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If you do buy one – get one 3-5 years old and offer 50k under market value.
If making an offer like this, whats the best way to do it? How can you validate it?
Good reading. I was thinking of buying student accom. I'm a student now, so I could possibly even apply for FHOG for a student only accom unit, and then turn it into IP in three or so years (don't know if this would fly with the gov anyway). Seems like not such a good way to go. Back to the drawing board.
I'm looking at apartments in Melbourne. Two weeks ago I only found two listed for <220k. This week, I found five pages of them. Many under <$150k, almost half are claiming 'price reduced' etc. Is this a result of fire sales due to possible interest rate rise, or was my search two weeks ago just unusually unfruitful?
But you can legally turn an owner occupied home into a rental property after 6 months can't you?
But you can legally turn an owner occupied home into a rental property after 6 months can't you?
But you can legally turn an owner occupied home into a rental property after 6 months can't you?
Which bank? I couldn't find any to finance OS property.
I thought their fees were quite high, but the idea is they can get a better price for you – perhaps saving you double their fee? Guess it depends on the amount of interest in a property to achieve such good results.
What else do they claim to do? What were you hoping to hear when you met with them?
Any other simple things that banks won't tell you, things that could save some money on loans/repayments?
Wow – this is really great advice, thank you!
So much to learn.
So they're trying to dupe people into a false sense of security? Probably the best evidence that a market crash is not far away.
Thanks for all your additional comments and advice. I'll probably be looking at units or regional if need be (we want to go coastal eventually, but don't want to be too isolated while having our first child). There's a bit to process here, and I'll get to responding to some more questions soon. Just quickly, I talked with CBA again today, and here some rough figures I thought were of interest:
Loan of $350,000 over 30 years @ 6.86% variableMonthly repayments of $2,414 (Total cost: $868,760)
OR
Weekly repayments of $604 (Total of $732,701 overt 23.5years)
I was pretty amazed how much you save by paying weekly, by bringing down the daily compound interest. Are there any other really simple things like this that can make a real impact to overall costs?
Thanks for all your responses, I'll seriously explore all the advice. I have managed to save $20K and hope this will get me started. I'm thinking of either investing in an overseas property, or if I can, buying a home in Australia. We are saving to try and reach $40K but this will take some time. If I can, I'd rather stop paying rent now.
Investor888, thanks for the harsh critique. I can appreciate a kick up the backside if it will bring new light, and I hope to be proven wrong – that is why I am posting here. Personally, I don't believe the medium wage stats census provides. Most people are aware that these stats are skewed by some excessively high wages, and an uneven distribution of wealth. I believe many people still earn $40 -<$50K and consider this medium wage.
I am currently on $25K and studying. I am thinking of dropping uni so I can earn more, and not have to repay HECS. I never had plans to buy a house before. This wasn't a problem, as rent was previously so cheap and I had no plans for family. Now that rent has gone through the roof, I feel a lot of pressure to find a stable way of life, as a new phase begins.
Seeing as Liverpool was talked about a few months ago – are there any other more current recommendations for under $200k? Preferably somewhere I could live for 6months without being in high crime area.
I'd like to buy in Atlanta, how's it looking there now?
Have any Australian's here had long term dealing with property in the US? As the market condition allows for it now, probably for the first time ever, I wonder – how much does anyone know?
I am keen to buy a property in the US if it will work out. But I am concerned that after making the purchase, there will be little incentive for the US agent to maintain the property.
Also curious to know how much one would spend in tax and fees before seeing any cashflow? If only buying one property for $20-$50K, would the returns be worth it?
Any insight/advice would be much appreciated.
World Changer wrote:We can discuss all the reasoning behind this further in the thread if people are keen.
Hi Luke,
I'd love to hear more from you. The concept is new to me, it appears exciting but also has tones of 'too good to be true'. I am keen to know all I can before I either commit or scrap the idea.
Best,
Wynyard
