Forum Replies Created
Hi Keen,
I brought my first investment property about 12 months ago. When the time came to secure finance for the property I had quite a bit of trouble getting a large enough loan. My mortgage broker informed me that the problem seemed to rest with the LMI providers. So we ended up finding a lender that 'self insured', therefore by-passing any of the lenders insurance probs. We got a very competitive rate as well. If you would like the number of the mortgage broker I used (he is located in brissie) just message me and I will pass it on.
Good luck!
Originally posted by Wylie:Don’t know where you are, but why not look at a second hand kitchen. Here in Brisbane there are a couple of companies that put in kitchens which are only a few years old. I believe they alter them to fit. I would guess you could save half that cost, but have no experience with them.
Wylie
Hi Wylie,
I am also in Brisvegas and have just bought my first house [biggrin] which is in need of a bit of TLC.
I was wondering if you had the name of these places in Brissie that sell second hand kitchens as well as handle the installation?
Thank[exhappy]
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= SUCCESSThanks for everyone’s interest . . .I have an update for you all.
After looking through the studio apart. I found out that there was a 2 bedroom for sale in the same building. Here are the stats:
2 bedrooms (decent size)
approx 70m2
Fully furnished
$3000 body Corp/ $1200 rates/ 8% mgt fees
Has a 6mth lease for $340/week
I much prefered this one to the studio – it has a great feel to it and has lots of natural light.
Derek: Thank you for your comments. My long term investment goals are generally to build a large property portfolio, I think I will general focus on inner city fringe suburbs, with houses that simply ned a bit of tlc. But am open to other opportunities, such as these apartments. I work in the CBD and am currently living at my partners parents place so wouldn’t mind moving into the 2 bedroom anyway – so if it wasn’t tenated then I would happily move in with my partner, and am confident I could handle the repayments. My income is fairly low at approx $42k but am expecting that to rise to approx $47k within this year.
I must admit I haven’t really thought of an exit strategy – as I never really wanted to have to sell the unit as long as it continues earning. But I suppose if interest rates go too high and the rents don’t rise accordingly I would probably want to sell. What are some exit strategies that I should look at?
DD: Thanks for your comments as well, my broker said that commonwealth and Colonial would be willing to do a 95% lend on the apartment, and is confident I have enough deposit. Same applies for the 2 bedroom I am now looking at.
I haven’t had the bank valuation done yet – but I am aware of the potential problems there, so thanks Terryw I will approach with caution . . .
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= SUCCESSHey shake-the-disease,
Thanks for your reply, they are good points that I have considered. I am not planning on selling the unit any time soon, so am not really after the capital gains. I just thought it would be a good entry into the market – and if it generally isn’t costing me anything from week to week I thought it might be a good idea.
As for finance, I have spoken to my broker and he had the same concerns about the banks not being too happy with the size – however on that note he did find that Commonwealth and Colonial were willing to do a 95% lend on this property.
Thanks again for your comments – I will keep everyone updated as things progress – wish me luck!!![thumbsupanim]
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= SUCCESSHi Keneth,
Sorry I was suppose to include your last comment in this reply, haha . . .oopps!
Anyway, I didn’t mean to sound cynical in any of my responses, and I didn’t get the impression that any other members were being cynical as well. I was generally happy with the seminar I attended and with the appointment I had with CWB. However I do agree with other posts made about them that they seem like a good company – but only if you don’t have the time to do the research yourself.
Why pay them an extra 3% if you can do the work yourself – which is the case for me. I enjoy doing my research and am looking to cut costs wherever possible, not cut corners by off loading the work to soemone else. But as I said – I’m sure it would be beneficial for those who are cash flow rich, time poor.
Cheers [biggrin]
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= SUCCESSOriginally posted by kenkoh2000:Dear All,
1. I have subscribed to CWB and read John FritzGerald’s book, “7 Steps to Wealth”.
2. I find that what John FritzGerald shared in his book and seminar to be both informative and educational, and I am using some of his ideas to develop/adapt for my own property investing strategies. I do find that they work in my case.
3. I have not purchased a single property through CWB though, despite having met up with 2 of different consultants twice in Perth in 2005, to review my property portfolio and property investing strategies. They both agreed that I am doing the right things for my own property investing and leave it at that. They did not recommend me any properties to purchase nor pressure me to purchase anything at all.
4. So, I do not understand why some members in this forum are so cycnical about John FritzGerald. Or am I mssing something here that I do not know yet?
5. Looking forward to your feedbacks and further comments, please.
6. Thank you.
regards,
Kenneth KOHSacrifice
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That is the one and only frastrating thing holding me back – I am currently playing the waiting game as I scrimp and save as much as I can.
And before any suggestions come back – no, I don’t have access to any equity [glum]
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= SUCCESSThanks for the suggestion Kate – Keystart sounds like a fantastic initiative by the WA government, maybe I should consider a move[hmmm]
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= SUCCESSThanks Simon,
I don’t suppose you would be willing to help me crunch some numbers???
Cheers,
IITSacrifice
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= SUCCESSI have just started reading Scott Pape’s “The Barefoot Investor”. so far it has been a great read. It is written for a younger audience, it is entertaining yet very informative and has a great guide to tracking your spending (not a budget – he has just included a list of possible items we spend money on so when you try to recall where exactly ‘all your money went’ most things are written down for you. I am only a quarter of the way through – but so far, highly recommended!
Cheers, and happy reading! [biggrin]
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Thanks for that Simon – I have been trying to figure out ways around my current situatuation which sounds similar to Jays. I am saving like crazy to purchase my first property but at the same time trying to pay off $10,000 on a car loan (which is probably more than what my car is worth now [glum])
I was worried that even once I had enough for a deposit etc I may be putting too much pressure on myself paying off a mortgage as well as such a large personal debt.
Ideally I would love to be able to roll it into the mortgage – but if that isn’t an option I was looking at selling the car and getting back to the basics of public transport [rolleyesanim]
Anyway – thank you for your help – if you know of any other ways I could tackle this issue I would appreciate the feedback.
Many thanks
IITSacrifice
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In relation to being able to refinance to incorporate existing debt into your mortgage . . . Can this be done within 12 months of obtaining the mortgage, or do you have to wait until you have built up enough equity to cover the old debt???
Thanks
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= SUCCESSThanks for that G7,
It will be interesting to see what the court rules . . . Will be watching with interest, as I was considering the program for next year.
Cheers
InvestorInTrainingSacrifice
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= SUCCESSHi Gatsby,
Which papers in particular are you talking about to have a look through? Just the Courier Mail or the Australian etc?
Thanks
InvestorInTraining[grad]
Hi Gatsby,
Yes – I attendd the same seminar a couple of weeks ago, however John did appear at this one and spoke for around and hour and a half. The content he went over sounds very similar to what you have described (focussing on land content etc) and I did find it informative.
I have also read his book and I do like the idea of the Toogoolawa (I think that is the correct name) schools he has established – it was partly the reason why I considered making the appointment with one of the Custodian consultants because although they may be simialr to a lot of other property marketing groups out there, at least you know some of the money made is going to a great cause.
However I think I would prefer to make the money myself and make my own contribution. As some people have previously mentioned, the company is probably better suited to those that are high in capital and low in time to research property themselves.Cheers [biggrin]
*Celivia,
Thank you for your reply. I had a look at the previous posts on Custodian Wealth builders and I will definitely be doing a lot more researh before considering dealing with them. However I do like to do my own research into property etc so I am not sure that they would be much help for me.
*Redwing,
haha I had the same thoughts when looking over Jenmans website. He seems to have an aweful lot of negative comments without any help or direction into who is reputable (besides himself of course . . .)*Leo,
I don’t think you needed to take Redwings comments so seriously, he was merely stating his opinion, which I feel there is nothing wrong with that. Jenman states his opinion about countless ‘gurus’ on his website – but much more harshly without too much evidence to back up his claims I might add.investorintraining[chill]
Hi Rob & Ky,
I am also beginning in the property investing arena, and at first I found a lot of the things you are talking about overwhelming. However – my best advice is to sit down and talk with multiple brokers. I have spoken with about 5 different brokers now, from different companies – each one of them had different peices of knowledge for me, and I found it very interesting to note the differences and commonalities in the information I received.
I also recommend you start to read as much as possible. I have began reading different property books & magazines such as “Australian Property Investor” and “yourMortgage” magazine – both of these are great! Every month they have covered relevant issues for those starting out in property.
Asking questions on this forum is also a great source of knowledge – but if you are just starting out and have financing questions – I strongly suggest sitting down with a broker and simply asking ‘this is our situation; we want to buy a house; what options are available to us’. They will be able to assess your income, tell you how much you need to save (or what you are able to obtain in equity – as a gift from a relative etc). There are financing options out there that will loan you 100% of the property value (in some cases even more, say 107%) however from the research that I have done, I would suggest to use those options as a last resort. The interest rate, penalties and restrictions on those loans can be quite costly! So do your research.
I wish you both all the best – and hope you get your dream jobs and house asap!
Cheers
InvestorInTraining [biggrin]Thank you for your replies!
[biggrin]
[biggrin] Hi,
I am also a local in Brisbane and would be interested in attending any gatherings that get organised. Will keep my eyes posted on the forum for updates!
CheersHi Steve [biggrin]
I would love to see some information in the upcoming newsletters regarding different options on entering the property market, such as:
Stay renting & buy an IP vs Get out of renting and purchase an occupier home (thus taking advantage of 1st home owners grant, reduction in stamp duty etc).Then use the equity build up of this home to begin investing later on???
Thanks [thumbsupanim]
