Forum Replies Created
Shahin & Richard,
Regarding IO repayments, doesn't a lender expect that the principal would be paid off within a certain term? We cannot pay IO for the duration of our lives, or can we?
What happens if after 10 years of paying IO that the property drops into negative equity and one runs out of time to pay off the loan? What happens then?
Also, what Scott No Mates said about offloading to Super. I've earned some extra income and don't want to give the ATO 37% of my earnings and would like to dump the maximum into mine & my partners Super.
My partner & I are about to venture into a similar situation to John in the middle of this year hopefully. One IP & one PPOR, so this thread is of interest to me.
Steve.
Thanks for the feedback guys. I thought as much, but it had be thrown out there. I'll just have to start small and work up from there. I will however, be looking to buy an investment and principle residence next year.
Richard, did you get my email a few months ago when we first connected on this site? About catching a coffee if you get down to Sydney?
Diisco44, I would be looking to find a property to demolish or a clear site and build two new properties in it's place.
Hi Richard,
Thanks for the welcome. It would be great to catch up with you for a coffee next time you're in Sydney. I've picked up a few basic things on property investing through free seminars and online research. Pitfalls, risks, insurance issues, asset protection structures, liability issues, depreciation and more. My next step is to determine my financial strengths from a banks point of view. I think once I know my borrowing capacity, I can then focus of what I can purchase for my dollars. I need to also obtain deposit to get this show on the road.
I know there is much more to learn and I think my next step is to determine which structure I am going to set up to hold these future properties. I need to reduce my liability from potential lawsuits should anything go wrong with the business in the future. I will need to protect myself, my family and my assets, so I think it is a good starting point.
I open to critiquing, and questioning of my actions and planning too, so don't hold back.
Steve
Hi Catalyst,
To start with, I want to get a property that can look after itself after all costs have been taken into consideration. CF+ and cap growth would be a positive too. Then leverage that property to get the next one and so on. Once I have sufficient cashflow to free up my time, I will start focusing on reno's and then developments.
All my life as far as I can remember, I have had a passion for wanting to deign and build my own properties. I tried getting mortgages when I was and prices were low, but banks wouldn't give me loans because I didn't have a job. Then 6 years ago, I tried getting planning permission to build a 280sqm 5 bed, 5 ensuite on 2000sqm site and got shot down by council. So 13 years down the road, one negative equity property in the bag, plenty of hurdles in Ireland and I haven't given up. I'm hoping that Australia presents more opportunities going forward. 5-10 year plan to replace the current income with passive income.
What ever it takes, who ever I have to help, who ever I need to talk to and learn more from. I know what I want but have been finding it difficult to get to where I'm going.
Where do I get to meet PI peers to start?
Steve
Afternoon All,
I can see that this thread is old, but hopefully this will still get peoples attention.
I am new to this website. I am in a similar position to Belinda. A bit of history on my background. I'm Irish and have been living in Sydney for the last five years, now a permanent resident. I currently live in Newtown. I bought a PPOR in 2007 in Cork City and left for Oz in 2008, then the GFC hit. My property went from 365,000 euro to a current 180,000 euro. It is currently rented for 750/month with repayments of 1120/month on a 1.6% ECB variable tracker rate. That is the past, which I will have to get over.
I'm now looking to invest in Australia and have been to a few free seminars and read a lot online and have learned quite a bit. I am starting to feel analysis paralysis and I'm itching to buy another property but cautious of getting burned again. I'm trying to find an experienced Accountant, Mortgage Broker, Buyers agent and someone who has successfully purchased at least 5 properties. We all know that there are a lot of spruikers out there charging thousands for knowledge, which I don't agree with. If they are already wealthy and financially free, why not give back to society and offer a hand to help others out of the hole. I don't ever expect anything for free from anyone in life, I will always offer a reasonable amount to someone who can help me in life. If they won't accept money I can offer my own life's worth of knowledge and skills.
I am a building services engineer and I design mechanical, electrical and plumbing services for residential, commercial, pharmaceutical and oil & gas industries. I come from a family of trades and have quite a bit of hands on construction experience and can visualize and coordinate potential construction and safety issues.
The skills that I lack are finding the correct property, how to carry out due diligence on a property or suburb, negotiating purchases, pitfalls in purchasing, knowing when to use certain asset protection structures when purchasing and more.
If there is anyone out there who has managed to give themselves the freedom to do what they like as a result of passive income and would like to meet me or initiate a dialog please get in touch with me. I can offer my skills and knowledge in exchange for same regarding property investing.
I would also like to hear some opinions on what I should do with the Irish property. The one risk associated with it is my father is a guarantor on the property until the mortgage reaches 153,000 euro. I would like to get him off the mortgage documents as his house is at risk if the bank decide to be nasty.
Steve
