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Well Done. My confidence in these forums being a little more balanced has increased considerably.
Can we keep posts to the topic?
I disagree with Jenman in this case.
If you have a fixed term to sell your property and the agent has been unsuccessful in selling the property then you are free to sell it even if the person had viewed the property while it was being marketed with an agent.
I dont care about his motives. His view on this I disagree with. Your thoughts on this topic.
I try and find a balance.
I have a well paid job that i dont really enjoy ( well there are good and bad days) – so I’m not like Westan – eventhough I would like not to work.
We have done Merimbula the last 2 yrs and did the gold coast last year and even took my parents. Later this year my wife and kids are off to Canada for my sister in laws wedding and we are going to pop in London for a week. The tax return (negative gearing), frequent flyers (2 flights) and property profits will pay for it.
A friend of mine who owned multiple rental properties was recently divorced with a 4 year old. He was tight. So balance is important to me.
Balance is the key word in my life.
Let me give you an example of my first property bought in 1997. It’s a 2 bed unit near beach, transport, schools, parks etc.
1997 – Bought $95,000 Rent = $145 per week.
2004 – Now Worth $240,000. Rent = $205 per week. Var int rate = 7.07%
Passive Income = Rent $10,660 less Interest $7070 ($100k at 7.07%) less other costs $1,000.
Passive Income = $2,590.
And thats assuming no principal payments over that time.
There have been many debates about this.
Me – I prefer growth properties but I do get nervous about talk of interest rate rises.
So its a real treadeoff.
Sounds like a business not a real estate investment.
The House next door probably goes for something like $250k maybe even less.
You dont run it well and bye bye bye your hard earned dollars.
They operate out of Surfers Paradise. Dare I say anymore
Its in Sth Frankston. Thanks for all your comments – i did not really think it was a good idea. This tenant has been there over 3 yrs and all the other body corp people rave about how nice and good she is so i thought she may be interested. But I wont do it.
Originally the body corp was going to get it done professionally so I paid my share at about $1000. Well there are really 6 windows.
Then I heard that one guy was going to do his own. Then i said, hey that was not discussed. I was under the impression we decided to get a painter to do it so the external painting looks good and the whole block looks the same.
If he is going to do it I too will do it myself.
I’m sure the paint would be no more than $200 and even I could do it in a weekend.
So next week we have another body corp meeting.
Sounds good. I like your idea.
The Property manager does it. Thats why I use a property manager because as part of the service they access and add people to these lists.
I dont know if individuals have access or can add people to these lists.
<<<<<building quality in the area>>>>
I live in the area – not Langwarrin but 15-20 mins drive. I have not heard any bad reports specifically about Langwarrin.
Worse case scenario you should be covered under home warranty insurance.
I would like to do this one day. Who rents it for you – the agent or the local travel bureau?
Could you be a bit more general? I have also heard there are bad politicians in Canberra – could this be true?
Thats what they do – use a property manager and HOPE for the best.
Was her name – Sue
This is what happened to my brother and his mortgage broker.
He kept getting extensions and the bank (but I suspect broker) kept taking time for final approval.
The broker kept saying – i have not heard from the bank etc etc. until a week before settlement he signed the final papers and got stooged on high exit fees. He was probably told but you cannot go to another broker or bank with settlement only a week or two away.
Maybe the mistake was not getting a signed letter saying you can borrow $X.
This broker was one that I read about in the paper that offer their staff expensive overseas trips etc.
So be careful. I still believe he was stooged.
Terry
Are you saying, loc doc exit fees on all products are expensive?
Do they build in high exit costs so people stay paying a higher interest rate for longer.
We are going to see my broker attached to my solicitor this week.
Yeah but if you only bought one or two of the units you could have got a residential loan.
As you wanted 12 – you could only get commercial. Am I right?
If I had a choice I would put my superannuation money into a good quality negative geared property.
I have been working for 15 yrs and my total super is crap. I have made 15 times more out of investing in property in 9 yrs than I have in Super.
There is no gearing in super either.
I shudder when I see how much my employer puts into my super and I cannot touch it.
Strata Title is best.
That way you can sell each individually. As a whole they may be worth $80k each. But if you strata title you may sell each for $100k.
Also banks will lend residential rates on each unit and not require a commercial loan for a whole block of units.
Some people make alot of money by buying a whole block like that and then strat title them and sell them off and keep a few.
See if you could do it?
