Hi all

Come on you South Australian investors. How about give the lady a hand. Surely there’s someone in that Big state who can share their experience with investing? Ms Elvis will post some Cd’s on investing tomorrow to you.
regards westan

Hi guys
thanks for the comments about those areas i asked about.
Davo70 i’ve used a new zealand bank BNZ (owned by our NAB) got $0 application costs on the loan. Interest rates are a bit higher in New Zealand than Oz.
Rod C when would you be going to NZ i’ll be leaving about the 21st. Check out Emerites airlines return to Auckland only $376 compared to 650+ with airNZ and qantas, also look at freedomair.co.nz for cheap flights often 450 return but not the choice of destinations.
westan

hi mini
i’m going back to NZ in sept (we need to sort out where we are going to live etc for next year). i will also look at buying some more properties. a friend who is a Kiwi from the North Isand suggested i look at areas such at Wairoa, Hawera (near where you have been buying i think) and also Tokoroa and Huntley. What can you tell me, is there anything special about these areas or are there many places that a just as good?
regards westan

congrads Gazza on your purchase. that’s interesting that a financial advisor helped you purchase property. it amazes me how little knowledge of residential investing these people have. i though a while ago about doing a course as a financial advisor, but then decided to put the time and energy into creating wealth for myself. one thing that astounded me is that there are no units on property investing in the courses offered to financial planners. i think most of the people who post on this forum know more about finacial planning than the so called experts.
Give it ago yourself there are many here who will help. By the way i use property manager pro just a cheap product about $80, it does the job.
westan

hi dynamic Duo
i’m not sure whether you had that agreement on the contract, or just verbal, if verbal not in writing you may not be able to do much (i’m not a lawyer).
it is standard practice for min. of housing in Vic, not to allow access to properties before settlement as they don’t have any insurance (which raises another point get insurance). these gov’t departments are often very unflexable, not much you can do. But if you got the property at the right price cop it on the chin and be all set when you take possession, in the big scheme of things you wont be to far behind.
regards westan

hi fullout
i still manage one property myself only because it is a friend of a friend. In the past i have done it and made some mistakes. Put a single mum into a house in Ararat, nice girl, mum came with her to look at the house. spoke to a local agent who said she was OK but exhusband was bad news. put her in the house 4 weeks later she gets back with him, he starts selling drugs etc . neighbours start ringing me about the problem he is creating with people calling all hours of the night. eventually kicked them out but a bad experience. so now i pay someone to handle the hastles, i’m an investor not a property manager. although it could be good to manage it for a while as a learning experience, just be prepared to learn.
westan

muppet

an addition to what aussierogue has said we had better consider the senario because i’ve got a lot more hanging in the property market than on this weeks lotto.

westan
by the way try 4, 13, 21, 32,34 and 40

hi rod
i’m an Aussie and i had no problem opening a NZ bank account, i did it in person when i was there 2 weeks ago. and a loan was easy actually less paperwork required than some aussie banks i’ve been using.
westan

hi diamond
having a rest if your off “color’ and can’t “cut” it with the rest of us is a “brilliant” idea. i’m sure you will me “sparking” tomorrow.
O those stupid diamond jokes are making me feel sick.
if you had a LOC and had the cash you can spend it how you like, car , boat or NZ property. so you can buy theproperty outright with the cash and have no loan. Does that answer the question?
Or you could use the LOC cash as the deposit to buy properties in NZ but then best to use a NZ banker. i ckecked this out a few months ago and was told by and OZ bank it is far cheaper to get the loan from an NZ bank.
Don’t know about the other questions
Hey how do you do those faces they look fun.
Regards westan

hi marcell
the market is at the top, or very close to it. Historically property moves in waves, this wave has been huge, running longer than anyone expected, and for good reasons some local eg FHOG and some international eg poor stock market performance, the property bubble is an international pheonominon ( we need a spell checker). What has happened in Australia is property runs for a few years quite quickly, then plateau’s for a number of years, but very rarely does it loose value. But this run is a beauty. who knows how it will end. But i advise extreme caution at the moment. spent as much time learning all you can, follow the market, and read a lot of posts on this forum. $50k is a great start, i only had 25K 7 years ago and now have about 20 properties (but i’ve been riding the wave), i couldn’t do it as easily now. Given you are unemployed you could still get a loan and consider FHOG, Don’t buy a property that will cost you money only cash positive properties. Perhaps you could buy something that needs a little work- paint etc given you probably have a bit of free time during term holidays. Start small, all the best. Homepath gave my unemployed son a loan for an investment property look up http://www.homepath.com.au
westan

Stawell Vic.