Today, I came across an old “GOTCHA” – so I wanted to add a post to this string especially for these traps. As each gotcha is added, I will add a quick spiel, then the link.

The first GOTCHA is to do with my old mate, the OFFSET ACCOUNT. But, it could be about any other Account too – so do read it, even if you don’t have an Offset – and relate…[Read more]

Today, I came across an old “GOTCHA” – so I wanted to add a post to this string especially for these traps. As each gotcha is added, I will add a quick spiel, then the link.

The first GOTCHA is to do with my old mate, the OFFSET ACCOUNT. But, it could be about any other Account too – so do read it, even if you don’t have an Offset – and relate…[Read more]

Having “found” this thread again, I wanted to highlight this post from Terryw.
https://www.propertyinvesting.com/topic/4997918-redraw-from-an-offset/#post-4997951

It highlights one of those little “GOTCHA” areas that can trip up new and old investors who may not have thought things through completely.

I have been guilty too of raving over…[Read more]

Havng “found” this thread again, I wanted to highlight this post from Terryw.
https://www.propertyinvesting.com/topic/4997918-redraw-from-an-offset/#post-4997951

It highlights one of those little “GOTCHA” areas that can trip up new and old investors who may not have thought things through completely.

I have been guilty too of raving over…[Read more]

Havng “found” this thread again, I wanted to highlight this post from Terryw.
https://www.propertyinvesting.com/topic/4997918-redraw-from-an-offset/#post-4997951

His few words inspire a whole book of information. It highlights one of those little “GOTCHA” areas that cna trip up new and old investors who may not have thought things through…[Read more]

Hi Jason, (and San),
You were in the right forum to seek out that data – this one:-
https://www.propertyinvesting.com/forums/heads-up/

The “Heads Up” forum is described as containing “Posts about gurus, organisations, websites, books, courses, print, radio or TV matters of interest.” It also has information re any meetings being arranged.…[Read more]

Hi Panina,

As Steve says “Buy a problem and sell the solution – don’t buy the solution!”

He explains by saying “The developer builds new properties, providing solutions for all those who just want a new house”.

For those who can fix problems, (either by developing, renovating, or simply buying for a bargain price from someone who…[Read more]

Hi Panina,

As Steve says “Buy a problem and sell the solution – don’t buy the solution!” He explains by saying “The developer builds new properties, providing solutions for all those who “just want a new house”.

For those who can fix problems, (either by developing, renovating, or simply buying out someone who over-stretched for a bargain…[Read more]

Hi Jason,

On a re-read, I picked up on this from you:-

As you may have read in Steve McKnight’s book, From 0 to Financial Freedom, the blueprint for the current market is to use quick-cash strategies to manufacture growth and build a large capital base. Then you can reinvest your equity into debt-free higher yielding assets, like commercial r…

[Read more]

Hi Jo,

How are things going for you now? Interested folk would love to know…… ;)

Benny

Hi Panina,

I thought if the valuation is correct I have to only come up with 20% deposit and can borrow 80%?

Exactly the reason why I said “Ouch” in my first reply. That deposit sounds “over the top” as Corey has defined. Is there “something else” underlying that would have your lender wanting more security?

e.g. Are your loans xcolled?…[Read more]

Hi RobH,

Welcome to pi.com – and good for you in having an expressed goal to start with. As you can imagine, there is lots to be done, but finance is one of the first to get going, and the help of one of our Mortgage Brokers would be a smart move. THere is SO much to know, and they know it backwards.

Re WHAT to buy, well that is a whole…[Read more]

Hi Panina,
And a big welcome to you….. You have come to a good place. ;)

My loan has only came out at $260000 so if i want the new apartment ill have to fork out $100000 which is all my savings.

Wow – that is a big OUCH !! Smart move for looking around before putting so much of your own cash into the deal.

May I ask – have you been…[Read more]

Hi Panina,
And a big welcome to you….. You have come to a good place. ;)

My loan has only came out at $260000 so if i want the new apartment ill have to fork out $100000 which is all my savings.

Wow – that is a big OUCH !! Smart move for looking around befroe settling on putting so much of your own cash into the deal.

May I ask – have…[Read more]

Hi Steve,

How would I go about finding a reputable broker, and what kind of payment/fees do a broker usually have?

Two good ones have already responded to you on this thread. Or, if you preferred “face-to-face”, then you might be wanting a Broker in your city (Melbourne, is it?).

Re payments, “most” brokers will be paid by the lending…[Read more]

Hi Steve,

Welcome to this place – you will find it is a good place to be, I’m sure.

I was wondering if anyone could shed any advice onto my situation, as to what areas I should look into, or what even the fatal flaws with my poorly thought out plan are?

It is a smart man who knows his limitations. Yes, there is a bunch to learn, and yes,…[Read more]

I’ve liked this one for years:-

Good judgment comes from experience – experience comes from bad judgment – Jim Horning

and another I have used on here from time to time:-

If you think education is expensive, try ignorance. Jeff Rich or Derek Bok – I thought I should at least TRY to give attribution – Googling it gave me two names as possible…[Read more]

I’ve always likeed this one too:-

Good judgment comes from experience – experience comes from bad judgment – Jim Horning

and one I have used on here from time to time:-

If you think education is expensive, try ignorance. Jeff Rich or Derek Bok – I thought I should TRY to give attribution – this is the best Google could do….

What about YOU?…[Read more]