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I just heard this website on the radio the other day but I have not done any research whatsoever on the company itself. Just something to compare to it to I guess? Hope it helps.
http://grannyflatsaustralia.com.au/
PHP | Mortgage Station Pty Ltd
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Good on you mate for identifying that critical information early on in the game… Because this could potentially cost you a lot of money to fix later on.
Cheers!
PHP | Mortgage Station Pty Ltd
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Good job lakeinnes,
Just talk to everybody involved. Also ask for an opinion from an outside source. Like a different builder so they can give you their opinion as well on what can be done better. Keep us posted!
PHP | Mortgage Station Pty Ltd
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Sorry Sam as I do not know any good Granny Flat builders, if your are getting almost the same price with the builders you’ve spoken to so far, and you have checked their track records and done due diligence on them. I would go with the one that is very easy to deal with and gives sound advices along the way. This is invaluable for myself if I am to build another granny flat in the future as I will know the steps involve next time and what to look out for. its just me though.. :D
Regarding demand in Campbelltown, I will call a few local real estate agent to confirm this information. They are the one with the property management group that would have research this area already. I can provide you with a suburb report to help your research if you want.
PHP | Mortgage Station Pty Ltd
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Hey Josh,
Welcome!
You are in a good position to purchase property judging by the information provided. Lets flip it around,
Why do you REALLY want to invest in property? You mentioned you just want to build up a portfolio and eventually buy your own house. And then what are you going to do afterwards?
What is your time frame in achieving this goal? How much exactly do you need to achieve this goal? Answering questions like these will eventually lead to making up a plan, once the plan is done, you will be thinking of strategies to employ to make your plan work.Regarding the suggestions of your friends, im sure they have all the good intentions to help you but without backing it up with facts and figures, i will be cautious of their advices. Although some of their advices may have worked with their other friends or relatives, this may not work for you. Best is to assess your own situation individually.
Regarding your short term goal, ideally you would want to acquire enough investment property to help you fund your PPOR (primary place of residence) and at the same time, help you pay it down quicker (via offset account) as PPOR loan is a large non-tax deductible debt. There are still a lot of things that needs to be taken into consideration. Talk to your mortgage broker about your goal and they can help you structure your finance correctly.
About the Rocket Property Group, I have never heard of them. Have you signed up already with them? Just be careful of this type of group that sells properties from their stocks. They are usually not working on your best interest as they would just want to sell you their properties not considering your plan.
Cheers!
PHP | Mortgage Station Pty Ltd
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Good old law of demand and supply.
If no one buys it, people will stop selling it.
And as what Redwood said, people are still buying it because they chose that path. Hence people are still selling it in different size shape and form.PHP | Mortgage Station Pty Ltd
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Hey Mizfitz,
Would need more information than that. Who’s your current lender? As what you have explained, your current financial situation is stable so not a servicing problem i would think. Some lenders are strict when it comes to employment type. If self-employed, some requires two years tax returns and some ask for just one. For PAYG, some asks for the length of time that you work for the same position or same field of work. Not necessarily same company. So it will depend on a lot of factors.
I would give Richard a call if I were you. He can definitely fix this problem for you.
PHP | Mortgage Station Pty Ltd
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geez.. and here I am thinking that I have very high hopes for asking free accommodation and all expenses paid… you wanted a house! lol.. :)
PHP | Mortgage Station Pty Ltd
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I was hoping that they will throw in free accommodation and all expenses paid for 5 years if you take this course. Maybe I just have very high hopes.
PHP | Mortgage Station Pty Ltd
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That would be the best option for you. I am not an accountant so I can’t give you advice on this matter. Just make sure that your accountant is also a property investor as they would have been on the same situation as you before thinking about this structure.
Just keep in mind too though that this will cost you a bit of money to set up and maintain. So it could be beneficial for u or could be detrimental to your investing journey especially on the early days of property accumulation. There’s a few accountants that posts here too that is also a savvy property investor.PHP | Mortgage Station Pty Ltd
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Hey Scotty,
Hope for the best indeed.
Try printing pictures of cars with scratches, dents and other damages and include that with the magazine on her bedside.. :)
Let us know how you go..PHP | Mortgage Station Pty Ltd
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Hi Dave,
People here will be needing more information from you to be able to help you further.
What is your current financial situation?
Why are you sure that you don’t want to buy in your own name for starters? What made you decide to rule this option out?
Do you know that costs involve in setting up trusts? Also the ongoing costs for this?
This could costs hundreds of dollars at the beginning of your journey which may or may not impact you. Also, if not done correctly at the start, if will also cost you heaps more to rectify things later on.
Unless you have sat down with your accountant and finance person regarding your own individual situation, do not close the rest of the options in buying properties and be fixated to one form of buying.
I know some people who uses their own name, their partner’s name, and trust accounts depending on each circumstances.By the sound of things, it seems like you have just finished reading one of Steve’s books and decided to follow his path. Which could very much work well for you, but each person’s financial situation is different.
PHP | Mortgage Station Pty Ltd
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Hi Lakeinnes,
“Legislation requires landlords to do fire assessments in all areas of their properties to identify risk and to replace anything or remove anything to reduce the risk of fire.”
Like you, I will surely be concerned about not having any fire rated walls between flats. Have you ask the council what is their say about this? Or if you have any builder friend, or can ring up any builder, they surely know a bit regarding this type of building requirement.PHP | Mortgage Station Pty Ltd
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Hey Dave,
Terry’s article will answer your questions. If you have anymore questions, don’t hesitate to post it here.
Cheers!
PHP | Mortgage Station Pty Ltd
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2 – I believe its about “time in” AND “timing.” Getting timing wrong can mean years of zero capital gains even if everything else is done ok. Huge opportunity cost. Getting cycle timing right speeds up a plan to access equity for multiple purchases and as such is very important.
I agree completely! This is totally right! :)
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That’s a deposit for a property already! :)
I would be also be very very interested to hear from people who paid that large amount of money!PHP | Mortgage Station Pty Ltd
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good post knightm..
What an outstanding young achiever..
Very inspiring indeed…PHP | Mortgage Station Pty Ltd
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let us know how you go with whoever you’ve picked… :)
PHP | Mortgage Station Pty Ltd
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Cool!
Atleast you know where you stand at the moment. And with the right structure, strategy and advices you will be on your way to achieving your goal sooner. Just don’t stop educating yourself. :DCheers!
PHP | Mortgage Station Pty Ltd
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Yep as per above its not normal or advisable but just an example of how I did it when I was particularly impatient.
But by doing this way, this has helped you get where you are now, right?. So it end up to be a very good decision at the time for you.
All,
Thanks for taking the time to read and comment. I think I will take the option of being patient and save the extra 4-5k like everyone has advised. Unfortunately salary offers as much overtime as you like for a $0 return. There are two options I am looking at, and they are quite far apart. I’m looking at buying a 1bed/1bath/car unit in fortitude valley. Or a 3bed/1bath house in the ipswich area, most likely Bundamba. The longterm goal is to have positively geared rental portfolio, also buy, renovate, sell a little further down the track.
Tjay,
Just be very mindful of the time. That is why I asked how quickly can you save up for the $4-5k shortfall? IF it will take you a while to save this up, the market that you are eyeing on could move as well and will end up asking you to save up an additional $2-3k again. Have you considered moving to the next suburb of your current target area and maybe the same properties can be purchased at a reduced price? If you wait until you have saved $25k to buy a $250k property, when the time comes you might not be able to see anymore properties around the $250k mark and will need you to save up to $30 instead to get in.
As what most investors say “Its about time in the market and not timing the market.”
PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
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