now i.e. a sale,the Certificate of Title is put on disk at Department of Natural Resources and is therefore not in existence, only on micro-film. We can apply – Form 19 I think it is for an Application for Title which is just a copy. Should check it out. One of the other emails just prompted this thought saying how did they settle without the CT, because if it was actually in existence, they couldn’t have settled.
To the people talking about non-bank lenders, can I have some referrals of any good ones. We have 3 properties through a Bank at present, but next property would like to keep some eggs out of that basket so to speak.
thanks and good luck in finding that title.
Hi Batts,
I live on the Gold Coast, have all my life, and have 2 x ip here, but not hi-rise. Would never do that. Whatever you do, look very closely at not buying Surfers Paradise – it is a dive these days.
I agree with the other guys. If you can, perhaps get something close to the Broadwater – you may want to look into a new develompment application (yet to be approved) for the International Shipping Dock. I am hoping that will send our units sky-high. Always wishful. Good Luck.
OK, well I am obviously the novice of the group, but may I ask where and how you do find these properties????? Congratulations by the way.
Shelley D.
We have 3 properties – one we live in valued this year at $440K with a mortgage of $293,000.00. The other two are IP. We bought the first one in April this year for $185,000.00. They had a price tag on it originally for $199,000.00. We have a mortgage on this one for $200,000.00 which we borrowed for the purchase, stamp duty and monies to fix up. The other one was $235,000.00. We have a mortgage on that one for $187,400.00 (we had to borrow the remaining $60K) for that property from father). We have paid him interest up front for 12 months at 9%. We would like to refinance to pay him this $60K back next year and also keep buying more properties. We have never missed a mortgage payment on all three properties but the bank NAB wouldn’t lend us the whole amount for the 2nd IP and no more for any other properties at this stage.
MY PROBLEM IS is keep reading reading and reading about all of these people who just keep on buying properties – where are they getting all of this money from?????? Is is just a situation that we are waiting for all three properties to go up in value until we can keep moving forward? I guess my concern with this is that everything else has gone up by then too.
Tip
I send my tenants a $50.00 gift voucher every time I get a good inspection report or after tax time – They love it and I love them for looking after my property.
Tip
Don’t tell anyone what you are doing, one exception, people that have already done it! i.e. investors. People that don’t know what they are talking about usually think they do.
Do you mean Goodna?
Do you have any suggestions of good locations in Queensland?
Dear Steve,
I am not an experienced investor. I am 34 years old, a family day care mother with 15 years previous experience working in a law firm (prior to babies) in the property/securities sector. Now I spend my days covered in vomit and other bodily fluids, but this day to day exchitements gives me the cash flow I need to invest. That’s all, apart from a life long interest in property. I love it.
We have our current residential home plus 2 units on the Gold Coast, most mortgaged interest only. My husband pays heaps of tax, and hopefully, next year we won’t have this problem.
My biggest advice to ANYONE is DON’T BE AFRAID TO TAKE A RISK, after all, what is the alternative and secondly and more importantly, DON’T DISCUSS WHAT YOU ARE DOING WITH ANYONE THAT IS NOT ALREADY A PROPERTY INVESTOR. Otherwise, you will get 99.9% of people telling you that you are crazy, how are you going to sleep at night, ohh, you will have 3 lots of rates, my god, plus body corporate, how will you manage. blah blah, the best one is, no, no, it’s not the right time to buy (given these people are 50/60 and still working trying to pay off their home loans, these are not the people to listen to.
While I am on the subject, I would be interested in hearing from people – other investors or want to be investors to compare notes. Generally, none of my friends know what we do, just a couple that are doing the same heads. I leant from experience when we told a couple of friends, they looked at us like we had two heads. The other problem we experience is people automatically think you are RICH! which is far from the truth at this stage, merely GOING TO BE RICH YEAH YEAH!!!.
I recently had another experience when a bad rental manager nearly lost me my tenant. In Queensland, each time an agency gets you a new tenant, they keep the first week’s rent. This is fine I think but when they are losing you perfectly good tenants, is this viable? I think not. This is another story if anyone is interested.
Regards,
SHELLEY DAVIES.
