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yack
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April 4, 2004 - 7:12 am
These people are probably highly paid executives or owners of successful businesses or people who have inherited wealth.
Not battlers buying the ve+ in Broken Hill.
yack
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April 4, 2004 - 7:06 am
I am almost tempted at 15 yrs – 7.75%. I get the .15 discount so at 7.6% its tempting. My kids will hopefully be in Uni then.
I did a 10 yr loan with NAB at 7.5% about 5 yrs ago. I am still behind but at that stage I was borrowing more than I thought I could afford and wanted some predictability. That property has more than doubled so I cant complain and I still dont intend to sell.
yack
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April 4, 2004 - 6:51 am
so who is spruiker No. 5? Is it the owner of this Web Site?
yack
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@yack
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April 4, 2004 - 6:31 am
Your on the right track. Property investing takes time. Achieving what you want to in 12 mnths is BS. It cannot be done.
yack
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April 3, 2004 - 9:49 am
I agree. As I am in this game for the long term, I dont see any reason why I would invest now. I am sure there are a few more years of no or very low growth.
yack
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April 3, 2004 - 9:11 am
I cannot believe people buy properties sight unseen and purely based on the numbers….
Good Luck.
yack
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April 3, 2004 - 9:05 am
<<<<<Look at Calgary, we spent a good six months over there renovating basements with my brother in-law, they were buying a brand new house for 160k spending another 20k converting the basement for habitation and scoring 1600-1700 per month rental return on their 180k outlay!>>>>>
Are you talking Calgary, Canada? I also understand that council rates are a shitload more expensive in Canada than Australia….
I will be in Montreal and Ottawa in Sept/Oct. I will check things out there then.
yack
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@yack
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April 3, 2004 - 8:35 am
I was going to ask if I could apply eventhough I live in Melbourne. I have never been inside a TV studio in Australia.
All i have done is one in LA where they hand out all the invites.
But then I thought Steve McKnight may not enjoy my banter about wraps and $1200 one day seminars at dinner.
yack
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@yack
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April 3, 2004 - 8:33 am
I was going to ask if I could apply eventhough I live in Melbourne. I have never been inside a TV studio in Australia.
All i have done is one in LA where they hand out all the invites.
yack
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@yack
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April 3, 2004 - 8:20 am
I only revalue my properties when I am comfortable in borrowing more money to ivest.
No good having access to more money but not being able to meet the interest payments.
yack
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@yack
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April 3, 2004 - 1:05 am
You need to provide more information if you want some constructive advice.
Are you settling on your home or an investment property?
Is it an off the plan purchase?
Is the bank valuation much less than what you paid?
More info and you may get more replies.
yack
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@yack
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April 2, 2004 - 12:32 pm
<<<<<<<<my challenge is I cannot see how it’ll be possible to finance even 3 or 4 of these properties, let alone the 20+ that I would most likely require to achieve my goal. I’m an excellent saver but just do not earn enough to use just my savings to invest…>>>>>>>>>
Welcome to the real world. Do you really think there is a simple answer to this. Property investing is a long term proposition. You need growth for momentum and this takes time and patience.
yack
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@yack
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April 2, 2004 - 11:42 am
<<<<<The only concern i have with this formula is in regards to the growth.>>>>
I invest for growth. I dont want the same income in 5 yrs as you would have now if you buy in the bush.
I prefer surburbs in the city.
yack
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April 2, 2004 - 8:01 am
qwerty
well summed up.
yack
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@yack
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April 2, 2004 - 7:07 am
Depends on alot of factors.
Can do work yourself?
Going to live there? If PPOR its tax free
Make sure its good quality work!
Make sure property is structurally sound – its expensive doing structural work.
In my view if you have considered all factors then its a great idea in building up some sweat equity.
yack
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@yack
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April 2, 2004 - 5:51 am
Another one.
How am I (wrappee) protected in the event the wrapper is sued by another party independent of me and has to liquidate all his assets or declare himself bankrupt?
???????
yack
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April 2, 2004 - 4:49 am
Good luck
yack
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@yack
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April 2, 2004 - 4:48 am
Ok – from a non business perspective.
How about the wrapper buying the property outright (no banks involved) and the wrappee has their mame on the title and the wrapper has his name on the title as a mortgagee.
yack
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@yack
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April 2, 2004 - 2:10 am
You could always do the stuff yourself or source your own handymen or trades.
I know my parents always complained about these types of expenses.
But I see the bigger picture and am prepared for these expenses. I dont have the time to source handymen and I have trouble banging a nail so I let the PM handle it.
Most of the time I dont have too many problems. Sometimes a new tenant moves in and whats a,b,c and d fixed. If reasonable I get it done and if the tenant is fussy then they tend to look after the place.
yack
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@yack
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April 2, 2004 - 12:54 am
I dont recall the word lying but I did not pay alot of attention to it. Lying is a very strong word, so if he used it then maybe he did change it for legal reasons.