Forum Replies Created
Hi there – Put simply your val has come back at more than contract price….thats a great result. Valuers are generally conservative and will be lucky to get contract price – valuers generally are valuing apartments lower especially in a ‘high density’ area. Remember their conservative as their arse is on the line, they are predicting a doomsday scenario so valuers are pulling back.
Valuations don’t differ too much as bank appoint a panel of valers and generally they are quite consistent in the apartment market.
Good news for you – hope you have a tenant and get moving!
Cheers Ivan
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Further to Terrys email you can also try Jeremy Gordon – he is based in Brissy, he is an independent barrister and is reasonable. Always there to assist me. I believe he is now back from the UK so you can hit him up.
Cheers Ivan
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Terry will take care of you, hope you got in touch.
Cheers Ivan
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For an investment I would say no – for PPOR yes – if it suits your needs. Mernda/ Doreen has seen a massive expansion in development with H&L popping up left right and centre – however – my experience tells me they are generally overpriced with huge $$ comms being paid to sellers, particularly when the chinese buy (much like point cook). Further yields are not that great and transport is rubbish.
Better options in my opinion however this will depend on your strategy/ borrowing capacity. What price range are you looking at?
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Hi there – Ironfish sell quite a bit inner city, and FV is definitely the hot spot for over-supply in Brissie.You can contact the developer if it sold out and ask for some assistance for any interested buyers – I assume you paid 10% deposit so thats the big risk…a 1br for $400k …. wow.
Sorry to hear about this but you can also seek legal advice around nomination. If your thinking of keeping – was there a rental guarantee? if not, may be tough to rent in 2.5 years, inner city has already slowed for rentals…
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Hi there –
First point will most likely to meet mortgage broker and determine your borrowing power – if you are self employed this will be the biggest challenge as your ABN may/may not be older than 2 years.
From there you can determine your loan amount and develop a strategy to invest. Of course this will depend on whether you are buying an investment property or your own home.
Hope the painting is going well – always hard to find a good painter!
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Interesting dilemma – I will prelude the post with “you cannot go to the grave with it” – that is you need to enjoy yourself sometime and the enjoyment you and your family will get from the ‘beach’ will outweight the opportunity cost depending on your situation.
In 2004 – I bought a place, its my pride and joy – bought for $280k now worth $450k, but nothing can explain the enjoyment I have had. You can rent it out during holiday season but it is a emotional investment for me. I got into gardening and surf anytime I want, and the dogs have plenty of rabbits to chase (Phillip Island).
If you are looking for Rosebud – you will want to use the property when others do i.e school holidays chrissie and new year – that is where you can get the big bucks on a weekly rental. If it is for family enjoyment and you can afford it – then go for it. If it is for a investment where you want capital growth and yield then there are better investment options.
As for Mornington Peninsula, I do not think its a great place to invest – Rye – Rosebud and surround have been quite flat – so not sure about capital growth in the long term.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Hi Gags,
Common question these days.
Key thing to remember is that $18k is a good buffer, your decision will be based on your existing investment strategy which I assume will be documented.
Generally speaking, Depending on your asset mix and stage in life, you can do a few things:
1. Precious metals – popular at the moment
2. Depending on % of assets, a Term Deposit (notes rates are extremely low at the moment)
3. Have fun and buy some shares if you can afford to take the ‘educated’ risk
4. Refer belowDepending on your age and exit strategy you can use the $18k as a base to develop a strategy to invest in property. You may or may not have a significant asset base that is liquid which can be used as a strategy to borrow to invest in property. There is no minimum – however you can borrow up to 80% of the purchase price, as you consider this don’t just think cheap property, think quality over quantity so save if needed. Personally, a minimum of $80k is needed, however this will depend on where you choose to buy and of course subject to serviceability of the loan.
There are still 80% lenders so the ball is still in the SMSF buyers court.
In summary with limited info $18k may be a small piece of the pie, and you may decide to cut the pie to invest effectively.
Disclaimer: this is not financial advice and does not take account of your personal circumstances, seek your own professional advice :)
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Hi there – sorry to hear that (investing in a mining town that is).
What is the current market value v purchase price? being tenanted is great! however, do you have a borrowing attached?
Depending on the state, the town will driven by certain companies in the area, review the financials/ prospects and determine what the future holds? most likely will not be positive but lets hope its positive for you.
Cheers, Ivan
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Hi Danoz – how big is the apt is sqm? measure the apt in sqm based on price.
I would not invest in Southport or GC in general, for you if you are in sydney this will depend on your knowledge of the area. GC is going gangbusters however the GC property cycle is very unstable. The chinese have moved in just as the Japs did, for how long?
Your yield is 5.9% which I would challenge (check rental val), and be sure to check the vacancy rate in the area and also comparable apt.
You said its not a great investment but not a bad one? well that says it all mate, as long as you have not signed a contract (there is a cooling off period) take a deep breath and head back to the research table – for that price you can find a unit in Melb or Brissy with better LT growth prospects than southport.
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Ok show me :)
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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I do alot of bad credit loans – from 1 plus day bankrupt to huge credit defaults, there will be lenders for you, however the product and rate will vary. As you have deposit – what about your income?
Your not priced out, however need to choose the right lender to get the best rate.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Hi Argyle – your words above make you a perfect candidate for PT – they pry on newbies. A lesson learned. I would be very careful about investing in Launie or Davenport, prices are cheap however, there is a reason there is no AFL team in tassie (apart from my Hawks!), prices are cheap if you get a tenant paying a good yield, however review capital growth numbers, I am not seeing it.
Deposit from SMSF is 10% and must be paid from the SMSF bank account.
Cheers Ivan
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Hi Lloyd,
Sorry, I didn’t see this message when you posted. We actually have two properties in Qld, one near Ipswich and one in Kingston. We got into them through Park Trent. They are both negatively geared and not doing very well at the moment. The market went down after we bought them. No doubt they’ll be ok in the long term but they’ve made us a little wary of Qld at the moment – especially with the resources sector the way it is.
Cheers,
Trevor.Hi mate – sorry to hear you used Park Trent – awful bunch of people.
Cheers, Ivan
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I am not sure if that is a pot shot Richard (reading the papers and media hype comment which is inappropriate) but i’ll respond. I have a strong understanding of the market as I would not invest in any area if I did not, re on the spot, i’m in Brissy Wednesday and Thursday and I can read valuation reports. Going back to my original post Mitch is a cool suburb Richard so leave it at that.
Have an awesome day.
Cheers Ivan
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This reply was modified 8 years, 7 months ago by
Redwood.
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Richard thanks for the comment, I love Mitchy, been investing in Mitchy for 4 years – have a property there myself – so im not too late. IT is a real cool suburb as I stated.
Cheers Ivan
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Hi there –
Brisbane is an interesting place. Lots going on, be sure that you choose your strategy carefully as there are a few pockets of brissy with ‘oversupply’ particularly of units. There is a real cool suburb I like called Mitchelton – not overcrowded and lots to be positive about.
Cheers Ivan
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Contact Samantha from Qura on 0447 400 841 she is local and will take care of you. Cheers Ivan
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Hi there –
Good on you!
1. Ask the aggregator for the best mentors ard
2. Depends on your contract with the bank, generally HR will do a search when you join on your company/ director holdings, and if they see it advertised you may get a call into the bosses office, regular for people to set up a company and get it moving before quitting (i.e keep the income)
3 Depends, without networks / clients will be tough to win new clients, what is the source of your leads?
4 depends
5 Generally you want to stay with the same aggregator to keep your trail – changing aggregators may mean you lose your trailHope that helps.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Sorry if I did not read this propertly, however are you under mentorship? if yes, will take 2 years of grind to get some real cash flow. Otherwise if you have your own credit rep – and own busienss this will be easier to get a bigger chunk of the pie.
All the best with it all and keep us posted to see how you are going. Its an exciting time in broking, most challenging time in 25 years according to the head honcho bankers that have been around since the late 80s.
Good prospects
Cheers Ivan
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This reply was modified 8 years, 7 months ago by
