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Pete

  • Pete replied to the topic Career Insight in the forum Help Needed! 1 week, 4 days ago

    Thanks Chris. Once I’m post surgery and know the outcome I’ll get in contact and have a chat.

    cheers

    Pete

  • Pete started the topic Career Insight in the forum Help Needed! 1 week, 6 days ago

    Hi everyone,

    I’m hoping to get some opinions from those who work in the finance industry. Due to a recent spinal injury, it appears the need for a career change has been thrust upon me. I’m currently a tradesman and have been my entire working career.

    As investing has been my passion since buying my first IP at the age of 21, I’m looking at…[Read more]

  • Thanks for clarifying Terry.

    cheers
    Pete

  • Great post Terry. I have one question relating to Strategy 11. You mention borrowing 105% from the start. Can that still be done? I haven’t bought a PPOR for almost a decade so am not familiar with such details.

    cheers
    Pete

  • Hi Terry,

    Yes I made around 20k between the two. I’ve just edited my previous post, I don’t recall paying stamp duty, but I can’t confirm whether I did or didn’t pay stamp duty (my records don’t go back that far). I’m interested to know if you can clarify for me.

    cheers
    Pete

  • Hi Terry,

    Yes I made around 20k between the two.

  • I’ve used “and/or nominees” on-selling 2 blocks of land between signing the contracts and settlement dates here in South Australia, but not sure if what I did is comparable to what you have in mind. As I used an “Assignment of Contract” to sell both blocks, I never got to settlement personally so didn’t have to pay stamp duty (that I recall).…[Read more]

  • I’ve used “and/or nominees” on-selling 2 blocks of land between signing the contracts and settlement dates here in South Australia, but not sure if what I did is comparable to what you have in mind. As I used an “Assignment of Contract” to sell both blocks, I never got to settlement personally so didn’t have to pay stamp duty. Also, this was 9…[Read more]

  • Thanks for your opinions guys.

    cheers
    Pete

  • Hi everyone,

    Has anyone here ever set up a binding financial agreement, and if so, how much did it cost? Have just been given a ballpark figure of 5-6k by a solicitor. I know it pays to shop around with just about anything so am curious to know if this figure is about right.

    I’ve seen online there are companies where you can buy a template for…[Read more]

  • Pete replied to the topic How guarantees work in the forum Finance 1 year, 8 months ago

    Hi Corey,

    Does the security for the guarantee have to be property? I have 100k which I invest with a local developer, for which I get a cash return at the end of each development. Could this investment capital potentially be used as a guarantee to purchase more property? Am currently weighing up whether to take one of my IPs to 90%LVR to…[Read more]

  • I was advised by my accountant at the time to get a valuation done on my PPOR when I was ready to move out and make it an IP, which could help when it came to minimising CGT when selling. I just got the real estate agent who was selling us our new PPOR to do one when she came out (and put it in writing) to the house with the paperwork for our new…[Read more]

  • Cynthia a couple of books I found a worthwhile read are “Borrowing to Invest” by Noel Whittaker, Steve McKnight’s 0-130 properties book and Gavin McPhersons “Value Investing in Property”. The first two books I read about 10 years ago when I was just starting out, so can’t say how relevant they are today. Noel Whittaker’s book compares borrowing…[Read more]

  • Was a loan agreement the only paperwork written up? I’m curious as to how your investment was structured. I invest with a local developer here in Adelaide with a similar sounding setup. I sign a loan agreement for the development, but also have a caveat over the property. Is this something similar? For my own interest, what’s the company’s…[Read more]

  • Pete replied to the topic Reality Check in the forum Help Needed! 2 years, 11 months ago

    I can attest to what Benny is saying about having negatively geared properties being cash flow positive. I have two IPs, one positively geared by around $70/wk and the other just scrapes in to positive territory by just a few dollars per week. Even though I’m in positive territory by just over $70/wk a week across the two, by the time I take…[Read more]

  • Pete replied to the topic http://www.investordeveloper.com.au has anyone used this service before ? in the forum Creative Investing 2 years, 11 months ago

    Companies like that do exist but sorting the dirt from the diamonds can be difficult, especially for the inexperienced. I invest with a small developer here in Adelaide for a great rate of return, but the bad apples out there tend to tarnish the name of all development companies from what I’ve seen on here.

    cheers
    Pete

  • I totally agree with you on this Dean. How can a landlord be held liable for something that’s happening outside the boundaries of his property. If the tenant has an issue with the smoke (which I completely understand), let them leave but how the hell can they be entitled to compensation?!!

    If the smell of the cigarette smoke had permeated into…[Read more]

  • Pete replied to the topic http://www.investordeveloper.com.au has anyone used this service before ? in the forum Creative Investing 2 years, 11 months ago

    I just had a quick look at their website. I’d be wary of any company that charges $10k for their coaching programme on top of doing the developments for you. Seems like they’re primary goal is to line their pockets, and not the clients’. Charge one or the other, but not both.

    cheers
    Pete

  • I would add to this that expensive doesn’t necessarily mean you’ll be looked after either. I’ve typically paid around the 8% mark over the years, but have paid 11% at one agency, with their service being the worst I’ve experienced.

    cheers
    Peter

  • Pete replied to the topic IP with a pool in the forum Help Needed! 2 years, 12 months ago

    As someone who has a pool that gets used only a couple times a year during summer, while having to maintain it all year round, in my opinion, unless you can find tenants that are specifically looking for a pool, it might be off putting to every other potential applicant.

    cheers
    Pete

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Pete

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