Forum Replies Created
You are a smart tac Stu.[^]
Cheers
leigh K[
]Read, learn, grow but most of all just do it.
Caeryla
If you do a search of this site at the top of this page you will find this topic is raised alot and many many books are recommended you will be able to print out a long list and go to the library to check them out.
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
brisbanescouting,
You can’t get the first home owners grant to buy an investment property, sorry
.
probably negative geared because I am on a high tax bracket so it will help me out there.The more tax you pay means your earn MORE money not pay out 1 dollare to get back 48 cents.
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
Xenia & Fullout
There is generally nothing wrong with nothing down deals using your equity but Fullout doesnt have any equity in this property yet so the bank wont use it to fund another property
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
John
Sorry if this sounds a bit sarcastic but it is late and I am tired[
]Why can’t you work and do your investing as well, I just don’t see why you would cut off your income stream and run up debt on non deductable living expenses. Also Terry what are you saying, no bank will lend him money without a job even with pre approval. I know you know more about lending than me but come on man[?]
John, it sounds like pie in the sky, a lovely thought but be realistic 6-12 months off is not to concentrate on investing it is just so you don’t have to work for a while, I suggest you get married and have a baby that worked for me[
][][]Keep your job set your plan for retirement, build your wealth now and retire rich and early. Enjoy the money and time then.
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
Good on ya Del[
][]Read, learn, grow but most of all just do it.
Sorry Brad
I think I missed the big question here, so I will just give you my two cents.
If owning your own home is something you want to do, then go for the FHOG why give away $7000 when it’s available to you.
Also, as far as IP’s go, I would use the 13k as a 10-20% deposit on something cheaper, the bank will be happier lending you money in the future if you don’t max out your mortgage insurance.
Talk to your dad about accessing the equity built up in the unit, if you have an agreement with him that it is yours then he should be happy to go that next step. Or it may even be time to sort it out and have it transfered to you (sold! which includes more stamp duty).
So I hope you got something out of that, but you may also like to clarify what your problem is. As for being confused, stay here a few more months and you will be buy’n with the best of them[
]Cheers
Leigh KRead, learn, grow but most of all just do it.
I like Scott’s suggestion, I used it the other day and it went over well, I don’t see why this wouldn’t work on money partners.
Cheers
Leigh k[]Read, learn, grow but most of all just do it.
Lizzie
OK here I go;
Do you think that, being my first property, I should attempt to do initial repairs myself? EnjoLady, would you do this or would you hire someone to do it for you, keeping in mind that this is my first property but also that it’s 4 hours drive away?
The property I just bought is my first positive cashflow investment and is 4.5 hours away, my intention was to handle all repairs and improvements myself (hubby & I) but after travelling there I really didn’t want to be handling little jobs, but would still have done any reno’s. As I mentioned before you need to factor into your numbers if you are going to have someone else do any on going maintenance.
This is a bit of a general question that will perhaps be difficult to answer if you don’t know anything about the property, but the asking price is $78,500 and I am planning to offer $60,000 to $65,000. Do you think that this is a reasonable thing to offer almost $20,000 below asking price? Will I possibly get laughed at? If so how would/do you best handle that sort of situation? I guess you just know what your max is and stand your ground. After all every offer must be put to the Vendor no matter how unrealistic it might be, right?
That is a big reduction in price, is it substantiated(spell check), does your numbers tell you the deal doesn’t work unless it is reduced so far. I don’t beleive you will be laughed at but the agent may ask you to reconsider your offer. I think the best thing to say here in my opinion is find out more about the sale, why they are selling, when was the last offer etc, because a low offer might just be right but more info will help you to determine that.
EnjoLady, when you made the “official offer” did you put it in a letter? What did you specifically say?
I purchased Steve MCNights Buyer Beware (available is the resources section) and it has all electronic versions of the templates he designed. I used the offer template which has spaces for all the info you need to fill in and check boxes for terms and conditions. I was complemented on more than one occassion for the professionalism of my offer.
After you made the offer did the Agent then send you the contract, which you reviewed with your solicitor before going to see the property?
Is it a necessary thing to get the solicitor involved at this early stage before even viewing the property? I guess you think it is.
Did you conduct this tooing & froing over the phone with your solicitor or in person?
I had previously met with my solicitor, so when it came time to buying a house I just sent him the contract gave him a phone call and we talked breifly over the phone about it, and yes I think it is worth involving them asap.
With the building inspection did you simply arrange that over the phone with the Real Estate Agent allowing them access on your behalf? Would there be any point in trying to arrange the building inspection on the same day that you inspect it or do you think in this case it would be better to have the building inspection already done?
With the building inspection I phone a local builder and he contacted the agent for me, actually I also contacted the agent to let him know I was arranging that and gave him teh builders details, just to keep him in the loop. I chose to have the inspection done before I got there so I could talk to the builder on teh phone and discuss anything that I need to pay specific attention to when I got there. I also met with the builder after I had been to the house to pick up the report. I now have a local contact if I ever need work done. You could arrange for the inpection on the day you go there.So I hope that helps.
Cheers
& Good luck
Leigh K[]Read, learn, grow but most of all just do it.
Hi Folks
I just wanted to share that my first cashflow positive house is now a WRAP[
][][][][].Oh! What a feeling!
Cheers
Leigh KRead, learn, grow but most of all just do it.
Hi Wilandel
We have a professional package with the NAB, have done for about 5 years now, we don’t get charged bank fees on any of our accounts and no application fees (although they find other ways of applying fees for things you’ve never heard of) and we also get half percent of all mortgage rates.
It has saved us alot of money just on regular savings accounts, so it’s worth it.
Although I am not sure how we will go if we get a loan with the NAB but through a broker if that will still apply!
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
Hi Folks
It has been wonderful reading about all of you and thanks to those that have expressed their thanks and enjoyment too.[
]BUT[
!] … over 1000 of you guys have read this post and only 45 have posted … don’t be a shrinking violet[], tell us about yourself.[]Cheers
Leigh KRead, learn, grow but most of all just do it.
Hi Stu
Good Choice!
Give us some real gutsy info and you will surely get that pretty face into PI Mag.
Sorry I mean handsome[
].Thanks for the no money down article, just about to grab a cuppa and head of to bed to read it.
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
]
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]
][
!] … over 1000 of you guys have read this post and only 45 have posted … don’t be a shrinking violet[
], tell us about yourself.[
].
