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Hi,
My wife and I got back from Chilli three weeks ago… We where looking at purchasing a 2nd property but pulled out on a deal.
We bought our first property in Chili over 4 years ago and the returns have been really good, we are in the process of selling our property. We bought our place for 10K AUD and we are selling it for 100K AUD not a bad profit..
The South American market is booming and places like Chili, Brazil and even Colombia are thriving.
But there are also many challenges:
- The only way we where able to buy a property in CHILI with limited risk, was the fact the my wife was born in Chile and My brother in law lives there too.
- If you dont know the environment or have any real help the risk of being taken for a ride is far greater.
- Also If you planning to rent out the property please be aware that Tennents have more rights then the landlords. Its a different market to australia.
- The returns are really good but the risk is increasing by the day, there is a high level of corruption
Jpcashflow | JP Financial Group
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I am the same as Terry, 1.5 Million…
But getting the month if some thing happens from the life insurance companies is the challenging part.
So many people dont even get paid out.
Jpcashflow | JP Financial Group
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Email Me | Phone MeYour first port of call in finance :)
Hi Scotts,
If the property was receiving an income at some time then CGT may be applicable – How much for what portion best to talk to an expert.
When the property was "treated" as an IP did you ever lodge a tax return with your properties?
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi Scotts,
I would be contacting your accountant and get some advice… Thats the best and easy way.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi,
How long are you planning in living their? My question is this.. Sure you might get some tax benefits now but if you sell you have to pay capital gains..
If you are intending in living their you might as well keep at your own property and pay no tax if you sold it later on.
So my questions is what is your future goal with this property?
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
PS i managed to get a 50% lease reduction on our shop i was only 2 years into our 6 year lease lol so anything can happen!!!
PS I didnt even use a solictor hahaha
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
My gut feeling is this, If the tenant is struggling finically right now then "there are signs" that they might look else where in AUGUST.
So maybe reducing the rent for the time being is a good idea but as the guys suggested ask for a 6 month extension on the agreement.
If the tenant does not agree to this then this is a sign that their intentions are to leave any way.
Monitor the situation close….
Also maybe you can do something like this:
Current rent is $700.00
Tenant wants to pay $600.00
Difference: $100.00
Total bond (2 months rent) – not to sure how yours is eg: $5600 (BOND)
Total difference between now and end of lease: $2000 (Out of your pocket) – Maybe an agreement can be made where $2000.00 from the lease gets deducted from the Bond and straight to your pocket at end of lease.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I would agree with Terry, from my point of view I have noticed rents decrease (only talking about melbourne).
if you can extend here lease as well that would be great but I am also thinking this
why are rents decreasing in your area? Why are there so many houses for rent?
In the future do you rents increasing or decreasing further in turn affecting cash flow?
The Market is changing pretty quickly, a few people from work rent in Richmond (Victoria) most of them where paying 700 + a week in rent but they are now seeing houses ten for 400 to 500 a week.
Just ensure you Monitor the long term maker as well.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi togs
Firstly hopefully you are feeling better? Health is a very important aspect of life so make sure your stress levels are under controll
i can vouch for terry he is a experienced member within this forum but he is also good at what he does
I have a few questions though:
1) Since this is your first project are you better off doing this in your own names? For tax reasons etc
2) The melbourbe market is flat and renovation game is very competitive, sso if you can't sell the property how will this effect you?
3) what is your target market and who are you competing against
4) I say start small learn the rropes and build up from their
If you need a accountant I can recommend some one who Specilises im this feils
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Not at all!!! Melton shire council are not looking good, a new train station was meant to be built in Caroline Springs when it was first being developed and once all the lots got sold and houses where built suddenly Melton pulled out and said no station.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi,
I have sold allot of real estate in Melton for a number of years (Not any more though), Melton is a area I wouldn’t look at for capital growth, sub division or even passive income.
What are my reasons?
• Allot of land available – more than enough
• So many areas being developed around Melton – Allot of house and land packages available with major builders
• Melton only caters for two markets, 1) First home buyers and 2) allot of immigrants are being pushed into Melton
• High unemployment rate
• High crime rate
But one of the most important things is this, Melton shire is running out of money big time, they had a population boom a few years ago and basically blew allot of the money on infrastructure etc, Also allot of companies are parking their business in areas such as Derrimut. Melton is pretty far from the CBD too…
Hope this helps.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I have personally always bought by my self, every one will have a different view.
Speak to Richard and talk about structures…
we have some assets as huby and wife, some assets under a trust And some under my own name
Ppor : principal place of residents
Hard times? Nope – part of who wwe are
If you need anything pplease let us know
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I think most of us have started with no savings or assistance.
Your first property is the biggest challenge, I started at the age of 21 only 7 years ago.
I worked two jobs plus I was studying at night.
7 years later my wife and I have our PPOR almo st paid off, our dividends from our shares cover our repayments and we have another ip which provides us with an income. We also invested in a Bussiness up and down like a yo yo lol
The biggest thing for us has been this, my wife and I have bouts of anxiety some times we both need to take time off from work My wife has had 4 months off and to be honest having investments has made life allot easier
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi guys,
Been here or a couple d days in good old chile seen a few properties but nothing thy ticks our boxes as yet,
I was looking forward to catching with you Richard in Melbourne but go rreally busy ,
Will catch up when your back in melbourbe
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi Andrew,
Being an ex real estate agent I have a couple of questions:
1) Is their a reason why you have put this property for auction vs private sale – Not saying its bad but the question is why?
– From my point of view (I could be wrong) auctions are great when the market is cooking, but allot of buyers are very conservative ay the moment.
2) Timing: This is a very good question Andrew, some of my best results where homes that where sold during holiday periods because I usually found that the people coming to view the home where more realestic vs just window shopping.
3) Vendor finance? Have a look into this as well…
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
This is a very good question Kevin…
I think it depends what you call and what you think successfully is?
Some people may only do a couple of deals in their life time and become very wealthy from it and some may do allot of transactions and be successfully too.
I think the key is this, even if you are not "currently" investing in property the main thing is to continue learn and adapt to the ever changing market.
I know allot of people who wont deal in property any more because they say "hey" the rent does not cover my repayments or I am not able to secure a deposit. There are many ways to do business in real estate.
For me I have done quiet well with capital growth in the last five years and sold both IP for a tidy profit.
Before I even jump into the market again I have been looking at other ways in doing the business.
But there are allot of people who will research their whole life and make no attempt in getting into the game.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Freckle makes a good point reading the market from reading or taking classes won't help
its an art that must be learnt with time and practice
i have bought three different properties in two different cycles and still did ok with all three purchases
i sold two at the end of the boom but are you looking at a particular area?
Go to as many open homes and you feel how he market is traveling
even though I'm not looking at buying I still go to opens in Vic and I have notices it has been pretty quiet out there
prices are steel pretty flat and wouldn't be surprised if pricesfall lower
mite also interesting allot of people are loosing here jobs in Vic
Its going to be a very interesting couple of years
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
It's only a small goal but for our age it's a great goal.
Cost of living is so high you always need a good income coming in though.
Where not sure what we want to do next , weekly be going to Hawaii in two weeks time and we will see what the next step is once we have a clear mind.
I love property but I don't see any value in it at the moment!!! Also the market will be flat for a few years as well
the only concerns I have is the returns for investing are quiet low
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Facebook is only another channel to expand your brand, but a question you should ask your self is this?
if you use Facebook your self how many times have you purchased a product or look into a product that you have seen on face book ?
Alternative healthy product,? Maybe spend some time promoting your product at a market stall or even at a trade show that is related to your industry
focus on your target market !!!
There is a great site called flying solo have a look on google
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Haha my wife and are planning to not have kids, call us selfish but at least I'm honest lol
cost of living in oz is increasing by the day
But having a PPOR loan being serviced by another source of income / assets is a great feeling g
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
