[octainParticipant@octainJoin Date: 2010Post Count: 16]

May 14, 2012 - 11:33 am

Found a good forum for those looking at property investment in loch sport at http://www.lochsport.org. Good way to connect to the locals who seem to know property in loch sport pretty well and where not to buy.

[octainParticipant@octainJoin Date: 2010Post Count: 16]

April 11, 2011 - 5:51 am

Hi guys thanks for all the usefull info.
stgeorge do want to take it as a commerical loan. They want a 35% LVR which is ok as we have 2 houses and a block of land with them and just enough equity to get us over the line … I hope

Im happy not to go with stgeorge problem is as im using equity which they hold mortages against is there a lender who will take this on securing equity which another bank holds the loans with. All my other loans have a locked fixed rate of 5.94 and 5.79 fixed for another 4 years so I’m not keen to get rid of those loan to change to another bank. Does that make it all more complex

Thanks guys for all your help. Noticed alot of mortage lenders here who posted if anyone is in melbourne and could visit melbournes west be very intrested in giving you my business if you can help. If so message me and ill message you my mobile number
Cheers Brendan

[octainParticipant@octainJoin Date: 2010Post Count: 16]

March 4, 2011 - 2:07 am

Oh btw. If you can afford a bit more Id look at laverton for your first IP. Laverton is ment to run hot this year. blocks 600sq in williams landing are going for around 400k where as in laverton you get a house on a 700sq block for a bit more then that. You got a zone one train station there, shops, pool, schools its excellent to rent. Older houses mean you don’t have to worry so much about tenants putting holes in walls etc. In future you also have the option of subdervididing and putting a second IP at the back.

I seriously thinking about buying another one there myself. I currently have 2 IP’s and a PPOR so just to worried about over committing myself.

[octainParticipant@octainJoin Date: 2010Post Count: 16]

March 4, 2011 - 2:01 am

btw where do u find you info on rental vacancies from ???

[octainParticipant@octainJoin Date: 2010Post Count: 16]

March 4, 2011 - 2:00 am

I couldn’t recommend anyone I have used… they have all been useless. I definately wouldn’t touch professionals altona. However I have heard only good things about RPM my neighbour acutally works for them in the city in rentals. They charge ALOT in comparision but I believe they offer a good service. Just watch your tenants be very picky. We have had 2 tenants do runners on us. Get references etc don’t rent to anyone who hasn’t rented before.

The best property manager I ever had was the one I got at the moment….. myself. rented my house out to some friends they have been fantastic looked after the place and rent is always in on time we just do it via automatic payment. Infact I don’t even check it goes in half the time lol because I 100% trust them.

I got my insurance thou comminsure. They have been good had to make a claim for lost rent and damage was very pain free process really!

[octainParticipant@octainJoin Date: 2010Post Count: 16]

March 3, 2011 - 11:13 pm

Hi,
As stated before I have one in tarneit gardens. Rental market is pretty tough going in tarneit. Way to many rentals. Rents have gone up recently with the price rises that have just come though. 330-340 isn’t a bad price. Depending on the condition I know they where getting around 360-370 for the type of house about 6 months ago but prices have come off since then so that seems to be a good price.

Do be VERY carefull at the moment in reguards to property in tarneit. Prices rose due to the introduction of the regional rail link which will put a train station in tarneit in fact right behind rose grange. However with the change of government this has been put under review due to lack of funding for it. Its likely to get shelved which means we could see prices tracking backwards if this happens. If they do go ahead prices I think will continue to rise. Train stations can be make or break for a suburb. So in some ways its a bit of a gamble buying atm.

Also notice that the government is pushing to release a whole chunk of land out their quickly to fix the housing shortage crisis thats (appartly) happening. This will push prices down in the near term as the market will be flooded with houses. However the area developing quickly will be good in the long term as things get built up. Not sure how the government plans to do this anyways as the roads around tarneit are already clogged and release a lot of blocks quickly would cause mayhem and they will have to spend more $$$ to upgrade the roads. So that also might be just talk.

Hope that helps
Brendan

[octainParticipant@octainJoin Date: 2010Post Count: 16]

September 13, 2010 - 8:29 pm

Luke wow excellent post didn’t know about that. Funny thing was the block contract only went unconditional friday so just in time lol.

Yeh that the only downer where right out the back of town if we didn’t buy in pelican for the view definately would have gone down by the marina prices are heaps higher there thou. I think your right there will be a massive housing boom. hopefully they develop this main st project their talking about. Loch sport needs a main st.

[octainParticipant@octainJoin Date: 2010Post Count: 16]

August 29, 2010 - 2:02 pm

ive been up there couple of times last time I was there.there were no mozzies but that was 2 months ago in winter. I believe they have been spraying them with alot of success.Ive been there in summer when they claim they are heaps. I didn’t acutally think it was that bad!

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August 29, 2010 - 1:39 pm

Michael respect you opinion but got to say I think I take a different view. I live in a McMansion estate in the western suburbs. We had a land release last week where they had raised priced of land by 20% and still sold 50 blocks in 2 hours. There really isn’t enough and if we need to build houses there isn’t much we can do about it. Not sure why you think these areas will become slums but like everything estaes have got better with time.

We are close to many schools, parks, train stations and shopping complexes and our roads are not as blocked as the over crowded eastern suburbs. estates are required to provide certain ammenties now and they are also required to fund the costs of upgrading roads around the estate.

I think they have learn from the mistakes 50 years ago of just wacking up houses and worring about infustruture later. The biggest winner for the growth bondries being extended are no the developers but the current land owners who will sell up to devine and the likes for millions and millions of dollars when they most likely brought the land cheaply.

[octainParticipant@octainJoin Date: 2010Post Count: 16]

August 29, 2010 - 12:30 pm

I currently live in williams landing. Brought land here 2 years ago for 206k their now selling blocks in a new release for around 350 our size. Things are going up fast. Yet on the other side of the raaf base in laverton you can still buy a 3broom house on the same size block for that price. Laverton is zone 1 train station. Has existing shopping district and gym and pool and many schools. Prices are currently going through the roof. My advise would be buy there while you still can.

Rumours are that there will be a westfield built in williams landing too which will boost prices. As far as I know there is no westfield in hoppers crossing unless your refering to werribee plaza which is 100% not a westfield

[octainParticipant@octainJoin Date: 2010Post Count: 16]

July 2, 2010 - 11:11 pm

paper. Im 30 with my 3rd IP so young and in same position have high income. I started out like you little depost for first one bout 5 years ago. My take on it was to move out of my ppor and use it as an IP almost immediately. I rented myself and saved while renting once I had saved another deposit i purchased another house which became my PPOR . This was the hardest step to be paying a mortage, renting and saving without a decent income I couldn’t have done. However no 3 was pretty easy as by that time we had good equity.

My advise to would be to not think so agressively pay of your PPOR get it down to 80% before even thinking about the next one and save the deposit (at least 10% + fees). between 1-2 for me was about 3 years.

having a highly geared IP can be costly. You repayments will be high and remember you need to allow 4 weeks where the place will be empty most years + rates agents fees etc etc. Plus you will be the extra for LMI and also will prolly get charged higher lending charges for being highly geared.

Honestly prices will prolly take a small hit in the next 2 years from the looks. While property is a long term investment. Your entry point is critical if you have low deposit. you don’t want to end up own 110% of what your IP is worth. Have equity allows you to bail at any time.

I think high income is critical to getting started so do that overtime and bust your nackers for a few years. 55 hour weeks became my norm

[octainParticipant@octainJoin Date: 2010Post Count: 16]

June 15, 2010 - 6:07 am

just another question how do you find out about purchasing US properties? Is it allowed by law ? I didn’t realise this at all.

I would say regardless of if where at the bottom or not. Property is always and has always been a long term investment. So I wouldn’t hold of buying on the premise they may drop 30%. Fact of the matter is most us property is now down about 40% on the Pre-GFC prices. So buying now isn’t such a bad move. Getting the exact point where prices hit the bottom is pretty hard and involves more luck then anything.

I try not to listen to the experts just use my own philosophies buy low sell high. ATM US property is at historic lows so its time to buy!

[octainParticipant@octainJoin Date: 2010Post Count: 16]

June 14, 2010 - 10:41 am

Prop Fin wrote:

A friend of mine, he is a developer, he sold a block of apartments in Tivoli rd, South Yarra (never went on the open market, all apartments in the block were sold via an investment company) but kept one for himself for taxation purposes. It’s a 2 bedder, with carpark and a courtyard. Now he needs money for a new project and thinking of selling it, if you are interested I can have a word with him. It currently rents for about 500 per week

Not 30-32 is it? if so I used to live there upstairs

[octainParticipant@octainJoin Date: 2010Post Count: 16]

June 14, 2010 - 2:28 am

Ive got an investment property in tarneit. Specifically Tarneit gardens. Been there bout 4 years. 4br house paid $230k for it, currently valued at $350 so capital growth has been good in the area. Do have alot of problems getting GOOD tenants had a lot of crap ones. The best tenants seem to be either single parents or those building in the area looking for a place to rent short term.

Had a lot of problems with young people from werribee renting it. You got to be very careful in that market. Honestly at 300k+ I would consider buying else where. Lots of hassles. I think capital growth over the next few years will be good thou.