[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

September 17, 2008 - 2:15 am

Thanks everyone for your reply's,

duckstar- what did you mean when you said this: You probably only need the guarantor to guarantee the required deposit for the loan rather than the whole house.  e.g.  does my brother only use his house for the deposit?? not sure if he has enough money in the house?

My plan is to buy, reno, hold – once again is it a good idea to do the first one in our own names due to the cost of the trust set up and limited funds.

KY- Hi I have decide that looking at the unit that due to the yield and the body corp this property is not for me. But I have found another freestanding house that is 135,000.00 and renting for 160.00pw at the moment. Could rent as is or do the following paint, pull up carpets as it is on floor boards.

Mathewc73- I  used some of your information you gave me on another property
Key data I use:
1. Recent sales in area for similar properties- selling for the listing price in the area, 135,000.00
2. Factor in condition of property- liveable can do a reno, eg pull up carpert its on floor boards, paint,
3. Factor in time it has been on the market- only 3 weeks – everything inthe area is sell fast
4. Factor in current market sentiment- not sure what you mean by this?
5. Factor in the willingness of the vendor to sell- not sure but will find out

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

December 23, 2007 - 9:03 pm

Hi everyone,

He is an update on my finances,

4,500.00 personal loan (family) – gone
20,000.00 CBA (personal loan) – January this year (2007)- 12,000.00 still owing NOW – 3,400.00 owing (cant wait till its gone)
6,000.00 GE (personal loan) – paying min amount – next on the list to start paying off
5,800.00 GO mastercard – paying min amount – last on the list ( then fix my credit rating)

Heres wishing everyone a Merry Christmas and a Happy and Safe New Year, May 2008 be the best year for everyone

regards

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

December 7, 2007 - 11:45 am

why don't you just go to council and ask for the owners details, as you need to get in touch with them

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

November 5, 2007 - 11:46 am

Hi everyone,

Thanks for the reply;s

I got a bad credit rating because the business needed money, got a credit card, and instead of paying of the credit card, when I started University I paid down a personal loan I had.  Get this January 2007 amount owing 12,000.00 now November 2007 3,500.00 and I have also paid off a family loan of 4,500.00 and we do have a very small savings. Now looking at it I did it the wrong way around but we are paying of our debt and we will get there. Have spoken to hubby again and he has agree to look at property but he justs wants to take it slow and just wants to wait until my coarse has finished, he also said that he wanted me to keep doing all the research I'm doing, (so that looks positive).  I think that  what you said dmv is right about  maybe having flashbacks,  as now his business is about take off again. When we lost our house the business lost a big contract that took us and our house with it.  So the outcome at the moment looks like finish my course, allow his business to take off again, keep doing research,

once again thanks for replys

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

November 2, 2007 - 12:35 am

I live in Melbourne and have been to information/ meetings held by Wendy Moore from Affluencia.com.au, there held once a month usually the first Tuesday of every month, its well worth going, It usually costs $50.00 to attend on the night, best of luck

regards

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

July 18, 2007 - 2:14 am

Thanks for your reply mortgage hunter,

So let me see if I get this right, I pay the min amount on all my bills, the any money left over goes into the smallest debt until it is paid off, then so on and so on. What about general bills eg gas, sec, water, phone. I was thinking of putting them on direct debit each fortnight so I wouldn't have to worry about them as well? Also about my credit rating now that I have a bad rating what will happen with that how long till I can get that fixed?

Once again Thanks mortgage hunter

regards

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

July 17, 2007 - 10:29 pm

Hi All

Is there no one out there, that can give advise on this matter.

regards

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

June 10, 2007 - 12:39 pm

well its me again,

the house sold for 201,000.00 and i must say that buy just putting in one offer it has tought  me a lot, thank you for your replies i think now looking at it i was feeling frustrated and wanted something to happen, deep down i know that i am not ready, and now looking at it, i would off been out of my depth, but im going to look at the positive side to this and that is that i now know how i want to start my property investment.

regards

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

June 9, 2007 - 3:25 am

Well I had a look at the property, and I put an offer in 195,250.00 subject to finance of choice. You know everyone talks about the fear factor I would have to say that it was the most scary thing I have done, but exciting at the same time. If the offer is not excepted so be it. It was a good experience

regards

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

January 8, 2007 - 12:16 pm

Come on there has to be someone??

Dr.Spock
“you never never know if you never give it a go”

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

December 29, 2006 - 11:07 am

Thanks for all the encouragement,

We will keep you informed every 10 days[cap]

P.Stickels

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

November 2, 2006 - 9:44 am

Hi carpenter, steve suggests that in his masterclass home study pack, that you go to all the agents in the area that you are interested in buying the house, get a list of all the propertys that are for sale and then ask how much the propertys would rent for.
Divide your rent on each property’s price to find out the rental yield for that area.
e.g. my house that Im renting at the moment is 10200pa / sale price 209000.00 = 0.048 x 100 = 4.8 % but the rental yields in the area is 5.6% therefore if the price on the house that I was renting was lower than below I know it what be worth it?
annual rent / rental yeild = purchase price
eg. 10200 / 5.6 % = 182,142.00

PS. Steves Masterclass Home Study Pack is worth the money

good luck

Trish[blink]

P.Stickels

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

October 25, 2006 - 11:20 am

Thanks for your replies everyone,
I like the idea of ringing agents in the surrounding area, next on my list, There are 5 property managers in the town, Do you mean ask locals about the PM in the area??? With the vacancy rate in the area, some property’s have a two year lease.

regards

Trish[biggrin]

P.Stickels

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

October 24, 2006 - 10:18 am

Thank you for replying,

I have done some more due diligence and yes it is a regional town population 20000,

yes there is a mining town close by, however the council have just agreed to another 25yrs of operation, no the town is not dying from drought at the moment,

I have contacted more agents and rents in the area for a 4 bedroom rent from 140pw to 250pw

If I use IO does that mean I should hold onto the property and after reno done get it revalued and get the equity released to go again.

The only thing that concerns me is that unemployment has gone up in the area, but I have sourced the area and there are very few 4 bedrooms for rent and not many for sale in the area.

Thanks again for your advised

regards
Trish[biggrin]

P.Stickels

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

March 22, 2006 - 2:19 am

Hi simon

great post, thanks

[specool]

P.Stickels

[Dr.SpockParticipant@dr-spockJoin Date: 2004Post Count: 69]

October 28, 2005 - 12:17 am

Hi Mal,

Thanks for advise

regards Trish
[blush2]

P.Stickels