Forum Replies Created
Hi all,
Felicity, hope your nephew is fine… Phillip goes part time to Autistic school and is the darling of the school as he loves to flirt [:X] and hug his teachers.
I’m not sure if I mentioned this in one of my posts, but another telemarketer rang up from a property investing company and offered me a free Jan Somer’s book for half an hour of my time…
Well he could have been singing for all I cared. I just eyed the free book with glee. Hubby and I told him we were only interested in cash flow positive properties. He said they would be, by about $20 per month. I asked him, where the properties would be, his anser “Does it matter?” Well NO, it didn’t really matter, but if you are offering a Jan Somer’s book, wouldn’t you be following her guidelines, of buying within radius of approx 8-10km’s of CBD [?]
He promised to email or fax me facts and figures on how it was positive cash flow (using Somer’s software) and asked ME to call him, if I didn’t receive it. I never received the email or fax (didn’t think I would).
I haven’t got time to chase him up, making sure he’s doing his job!!! If he wants business he has to do his work, just like everyone else does.
Hubby, who can’t say ‘No’ to anybody (but me [:0)]) let this bozo harrass him for another 2 months, before finally I called ‘bozo’ and told him we couldn’t afford the finance due to financial difficulties. [}
]… I haven’t heard from him since. Sometimes a ‘CON’ knows when he’s been caught out.
One year ago, I probably would have been caught out by him. I hope I’ve helped at least one person in avoiding making a mistake, by sharing my experiences.Cheers
Sooshie [
]There are no problems, only solutions
Hi all,
Dear lord…PLEASE stay away from property investment companies….
I think I made a post ages ago, when I first posted at this forum as a newbieUnfortunately I made it onto the Cameron Bird mailing list [
] and whilst they heavily advertise in the API magazine and send me brochures, I do not know whether they are a good company to invest in or not. However, I went through one of the letters advertising property in Cairns and I could pick up catches in everything they offered in the letter. There were to many ‘what if’s ?’ left in my mind after reading it.
Why are they so heavily advertising if it is such a great deal?
Who benefits from the sale?
Why are they offering such discounts?
How do you know they are discounts? Will they show you the proof of this?
These property investing agencies have to cover their expenses of advertising, telemarketers, hiring people to show you around the property, seminars on negative gearing, the property itself, developer etc etc…The list continues.
Once they all get their cut, what is left for you??? They have their margins, so that it covers them for a rainy day. It’s almost like offering a rental guarentee, when you purchase a property, but selling the property at a premium, thereby covering their behinds if they need to act on the rental guarentee.
Moogie and I, wasted approx. $1200 just to get out of contracts of sale, which we had done through these property racketeers. Fortunately, we introduced a conveyencor ([?]spelling) to PI and he gave us a discount on the breakout costs.I have gone through archives to find links to help you make your decision more informed…I urge you to read them before signing any contract. By the way, Wakelin (in Melbourne) are the authors of “Streets Ahead”. I have had no dealings personally with them, so in all fairness I cannot comment on them. It’s a good book, but still PLEASE find out if this is for you before heading into contracts.
Hi all,Just some more links directly to stories of interest courtesy of ninemsn.com.au
Here is one link to another piece done on property scams
http://aca.ninemsn.com.au/stories/982.asp
Here’s some other direct links for avoiding property misfortunes:
http://aca.ninemsn.com.au/factsheets/983.asp
FRom the archives…under ‘useful links’ post…
Hi all,In the latest Personal Investor magazine, of October 2002 http://www.personalinvestor.com.au/
There are some very interesting articles on property. Well written and well rounded advice. Including advice on ‘Off the plan’ buying.
I am going through the archive to find the post I wrote when I was a ‘green newbie’as it may prevent someone for making a mistake.
The post is called ‘Costly Education’ and I have revived it, to make it easier for you to access. Some of the links mentioned above are listed their too. In this case, doubling up can’t hurt, but it’s absence might.My skin is tingling with alarm bells…..[
]A very concerned Sooshie!
There are no problems, only solutions
Hi all,
I am not sure if you are all aware you can access these old posts, so I revived this one for Rick_H to help him decide what to do. By the way, Rick_H and all newbies, welcome to PI forum and I hope all the contributions from PI members and friends help to guide you to financial freedom. [
]I have another post regarding real estate agents… Things I have learnt…but that is soon to come.
Cheers
Sooshie []There are no problems, only solutions
Hi all,
I couldn’t resist bringing this ‘wishlist’ back to life again [^]
Three rounds of cheers for the PI team. Most of our wishes were answered. [][][] How’s that for busy businessmen listening to their readers.
Congrats Steve, Dave, Brent et al. [8D]Cheers
Happy Sooshie []There are no problems, only solutions
HI all,
Well yesterday we discussed the issue of LVR and as Michael (my hubby) explained, it was trying to convert personal debt into investment debt. There are tax implications, which (taxation) is an area which is something I wouldn’t touch with a ten foot pole. It really is not my area of expertise. Most of you know I come from a medical background (nice and juicy stuff) far removed from this area. I have always gotten my hubby to do my taxation (or the accountant). I guess this just highlights the importance of trying to find someone who will balance the strengths you bring to the table (as in my case, the personal/social skills and the love of real estate) and weaknesses (calculations, taxation and financial stuff, all the dry stuff [}
]!)
Anyway, thats just by the by.
At 80% LVR, the banks don’t see you as a liability, but if you have to get mortage insurance (90%) they are more likely to limit your potential to borrow and you get maxxed out sooner.
Stuart, I’m not sure I followed your suggestion.By the way, if I seem ‘Thick’ in this area of finanaces, it’s because I am [:0)]. Similarily, If I asked you what placenta previa or hyperemisis gravidarum is, you’d say “What?”.
Horses for corses…. please bear with my ignorance on financial matters. I do understand the basic concepts, but when getting into the nitty gritty, unless it’s detailed down on paper, I find it hard to follow.Cheers
Sooshie []There are no problems, only solutions
Hi Michael and Kaye,
It’s very nice of you to share your spreadsheet with us.
Cheers
Sooshie [
]There are no problems, only solutions
Hi all,
Insider, I think I win hands down with the number of spelling mistakes [
].
I think my husband has decided on 20% LVR, as cash flow is better p/w this way. Our accountant suggests this way, so who am I to argue [] I honestly would rather leave the figures to hubby. Personally for risk minimization I prefer to do it at 10% LVR.Horses for courses.
Cheers
Sooshie []There are no problems, only solutions
Hi Terry,
We fund the deposit from our equity on our house which is at one interest rate and then we take out a new mortage on the new property on the best rate we can get.
Now please remember that the finance side is my husband’s role, not mine, I hope I haven’t confused anything. [
]Cheers
Soosh []There are no problems, only solutions
Hi everyone,
I can vouch for what AD (Andrew)said.
In truth though there is nothing like trudging the streets for yourself to get a feel for the area and if you like it or not. I always go somewhere for a while before I buy. I like to know the place and feel it’s “vibe”.I sent my friend to look at a house advertised on the net, in an area I knew NOTHING about and she said “Wouldn’t touch it”. When I went to visit her this weekend, I found out why. She drove me through the area and I could see that the house was brick clad and covering a ‘multitude of sins’. This is not to mention the reputation for trouble this part of the town was. It was a real pity, because if this land was in Melbourne Suburbs it would be like the Toorak or Kew of Melbourne, or the Vacluse of Sydney. It pays to have local knowledge and really get the ‘vibe’ of the place.
A buyer’s agent is good for passive investors, methinks and could potentially save you time. Creative thinking is what it’s all about. []Cheers
Sooshie [
]There are no problems, only solutions
Hi Darryl,
I didn’t see any reply posts, but was wondering if you have found accomodation yet?
Cheers
Sooshie [
]There are no problems, only solutions
Hi Quasi,
I’m with you…[
]Cheers
Sooshie [
]There are no problems, only solutions
Hi Jireh,
Actually, I’ve heard some not so nice reasons why prices have gone up [
], but I’d rather not start a debate going at PI forum. [8D]
I heard that about infrastracture of a fast train happening in a couple of Victorian townships, but by the time I did my research, the house, land etc had been snapped up. Left overs were at laughable prices. Negotiations still occur, but when unrealstic prices have been set in the minds of vendors, sometimes its worth waiting.
Then there was the talk of movies being made in near Maldon, VIC and the prices skyrocketed!
It’s probably a good thing, because if I bought a house there it would have been an emotional decision not a business one (I love the Dayelsford area, I have lovely childhood memories there []) and I wouldn’t have wanted to part with it….Not a good thing with investing.Cheers
Sooshie[
]There are no problems, only solutions
HI Insider,
That was my thinking aswell. I should clarify that the deposit is funded from an account bearing an interest rate of 6.75%. Therefore I thought that if we pay mortage insurance, we would be allowed to only put in a 10% deposit and fund the 90% on a 6% interest rate (the new mortage).
I’ve been told by numerous accountants that they would do it with a 20% deposit. In my way of thinking, you don’t break even till a few years down the track, whereas with only a 10% deposit on 75K, the first home owners grant basically almost covers the cost of outlay.
I might be getting myself more confused though. Perhaps it all breaks even in the end.Cheers
Confused Sooshie [
]There are no problems, only solutions
Hi all,
This one’s from EssyKay, for QLD investors Valuations and Property consultants
Thank you EssyKay
Cheers
Sooshie [
]There are no problems, only solutions
Hi again,
There has been many questions regarding where to find Positive Cash Flow Properties. Well, depending on where you live you might want to start your research by selecting an area to look at. It won’t hand you a positive property on a platter, but if you find a place and want to know where it is on the map before travelling the distance, check out these links.
I thought this was a pretty good site to search for maps on regional Victoria. It took some playing around but it worked well.
The link is http://freepages.genealogy.rootsweb.com/~obrienclanaus/maps.htm
My favourite so far….
IF you want something SUPER special….
try http://www.whereis.com.au
I love this site… It’s like having a pair of binoculars… []Cheers
Sooshie [
]There are no problems, only solutions
Hi all,
Another very neat property link
http://www.propertyguide.com.au
I like the layout and clarity of the site. Very simple to use.
Cheers
Sooshie [
]There are no problems, only solutions
Hi all,
Thank you Michael for clearing that up. I should have been more clear from the outset [
].My forte is finding the houses, doing basic sums etc.. The finance side is hubby’s job. I don’t have much patience for this side of the work. To bland [
]Cheers
Sooshie [
]There are no problems, only solutions
Hi there,
This link is courtesy of Quasimodo (original post source : Stamp duty : author :Agent69)
http://www.stampoutstampduty.com.au
Well worth looking at and sending off your letter to local member.
By the way, do you prefer knowing where the source comes from originally? Or does it not really matter? Like to hear your views.
Cheers
Sooshie [
]There are no problems, only solutions
Hi Quasi,
That’s a great link, including the stamp duty calculator. My letter is off to my local member.
Cheers
Sooshie [
]There are no problems, only solutions
Hi there,
What I was referring to was when wrapping a property, you offer a product to client and you have IO loan. As I said, I wasn’t 100% sure if this was for certain as I also couldn’t understand why if institutions offered IO loans why it would be illegal??? Definitely for further research.
Cheers
Sooshie []There are no problems, only solutions
]… I haven’t heard from him since. Sometimes a ‘CON’ knows when he’s been caught out.
] and whilst they heavily advertise in the API magazine and send me brochures, I do not know whether they are a good company to invest in or not. However, I went through one of the letters advertising property in Cairns and I could pick up catches in everything they offered in the letter. There were to many ‘what if’s ?’ left in my mind after reading it.
]
]
].
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