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  • Profile photo of T.P.T.P.
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    February 25, 2005 - 2:34 pm

    Paul,
    I am unsure if WA is a good place to start if you are in Brisbane. I am sure there would be an opportunity closer to home. Generally regional areas will provide deals worth looking at if you are after +`ve cashflow. Pick a couple of country towns (10,000 k pop + ) around Brissy and keep an eye on them.

    Regards , Terry

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    May 5, 2004 - 1:42 pm

    G`day Ace, I am in regional S.A. so cannot help with specific advice. However you mentioned the northern suburbs and yield which reminded me of a profile I read on an Adelaide investor in a book I have just completed. It is ‘Ordinary Millionaires” by J. Mcnight.Good book. Well worth the $30.

    Regards Terry

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    May 5, 2004 - 1:33 pm

    I have to agree with Redwing, a lot don`t make it to the website. Pick up the phone and establish a relationship with the agents in the areas you are looking at. If they know you have $ for a deal they will be ringing you when the cheapies hit the books.

    Regards Terry

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    April 30, 2004 - 2:18 pm

    Yes Mamakat I believe it is illegal to wrap in S.A. I looked into it briefly, don`t know the history of it, but lease options are the only thing close in S.A. I don`t pretend to know much about these either, may be worth some investigation.

    Regards Terry

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    April 19, 2004 - 12:15 pm

    G`day Sarah, Unless you have parents/friends with cash to lend you, there is no way to avoid saving for a deposit.I agree with derek that writing down a budget and having a plan on paper is a good fist step.Also, having that savings history{ from saving the deposit} will be beneficial when you do finally go to the bank to get finance.
    Most times when we read a book that inspires us we want to do everything today and make things happen. R.E. investment in reality is pretty boring once the place has been found and the finance put in place. Channel your energy into educating yourself while you save and the day will come before you know it.
    Jan Somers book “more wealth” has a chapter re; calculating passive income requirements etc.
    She talks a lot about -`ve gearing{more the “old” school}, but it is good to have some balance and different opinions.This book also has good finance details.
    You would be eligable for the first home owners grant. Have you been to your bank to see what they require?It costs you nothing and will help to focus your plans.There are numerous threads on this site dealing with the FHOG, do a search and chase this up.

    Regards Terry

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    April 19, 2004 - 11:35 am

    Jan Somers book “More Wealth from residential property” has good chapters on financing. To learn how the bank calculates loan affordability is must have knowledge if you are serious about building a portfolio of multiple properties.

    Regards Terry

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    April 13, 2004 - 12:42 pm

    G`day Scremin,I like to replace all old/sticking doors{or at the very least, the door handles}on the kitchen/bath/lounge/main bedroom as they are in the high traffic areas.Inexpensive to buy if you can hang/install them yourself.
    As far as wet areas go, I recently used White Nite tile paint in my latest reno, with excellent results.A bit of prep. required,but a days work and $50 on paint is a hell of a lot cheaper than retiling.{also used “tub`n`tile” on the bath- same result}
    I had intended to repaint the outside of this place as well, but after a clean with a gurni{pressure cleaner}it came up well.Hire a pressure cleaner and give it a clean first;you may not need to paint everything.
    Concrete is not that expensive and keeps down weeds;trust me, tenents don`t pull weeds when they are on the way out!!

    Regards Terry

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    April 13, 2004 - 11:58 am

    G`day Zena, If you havn`t already bought the place it is simple enough to borrow the reno $ when you finance the purchase, providing of course you have enough equity.In my situation I have used equity from other property and buying below market value to create room in the “loan to value” ratios to finance reno`s from the initial loan.{in the form of a line of credit}
    If you have already bought or have a min. cash deposit this will be harder to do. Much better to tie it in with the property loan than to use personal loans,credit cards etc.
    Regards Terry

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    March 24, 2004 - 2:59 pm

    G`day Dave, I am in Pt. Pirie,about 2 hr`s nth.Feel free to pm me if you want to research regional areas.

    Regards , Terry

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    March 16, 2004 - 2:28 pm
    Originally posted by Kristie:

    Hi Spi,

    I too have just finished reading Steve’s book and have begun by checking out potential areas to buy property in. Today I went to my local bank where I have a home loan on my own home and they have more or less said “no way jose”. I’m quite annoyed as it makes me feel that they just don’t want the “average joe/joan” to get ahead. I’m a single female who earns under $40K pa and it’s way hard but this just makes me all the more determined. [blink]

    Kristie, don`t let a “no” stop you.I recently experienced a similar thing when my new accountant advised me to refinance with a particular loan setup.My bank that I had been with all my life said it couldn`t be done.My accountant didn`t seem to think it would be a problem, so I tucked my folder under my arm with the intention of visiting every bank in town.I didn`t get past the first one as they said “ok”.
    It seems different banks look for different kinds of customers. My old bank saw me as a employee with a couple of rentals.The new guy I think could see that I intended to get bigger,new my stuff and was educating myself.
    The easy way would be to see a broker, but if you are just starting out, this{visiting several banks yourself} is a good exercise to help learn the numbers, and get a feel for where you are now.Then you can better see what is the next step.

    Regards Terry

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    March 14, 2004 - 3:22 pm

    G`day Dreamer, I am in country S.A.and have IP`s.I am not particularly interested in joint ventures as such, but am happy to correspond with like minded people.I am doing the reno, buy and hold thing. PM me if you wish.

    Regards, Terry

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    March 14, 2004 - 3:02 pm

    Pisces, who are these 2nd tier lenders?. Do they have a retail shopfront,or are they the realm of the brokers?

    Regards, Terry

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    March 14, 2004 - 2:20 pm

    Any times a good time if the numbers add up.
    Just because it`s +`ve doesn`t mean there will be no capital gain,depends where you buy.Gets back to research,profits in the buying.

    Regards Terry

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    March 14, 2004 - 1:55 pm

    Hi spi{!},which state are you in?. I don`t like to go to far from home.
    regards Terry

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    March 13, 2004 - 3:57 pm

    G`day Marissa,
    generally in the regional areas of your state.I live in country S.A.,and while they are rare in Adelaide they come up in my hometown regularly.Big country towns with stable populations.

    Regards Terry

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    March 13, 2004 - 2:22 pm

    G`day Mustang,you have very healthy equity of over 200k in your home.The crux of the matter is affordability.When you go to your bank and say I want to invest in real estate they will look at your situation and say ok,what is your income, what are your expenses. They will take into account the new place will provide income{rent},but they will be very conservative and only allow a % of this figure in their calculations.
    If you haven`t already, I`d suggest you arm yourself with all your financial details,recent pay slips,bank statements,credit card details etc.,and visit your bank manager and tell him {or her!!} what you would like to do.Tell him you would focus on +`ve cashflow property to keep out of pocket expenses to a minimum.As a first step this will let you know where you stand.Then do the same thing with 3 or 4 other banks or mortgage brokers!!! Shop around.
    The great thing about real estate is the banks love it!!{because they can flog it off to get their money back if you stop paying up}All this will cost you is a couple of days of your time and will be an education in itself.If the numbers add up,I`m sure they would consolidate your credit card debt into any new loan.
    Hope this helps, and good luck in your journey.

    Regards Terry

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    March 5, 2004 - 4:25 pm

    Don`t know where you are freedom, but I am in regional S.A. and IP`s are +`ve in these parts. I have 5 ip`s and growing, and can be pm`d if you were interested in this area.
    I don`t know much about spotters fee`s, but would be happy to talk to like minded people if they want info on my part of the world.

    Regards , Terry

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    February 27, 2004 - 5:01 pm

    G`day Elwood,if you are renting, buy your own home!
    If you are buying your own home,get a valuation done and see what equity you have.Banks love real estate,and will lend against it.If you have equity in your house,speak to your bank manager about R.E. investment. He will be able to tell you if you can proceed.If you have little equity,put any extra $ into your home loan.It cost`s you nothing but an hour of your time to check it out.Heck, make appointments with 3 other bank manager`s and ask the same questions of them all.If at the end of the day they all say no,what have you lost;a few hours of your time. If one say`s “yes” we want your business, you`re on your way!!

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    February 27, 2004 - 4:30 pm

    G`day Mika,In response to your first q., there are always peaks and troughs in the R.E. cycle, but you have to be “in it, to win it”.You can wait for the “right” time for a decade,but the deal of the century comes along once a month if you are looking.Read the real estate pages, learn the numbers{ie;income-outgoings=+ve or -ve},put in low offers for 10 properties, you might get 1 that wants a quick sale{a motivated seller}.You`ve got yourself an IP where the no`s stack up.Investing is all about the no`s.If you are high income and can afford to put $ per month towards your future then neg. gearing in higher priced IP`s will work{tax benefits,capital gains}, if not then look at regional areas where +ve cashflow IP`s are available.
    In relation to your 2nd q., Robert Kyosaki`s “rich dad, poor dad” was an awakening for me in regards to the bigger picture of getting out of the rat race and taking control of my future.Jan Somers book was good for the math`s of why R.E. is a good bet for wealth building.
    I don`t know where you are Mika, but if you are in a metro area,and don`t have savings to put towards a -ve geared property, you may have to look regional to get something that is +ve {or neutral or roundabout`s}
    It`s all in the no`s.
    Regards, Terry

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    February 11, 2004 - 5:27 am
    Quote:
    Originally posted by happytrace:

    Hi everyone,
    Just a little question regarding what a few people have been saying about financial planners. Besides reading as much as you can and learning as much as you can, who can you go see to give you a bit of a hand with the hard financial stuff? Are accountants better than financial planners??
    Sorry for the basic question but i’m a bit confused
    Thanks!
    Tracey
    [:)]

    From personal experience I can recommend searching for an accountant with R.E. investments themselves.I also find “financial Planners” merely salespeople interested in managed funds{and the commissions}.
    One day I overheard a friend complaining about their new accountant pushing real estate. My ears pricked up!!! He is now my new accountant. At the first interview I asked what investments he had, which turned out to be many years of real estate,which he had battled to hold on to during the high interest rate days. This bloke has been there,done that and knows tax too!!! He`s expensive compared to the local guy I had been using, and I have to do a 500km round trip at tax time to see him,but he helps to see the bigger picture,helped to refinance and restructure,and gives me confidence going forward. There must be R.E. savvy accountants in every city,get on the phone and ask personal questions!!! Regards Terry

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