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voigtstr
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@voigtstr
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Post Count: 176
August 9, 2005 - 5:42 am
Originally posted by Mortgage Hunter:
Why wait until the lease expires? You can always break the lease if you need to. Or is it just a handy time target?
Breaking the lease here could mean paying extra rent payments until the real estate agent finds another tenant. So we could end up trying to pay a mortgage as well rent. Also the extra times gives me time to either pay off the 5k loan thereby increasing serviceability or paying off and cancelling the cards (helps qualifying?)
Given you don’t wish your partner on title – can we use her income to reduce your debts?
No she’s only on 35k and has her own debts to service. She will be paying helping pay the mortgage, but wont be on the paperwork since I want the FHOG.
You need to aim for a minimum 5% deposit saved over 6 months. I suggest you set yourself a goal for $10K by April 2006. Or better if you can do it.
I can save 4k (500 a month) by April and pay off the 5k loan.
or
I can save 4k (500 a month) by April and pay off and cancel the credit card and store card.
or
I can try and save 10k (approx 1250) and pay only minimums on my debts.
And
Some loans allow money as gift to be used for deposits (my parter has about 6k to give me)
Which of the above provides best servicablity / qualification?
There are no deposit loans available but they are not the most optimal solution in my eyes.
I would pay the minimum on the loans and use your savings to save that deposit. LMI saved at purchase will probably outweigh any interest you might save.
Those loans will really hurt your serviceability, however I think the loan is doable.
If you had the deposit and savings history today I think I could find you something – as no doubt could any broker worth his salt.
Please don’t take this as a given as I really don’t know enough about your situation to give advice.
The only other information I could give would be a monthly budget spreadsheet showing living expenses. I have about 1.8k in ING direct.. My partner has about 6k I think.
Redraw vs Offset?
Offset is usually my preference in nearly all cases.
Lastly, all lenders take the rent paid into considerationin that itis not included when working out what you can afford to pay from your income.
Hope this helps and please feel free to ask questions.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
My Answers in RED
Thanks for that Simon
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voigtstr
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August 6, 2005 - 1:53 pm
nicework g7
So which markets still have growth, for those of us that are newly enthused by Steve’s books and audio, but are having trouble finding appropriate properties to rent out in cf +ve way
Are regional centre’s a possibility? How easy is it to determine rental demand?
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voigtstr
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August 5, 2005 - 12:51 am
Originally posted by DannyBoi:
From 130-0 properties in 3.5 days.
That’s right!!! He is going to see how fast he can destroy his entire property portfolio in just a few days.
He must be running out of ideas.
…Dan…
Funny man! [biggrin]
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voigtstr
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August 5, 2005 - 12:40 am
Perhaps one particular forum just for advertising discussion.
Or perhaps a totally separate forum (differnt domain even)(so as not to sully the McKnight name if it goes pear shaped)
Or perhaps just a list of links to bird-dog websites and other services.
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voigtstr
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August 4, 2005 - 10:42 pm
Hobart!
(nothing like digging up an old post)
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voigtstr
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August 4, 2005 - 2:12 pm
agree with all the above…
also bird dogging is not allowed here apparantly as its advertising. So apart from some specific sites ( like the NZ bird doggers) where can one learn of deals that other investors have passed on (perhaps because they have their capitol locked in something else?)
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voigtstr
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August 4, 2005 - 2:02 pm
Thanks gross.
I’m determined not to use cards again. And I should be debt free (except for mortgage) by mid 2007… then all my spending power can go into investing.
oh and hey, once my debts are gone, feel free me to tell me more about these syndicates!
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voigtstr
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August 4, 2005 - 12:44 pm
Hi leoau,
The numbers are a bit lower, but I’ll tell you where I am at.
I earn approx 50k a year and have approx 25k in debt.
I’m currently saving about 500 a month into an ING account so that I have the deposit money for a 150-160k house around Hobart somewhere.
Through microsoft money 99 Ive used the debt reduction planner to work out how much extra I have to pay to get 3 of the 4 debts out of the way by mid next year, and the largest debt paid by mid 2007.
As well as budgeting in microsoft money, I also make note of everything I spend for a pay period into a spreadsheet.
I will no longer buy anything on credit!
Basically with your debts, pay down the one with the highest interest first. Add up the minimum monthly payments for each debt, work out from your budget how much extra you can afford to throw at your debt, then that extra amount goes on the one with the highest interest.
I wouldnt refinance my friend’s home and put them at risk, although I would look to see if any of the financiers that visit this site could advise re consolidating your loans/card so the interest is lower?
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voigtstr
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August 4, 2005 - 3:34 am
Originally posted by Matt R:
I have not been here that long, but i am pretty sure that is not allowed….
Matt R (Gold Coast)
That said, what is the correct forum for bird-dogging? Say someone has already crunched the numbers on a potential deal, what is the correct way to source investors for that deal?
For some people that are time rich but money poor, wouldnt this be a reasonable way to increase their skills at researching properties that they might not have the capitol to invest in themselves?
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voigtstr
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August 3, 2005 - 1:05 pm
I lived in a flat in Caulfield South a few years ago. The place my partner and I rented was advertised in the newspaper, and was manaaged by the owners, they had an open home on a Saturday, and we offered to rent it on the spot (it was cheaper than the rest of the market)
Make sure that the property is being advertised in the papers.
voigtstr
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@voigtstr
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Post Count: 176
August 3, 2005 - 6:12 am
Originally posted by Matt R:
I would say thats a No. Why not start a new post and ask who would be interested in joining one? Then maybe put the wheels in motion and start one? Maybe start by using that electricity you are so fond of and ring some of your friends?[biggrin]
Matt R (Gold Coast)
You are assuming I have friends!
voigtstr
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August 2, 2005 - 12:06 pm
so thats a no then ?
voigtstr
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August 2, 2005 - 12:01 pm
last I checked, must live in it for 6 months, hey you could have a reno done in that time
voigtstr
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@voigtstr
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August 1, 2005 - 6:11 am
Originally posted by burstock:
Hi
Margarent Lomas is worth a read, she has a few books. Check at the Library.
Whoops! I have one of hers, I forgot!
“making your money last as long as you do” is the one I have…
Cheers
Simon
voigtstr
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July 30, 2005 - 2:58 pm
rich dad poor dad, and Steve’s books would give inspiration surely
voigtstr
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@voigtstr
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July 30, 2005 - 8:22 am
Originally posted by Dazzling:
No…
I used the money that was earmarked for the Palm Pilot as a deposit on a small +CF flat and do the Grade 6 Maths in my head.
Hot one!
voigtstr
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@voigtstr
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July 30, 2005 - 7:36 am
Originally posted by foundation:
Originally posted by RichardRoper:Why would any body Take up a wrap ?
Perhaps for hedging reasons? If the house appreciates in value they can pay out the wrap and refinance, but if the house loses value they can walk away, leaving the vendor with the negative equity much more easily than they can with a bank.
And if the vendor persues them for losses, it’s ‘Hello, I’m Naomi Robson. Tonight we feature an unscrupulous preditor making millions selling overpriced houses to ‘Aussie Battlers’ at repayment rates they can’t afford to meet….”
Cheers, F.[cowboy2]
Rather than persue them wouldnt you just try and get new tennants, perpaps offering them the wrap deal as well? The way I see it (and I’m probably missing something because I’ve never done a wrap deal) is that the tenant paid a deposit and then would have been paying his repayments (a percentage point or two above your mortgage figure) and that if he walks away from the deal he forfeits the deposit and any payments made.. so you are still ahead, but simply have the cost of going back to a property manager to try and find another tenant?
voigtstr
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July 30, 2005 - 12:31 am
rather than the 11 second rule… I think the new way forward is problem+solution=profit
find a property with a problem you can fix
or possibly a person who wants to buy but cant for some reason.. find a creative solution to that problem (possibly reno, possibly a wrap) and find a win win solution that makes a profit
Thats the theory anyway.. my partner and I are still saving…
(even that problem could be solved with a time poor/money rich money partner)
voigtstr
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@voigtstr
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July 29, 2005 - 1:14 pm
My advice would be to read read read (and perhaps listen as well)
I started with Margarat Lomas’s “making your money last as long as you do”.
Then Steves 130 properties book.
Then the 1mil in one year book (came with fasttrack2 on cd)
and just this week I read Rich Dad Poor Dad.
In just a few days I’ve realised that spending money on computer games and music and other depreciating things (like expensive Italian Motorbikes) is a poor option compared to putting extra into paying down my 25k of personal debt.
My attitude has totally changed from enjoying the present at the expense of the future to saving now so I can enjoy my future.
voigtstr
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@voigtstr
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Post Count: 176
July 29, 2005 - 12:24 am
Originally posted by UsanaAssociate:
Hi all, I have been reading the Kiyosaki books on investing, and he seems a strong advocate of building a business before jumping into investing, especially network marketing as a vehicle for building a strong business with cashflow.
Receently I have joined a network marketing company called
Edited
….advertising not permitted…
My Understanding of the brief mention of networking marketing in “Rich Dad Poor Dad” was that he was saying it was good for increasing your people skills / sales skills. I dont recall him talking about it being a strong business.
I read the book on Wednesday.. It was a great yarn..no more purchases of depreciating toys (motorbikes, computers, etc, etc) for me!