Forum Replies Created
Hi Anita,
Thanks for your post and welcome to the community!
1. In whose name did you buy the properties?In the name of the entity which we set up to contropl our property investments. I believe that owning assets in your own name is not the best idea as you can be sued and the lot is on the line. Instead Dave and I created a structure where we control our wealth without owning it in our own names.
In fact, to explain this concept further required me to create a product on the issue. It’s called Wealth Guardian.
2. Did you have to get financing done for each property separately? Did you choose one bank & stick to it for all property financing? Did you have to take a bank in the same city where you bought properties or a bank in Melbourne dealt with all your financing? Could you please tell me more about this financing aspect?At the start we sought finance on a property by property basis. Later, we managed to obtain a block of funding. Thesedays, we’re lucky in that we have a track record and have banks that are willing to be more flexible and continue to lend, provided we continue to show good results.
We have only ever borrowed 80%, and all loans (except commercial) are on 25 year P&I terms. I think it is necessary, once you get into debt, to also have a plan to get out of debt too.
In the course of our investing we have used a multitude of lenders. I don’t discriminate… if someone wants to lend me money I’m open to the idea! [
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3. Did you take an interest only loan or principal & interest loan for properties?With the exception of commercial loans, where the term is usually 10 years and to do P&I would mean -ve cashflow, our loans are P&I. I wrote about this recently in a newsletter. Check the back issues.
Hope you enjoyed the book and look forward to seeing more of you on the forums.
Bye for now.
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi “Risky”,
Lost of people were probably too full of eggnog to reply… [
] We’re a friendly bunch, really!Welcome mate and thanks for the positive comments about the book.
I wouldn’t go to the fishing spot where everyone else goes… a lesson learned from investing in the La Trobe Valley here in Vic.
What about commercial property? Think about that as your niche as 10%+ returns are more common.
Look in your own backyard as the best deals are often found there. For example, I’m astonished by the number of Kiwis that come over here looking for good property deals because there are none to be found in NZ, and vice-versa.
Skinny branches time… It’s time to look beyond the 11 sec solution (it is only a guideline!) to focus on making money by solving problems.
Good luck.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
I think that it depends on the municipal council involved.
That is, you are asking a question that is decided at local govenment level rather than at State level.
I’d imagine that there is a State planning minister, but his/her jurisdiction is broader than setting specific requirements for development.
So, there’s your point to being… Qld State Minister for Planning, and you local shire council.
Here’s a late Xmas present though [
] I did some surfing for you and came up with this address that seems useful”http://www.dlgp.qld.gov.au/building_codes/domestic_building_work/faq/
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
]
] I did some surfing for you and came up with this address that seems useful”
