Forum Replies Created
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there are many properties for sale in Mt Isa. why?check the websites.
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]hi WauloK,
just remember that most lending institutions only like lending around 80% of valuation. after that, LMI (lender’s mortgage insurance) is needed. check out your worse case scenario – what can you afford to lose? do you really want your IP (investment property) connected closely with your ppor (principal place of residence)? if one falls, there could be a domino effect! reducing to one income may require lifestyle changes.
[8D][
]hi
remember too, that a renter pays the weekly rent, electricity, gas, phone, excess water and that’s it. the owner gets to pay all rates, emergency services levy, building insurance and repairs and maintenance. the owner also has equity tied up with the loan. many people today are “lifestyle” hunters or unable to come up with the savings record. there will always be renters.
[8D][
]hi
remember too, that a renter pays the weekly rent, electricity, gas, phone, excess water and that’s it. the owner gets to pay all rates, emergency services levy, building insurance and repairs and maintenance. the owner also has equity tied up with the loan. many people today are “lifestyle” hunters or unable to come up with the savings record. there will always be renters.
[8D][
]hi
check the archives, there was a really really good list posted by someone within the last 6 weeks. i was very impressed with it and have decided to use some of their ideas.
[8D][
]hi
i would be consolidating, but not necessarily rolling everything into my housing loan. pay off you credit card/other debts as quickly as you can and then start your saving.
examine your lifestyle. where can you cut back? write down ALL your expenditure for a month and see what you do. it can be scary where the money goes!
look before you leap
[8D][
]hi agent007
were those the 8x1s that sold for $380K and the 14x1s that sold for $635K? were those the ones that were untenanted and cosmetically challenged?
[8D][
]Hi 007
Do some homework –
Check out the rental needs of the area :
* is there a demand?
* what are the rentals p.w.?
* why are they being sold?
* what work needs to be done to them?
* are any subject to HIA orders?
* what are employment prospects in the area – rising, steady or declining?
SA is having a few sales of ex-housing trust in the upcoming weeks!
Good luck
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Be aware that the banks tend to view all partners in a property responsible for the loans, so that if one falters, the other(s) will be called upon to service the debt. It also affects your borrowing capacity as banks will view the whole of the outstanding loan, not just your part, when considering a future loan for another IP. There is also every possibility the banks will want collateral from each partner, not necessarily the IP purchased.
Good Luck
[8D][
]Hi Casey
Check out the topic “selecting a PM” – there is a great post from someone on questions to ask a prospective PM
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Hi Suzieq
Interview the PM and ask what they will do for you for the 9%. Let them know what you expect from them. Interview them as they would a prospective tenant.
We have PMs for three of our IPs and they are all 3000+kms away. Wouldn’t be without them, especially when things go a bit awry, then they are worth the percentage we pay them and more.
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Keep on thinking like that and it’s all the better for the rest of us!
Having attended one of Steve’s seminars and read his book, I’ve learnt that I have to think differently/creatively when presented with a problem that seems insurmountable.
Those properties do exist, they just require a little more searching.
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We’ve just set up a family trust for under $500 and were quoted approx $1000 for the company part.
[8D][
]Hi Ernest,
Whether you use an accountant or not, you submit your return at the end of the financial year. Keep all your records of income and related expenditure for your IPs. This will help you keep track of what you may be up for at the end of the financial year.
We use an accountant, because the tax laws are hard to keep up with!
The ATO does have some excellent information regarding IPs – booklets that they will send out. Just contact your local office or go to their website.
Hope this helps.
Cheers
[8D][
]Hi Andy
regarding cashflow games in all capital cities, check out http://www.apprenticemillionaire.com.au then go to “meetings”, then to cashflow. there is one in sydney soon.
have fun
[8D][
]hi mick
i’ve listened to stuart and i believe that he does produce the goods. there are other people on this forum who have mentioned him before and it’s all positive.
good luck
[8D][
]hi milton
cashflow is more involved than monopoly. you have to keep a balance sheet – it’s a great way to learn about finances. besides property there are shares. it provides an opportunity to try different strategies for accumulating wealth. the ultimate goal is to get out of the rat race and get into the fast track where your dreams are. our 10 and 12 yr old sons love it! take a calculator, a pencil and an eraser. i’m addicted to it!
enjoy it!
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ps have fun rachelle! you’re invited to our next game – 10 october!!![
]hi stevefazak
try these:http://www.leveragefinance.co.nz/
You may need to get finance in NZ for NZ properties.
cheers
[8D][
]i like that luckyone!
joke:
a blonde joke (it was national blonde day this week!)
a blonde walked in to a computer shop and asked for curtains for her computer. the salesman insisted that computers did not need curtains. the blonde insisted, saying that her computer had windows!
embellish heaps!!
[][8D][
]housesitter
new choo choo nearly finished – few weeks away.
what do you mean by “possibly land along the track”?
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]hi agent007
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