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westan
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@westan
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September 8, 2003 - 1:55 am
Hi rt
if i was able to save $2300 i’d be buying a heap more than 10 properties in the next 3-6 years.
regards westan
westan
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@westan
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September 8, 2003 - 12:43 am
hi all
my motivation is the same as you guy’s
mainly so i am able to do whatever i want with my life rather than having to spend the most productive and crteative hours of each day working to survive. I should add that i love my job.
Also the idea of having more, means being able to give more.
one other thought is to set up my own family financially so that they are in the situation they too can spend there lives doing what is important to them without having to work to survive.
westan
westan
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@westan
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September 7, 2003 - 12:38 pm
ez rent
this topic was done a number of weeks ago i suggest you look up the seach and read what others and i said on the topic.
at the risk of starting it all again. let me use your analogy but a closer arguement would be,
if someone recommended a car to you. you went out and bought it and the car was fantastic but then you discovered that the guy who recommneded it never really owned one at all. But he still knew all about the model.
anyway read the book then come back and make some comments.
regards westan
westan
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@westan
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September 7, 2003 - 11:04 am
hi Phillipe
the property would need to be owned by the company to do that. One issue in OZ is we don’t pay Capital Gains Tax on our own home so often it is best to buy in your own name. in some special situations it is worth buying the property in a compant or Family Trust. As Walkernick said it would be worth asking a switched on accountant. Where in the UK are you? my brother inlaw is in Osmington near Poole down in Dorset.
regards westan
westan
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@westan
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September 7, 2003 - 10:51 am
Polski
i like Dolf De roos’ “real estate riches” a great why you should be buying real estate.
regards westan
westan
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@westan
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September 7, 2003 - 10:48 am
yes, i agree Del, good on you keith, well done
keep it going and you will be able to kiss that pension goodbye[]
regards westan
westan
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September 7, 2003 - 10:44 am
Hi polski
re rural properties do you mean town and cities in counrty areas or rural properties ie farms.
i haven’t bought farms but do buy in regional cities and towns.
if farm then most of us on the forum buy for the income the property would produce, so it would depend on that. There could be some added difficulties in securing finance for farms (ie higher interest rates). in Victoria small farms within driving distance of Melbourne are worth a small fortune, and popular as a lifestyle thing, as are beach properties.
regards westan
westan
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@westan
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September 7, 2003 - 10:35 am
Muppett
sure can video it for you. i taped the first time he was on, so i’ll add it on.
But do you have electricity in King Country?
westan
westan
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@westan
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September 7, 2003 - 8:47 am
Trish
i agree with Mortgage hunter. RE loan repayments.
regarding country investing.
i don’t know the WA market so some general comments
make sure where ever you buy there is a strong rental demand. you want the property rented. In Vict country areas have had more Capital Growth than Melb. can this continue ?
i think it can
1 return of people to country areas (supply and demand), growing population will push up prices.
2 i feel the Govt will soon encourage or legislate that some people (ie Immigrants ) move to regional/ country areas.
westan
westan
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@westan
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September 7, 2003 - 8:22 am
Hi Richmond
i’ll turn it over.
i’m glad to hear you haven’t started yet with the new job.
Because the other day you posted at about 6.02. i thought boy that’s not real good posting in the middle of your new show? all the best with your new roll.
by the way what a fantastic football report[], perfect diction (can’t spell eleqution) i’m sure Eddie is getting nervous! []
westan
westan
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September 7, 2003 - 7:58 am
dram
a great game by you guys also. i had you written off at the 20 min mark in the 2nd quarter. thought you were going to get killed.
i must admitt i love to see those Adelaide teams loose[]
westan
westan
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September 7, 2003 - 7:02 am
hi Native
i agree with leigh.
the problem with Financial advisors is they don’t even do a unit on property investing in their studies. you have to realize that 90% (guess) of them make there money from selling products to you. read this forum for a day and you will know more about property than most of them.
How many financial advisors do you know who are financially free? Most advise putting your money in super or managed funds that will return about 10% most of us aren’t content with that.
leighs advise about Dale is good also i’ve only met him ones but he is switched on about property investing.
westan
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@westan
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September 7, 2003 - 6:43 am
Leigh thanks for the contibutions to the prize.
yes its good i found the forum, now i’am afraid if i leave i’ll end up with number 6.[]
this late night forum is the best contraceptive i’ve found. i think even the Pope would approve (not that i’m catholic even if the kids numbers looks that way).
regards westan
westan
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@westan
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September 7, 2003 - 5:01 am
hi Guys
muppett
maybe you were going to say
“ants- the sort that eat your house” i love that quote from someone on the forum it’s a classic[]
Mini and Muppet
what do you pay per year for insurance?
regards westan
westan
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@westan
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September 7, 2003 - 4:58 am
Hi Gocats
Agent fees usually 7 or 8% for 1 property. i’d rather chase a good manager and pay an extra $2 per week than look for athe cheapest, if they do a good job they can be worth there weight….
Re the finance
a challenge to all you Brokers, can you beat this deal on finance. i don’t get return calls when i ask them to call me if they can beat this.
No establishment fees
No valuation fees
No monthly account fees
a standard variable rate of 5.65%
All available at http://www.homepath.com.au
sure they are slow and incompetant (a lot of the time) but i’ll put up with this for their great product.
regards westan
westan
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September 7, 2003 - 4:47 am
hi Rod
yes i agree with your concerns. as you were writting your second post i was writting my response so i didn’t see it.
the idea of hundreds of newbies does frill me but if we can help then that is good.
i suppose that if people are foolish enough to race out and buy a cheap house they do less damage to themselves than buying a $300,000 unit in the CBD that is only worth $250,000 if it was put back on the market. Hopefully they will buy steves book before a property.
regards westan
westan
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@westan
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September 7, 2003 - 4:42 am
Hi guys
Some general comments about going 1/2’s in properties.
When getting finance you still have to gaurantee the full loan amount.
If the other party does the wrong thing you could be caught. If that is not a concern then what about if someone wants out, best to have a pre written up exit clause.
Finally when you go to buy new properties the banks will see this property as fully debted to yourself and may affect future eligability with some banks.
westan
westan
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@westan
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September 7, 2003 - 4:30 am
Hi Rod and Richmond
i think steve deserves all the publicity he can get. It will help with book sales and future ventures.
Steve is one of the few guys out there that have actually already done what they are telling others to do. There are so many frauds out there. At least if they hear steves message it will save some people getting caught in property scams. These scams cost people big money not to mention the effect on the people in loss of self confidence (being ripped off) and the effect of peoples relationships (break ups because of the stress etc).
So in summary the more the better
regards westan
westan
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@westan
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September 7, 2003 - 4:24 am
Hi Gocat
if you can get it for 45k plus reno’s that brings it up to 50k
to me it just makes it.
if you refinance it after the work and put 20% finance on 42k at 5.65% interest is 47pw
rates/ water/ insurance / agent 33pw
total 80pw
rent 110pw profit 30pw
But
the small town could be a concern
1. check out if you can get finance on the property (even if you aren’t getting finance). Not just for you but if you ever have to sell then potntial buyers may not be able to buy because of finance.
2. in a worst case senario and you want to sell can you sell the home reasonably quickly after you have fixed up the property.
3. Will the 5k you spend add 5k at least of value to the propertry. (you say yes to this).
these are some concerns off the top of my head, if you can answer yes to all then it may be a deal.
all the best with it
regards westan
westan
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@westan
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Post Count: 1,950
September 5, 2003 - 4:37 am
hi all
personally i wouldn’t even buy a property returning 7% it will cost me money. i’m buying properties that are returning at least 25% return on Investment. Capital appreciation which will happen is a nice bonus.
Crashy i mentioned to you about IGO, well the option continue to boom from 21 c a month ago, now 43c, a nice profit so far. Look for an announcement with FDR soon. It should help this dog of a stock.
westan