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]

Hi Jambv,

The long-standing rate is 5% for the first $18k, and 2.5% thereafter. So, add $18k to the price, and take 2.5% of the resulting total, and you get $9,200 as the REA commission.

Though this was the Maximum Rate when introduced, it quickly became the de facto “standard” rate, with very few accepting a lower commission (I have heard…[Read more]

Hi Jason,

1. Do you think Templeton’s quote should be applied to the Australian property market in general? Why or why not?

I’m not even convinced that he is totally correct, though he is approaching things from the right angle. To me, the quote chosen seems a bit too “folksy” to be correct. A bit too convenient, even contrived.

Let’s s…[Read more]

Hi Jason,

1. Do you think Templeton’s quote should be applied to the Australian property market in general? Why or why not?

I’m not even convinced that he is totally correct, though he is approaching things from the right angle. To me, the quote chosen seems a bit too “folksy” to be correct. A bit too convenient, even contrived.

Let’s s…[Read more]

Hi Jason,

1. Do you think Templeton’s quote should be applied to the Australian property market in general? Why or why not?

I’m not even convinced that he is totally correct, though he is approaching things from the right angle. To me, the quote chosen seems a bit too “folksy” to be correct. A bit too convenient, even contrived.

Let’s s…[Read more]

Hi Jason,

1. Do you think Templeton’s quote should be applied to the Australian property market in general? Why or why not?

I’m not even convinced that he is totally correct, though he is approaching things from the right angle. To me, the quote chosen seems a bit too “folksy” to be correct. A bit too convenient, even contrived.

Let’s s…[Read more]

Hi Thomas,
Ah, THERE is the big clue !!

“House and pool subjected to approvals”

It seems to me like the house might’ve been moved there, or even built there, without getting all of the Final Approvals done. Same with the Pool. Maybe an Owner/Builder did this….. ??

Now, depending on the Council, this might be a minor, or a major, pro…[Read more]

Hi PS,
Although I am NOT an accredited adviser, I would think that if your transaction with your cousin was at “arms length”, then there would be no issue. But “arms length” is the operative phrase.

It swings on your meaning of “His payment will be a lot!”

If this “lot” is an unrealistically high “lot”, then I would think you will…[Read more]

Hi PS,
Although I am NOT an accredited adviser, I would think that if your transaction with your cousin was at “arms length”, then there would be no issue. But “arms length” is the operative phrase.

It swings on your meaning of “His payment will be a lot!”

If this “lot” is an unrealistically high “lot”, then I would think you will…[Read more]