Forum Replies Created
We barely even get Sexpo these days. 😁
The expos are food for thought at the very least. It’s another avenue that might get those who are not quite “ofay” with property investing, something more to think about.
Industry professionals able to present and give investors and potential investors a mass of information about different markets around Australia, all at one time. There has to be some benefit in that. It’s not just about property spruikers.
I’ve been to the Melbourne expo and it’s generally interesting.
Your situation and what your plans are both now and in the future would really shape the decision to go interest only or principal and interest on your repayments. Do you have a strategy with your property investing? Each purchase needs to be fully evaluated for its use now and in the future.
Generally, going interest only is the best option for investment properties. Set it up with an offset account and park extra money in there if you wish.
I don’t necessarily subscribe to an owner occupied home being interest only though. The debt is non-deductible so why only pay the interest. Concentrate on paying it down. The only time i’d say go interest only on an owner occupied home is if your plan is to turn the property into an investment property within a short period of time. Keep the debt high so you have more deductible debt when it’s an investment.
Ultimately, at some point you should start to pay down your debt though.
Have a good one.
I agree Pete. Well managed, debt is a very powerful tool and by getting further education in how to do it (property investing) to even further minimise the risk is smart. Some would say you can find enough information without having to purchase education programs, others perform better if someone actively teaches them. I am one of those.
We have slightly gone off track with the original post here but i’d like to hear more from Moggy and understand why you feel the way you do. I’m not saying you are wrong. Your opinion is right for you. Given you have verbalised your opinion on a site for property investors and you are obviously against it from your comments here, tell us your story about how you have come to this opinion. Have you had a bad experience? Did you do your research but an investment failed anyway? Do you not have the means to invest in property so are actually jealous of others who do but feel better by being negative. It could be lots of things, but I think it could be worth you enlightening all of us.
Just taking a punt on this topic again.
What are people’s thoughts? I’d love to have the Property Investor Expo come to Adelaide again.
Hi Moggy,
Thanks for your post. It’s great to see all different opinions on different matters. What I don’t understand is if you don’t plan to buy property, why are you on a dedicated property investing website/forum. Interesting.
In regards to Helen at Real Wealth, I know the details regarding the consumer affairs issue. Your post assumes the worst when you really have no idea of the details. Please be careful about making claims on public forums if you do not know the details first. It skews peoples own perceptions and is unfair on those involved.
I like your math formula too. Very insightful.
Have a great day Moggy.
Hi Carla,
I am still working through it now. I joined back in 2013 but only a few months after I joined, I lost my job of 15 years. My choice, but it would have happened regardless. Since then I have not had the income to even contemplate more purchases. I am now self employed as a Mortgage Broker so i’ve been building my business for the last two years. I am still keen to build my portfolio so as soon as I am making money again, I will complete the course and get cracking on my next property purchase.
I would still recommend Real Wealth Australia. They have improved the delivery of the course materials over the last couple of years and I have had the pleasure of meeting Helen a few times now. What she teaches suits me. If you like what you have found out then you’ll enjoy the education side of it too.
Good luck.
That’s what I was already feeling. Cheers. Was just wondering if anyone had heard of or even used them?
Hi Richard,
Thanks for the response. Roma’s stats look good and stable. Are you saying its not a place to consider at all. All current and futures investors should forget Roma?
What are your suggestions for better places to invest and why?
Thanks.
Thanks Tom.
I just called RevenueSA and they have confirmed what you just said. You are still eligible for the FHOG if the Investment Property is bought post 1st July 2000 and is not lived in for more than 6 months.
You learn something new everyday.
Cheers.
Mikal
As a recently redundant tradesman at Holden I absolutely don't agree with you in that the support money is a waste.
I do agree that our farmers need more support, absolutely. The two are very different sectors in our country's economy and need to be treated as such.
Manufacturing is extremely important as it is one of the four main contributors to the economy.
As per the Australian National Accounts: National Income, Expenditure and Product, March Quarter, 2012, Sourced from the ABS, The four main sectors that contribute to Australia's economy of around $900 BILLION is 83% Services, Manufacturing 8%, Mining 7% and Agriculture 2%.
Manufacturing has dropped from 15% in 1990 and as we all know, mining is estimated to grow to 12% of GDP.
This shows that whether it is a growing or shrinking sector, right now, it is incredibly important to our economy to continue growing it or at least trying to support it.
Why farmers do not get more support I have no idea. They should. Definitely.
All I know from having been an employee at Holden for 14 years, never has anything good been reported to the rest of Australia, lots of half truths and borderline lies. The simple fact is that any investment monies that are paid to Holden by our governments and from GM head office in the US, the return on investment is massive. Never has anyone lost on that investment.
I sincerely hope our government gets much smarter also. Lets look after our own backyard first to make sure we are a sustainable nation, not a nation of importers to survive.
Mikal Howard
Thanks Jamie.
I have noticed that and understand fully the need to be a "people person". That is most of what the job is.
The experience side of it is what I am looking forward to. Most, not all, but most jobs listed ask for experienced brokers or advisors so filtering through what employers actually want from a new employee will be fun if not interesting.
I have no experience formally in the industry, only my interest in my own property investing. I thought given I am going to be losing my job in a couple of weeks why not turn something that is a real interest into a career and make other people as happy as I am. Try to at least.
I'll just start with the study side of it given i'll have the time and then go from there. A challenge I am very much looking forward to.
Any other industry tips of course would be very much appreciated.
Cheers.
Cheers for your comments and suggestion everyone. I've had a look at all of the preferred providers now on the MFAA website and there are only two that offer face to face in Adelaide. The National Finance Institute and AAMC Training.
I am enrolled to do the Diploma of Financial Planning too and along with the Cert IV or Diploma of Finance and Mortgage Broking, I cannot believe they only take a couple of weeks to complete face to face. Amazing. I bet they are quite intensive with information though surely.
Again, thank you for the suggestions. Very much appreciated. I'm really looking forward to starting my new life and career.
Mikal
Opps! I lied. The National Finance Institute does not offer in Adelaide unless you have a group booking in.
Ah ok. I understand now. My meaning of what I said there was its "easy" because I like doing it. That's all. I know a lot goes into it for sure.
Cheers for the comments mate.
I'll PM her to have a chat then thanks Richard. Just a quick one too. Which bit do you not agree with?
I am looking for CF+ properties more so than just in Bathurst. I know Bathurst a bit as I have family there but am open to other areas to look at. Its knowing where to start really that is the hard part. Choosing a location. The actual research part is easy then. A case of you don't know what you don't know.
Thanks for the comments.
Cheers Richard.
Thanks Freckle for your comment/response re isolation and how it shouldn't affect Australia. Fair point. We should be ok but still, a horrible thought to be a first world, highly developed country that does not have its own auto manufacturing sector. Say what you like, I don't believe it is a good thing to just let that disappear. I've been in the industry for 14 years now and can see first hand how it gives back to the state and the whole country. Also, quite correct on the flow on effect of job losses in the industry. For every one job loss at a major car factory, there are definitely more heads that go from the smaller feeder businesses. It's a real shame as it is the smaller businesses that ultimately get left behind completely.
The point you made about our challenge in the industry not being tariffs and trade barriers but being robotics. I absolutely do not agree with that. Robotics has been becoming more and more prevalent in our industry yes but not ever have we lost heads because of it. Being upskilled as a tradesman to use the robots has been a good thing for the business and personally. What doesn't change is that as much as robots streamline some processes, they still are not as agile as a human being and the hand work will always still be needed. The reason the car industry is going under is purely political. Certainly since the GFC things have gotten a lot worse and it shows in the number of export programs we have lost because we cannot afford to export cars anymore to certain markets. It's not because they do not want our cars, they just are not prepared to spend mega dollars on our product.
I appreciate all comments on the topic of the car industry. I know it has strayed from the initial post slightly but still indirectly related in that Geelong will most definitely feel the pinch from the Ford closure. I hate listening to the media and politicians because it never truthfully reflects how the car companies are doing. Only how badly they are doing. I work there so I know how we are doing. If you don't work in a car manufacturing company or in the industry itself, you just don't truly know what is going on so comments made as though you do, really hold no actual truth value. You make good points but its mostly just yours and others feelings from the media coverage you see.
After pausing to read through my post before saving, I feel really sad and disappointed about the whole situation. I actually hope some sense prevails and the auto manufacturing sector can be saved but i really doubt it. Buy up your Falcons and Commodores now forum users because these are the last ones going to be available forever.
The Ford situation is not a vote buying situation. I am a Holden worker and I can tell you, I am feeling the Ford situation now more than ever. What the Government is trying to do is assist with career counsellors, re-training options and financial management assistance because the auto manufacturing industry, one of the most important industries to ANY country, is failing here in Australia. It has been on the cards for many years going back past Bob Hawke's days when tariffs were started to be reduced. The thing is out of every other auto manufacturing country in the world, Australia is the only one to not protect its owns backyard. It costs next to nothing to import a vehicle into Australia because of the so called free trade agreement with the rest of the world. That being said, every other country has either changed their minds or reneged on the agreements and because of that for us here in Australia, to export our cars, there are massive tariffs we have to pay, as well as contending with the high dollar. Its just not feasible anymore. It has nothing to do with what Ford, Holden, Toyota or even Mitsubishi have done with their cars over the years. Sure, not every car is to everyones tastes. That plays a massive part in why people buy vehicles. We know that. What we have always done is offer vehicles to the Australian public that are some of the safest on the roads in terms of industry quality tests and cars that are made specifically for Australian conditions. Every car can have a dud in its range. Even expensive cars. They are machines after all. I'm sure most people here would have had a problem vehicle at least once in their life. If you haven't, that's great.
Australia currently has the most diverse range of new vehicles available to its population than any other country in the world. Almost 70 different makes of car. That is a lot of choice for 22.3 million people. In the USA, with 314 million people, they have around 30.
Out of those 70 odd makes of car, all of the Australian made vehicles (Falcon, Commodore, Camry, Aurion and now Cruze and Territory) over the last 15 years have all been consistently in the top 10 vehicles purchased in Australia. So no one can claim that we don't build cars people don't want.
What annoys me the most is when people complain about how much the government seems to subsidise the auto industry. Currenly, the government spends around $9 per head of GDP on the auto industry. That is not a lot of money at all to be complaining about. In the USA, the government spends close to $300 per head of GDP on their auto industry. South Korea, $270 per head of GDP. So really, not only does Australia have the most diverse range of vehicles available to its population, we as car companies are actually pretty much on our own. Its great we have all stayed afloat as long as we have in this environment.
I cannot imagine what it would be like for Australia to not have any manufacturing anymore. We are such an isolated nation, surrounded by a fair bit of water. Just, what if, and its a big what if, something happened to all the relationships the Government has and all of a sudden we didn't have access to buying imports anymore. If we don't have a manufacturing industry here, and i'm not just saying cars now either because we have lost a huge amount of manufacturing capabilities, what would we do? Its a scary thought. Australia needs to be self sustaining.
Sorry for the rant but the media always shows the bad news stuff so unless you are actually involved with the companies themselves, most of you will never know the truth. Never is anything good ever explained via the media and when our CEO's and Managing Directors try to explain the situation, its torn apart by the media again.
I would be really worried about Geelong and the flow on effect the Ford closure will have on the town. I know it will be devastating for the North of Adelaide when the same eventually happens to Holden.
Hi Citizen,
My best mate has just bought his first home (PPOR) and it needs underpinning because of the movement in the Adelaide Hills. It has cracked the slab badly in some areas with noticeable slopes/fall away in a couple of rooms. My understanding after talking to him about it is once it is done its all good. It needs to be engineered properly though as its a massive job.
For yourself, make sure you ask all about it. What has been done and why. Chase up the engineering documents so that you can see its been done properly and by someone qualified. Even find out who the company was that did it and chat to them. Underpinning is definitely something an agent should tell you about if you are planning on buying a property.
IMO, it shouldn't have to be a deal breaker as long as you do your research and fully understand the situation.
Good Luck.
Mikal
I would have to agree with Jamie on this one.
I used Mortgage Choice a couple of times and had a excellent and an average experience. The first guy I dealt with was fantastic. Great to talk to, efficient and as it turned out, he was very passionate about property investing. Even to the extent of lending his services to a University to give talks on it. Unfortunately, he left the business and when our details and loans were handed over to another agent there, efficiency dropped and we were being called all the time to just touch base. Got a bit annoying. It wasn't terrible but certainly a far cry from the previous guy. I also learned from a change of accountant later on that they (Mortgage Choice) are very much aligned with commissions so do not look at a full list of lenders that could properly suit you as an investor.
Of course, it is personal choice. I would recommend asking the agent there about the lenders they have available to them and would they use them personally. Cannot hurt to ask them if they are property investors too.
Enjoy
Mikal
