hey everyone out there i just wanted to say how disapointed i am with some responses, i am new to the game and put post after post asking for help to enter this field mostly asking for advise or poeple to talk to either by meeting up or just via email to get advise from people who have made the step and have cf+ properties because like everyone else i have a family to feed and want to get it right the first time.
i have read book after book done web searches and still cant answer all the questions i have. i have put post after post trying to get a mentore or just someone whos doing the same thing so we can swap ideas and help each other but out of all the posts i have put on i got one positive reply saying good, all the other said read a book do a course goto seminars, nothing comes for free in life.
now i dont want anything for free in life im working 2 jobs at the moment to pay a motgage and feed my wife and kids and i know there is light at the end of the tunnel after all the research i have done i just needed someone else who is doing it to talk to if i get stuck with something and me be here to do the same thing, i am very dissapointed because call me stupid but i thought the whole idea of these forums was to help one and other but it seems some people just cant be bothered anyway i have it of my chest now thanks for reading maybe i will be lucky enough to get some positive replies now hope you can help.
sorry to the poeple who do help on here this is nothing towards you im just sick of the negative people thanks kev.kev2008
By your explanation of yourself ( working two jobs to pay the mortgage ) it doesn't sound like you should be trying to get into investment properties? I think you should be trying to repay your mortgage and build up a buffer before getting into IPs.As mentioned lots of times on this forum – I'm sure you have read this – Now is not the time to buy.
The forum is used as a place to post questions and get answers, but sometimes the questions are asking for too much information that cannot be simply answered with a few sentances.
Regarding getting a mentor. That is asking a lot of someone out of the blue who doesn't know who you are, or your circumstances. You may be best trying to find someone you know already who is into real estate.
Good luck with your future, don't be discouraged, but suggest you start by getting yourself ahead on your mortgage first before chasing IP's, house prices are falling at the moment, why throw your money away just so you can say I have an IP?
hmmm there you go as i said im not exactly after a mentor just someone to chat to if you reread the post you will understand that and im not working to jobs just to pay the mortgage im working 2 jobs to get in front which is going very good,the question i asked was a simple one and i did get a reply today so it was that difficult and im not doing it just to say i have an ip im doing it to get infront of life reread the post a couple of times im not exactly asking for a mentor i said just someone to email and in diff words share ideas its amazing i put a post on about being dissapointed because of all the negative replies and what do i get from it a negative reply, this site should only let people who are willing to HELP and other as that is the whole POINT of it!
With all due respect Kev, your post above does indeed ask for a MENTOR…..as well as the interaction of networking and other avenues of communication. You cannot expect that being a member for all of nine days……..one and all are going to respond.
However you do mention CF +ve so have you read this thread in its entirity:
https://www.propertyinvesting.com/forums/property-investing/help-needed/22508
If not, I suggest you do.
Here's one thread you started:
https://www.propertyinvesting.com/forums/property-investing/help-needed/4325966
with two replies that you failed to acknowledge or ask further questions of.
Congratulations on your desire to get ahead. Here's my two bob's worth. Continue to educate yourself. Scour this forum and your questions may be answered before you have the need to post. Pay yourself first……..spend less than you earn, save the balance or pay down your mortgage using an offset so you can have the ability to re-draw and use for a deposit on a future purchase next time. If you're doing all this………great.
As for CF +ve…………you need to create them by adding value (reno or developing and adding another to box to rent out). It is unlikely you will find them on rea.com.au or domian or any of the others.
If you have an LVR at present over 75 % do not entertain an IP. Pay down your mortgage. We are in uncertain times by way of credit. There is no rush to invest right now IMO. High level lends are going to catch some folks out.
As for the negaivity of people. Mate, generally what we see outside is what's inside. Your posts haven't exactly been pollyanna either. This does not intend to offend you, but merely make you aware that we are at cause for our lot in life. BE, DO, HAVE. If you BEcome positive first inside your mind, you will DO positive things (and post with less negativity) and HAVE the fruits that you seek.
How about you let us all know where you are situated. What events have you been to…..there are plenty of free ones When you let us know where you are living, we can disclose more info about these.
What books have you read that you allude to? What other websites or such like do you subscribe to that may help us out also as well as knowing how to fill your void.
Please do not PM me, you need to be more contributive to the community rather than just starting threads and then griping because we all didn't fall over in rushing to respond.
You need to prove yourself to the forum and establish rapport……..it's a two way street.
Trusting this assists in some way.
Some people may not want to give you advice because it is illegal to give specific financial advise under the law
see
http://www.fido.asic.gov.au/asic/asic.nsf/byheadline/06-162+Has+your+financial+adviser+got+a+licence%3F?openDocument
SEE
http://www.interprac.com.au/Operating%20safely%20under%20FSR.pdfHello kev008
Understand your frustration but sometimes the best but hardest thing to do is wait.
As far as buying your first IP, in my opinion, this is just such a time.
In the mean time keep saving and researching. I notice from one of your other posts that you are in Melbourne. There is a networking group you may wish to join who meet ones a month.After reading what I assume was your first post I think you are on the right track. In fact you are about to have your first IP…….. with the added advantage that until you buy your new PPOR it will stay CGT free for up to 6 years
https://www.propertyinvesting.com/forums/community/opinionated/4325956
You may like to change the loan on your unit to IO with 100% offset account. This will have the same effect as paying down the loan but leave you with the option of using the savings in the offset account to buy your new PPOR while maximising the tax deductible interest on your current unit should you decide to keep it as an IP.
Hope this helps
ElkaI don't know how old your unit is and in what condition but since it's about to become your 1st IP you need to start seeing it as such.
Do you know what you can rent it out for?
Is there anything that you can do to it that is not expensive that will increase the rent?
Unless it's very old it may be worth your while to get a depreciation schedule done as this is a non out of pocket tax deduction.Are you planning to use an agent or rent it out yourself?
Agents take a letting fee and commission on the rent but if you are going to be doing it yourself you need to study up on all the laws relating to rentals.Cheers
Elkawhen we bought the unit it had a new kitchen and bathroom i have renovated the toilet and laundry and halfway through the rest its really just in need of a coat of pait which i am doing we are puting a paved area out the back as we have the mould to make the pavers so it is all being done up on a very tight budget, a unit in the same block just rented for 230 a week but that is still very old inside, we are walking distance to a station and supermarket.
we are hoping to get around 240 a week for it as there is free hall hire to the tenant and i am going to supply the gardening so i know it gets done lawn mowing gutters cleaned etc. but to keep cost low i will be doing that myself, as for an agent i think with my first property i may manage it myself depending on how much they charge i havnt really looked into that side of it as i am concentrating on the reno's and when ever i get to sit for half an hour im reading more books thanks heaps for your reply i do appreciate possitive feed back.I take my hat off to you kev008.
Working 2 jobs and renovating while living in the place with 2 very young children shows motivation and drive.I don't know what suburb you're in but a $10 pw difference between an old unit and a renovated one with a gardener included seems too small a difference to me. You may like to get a couple of agents in for a chat to get their opinion on what you should be able to rent it out for. They will probably be on the high side but it will give you a better idea. Also check out realestate.com for your suburb.
Agents in Melbourne generally charge around 2.75 – 3 % of annual rental as leasing fee plus costs of advertising and around 6.5 – 7% of annual rental as management fee. This is all up including inspections.
If you do this yourself and also most of the repairs you should be able to save yourself around $2000 per year.You may like to read this in the half hour you have free
Cheers
Elkathankyou so much for your help kev.
for starters you might be better of renting out your ppor, rent somewhere cheaper, draw out some equity for a small deposit and buy your first IO. by cheap and make sure you can add value and its got a high cashflow. my opinion only though.
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myinvestorsplace01 wrote:Even for me it happened sometimes. Its natural. But we are here to help you more. Please contact us for and with more detailsWhen someone invites you to a poker game, work out who the patsy is.
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