I am 57 and feeling totally moronic when I see what some people are doing. the more I read the more confused and inept I feel. I am now ploughing through Steves book, and one thing he mentions which I have been nervouse about is buying regional. I nearly picked one up a few months ago, selling at 52, with a tenant paying 120. Bur I got nervous as the reason prices are so low is the lack of capital gains. Though if it is to free me from work perhaps that is what I should do. What are others thoughts on regional? I have two props now and because I am hopeless with figures, both are negative geared because I only allowed for repayments. One will be ok as it is very capital growth, so I can always bail out. Oh, in Steves book (not finished yet) I havn’t seen anything that advocates interest only loans; any thoughts on that would be welcome too. Bottom line; shall I go back to pleasant ville and buy as they do need rentals in the town due to some new industry about to hit.
I appreciate any help.
Oh, does anyone here buying not have a job. I mean can you finaly have enough rentals to not need to show the bank manager a pay slip.
thanks, Trish.I live in a regional city but the prices here are skyrocketing at the moment. Do you mind if I ask how you found the property you are talking about?
I don’t have any investment properties at the moment but I am very keen to get started.Hi Patricia
one comment is your concerns for capital growth. Whilst usually the capital cities out perform the rest of the country, over the past 12 months this has not been the case. The cregional cities and towns are booming (at least in my part of the world Vic, SA and Tas). The capital growth has been better than Sydney, Melbourne and Brisbane. I expect this to continue.
regards westanYep. I am new to the market and just yesterday i did as the book suggest and got active. I drove with my partner in crime to the regional centres of NSW and everywhere we went it was the same story Prices are booming and have been for the past two years. we even went to a little town with a population of less than one thousand and found an estate agent that was also the bank and post office and he said the same thing. Are there still bargains to be had? yep! you just have to look real hard and not be disappointed with the first 20 or so agents that you talk to are saying that it is all gone. In Sydney 12 to 18 months ago you couldnt get the agents to return your calls because they were sell sell selling. now we get calls everyday saying are you still interested please come in and talk to us. We bought a property for capital growth. and it will do ok for us but we will sell in about 18 months time. right now we are looking for passive income properties and not the growth and wil buy now before we sell. then we will buy more [8D]
check out this article in the Sydney morning herald about property prices in all capital cities http://www.smh.com.au/articles/2003/09/04/1062548939730.html
Hello Patricia,
I totally agree with you George, I also did my home work, I couldn’t find any +ve CF property not only in East Coastal NSW, but also WNSW such as Bathurst, Dubbo, Narrandera and so on. Property price in these areas are skyrocking. The agents are reluctant to give me a response.
George can you let us know which regionals did you go through ? so rest of us willn’t waste too much time go through again.
Jason[
]I know it is hard but cashflow deals are still there. I have two atm and only want one.
I also have a colleague with some in Qld.
If I can help anyone who is looking in the Hunter Valley or Qld please email me.
I am not selling anything so please don’t give me a hard time [
]Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Patricia,
I agree with westan… I bought a house in ararat (about 2.5 hours west of melb)
less than 2 years ago and stand to make a 285% approx capital gains. (i think thats accurate). It also brought me in approximately $35 a week +cf. I havent bought in metro city areas due to the cost factor. i can make just a good profit in the conuntry as the city when you factor in everything ( rates, insurance, interest, home loan maitanence). The country suits me because the banks wont touch me for at least another 3 months.hope this haelps
jared
]
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