Forum Replies Created
Gross,
Looks like to some members you are their mentor, their TorMentor. [argue]
Mal
Getting out of your comfort zone, can help you become comfortable
Hi Dallasm,
I’ve had my PPOR with Wizard since 01 refinanced/ upstamped through them in 03 go gain access to equity for investment. This is when I should have spoken to a Mortgage Broker, because my current structure does not really suit my needs, and the Wizard man was not an Investor and was in no position to suggest any alternates, he just went along with what I asked for, which I now know was wrong and ultimatetly costly.
LMI was only applicable above 80% LVR.
The Internet and Redraw facility is fantastic, but you are paying for it in the interest rate.I have split accounts with an Investment component which I use for my IP deposits and expenses and Shares. But all my IP Loans are with a different institution.
Basically Wizard have been very good and very helpful, but 4 years on I think I’ve outgrown them.
Mal
Getting out of your comfort zone, can help you become comfortable
That’s a great site Simon.
Pitty the membership is so steep.
Mal
Getting out of your comfort zone, can help you become comfortable
Love Skiing also,
I’ve got forced holidays over Christmas and New Year and am seriously considering taking off to Canada with the wife to catch a bit of the white stuff. Managed to squeeze a week at Queenstown NZ in August, wasn’t the best snow but perfect weather.
I don’t think we are going to see the same type of boom in Capital that say Queenstown in NZ has had, purely because its not an all year round type of place. Queenstown is though, summer is just as big as winter. Plenty of reputable Kiwi’s from accross the ditch that would be happy to point you out in the right direction over there. Much better Skiing also. + No Stamp Duty.
Mal
Getting out of your comfort zone, can help you become comfortable
Given the number of posting by some people on this site. They have already spent more time this year logged into this forum [computer], than they will, getting some loving in their entire lifetime [love].
Imaging if we didn’t have the 1960’s, these loving stats would be even worse.
Mal
Getting out of your comfort zone, can help you become comfortable
You’re spinning me out Psych, weren’t you just Duchess ?
I know 2 people that got caught not moving in within the first 12 months. They did not have all the bills, electoral role etc changed to the new address.
You can’t make the tenant have the phone connected it needs to be in your name.
Mal
Getting out of your comfort zone, can help you become comfortable
Robo,
This really does depend on you age and how much you will have in your super fund. It’s probably not worth having a DIY super fund if the value of the fund is below about $200- $250K. Your 14K tax saving will be chewed up in Audit and management fees in about 5 years.
The problem with Super is that you loose the power of gearing. You either have the 50k working for as Super or you can have the 50k geared at 75-80% and have about 250k working for you not invested in Super.
Mal
Getting out of your comfort zone, can help you become comfortable
Hi Shelley D,
I had exactly the same situation 12 months ago, tenant constantly requesting maintnance on trivial issues, for some things that any bloke with a screw driver and hammer could fix themselves. I was glad to see the back of them, even though they paid on time or in advance.
Got a new tenant, then the aircon went on the blink. D’oh. She sometimes play late but always catches up within a fortnight, and has never asked for petty repairs.
You can afford to take pity on a bad tenant, or one that costs you unnecessary maintenance expenses.
Mal
Getting out of your comfort zone, can help you become comfortable
Hi thek,
I’ve been a fan of Cairns for a few years, since it was opened up as an international airport about 3 years ago. I expected things to go up in the region, but I also think the reason that things took off as much as they did was becuase of the Vendor Tax in NSW, shifting NSW investors interstate but away from the traditional SE QLD.
To ensure consistant returns, it’s best to focus on properties that will attract local residence not seasonal residence, as specific suggested.
Many of the suggested cp+ properties up there are only p+ because of the depreciation in the first couple of years.
When doing your number when looking around, rates are about 1400-1500, Prop Mtg fees are pretty much standard at 8.5% + GST
I can see there being a bit of an oversupply happening soon, the race course was sold last year/early this year to developers. It is being rezones residential.
I’ve also heard that some housing commission areas will likely be rezoned to non HC in the next council residential planning in about 18 months time. Some of the areas previously had Owner Occupier restriction, and this will be removed.
Cairns is a nice place to have to go to, to inspect your properties every year.
Mal
Getting out of your comfort zone, can help you become comfortable
Hi Andy,
Believe it or not you just got started. Getting the fire in the belly to do something about your situation is the start.
There is no easy way to get started without a deposit, but start learning and researching while you save.
As you obviously live in a country area, that’s where some of the best cf+ deals can be found, most people can’t be bothered with the deals because they don’t have easy access to them, but you may. Have a look around.Mal
Getting out of your comfort zone, can help you become comfortable
If you haven’t had a depreciation schedule done for the IP, you can have the valuation included as part of that.
Try and buy furnishings that allows them to all fall in the LOW VALUE POOL for higher depreciation.
I generally would not supply linen only the bed spread to match the other decore in the room.Don’t forger, wall hangings (painting, mirrors etc), wall units to make the place feel like a home.
Don’t forget to up the contents insurance, to replacement value of the furnishings.Mal
Getting out of your comfort zone, can help you become comfortable
Homepath – 6.46 % no fees, with redraw (min 2000). nothing fancy does the job.
Use them for my IO IP loans.
Extreemlty frustrating to deal with 10 different customer service people in the finance approval stage though.Mal
Getting out of your comfort zone, can help you become comfortable
Hi TWO,
I always use a Solicitor/ Conveyancer that works in the State and region where I’m purchasing, contracts are different in every state and a local will usually pick up on things. A local will know the types of non standard searches to do, Soil etc, depending on the area. It may even be a good idea to ask for a longer settlement, if doco’s have to go back and forth. Although I would generally apply this to QLD purchases, where you already are.
Mal
Getting out of your comfort zone, can help you become comfortable
Seem to be more popular in Perth to have Lease Agreements with an agent, to source the tenants and look after the lease paper work, bond etc. Then hand it over to you to manage the property yourself, collect rent, attend to any problems, do inspections. Much cheaper option.
Mal
Getting out of your comfort zone, can help you become comfortable
I agree with Dazzling for the most part, with a couple of exceptions.
1. If you are in a house with cathidral ceilings, go the tiles, they are much quiter in heavy rain, as you have no roof caverty to absorb most of the sound.
2. If you live in a bushy area or will have trees overhanging the roof. Colorbond stains and very noticably, especially from tree sap and general build up of dirt.
3. Colorbond roofing is extremely slippery when wet, and a real pain in the as5 if you slip over, those bolts really hurt (although I imagine not as much as the 30ft drop from my roof).Mal
Getting out of your comfort zone, can help you become comfortable
If you want to use a preasure cleaner, you can ask Sydney Water for an exemption for a period of time on a specified date. They will likely give you a 2 hour window in which to do the work.
We did it about 12 months ago.Mal
Getting out of your comfort zone, can help you become comfortable
Hi Krs,
I’ve twice given up full time work, 1st to pursue my passion of cycling, 2nd to go back and educate myself full time to change careers from accounting to IT after realizing that my forte was in the design of financial systems as opposed to being a user of them.Not what you were really looking for as an answer, but, although I didn’t make it, I will never look back and wish I’d given cycling a go, because I did. Going back to invest full time in my education is a big thing, especially after 10 years and not having a partner that has another income. Sure I didn’t really have any money, or mortgage at the time anyway, so the risk was quite minimal, it was the lifestyle I’d become accustomed to that had to change in the short term (couple of years).
You say that you don’t have any time yourself because you are always at work. Why would your ultimate goal be have your partner stop paid work to invest full time, if your own work capacity isn’t going to change so that you can spend time together doing what you really want as a result of investing? You must really love your job.
If you give up work to invest full time, then I don’t see how that is giving up work, only changing careers.
I don’t think is necessarily about courage, but more about passion. What do you really want that much, that you would take that kind of leap of faith in yourselves, to have one of you investing full time.
Mal
Getting out of your comfort zone, can help you become comfortable
I had a tenant sign up in January this year. The place was still dirty because of a bad tenant that was in the place when I purchased it and I subsequently had evicted. The new tenant agreed to take the place as it was and do the cleaning himself, if I waived the first weeks rent. Sounded like a good deal to me. He has since repainted the place because he didn’t like the colours, (nor did I for that matter). Paid and did the work himself. He is definently a keeper, and the type of tenant worth spoiling at Christmas.
Actually, as the place is fully furnished, I can upgrade some of the decore etc for him and still claim it as a deduction.Mal
Getting out of your comfort zone, can help you become comfortable
hi teacherk6,
I thought that was what you were saying but grossrealisation threw me.
Yes your bank will likely charge you the nominal fee related to a cash advance, say $2.
If you say withdraw $2500 ,they will charge you intrest from date of the dithdrawal interest at 16% on the $500 new credit balance.
If you withdraw $1900. your only cost will be the $2 advance fee. This will depend on the bank though.Mal
Getting out of your comfort zone, can help you become comfortable
Christmas is a great time to buy, you can pick up some great deals.
There are always those people that have tried to sell during the Spring without success and the closer it get to Christmas (as things slow down), the more likely they are to accept an offer that 2 months earlier they would have knocked back without a second thought. It becomes a great bargaining tool also, if you are ready to go with finances etc and can offer them a short settlement that will squeeze it in before the Christmas break.Mal
Getting out of your comfort zone, can help you become comfortable
