Total Members: 150,161

Pete

  • Pete replied to the topic Real Wealth Australia in the forum Heads Up! 4 years, 5 months ago

    Have any of you that are looking into this mentorship done any research of your own yet? There’s a wealth of information out there, and most if not all of it is free. I’ve read a bunch of books (each book had a different approach), and each method had its strengths and weaknesses in my opinion. I read up on several different strategies, then…[Read more]

  • Pete replied to the topic Real Wealth Australia in the forum Heads Up! 4 years, 5 months ago

    Have any of you that are looking into this mentorship done any research of your own yet? There’s a wealth of information out there, and most if not all of it is free. I’ve read a bunch of books (each book had a different approach), and each method had its strengths and weaknesses in my opinion. I read up on several different strategies, then…[Read more]

  • Great strategy (if you have the skills and time).

  • Pete replied to the topic Real Wealth Australia in the forum Heads Up! 4 years, 5 months ago

    I’d also like to hear how you arrived at your opinion of property investment Moggy as your views scream “bad experience” to me.

    Losing income, particularly your job, is not a good position to be in, but it doesn’t mean the end of the world. This is my story of the last 8 years which I believve is a good example of this.

    Near the end of 2008 I…[Read more]

  • Pete replied to the topic Keep or sell in the forum Help Needed! 4 years, 5 months ago

    Hi Lawrence,

    How comfortably are you managing your overall debt between the properties? If it’s too much of a stretch financially to keep them both then selling one might be a good option.

    Other factors such as age and how much you owe on your PPOR are going to be a factor as well. If you’re approaching retirement age and still have a large…[Read more]

  • Pete replied to the topic Real Wealth Australia in the forum Heads Up! 4 years, 5 months ago

    Properly managed, debt is a useful tool to help one achieve their investment goals.

    True, no tenant = no income. But with a little research before you buy extended vacancies are highly unlikely.

    I’d also argue that wanting to be successful at property investment does not equal greed. Property investment is something I’m passionate about….…[Read more]

  • Pete replied to the topic Real Wealth Australia in the forum Heads Up! 4 years, 5 months ago

    Properly managed, debt is a useful tool to help one achieve their investment goals.

    True, no tenant = no income. But with a little research before you buy extended vacancies are highly unlikely.

    I’d also argue that wanting to be successful at property investment does not equal greed. Property investment is something I’m passionate about….…[Read more]

  • Pete replied to the topic Real Wealth Australia in the forum Heads Up! 4 years, 5 months ago

    Properly managed, debt is a useful tool to help one achieve their investment goals.

    True, no tenant = no income. But with a little research before you buy extended vacancies are highly unlikely.

    I’d also argue that wanting to be successful at property investment does not equal greed. Property investment is something I’m passionate about….…[Read more]

  • Pete replied to the topic Fear in the forum Opinionated! 4 years, 5 months ago

    Don’t let anyone hold you back Liam, as time is something you can’t get back. The earlier you start the better. And having the right people around you makes all the difference. The relationship I’ve built with my mortgage broker over the last 10 years has been an integral part of my success.

  • Great idea! Count me in.

  • Pete replied to the topic Borrow or not??? in the forum Finance 4 years, 6 months ago

    I invest with a developer who uses private investment capital to fund a large part of his developments. I believe he came up with the idea because when he started up banks wanted a maximum LVR of 50%, so he offers private investors a fixed rate of return on their money. It means he’s sharing the profits but it mitigates holding costs such as…[Read more]

  • Pete replied to the topic LMI and deposit in the forum Finance 4 years, 6 months ago

    I have to agree with Dean here. Particularly with your first purchase, if coming up with the cash needed is stretching your finances to the absolute limit, then buying now is probably not a good idea. Remember, there will always be another house!

    cheers
    Pete

  • Pete replied to the topic Mining Towns in the forum Help Needed! 4 years, 6 months ago

    As someone who works in the mining industry I can tell you that there are more smaller companies going under as well as large scale lay-offs than you hear about in the media so be very wary about buying in a mining town. The industry will return to good times again but who knows how long it will take. As Buyers Agent wrote, timing is…[Read more]

  • Pete replied to the topic Move into IP or Rent? in the forum Help Needed! 4 years, 6 months ago

    Negative gearing is a great aid/tool to help you achieve your investment goals, but the goal is not to make sure you keep making a loss each year on your IP. Sure, you get a bigger tax return with negative gearing, but what you get back in your tax return is only a portion of what you’ve forked out throughout the year. As an example, if your…[Read more]

  • Hi Corey, the IP that we’re selling is down at Aldinga Beach in Bayswood Estate. There’s a few reasons we’re selling but the main ones are:

    1. To free up some cash. We’ll do well out of the sale as we got in while land was still cheap down there. This will enable us to pay down our mortgage and look for another investment.

    2. While it’s given…[Read more]

  • Pete started the topic wHere Group in the forum General Property 4 years, 6 months ago

    Hi everyone,

    Has anyone on the forum either dealt with or heard much about the wHere Group? Am considering investment beyond my hometown of Adelaide, and am looking for a cash flow positive property to replace an IP I’m in the process of selling now.

    I’m not ruling out buying here in Adelaide, but lack of available free time to do the research…[Read more]

  • Living in Adelaide I’ve only ever invested here (to date at least). Am in the process of selling one of my IPs and will be in the market for a cash flow positive property when this one sells. Am very interested to see more examples.

  • Hi everyone,

    My partner and I are selling one of our IPs. The spa bath in the main bathroom doesn’t work. Short version is I think we should get it fixed so it’s working when the house goes on the market, my partner thinks we should leave it as is and price it accordingly.

    My view is that anything wrong with the property is going to give…[Read more]

  • Hi Keith,

    Where is your IP being built? Have you done your due diligence in terms of researching the area for growth/rental yield etc? I ask this because I built an off-the-plan IP 8 years ago without doing my research and it just hasn’t performed how I hoped it would. I picked a new estate on the outskirts of Adelaide to build because the…[Read more]

  • Hi Jodie,

    The advice I’ve always been given is to focus on reducing your non-deductible debt first, so I’d even have the $5k emergency money for your IP offsetting your PPOR.

    As far as whether to switch your IP to P&I to keep the lower rate is switching lenders to keep a low interest rate an option? I’m certainly not the person to give advice…[Read more]

  • Load More

Pete

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