In all seriousness, no one on this forum or anywhere else can tell you how to get the motivation or drive to become an investor. It comes from within. If you want it (and its obvious that you do) then the next question is the means to achieve it. As munjy has pointed out, you need the financial backing to get started. Anyone can decide they want…[Read more]
I think the first thing you need to do is clarify your’s and your husbands goals in terms of where you want to be financially in the future. This is will greatly determine the decisions you make today, i.e. do we sell up and get that `dream’ home now or use your financial means to start building your ip portfolio. You don’t specify how much your…[Read more]
I just did a search on realestate.com.au for rental properties. there appears to be quite a few up for lease. not sure of the condition of your place (new/old?) but from what I can see yours is below the average market value. Again I dont know the precise condition of your place. Alot of places I see appear to be new. Why were the 2 applications rejected??
Short answer is no. Any changes with the title will incur stamp duty. Best to consult with your solicitor/conveyancer now to discuss this as they may be able to structure it in such a way to include your brother on the title.
I don’t entirely agree with Dazzling. In some areas of NSW for example Housing Comm enclaves are slowly being torn down with occupants being moved more into the general community. You’d be well advised to thoroughly research the area in which you wish to buy to see if this kind of thing is happening.
GE, whilst horrendously expensive, helped us out a lot when we were going through a rough patch. I’m pretty sure they also went on val rather than contract. Why dont you see a broker? They’d be able to help you quicker.
I’m curious. When you first decided that you wanted to accumulate investment properties, were you planning on holding onto to them long term or was it more a case of getting in and riding the rising market???
Far be it from me or anyone to criticise your decision, however if you had the idea of holding onto these properties for the long…[Read more]
and thats just it dr.x! i say bring it on. for those of us that live without credit cards and expensive consumer debt, are well placed to take advantage if the proverbial hits the fan. but as nation we are in dire straits if we don’t address the issues that steve’s has so rightly mentioned.
What an excellent post wild one!!! If there was ever an example how anybody can be successful in property investing, youre it! Shear determination, lots of hard work and some knowledge go along way.
Pabbs, its great that youre wanting to get into property investing, however I would question making someone else rich by buying expensive packages…[Read more]
I thought I’d add some value to this topic by posting below the definition of “advice” as quoted from “http://dictionary.reference.com/search?q=advice”
1. Opinion about what could or should be done about a situation or problem; counsel.
2. Information communicated; news. Often used in the plural: advices from an ambassador.
One of the main…[Read more]
Rather than depositing funds in an interest bearing account, put the funds straight onto your PPOR loan. This obviously has the effect of saving you stacks of interest, which in the long run would be a lot more than the 5.75% you would earn on an ING account etc.
The question was how to extract more leverage to buy more properties, not how to do it!
Sure, the way you’ve described how to do it should `have you flying’ in no time but there is a limit.
The topic I think has been satisfactorily answered. As investors, TIME is what matters.
I love my kids (like im sure most m&d’s do) dearly. But the wife and I are already planning to the day what we will do once the offspring are off our hands. I don’t entirely agree with Dazzling’s idea of setting the kids up by conveniently putting them into one of the ip’s. Hell, if youre gonna set them free let them buy into a property…[Read more]
A good topic for the forum. I’m in a very similar situation to you, where the properties i own haven’t really gone anywhere, value-wise over the last few months. I suspect that this is the case more broadley as well (maybe except for Perth).
Not sure what youre cashflow situation is like, but with any spare cash i have I’m currently…[Read more]
Dazzling, personally my work life is no where near as extravagent or financially rewarding as yours appears to be. But I’ve figured out that really in the greater scheme of things this means squat. I pretty much see the kids for 1/2 hr or so mon-fri. hardly what i would call quality time. And to be frank this tears me up [wail], thanks mainly to…[Read more]
I have a real passion for Mercedes cars, more so the classics. A couple of years ago I owned an ’85 380SEL and a ’87 280SE (wifes wheels). I ended up selling both as there was a real conflict between our goal of aspiring to financial freedom and the very expensive maintenance costs on these beasts. Now, I shuffle around in a 2003 Toyota Corolla…[Read more]
Originally posted by shake-the-disease:
Congratulations, you are in a fantastic position, especially considering your age.
My advice is ……. do nothing. You are exactly where you should be, pushing 80% LVR. You have done the hard work, now let time grow your asset base and as it does borrow more and continue to gear into more property or…[Read more]
westinvest, i’m sure you know youre stuff, but i hardly think we need to go to the extent of saying not to trust tenants. I mean, you sort of have to anyway. They do live in youre 2nd, 3rd, 4th….. biggest asset, right? Its probably why tenants treat landlords with such contempt sometimes. I agree that it is critical to do all necessary…[Read more]
Welcome to the wonderful world of property investing!!!!
I sympathize with you. I wouldn’t be too embarassed about this situation. I think most of us here that own ip’s have had this happen to them. I once owned a 2bdr unit that was so badly trashed (motorbikes riden inside, walls graffiti’d on etc.) that took ages to restore. Then when a…[Read more]
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