[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 11:43 pm

Can someone email me on [email protected] when it happens[8D]

[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 11:37 pm

You are unrealistic in your expectations in what you want from a property. $70,000 will buy diddley. Your deposit won’t go far because mortgage insurance probably won’t cover your property – if you find one. However, one option might be to go for a 105LVR loan but the bank will make you dive through hoops to get it though.

[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 11:20 pm

I agree with you PB. Having 100 properties at $20 a week each isn’t worth it and can bring more headaches than anything. I would rather chase the bigger fish. There are plenty more opportunities in Sydney to expand your wealth.

[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 10:09 pm

Im not comparing postive cashflow properties to Sydney in general, I’m comparing them to decent properties in the eastern suburbs. Purchasing 100 studios in Bondi is not going to put you on the Rich 200 list for example. I purchased a property in Vaucluse in ’99 for $2,300,000 and had it rented for $2,000 a week. This time last year I was paid $4,970,000 for it. I didn’t go anywhere to invest the profit thats for sure.

[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 11:02 am

Yvonne, I am only putting the point across that buy purchasing a parcel of positively geared dirt at Cobar is going to bring you more headaches than dollars in the long run. Positive gear brings more risk. I’ll give you 1 example. In Trundle NSW, there is a house for sale $50,000. It is getting $100 a week. The house is rented by a cook who is not originally from the town. The towns population is decreasing. The cook may decide to leave. Who will rent this property if he decides to leave? Can you rent it within a week – especially to a local? There are towns like this all over Australia and in the long run, your investment dies along with the town. BIS SHRAPNEL have tracked positive population growth to Sydney, Melbourne, Brisbane and the Gold Coast from provincial and country towns. How does this stack up in the long run to country properties? This proves that ownership of these +ve geared properties is not good for anybody in the long run regardless of how much or how lttle they earn. Ownership does not always bring benefits.

[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 10:33 am

Yvonne,

great idea but what about those vendors with unrealistic expectations. I know vendors don’t like dealing with agents, however, agents in their own way, regulate the real sellers from the dreamers.

[George1Member@george1Join Date: 2003Post Count: 59]

September 29, 2003 - 10:14 am

It depends on your perception of wealth. By the sounds of your noveau riche attidue your perception and actual wealth would be a lot lower than mine. However, thank you for the job offer but my answer is NO. I don’t work for anybody and never will. From what I have done in property, my kids and my grandchildren can turn your job offers down too and I am only 26.[]

[George1Member@george1Join Date: 2003Post Count: 59]

August 28, 2003 - 11:41 pm

It its the property with the garage, I drove past it on the weekend. Cobar is not too crash hot. Although the mines are eventually closing, they have streamlined the mines and the miners and drillers alike have been transfered to other mines. I would be very careful.

[George1Member@george1Join Date: 2003Post Count: 59]

August 28, 2003 - 6:25 am

Banks are becoming increasingly aware of the risks of lending to trusts and companies as it brings in the element of a “3rd person”. HOMESIDE advises against lending and other banks use similar guidelines.

[George1Member@george1Join Date: 2003Post Count: 59]

August 28, 2003 - 6:20 am

I am currently a mortgage broker. You don’t really need the Securities institute course to become a mortgage broker. However, on interview, they will ask you if you have completed the UCCC course through the MIAA. Most employers will tell you to complete this before, as it shows them that you generally have an interest and will stick it out in the industry. It is also a requirement by all banks that you have completed the UCCC course in order to become accredited with the banks (so that you may sell their loan products). Most mortgage aggregators and originators are pushing that all brokers must have completed the Privacy and Compliance courses as well as Mortgage Lending Certificate III by the end of the year. By doing these courses you will become an AMC (accreditated mortgage consultant). Most banks are recommending that their brokers become AMCs as well. CBA are becoming tough and most banks will generally follow suit. You can do these through the MIAA, however, the equivalent TAFE courses are much cheaper. See http://www.miaa.com.au for advice or phone any TAFE that offers these courses. []

[George1Member@george1Join Date: 2003Post Count: 59]

August 28, 2003 - 5:59 am

[xx(] Its distgusting that people have to “fraud” their families to make a dollar. If he is aware that “fraud” is a criminal offence and you have the facts, be upfront and tell them that you do not provide advice and if they ask why, just tell them why. If you don’t, morally it is on your head.

[George1Member@george1Join Date: 2003Post Count: 59]

May 29, 2003 - 6:20 am

For 300k you have to decide whether you want capital growth or a decent rental return in Sydney as it doesn’t buy you much. You have to also decide on an area that a bank is willing to finance you in. There is no point finding a studio under 40 squares for $200,000 in Darlinghurst if the bank requires a much larger deposit as extra security.

[George1Member@george1Join Date: 2003Post Count: 59]

May 29, 2003 - 6:12 am

It might be possible depending on the facility that you have arranged with your financial institution. If you have what they call a pseudo line of credit, this may be possible. If not, a penalty payment may occur.

If you need any questions answered email me at [email protected]

[George1Member@george1Join Date: 2003Post Count: 59]

April 18, 2003 - 1:48 am

[] With some of my clientele, some institutions will lend 100% of the value of the owner occupied/investment home, however mortgage insurance will apply. Generally, institutions will finance on contract price even if the contract price is lower than the valuation.