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Hi all,
This is a link to a current thread re books to read https://www.propertyinvesting.com/forums/property-investing/general-property/4333118
Hope this helps.
Andrewitsandrew
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Hmmm, very interesting. I appreciate the comments.
Fraud – we have already spoken with the banker and they are in full receipt of the facts so I cant see how that is relevant in my case. It has all been fully disclosed.
There also seems to be two schools of thought:
1) loan in wife's name, me as gaurantor.
2) loan in both names then jointly onlend to the wife. Do you need a separate contract to do this?
3) Loan in both names, then onlend my half to my wife? How does that work? Do you need a separate contract?It's a little confusing but I think I picked out all the options discussed.
Andrew
itsandrew
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I bought the right property (i missed some better ones but that's life), in the right place, with the right strategy.
I didn't:
Negotiate hard enough at time of purchase and probably paid about 10k above what I should have even though the numbers worked.Set up the property in the financially best way for taxation.
I did:
cross collaterlise my IP with my PPOR so had a few headaches at time of settlement. I also placed an unnecessary risk with my PPOR.Andrew
itsandrew
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Thanks for your thoughts.
Trent, the strategy I am looking at is purchasing residential properties that are positive geared now (or positive within 3-4 years) in metropolitan Melbourne. I have done one development project that I settled this month and now want to set up a passive income stream for the future. I would like to buy 3-4 properties within the next 18 months.
In terms of my diversification question I understand that commercial property has far better returns. But I dont want to take the risk of commercial property without spreading my risk across other investments. In theory they could all be in property but I am not sure if property is diverse enough.
Andrew
itsandrew
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Broccoli2, who was the builder? And which side of town do they do their work?
itsandrew
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Hi Nets, welcome to the site!
An important guide for me when making life decisions is to ask myself … what are my goals (ie. what are my emotional, subjective desires that I want to make a priority in my life)? Then I look into the best way to achieve this (ie. the rational/financial). I suppose the trick is to not let the emotional side cloud good judgement when wieghing up how to achieve these goals. So I believe they always have to work together.
I suspect from a pure investment point of view there are better options than Hepburn. But you may still be able to make it work – it's all in the numbers.
Look through the forums, there are many discussions on how people invest with different budgets, risk levels, time committments etc. But what they cant tell you is what you want out of life. There will be a scenario that will suit your goals and it may not be the most lucrative. Good luck with your journey.
Andrew
itsandrew
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Hmmm. Interesting.
I'm in Melbourne and up until the start of this month (when I sold the property):
1) I was paying 6% (+gst)
2) 2 weeks rent for letting fee – period
3) $0
4) $0
5) $0
6) tenants responsibility. I believe some landlords will add this to the rent as part of the lease.So …
1) it was not the norm for me.
2) I had to ride the PM a little to get the inspections at times but they were done. All part of the service as far as I was concerned. Being a PM should not just be banking your commission each month, you should expect them to do something. I'm surprised they aren't trying to charge you for arranging maintenance (from what they were telling you)!
3) I didnt do it but I have heard of some that do. I suppose it's personal preference.Regards,
Andrew
itsandrew
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Hi Luke,
Just wondering why you would sell a positive geared property (instead of a negative geared property) if you are concerned about serviceability.
Andrew
itsandrew
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Does it have to be an arborist or are there other people who can prune trees?
Can anyone also recommend someone in the south east?
itsandrew
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Welcome to the forums!
An important ingredient is to know your goals. It's great to see that you have listed them above. When sorting through the different options for investing it will be good to refer back to these to help you keep on track.
Education is the next important ingredient. Joining the forums is a great starting point as there are so many people with experience in all aspects of investing. There are also some great books out there. Personally I have read Steve's. You have probably seen the threads advising books from Lomas and Kiyosaki among others. Also, Australian Property Investor magazine is great. I'm not sure what links are available to give you information though.
I hope that helps a little bit. There are many others on here with more experience than me who I'm sure can give you more.
Regards
Andrew
itsandrew
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Congratulations! It's always good to hear a success story. Good luck with the next one.
Andrew
itsandrew
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Interesting thread. A question from a non finance person. If FP's can no longer earn commissions, and if giving advice should be free, where do they make their money?
Andrew
itsandrew
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Thanks for your comments.
v8ghia, I look forward with interest to see what comments you you have from the valuers.
Andrew
itsandrew
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Hi Josh,
Check out this thread.
https://www.propertyinvesting.com/forums/property-investing/value-adding/4332532Hope it helps.
Regards,
Andrew
itsandrew
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Hi James,
Welcome to the forums.
One thing that will help focus you as well is to work out what your goals are. Do you want a certain lifestyle, retire by 30! etc. To do this do you need to earn passive income, build wealth, or get some quick cash? I know at 20 its hard to figure out what you want to do but you have obviously thought about it enough to get involved in this forum. Well done, and I wish you well as you sort through your investment maze.
Regards,
Andrew
itsandrew
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Hi Dazz,
A few people oin this site have recommended these guys http://www.gatherumgoss.com/about-gatherum-goss/our-locations/ – not NE suburbs though . I have not been to them myself but I intend going to see them before I purchase my next IP.
Andrew
itsandrew
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Does anybody know the 'reason/purpose' that gets the highest valuation?
Andrew
itsandrew
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Hi Sash,
You will find that there is a price developers will have in mind for approved developments. eg. 200k per dwelling on a lot. So if you have approval for 3 dwellings the price would be around 600k for the property. So, try and find out what the price is. A good real estate agent should know their area.
Regards,
Andrew
itsandrew
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Hi,
Sorry to hear about your predicament. Hopefully it will be resolved very soon!
A point to consider is that from the photos on the website the kitchen and bathroom doesn't look updated at all. Plus a picture of a toilet! It doesn't entice me to pick up the phone from that angle.
What other advertising are they doing? Is it just an add on re.com?
Is a 15 minute inspection time slot normal – it wouldn't take much for someone to run a little late and decide not to attend. Also 3.30-3.45 on a Thursday seems a pretty unhelpful time. School pickups would kill the option for a lot of families. Perhaps something closer to 5pm – for 1/2 hour – would work better.
Over the past two years I was letting an old 2brm house on the edge of central dandenong (walk to the plaza) and close to transport and schools. Quite an unappealing house actually but it was always tenanted. My property manager was RTS and they were ok. Communication was a bit slow but they tenanted the place twice for me over 2 years in quick time. I've also heard that McLennans is meant to be good – but dont quote me!
Good luck.
Andrew
itsandrew
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Hi Rollie,
Welcom to the forums.
I was looking at the NRAS recently and I came across this website http://www.fahcsia.gov.au/sa/housing/pubs/housing/nras/Pages/default.aspx I'm not sure if you have come across it before, or even if it will help you with your question, but it may be of some use.
Andrew
itsandrew
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