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  • Profile photo of insanoinsano
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    @insano
    Join Date: 2009
    Post Count: 34

    Awesome thanks for the advice guys.

    Profile photo of insanoinsano
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    @insano
    Join Date: 2009
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    I used Washington Brown recently to do all my dep schedules, they were very efficient and friendly. Catalyst is right they knocked me back on two of my properties as they were not worth doing.

    They did mention however if I was to renovate it was worth doing a dep schedule before and after as they can write down the scrapping of items and then later on depreciate the new items.

    I paid $600 per schedule and they're worth their weight in gold!!

    Profile photo of insanoinsano
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    @insano
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    Hi all & MikalHoward,

    I'm not saying you're lying and I don't mean to offend, I didn't register interest via the web site so I did not see the increase in price, I only read the price on https://www.propertyinvesting.com/course# which may have to update to avoid confusion.

    The price may have increase, I've just last week signed up myself for the course and paid the upfront cost of $3995 i did attend Steves seminar earlier in the month so I must have just got in before the price increase. Apologies for any confusion I may have caused.

    Profile photo of insanoinsano
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    @insano
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    Not sure where the price of $7995 comes from, I think it's the cost of paying in installments but on the site it states:

    You can either pay a lump sum of $3,995, or if it’s more convenient, lesser amounts over time via an installment plan (details of which are available on request).

    Profile photo of insanoinsano
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    @insano
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    Give Brad Howard a call at http://www.elevaterent.com.au independently owned and he's passionate about property too, with a property gathering every few months.

    They look after a few of my properties and am very happy with them, inspections come with photos and rents come in on time usually before the end of month compared to a few others I've dealt with who you never heard from and always have to chase up.

    He also started me on the road to property investing :)

    Regards

    Wayne

    Profile photo of insanoinsano
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    @insano
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    Hey Matt,

    Just noticed possumpal thread: Mid-life crisis

    https://www.propertyinvesting.com/forums/help-needed/4346162#comment-272543

    I've had the passing thought of giving the real estate agent gig a go in the past but it's not for my, I'm defiantly not a sales men. From what I've seen and heard from friends that have tried their hand at the game it can be quite difficult. During the boom pre GFC anyone could sell a house, just list it and bam sold, but post GFC only the good agent who knew the game and cycles stuck around.

    Personally I'd not become a real estate agent either.

    Like so many of the books say, find your passion and follow it. Easier said then done though…

    Profile photo of insanoinsano
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    @insano
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    Hey Gazza,

    That was for cash flow capital, although I've not found any bad press or people not happy with their service, they seem to be legit, there's a few threads on them here. They use to charge a buyers agent fee like the 2-2.5% but now they only charge the mentoring fee, discounted by 50% if you sign up there and then.

    Then today I get an email, shock horror there's a couple of spots left as people couldn't commit due to personal reasons, so hurry…

    Nothing against the company, it is a business and every business needs to make money but I just don't like the format and marketing many of them use…. anytime someone says to me todays price only I switch off instantly and then why would I ever want to pay your full price later on

    Profile photo of insanoinsano
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    @insano
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    Bugga…

    Cheers Terry

    Profile photo of insanoinsano
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    @insano
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    Thanks Terry, that's exactly what I thought was the case, I tried to explain it to my tax accountant but probably didn't word it right.

    Is there a work around that anyone knows of, like refinancing the loan of similar..

    Profile photo of insanoinsano
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    @insano
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    Oh know, good to see you've not run away from the forum Richard because of sum unkind words :)

    Don't worry it's not tarnished your good name, I'll be sending my loans your way once I'm settled in my new job…

    My property investing is in a lull at the moment so I decided to head over to the next seminar to get some inspiration.

    Seems to be the same template and as soon as I sat down I wanted out but at the same time wanted to see it through and see if I could learn something new….

    1st it's always going to be a sell out

    Sit in the room with famous quotes on the screen and up beat thumping music

    Are we all excited!! I said are we all excited!!!.. yyyeeeeaaaahhh nah

    Go through all the stats how we're all doomed but there's massive growth so you must do something BUT HOW!!

    You need to be a go getter, get out there and grab what you want

    Ok so you need to spend all this $$$ and hours of your time doing research OR for our discounted price tonight only!!!

    RUN to the back of the room NOW because we only have x spots!!

    ppfffttt really!! I wonder how many people they get with this sort of sales pitch…

    I'd much rather, here's what we do, how we do it, this is our fee and if you're interested give us a call after you've done your due diligence, I don't like parting with my hard earned $ especially when there's a pushy sales pitch involved..

    Profile photo of insanoinsano
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    @insano
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    Hey Mick, exactly the topic I wanted to ask but couldn't find a pervious thread about it. Wondering if someone could comment on my situation (not wanting to start a new thread or take over this one)

    I built my PPOR a couple of year ago, loan for $380k been paying that down pri+int

    Currently have not borrowed against it yet est value $450k

    Loan is setup with a redraw facility and my pay goes straight into it with about $100k in there offsetting the loan

    If we want to maybe change this to an IP some 5-8 yrs down the track what to do now?

    am I better to change this to interest only now, get rid of the redraw facility and setup an offset account (should have set this up 1st but didn't want to pay the monthly off set acount fee)

    will the entire loan amount still be tax deductible? having the redraw fac in effect currently.

    Thanks Guys, sorry Mick :)

    Wayno

    Profile photo of insanoinsano
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    @insano
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    Profile photo of insanoinsano
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    @insano
    Join Date: 2009
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    Interesting, thanks for all the info….

    I've been thinking about going into an NRAS property using my super too, $5000 setup does sound a little on the high side, not that I've looked into it but did attend a seminar a while back and they mentioned this setup and I don't remember it being that high of a cost or I would have remembered using some cuss words…and I wasn't really interested at the time.

    Since then I've heard the talk shows such as skybusiness taking about the government looking into super and possible changes, as always the good ol government looking at moving the goal posts for all of us to keep chasing it for hard and longer… nothing happening just yet but I've got 35-40yrs of a waiting game to see…

    Other thing that put me off was having a property in super puts all your eggs in one basket, no diversification so that's a risk in itself…

    On the other hand I love property and WANT another one!!

    Leverage to buy a property (which my super doesn't do atm, leverage that is)

    Up to $115,000 in government incentive over 10 yrs, my super fund prob won't perform that wall over 10 yrs

    Guess it's time to go back and do the numbers and see….

    Would love to hear more about your SFSM and setup fees Jannazo once you've completed the process

    Wayno

    Profile photo of insanoinsano
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    Cheers!

    Saw on the news or similar last night that low doc loans are popping up again, an elderly couple on $23k annually was offered a loan for $850k with a $7k/moth repayment lol

    Peter Switzer was commenting on them coming back through some dodgy brokers fudging numbers to get high loans through…. and some banks offering 97% lvr

    Still toying with the display home idea, as an investment for a few years then converting it to our PPOR

    Profile photo of insanoinsano
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    @insano
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    Tragic!!

    I attended a property gathering last week and apparently there are a lot of changes coming soon to the tenancy act so we'll have to wait and see what the changes are.

    Profile photo of insanoinsano
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    @insano
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    Thanks Derek, good points obviously lots of due diligence required before making such a purchase.

    I like your armchair investments too, if only I had more capital to be able to cover in entry with lots of breathing space :)

    Profile photo of insanoinsano
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    Bump*

    I've been pounding the payment recently checking out the new display village in my area and heard "this one's for sale" more then a few times.

    Anyone got any experience with these, some with a 9% return over 2 yrs with option to lease further ect…..

    Profile photo of insanoinsano
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    williamwpy wrote:
    My friend told me that in Australia, you can buy some real estate property which is exclusive for investment purposes and the prices is much lower that the normal market price. However you cannot live in this property yourself as it is only for investment purpose.

    If only that were true, I think what your friend was thinking there was managed serviced apartments which seem to be cheaper then non managed apartments, have rental guarantee ect ect and those you'd not be able to live in yourself.

    Profile photo of insanoinsano
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    @insano
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    I've love to have a European car, either a BMW or Merc but not at this stage they're just to costly for me so I'll divert funds to investing till I reach my goal and then reset.

    Kong, nice car, my folks have the same one! great quality, only think I don't like about it was it was a little slugish for my liking, I have a 2.0 Lancer but thinking about a civic hatch for the wife. Great affordable cars, last Mitsubishi I had from new lasted 11 yrs before I sold it, without giving me any hassles, and same as my folks old honda with lasted 20yrs from new then sold it with no dramas.

    Profile photo of insanoinsano
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    Family comes first! :)

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