Forum Replies Created
Andrew I am curious if you have any Finance advice from someone locally, the wealth of knowlege on here is unreal, truly there are great people but having an adviser who understands your exact situation holds great value as well.
But seems likes the real question is where you want to end up, because then that greatly impacts and designs the path of your direction and also this exact choice.
Jaxon | Jaxon Avery – Financial Adviser
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Robbie Seems super simple.
Call every Loan option till you find the shoe that fits???
assuming you call every bank, lender, etc to no avail.
Then work out who will lend and what are their critera.
Then spend the next year stil working and spare time structuring this.
Simple?
Jaxon | Jaxon Avery – Financial Adviser
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I feel either way the future for you is simple,
address exaclty the Net worth and Debt you have,
The structure of the loans and the limits of them.
The time frame for each exact loan as I am guessing you did not purchase them all at once (although you may have)
Now looking at what restructure options are avalaible (as stated above, your situation proves difficult)
Doing all of this ahead of crunch time to ensure you dont end up loosing more than needed, if anything at all.
Also points that may assist, Your Super fund if its self managed (MAY, MAY, MAY) be able to buy properties off yourself, clearing the debt and saving selling anything.
as to other options there could be many but your exact situation dictates so much.
feel free to email me if you would like assistance
Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Firstly,
Price is based on what people are willing to pay and Access to debt.
If anything should be done, it should be tigther legislation for banks and financial risks in certain sectors.
as to housing, minimum wage covers living expenses and if your frugal your saving, if your saving you can invest. Yes, there are certain cases that are in hard situations but for most australians who are able to work and possibly do two jobs (60hours a week at $20 an hour lets say that $900 a week after tax) your getting a one bedroom out of the city depending were you are for 120-200ish. say you cut back and save 200 a week, thats $10,000 a year, in four years you’ve got $40,000
thats enough for a unit that should cover itself. its a start and then over 30 years if you are dilligent, thats three apartments no matter the market that you are earning a good income off that would be simular to your Income.Simply, some winge, some act.
But yes in the same breathe so many great things could be changed and addressed, but if we cant help ourselves we cant help others.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Hey Ajay,
Depending on what your looking to aquire and LVR etc, There are lots of options up north that from as far as I can tell, far outshine Sydney and many surrounding suburbs.
If you would like to have a chat and ask as many questions as you like
feel free to email me.
Thank you
Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Hey Mate
Really simply this goes to the eggs in basket speech, you have already hit the nail on the head, One property can loose a tenant and your stuck without that ongoing income, diversifing with several will then decrease risk by spreading it and also may hold a simular level of income.
The real question is simply, getting exactly what you want for a fair price with a stress free return for your retirement in 8 years. Is this correct?
This should not be hard in any way, depending on the finer details.
Happy to discuss this in depth over the phone (if you would like that feel free to email me)
Thank you for your time.
Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Hey Sam,
Depending on how you actually want to structure this property acquisition it should be possible.
Firstly it sounds like your really at the stage trying to suss the options out?
Why brisbane? why Melbourne? is it due to hard picking in Sydney?If your serious, happy to have a chat and work out a far more calculated approach (from what advice and options I can see above I think options are avaliable, although I respect Richard and Nigels opinion I think its possible to turn positive return, It will just have to be a different income structure for that property.
Feel free to email me your number for a chat
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Haha mate will need to know the value of the property?
then I will be able to eaisly break it down for you
Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Sounds like your goal (what I can gather) is financial gains? yes?
so then there are a lot of ways to do this,
But one thing I do not see you realising in your post is the loan to Cashflow, all that really matters is your income verse your expenditures and also even if it is positive cashflow it does not always have to be positive cashflow for that financial year.
Answer these questions
-short term goals
-long term goals
-saving projections (estimate)
-risk factors (debts, loans, etc)happy to give my advice, I am not qualified as some others are on here but I got into this 14 months ago and already tripled my original invested (17% deposit for my first property)
bottom line, educated yourself as much as you can before you implement a plan, read as many successful books and stories and even failures as you can.
Kind regards
J Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
I just looked at nz properties, I think if you could get a renewal of lease for that Tenant and get it for 5 years on a fair price that your happy with, this could be another safe guard added.
Jaxon | Jaxon Avery – Financial Adviser
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Email Me | Phone MeJPA Financial Services Pty Ltd
Agree with Wobbly
-Rental Demand (for how long if its a small town)
-Likely hood of population growth
-Exit strategy or Hold strategythere is a reason for the price, talk to local agents, people, family anyone who can shed more light on it before you chuck the money that way.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Ok, Look overall at lot of what you said I need to dwell on because I just don’t have knowledge.
but
-Captial Growth, so you have done PnI in the past?
– So what Risk Spread do you work within?
– I see the benefits but also see a lot of risks but I am sure there is reward due to this. It sounds like you could get away
loosing $25,000 (currently) in one year because of no income from a property or loan increase dramatically or whatever I cant. I’m at a stage where that would put me neck deep. I still feel at the moment getting a larger amount of Net worth is the first step (in PPOR) then purchase first IP (IO sounds like the choice with the most options) but like you I don’t want my spread 15/85 I want Minimum 2-/80 more so 35-65.-One question that could change my perspective is EQUITY
– If I own Property A (Worth 300,000 Loan 200,000) it has 80k say in Equity
-I can use this without changing the first loan structure to purchase an IP (Worth 250,000 Loan 180k (10k in expenses for purchase)
-I would not be in the same financial Situation if I did Interest only??
PnI = Worth 550k Loan 380k = 170k Net worth
IO = Worth 550k loan 450k = 100k net worth.Now I dont know what happens after you pay off Equity??? but as far as I know this is how it works right? (above)
Kind regards
JaxoN Avery
Jaxon | Jaxon Avery – Financial Adviser
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I understand offset.
What I didn’t understand is Interest only and I didn’t know you can offset with such. I admit I did not see it this way or even know that.
So Catalyst as for Equity to purchase more properties does Interest only properties work the same? because it would seem (yes you have offset money) you have not paid anything off the loan?? so how is this getting you more financially ahead when you then pull it out to be back to only a bit paid off the interest?
Also depending on your view of rich, yes PnI can get you rich if done correctly, so can I only.
Kind regards
JaxoN Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Catalyst Depending what Ronnies Goal is this may not be the best thing and also interest only COULD be one of the worst things to do depending if the market took a sudden swing.
just because you may have chosen that strategy and it worked does not mean your shoes fit everyone?
what’s your strategy if Loans went to 10% could you survive for the remainder of the time on Interest only?
I personally cant see myself ever going Interest only unless it was fixed at a ridiculous rate for 15+ years.
I do understand that its a quick way to build up but how are you prepared for a storm?Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
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– Looks at renting to companies for storage or lease or something that would benefit a company or business
– Wait till there is need for that land
– Sell itJaxon | Jaxon Avery – Financial Adviser
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Well it seems that is would be across the board, a change in reform would affect everything including old and new. (if it ever happened)
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
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Hey mate it sounds like your learning as your going which is great.
1) The best course of action is the one that gets you to your goals which I assume is getting debt free and income from properties?
2) I don’t believe you getting another property (IP) is a good idea until you have a deeper understanding and knowledge of why your doing this and the risks and benefits especially before you go and get yourself in more debt.
3) work out your goal and direction first
without knowing more than you said, if it was me I would
-work out a plan to smash repayments (goal of smaller loan so I could have safer equity options)
-add value to property with renovations or extensions if this will add value.
-review this repeatedly and review direction and market etc.Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Yes you completely understood correct, that is what I meant. I understand your view but also believe the point of any agents is to close deals in a professional, legal manner. Clients on both sides walking away with what they want (house for buyer, Cash for seller) agents get paid regardless. So I see both as applicable depending on market and Property climate.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Matt Im 22 from gold coast and just did what your contemplating and in my opinion there is no right or wrong in doing or not doing it (right now)
the question I asked myself and felt comfortable with (was looking for 14 months before I found the place I wanted) was
-Is it financially beneficial to get this property over saving more of a deposit
-What is the risk
-Am I comfortable taking that chance.That is the simple things I think you should understand and draw your own line.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Really, so I have a question for Knightm and Richard Taylor, (your sellers agent) buyers agent has an offer on the basis of a conjunction, your seller wants offers and is legally required to receive such, what do you do?
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
