Forum Replies Created
Hi Paul,
Thanks for that, I’ve just sent through an email. I’ll be sure to keep you and everyone else updated on how things progress as I don’t doubt there are others out there who are interested.
Cheers
RudraHi Paul,
Thanks for that, I’m looking in the Logan City Council area at the moment up in Queensland. To be honest I never thought about strata titling till you mentioned it and its something I’m definitely going to look into.
I’ve done research and getting a granny flat put in would cost me about $80k max, however I didn’t include council costs in this. What sort of questions should I be asking the council when it comes to strata titling a house with a granny flat? I’m keen to start engaging the council now so that when I do decide to go down this path I’ve got more knowledge behind me as well as a few contacts within the council. Would a town planner be of any use in this situation?
Thanks again for your comment.
Cheers
RudraHi Cheersy,
Thanks for that, I do plan on doing thorough research before jumping in and have an idea as to what I want to achieve with this property. I’m definitely not putting myself under any stress, very much taking things as they come. I’m very weary of my 2nd IP as I’ve heard a lot of people say it can have the biggest impact on cashflow if not chosen well.
Cheers
RudraHi Scotty,
I would recommend reading lots of books, magazines and forums, this forum has been great for me and I’ve learned a lot or at least it’s prompted me to do further research. I was only 22 when I got my first IP and it’s been the best decision ever, it’s not easy at a young age to get into property and will take hard work but it’s well worth it.
Cheers
RudraI’m still very new to the property investment scene but I got into a couple of years back when a house around the corner from my parents place went up for sale. I was 21 at the time and to this date I don’t know what compelled me to go see the place and with a low amount of savings and some equity my in my parents place which they had given me access to, I put a bid down and got knocked back. This started my property itch and from there I just started reading lots of books, forums and magazines. At this stage of my life I was in my 4th year of uni, had just started a full time job and had very little savings behind me (had to pay uni upfront as I’m a kiwi).
In January of 2009 I bought my first IP which is a 3 bedroom townhouse in Parkinson, QLD. Have to admit it made me very very nervous but it is one of the best decisions I made. I’m now 23 and currently working on a project to convert the upstairs of my parents property to rent out (2 bedroom, 1 bathroom seperate entrance etc.) and hopefully going on to get another IP later this year when the project is complete.
Hi there,
From a personal point of view I wish I got into property earlier but was held back due to my circumstances. I’m inclined to say get into it as soon as possible but its all dependent on your circumstances. Have you had a look at your finances yet or worked out what you want to achieve through property?
Cheers
RudraHi Richard,
Yes I read your profile in it and recognised the name straight away. Have to admit I do like reading the profiles in the magazine, reading about the success of others only motivates me more.
Cheers
RudraReading through this and not sure what the go is in Victoria but we are splitting our PPOR and renting off the upstairs. As part of this we got 3 phase power to our property going to 2 meters, one meter is for downstairs and the other for upstairs. Each meter is on a separate account which means separate bills as well.
In your situation I don’t see why you wouldn’t be able to do this and get the panels hooked up to the second meter, because your usage is zero as it is an investment property that would mean you get paid for the power.
I could be wrong here but would be interested to see what others think.
Hey there,
We’ve just had a request from our tenant if an aircon can be installed in the master bedroom (there is already one downstairs in the living room). We agreed but as a condition we said the rent would have to rise $10 a week but the tenants came back and have offered to pay for half the aircon if we don’t raise the rent (They just signed a new lease till August 2010 at the current price before the aircon). We’ve had a look at a Samsung reverse cycle inverter split system model for $600 so with the tenant willing to pay $300 we’re only losing $220 of potential rent if we went for that option as opposed to the $10 rent increase.
Which option would you all go for in this scenario?
Cheers
RudraHi Richard,
Have to admit I’m surprised that they were ‘threatening the world’ because of a thread. While I respect the opinions of people on this forum, I have had a great experience with Premium Finance and will continue to utilise them in the future. I use this forum to expand my knowledge and I have to admit all the users on here have been great.
Rudra
Hi Belinda,
You've probably read my posts and I'm still with them and utilise their services, I've heard through this forum of people having bad experiences with them but personally I haven't. In terms of the property we bought with their help, we used the equity in our family home to get the deposit and costs then took it to another bank to get the actual loan for the investment property. So both our PPOR and IP are with different banks and I'm guessing this what they may have meant when they called you.
Rudra
Hi god_of_money,
I'm not quite sure what magic plan you are talking about as I've never mentioned anything like nor have I said Premium Finance did. My current plan I was referring to is to actually aim for 10 properties by the time I'm 30, and for me Premium Finance have a part to play in that.
Again Premium Finance has been brought up in other threads so please feel free to post in there but can we keep this one on topic as I'm ACTUALLY trying to get other opinions on this and try broaden my knowledge.
You did have an opinion on the formula that was stated in API and I completely agree it is simplistic and that real life is complicated. I think what I was trying to try work out that is this formula alright for a quick guide, so for example if you find say 50 properties and want to cut it down before doing in depth figure checking then is this formula alright?
I know there is no hard and fast rule but am interested in how other people do it and am hoping to learn something along the way.
Rudra
Hi god_of_money,
I am a fan of premium finance and in fact they are assisting me at the moment with some pre-approval documentation. They didn’t tell me to use the simple calculation to find out if a property was positively geared. If you read my original post it mentioned that I saw this formula in API, also I never called them a mentor. It would be greatly appreciated if you read ALL my posts regarding premium finance and this before making such statements.
Premium Finance is assisting my family and I in developing our property portfolio and I’ve explained how exactly and my experience with them in other threads which you know all about. If you want to know Premium Finances role in my current plan I’d be happy to explain it to you.
Cheers
RudraHi Mike,
Thanks heaps for the report, it helped unbelievably and gave me a better idea of where the market is at in the area I want to purchase. Thanks again and I’ll be in contact in the future.
Cheers
RudraI subscribed for the first time last year and I have to admit I've learnt a lot from it. For me its definately worth the subscription and I'll be renewing mine when it comes up again next year.
Rudra
Hey Karen,
Thanks to your story, it got me into gear and really hunting around for properties in my area. I've scoured lots of pages on realestate.com.au as well as going down to real estate agents. I've narrowed it down to about 15 properties and tomorrow I'm calling all the agents to ask to view the property and put a bid in if necessary. I've prepared myself for sellers to turn our offers down but will happily walk away and find something else till someone accepts. It's great hearing stories like yours and hopefully I'll be posting soon about a newly purchased investment property that I've purchased.
Rudra
Hi Richard,
Thanks for that and given what you said what do you think of these type of deals? Further on from that are there other methods in utilising equity at the time of purchase?
Rudra
Hi bb8,
Theoretically I think it means they can do that. I'll have to go over my loan documents in the morning and see the exact wording of mine.
Rudra
Hey Karen,
Have to admit hearing your story has inspired me to look at my finances now and see if I am in a position to purchase my 2nd IP. I was initially going to wait till the end of the year but stories like this help to motivate me and push me that little bit further.
Rudra
Hi bb8
I'm with NAB and we had the same thing in our contract.
Rudra
