Forum Replies Created
There is always someone that is too dubious to do it themselves so they will put the ideas down to stop you doing it.. in every scenario you will always find them. Investment club is a great club, whatever their backdrop. They have given us great ideas and never pushed us into any decision. We decided to hold back from buying through them only because we were interested in a certain area and at the time they did not have any houses there. We followed their technique and bought a house and are more than happy with their advice. The next house we will go through them. We have noticed they are now buying up in our selected area. The interesting thing about them is all are investors themselves, most are experienced in investment real estate before they joined the club. Even our mortgage broker had many properties before he was associated with them, he now has properties also bought through them too. You say they are not a club, but the assistance they give people especially for first timers is fantastic so my vote is do your research before and after the information night. They have been around long enough for people to get feedback on. And what is wrong from profiting from it. The put in big hours to help other people i would hope they get some kickbacks.
Moe.. sends shivers down my spine. I wont go through all the thoughts but i wouldnt imagine the capital growth would be much. You would probably get a bargain and maybe get some decent rent but everytime i drive through it it looks like depression valley. The recent history and media would have put a dent in its reputation. Just my opinion.
Hey Jo and Hubby, we were in the same vote 18 months ago and were intrigued by the hotel suite investments which opened the door to attend the property club seminars, they were very helpful and had a mass of houses to choose from. they explained in full how we could do it. At some stage in the next 2 years we still intend to go through them with our 2nd investment purchase, but we have chosen with all our research and knowledge learnt to jump in by ourselves but using the tools they gave us. We are more than happy with our new house with great tennants and little cash up front. As soon as interest rates come down again our borrowing capacity should increase and we will do it again. All i can say is good luck but dont jump right in, spend a good 6 months looking around at the least until you understand all the pittfalls and positives. I guess the one thing that stopped us from getting into hotel investing was the capital growth in future years is not great and at the end of the day we want the equity to reinvest. We are now looking for positive geared property maybe even in hotel rooms so that we can pay for the next investment.
good luck and dont listen to the negative nancies, you will meet them everywhere even in here.
mel
my answer would be to step away from the banks. they are snakes and very inflexible. go to a online lender or mortgage broker.
hi Justin,
we have just finalised our first investment and it took 11 months to build and settle and all the crap in the middle, but at the end we have a great house full of deductions and depreciation, a great tennant paying good rent and in an area that will we hope increase in value. We bought it for an absolute bargain of $275,000 for a 24 sq home with all the mod cons close to the city, and a day after we settled.. 2 weeks ago, we were offered $315,000. we want to keep it for the long haul.get on realestate.com and look all around the country, not just in your local, especially for new housing development/estates and just keep looking and watching prices and sales most of all. Pick a few homes in the area and put them in watch, you will start to see a picture of where is a good area. Do a google earth to see where you would want to buy. definately dont do an impulse buy, too much at stake. I searched around for about 6 months and went from Qld to Syd to Melbourne and settled on Melbourne because i see them in a time warp where the prices havent caught up yet or the rents. More than happy with my purchase, still bouncing off the walls.
good luck
melso far we have 2 loans.. one with One Direct and the other being finalised with LoanAustralia. One direct is by far more professional, helpful and competent. LoanAustralia is turning out to be the most complex running around unhelpful organisation i have ever come across. I would go with One direct in a flick compared with them. I could go on and on about them but seriously One Direct have been nothing but competent with us.
"Property. Prosper. Retire." – An Australian best seller by Kevin Young, founder of The Investors Club.. i luv these guys and their techniques.
why not go samsung..sony uses their lcd screens and with samsung you get another free lcd tv to go with it.
coleman lawyers, he has reasonable prices and is readily available to talk.
187 Ferrars St Southbank 3006
(03) 9696 7877im in the waiting for a loanaustralia investment loan (house is getting built) and also have a split loan with One Direct who i highly recommend, they have been great. we have our main home loan split 3 ways all interest only, one for renovations etc, one for the main loan and one for investment deposits and repayments.
we are happy with it all
we are in the middle of buying in truganina.. right across the road from point cook. We are not from melbourne but researched it for almost a year and went from east to west and then flew down there and took a look. In my mind its a goldmine, all new housing plenty of shops and warehouses, schools, fantastic highways and the ocean across the road. The city is in view and only takes 15-20 minutes uninterrupted by highway. I only hope when this one is finished we have enough lending power for another before the prices are out of our reach.
I have listened to heaps of people who have done it themselves and the reno brothers gave one piece before where they said something along the lines of look into the future, look for what is going in as in infrastructure, look for what people want in their housing and then spot the bargains.
West Melbourne has it all and is waiting to go off.
oh crashy that is a shocker,
ive only had one experience selling my house, i was in tamworth visiting my inlaws, my mum asked me if i wanted to sell the house and buy a new one as i had just had a baby and they were coaxing me to get something bigger. i said ok not really wanting to or being to serious and the next day mum stuck a for sale sign out the front and that day got a buyer for top asking price (all the agents had downplayed what i could get) so mum did it herself. .. commission free.d
sort of blew me away but it was hassle free.
i think everyone has read Robert Kiyosaki Rich Dad Poor Dad but he never did say how he did .. just generalised it. unless your born with it u have to start somewhere, its the way your money works from there. everyone goes on a journey and its the leap of faith that some people take and others dont that decide it for u.
we have finally taken that leap after listening to heaps of people once our ears were tuned in. for years all we have heard were the negative nancies and seriously since i have blocked my ears to them.. my life has leapt forward and my bad debt levels disintegrated. thats not to say we are not in debt but its good debt to me.. we have assets for it and a future. once u let go and jump (fully informed of course) you can never go back.
scream to yourself to go to the mines even if temporary u will still make a packet.
i have a friend that is working over in wa at the mines, he travels around with the company from gladstone in qld to wa setting up camps for the miners. he is making over 100 grand a year with no outgoings. he has bought a house in gladstone and has just about paid it off in 2 years and will keep on doing the same whilst he is single, the boom is happening and the opportunity is there. if u get the chance do it.. its a gifthorse i dont have the chance to do.
i plan to do it via the investment roundabout and pay the mortgage off in around 10 years that way.
Anny i guess when u buy u have to look at the reason you are buying and what the future holds in the town u r buying. Good luck to you and i hope it bodes well.
And in answer to the doom and booms questions.. with property it doesnt really matter if u r in a good area where there is always going to be demand, real estate is not meant to be a quick investment, if properties go down in price.. buy, and make a profit when it goes up. If you can get your foot in the door… push it wide open and make your money do the working.
lol.. dont u like my sayings.
i have been watching the melbourne market around that area for about 6 months.. being the deer park area, point cook and also narre warren and toing and frowing as i go. we have finally decided on truganina which is just close to point cook which is supposed to be the place to buy but just out of my budget. it is also surrounded by great shops, grammar schools, close to the water and also has melbourne views. we took a trip down there and could see this massive building project going on that will not stop in a few years. we drove through deer park and point cook, sanctuary lakes, werribee, tarneit, hoppers crossing and truganina. and on paper truganina has the assets and is still a fair bit cheaper than point cook which is on the better side of the highway but just as close to the city as truganina. so we have bought there for an investment property and by george we got a better deal, and a better block and opposite a park. very happy here .. atleast until it is built and rented.
tell your brother to google earth and watch properties selling in melbourne all over the place and listen out for leads especially as he is not from melbourne like myself. i am happy with my choice and excited and i think that area is a great choice. the rest of australia is just about out of reach now.
cheers
melwe have just bought or are in the middle of buying a property in truganina in melbourne. after watching the market in qld, act, nsw and vic we decided to go that way.. melbourne seems to be the land that property booms forgot. everyone has low rent and paying low prices for quality houses compared to their northern neighbours in the same sort of area.
This does not bother us right now as in 10 years im sure it will be a different story, get in whilst the prices are low.
Our house is a 24 square 4 bed ensuite, double lock up garage on big block, 20 minutes direct drive on highway to cbd, next to grammar schools, factory outlets, plenty of shops, 5 km from beach or waters edge.. views of melbourne complete with landscaping, carpet,tiles and wood panel all for $275k all unheard of in my books…..for that in bris and gold coast we would get a 3 bed townhouse with the basics and half the size. even adelaide and perth are out of that league.
In Canberra you would be lucky to get a 2 beddy flat for that price
i guess ask how many properties they own.. do they own shares and basically put their money where their mouth is. im still in search, i have heard from excellent people and some "financial advisors" so to speak and i realised it was a quest to sort out the crap from the gold. good luck
there are heaps of ways u can do it, u just have to listen to lots of people who have done it for a while until you understand it in your mind how to do it and know the risks.
there are people out there that will warn you not to and others that will tell you how
to and who .have done it. listen to both and weigh it up.research the rent and prices in areas that you can afford all over the country.
it is too easy to get the loans… 100% finance is out there as are low/no doc loans. the risk is there but dont jump in without knowing your market and what your goals are.
We had equity but my first home i had none, i borrowed $10k from dad and borrowed 95%… 8 years later i made double my money and then i saw my little house 4 years later go for another 50% more so if you buy in the right areas and i dont just mean wealthy areas your equity can grow quickly.
there will always be property slumps and growths just as in shares but as long as its not a tsunami you will be safe.
good luck and dont be put off, just tune into all the can do's.
cheers
hi daneye,
dont listen to the negatives. i am in the same position to you and over the past 6 months have listened to everyone and found there are ways to do it without putting you to far into trouble. there will always be people that tell you you cant do it but u can.
we have recently refinanced our home to 90% and split the loan into 3 accounts.. all being interest only, one is our home loan and now the payments are $300 less a month (knowing full well that we are not repaying our loan) from advice that over the next 10 years our house price should double, here is a quick run down of what we shall do.
the other 2 accounts is one of $50k to renovate our house for a much needed kitchen and carpet etc and the good things in life, repaying our debts etc. The third accountis for $65k being for investment property… out of that we will use the deposit and to pay expenses, we will also pay the next loan with this money…kaching.
We have been taught that with depreciation of expenses etc we can request the tax office to reduce our taxes based on these figures and that money we can put towards the repayment, this is why we are investing in a new home for maximum depreciation. we paid off our loans so that these can also go towards the investment purchase if required.
at the end of the day after rent comes in and after tax reduction etc we will be required to pay roughly an extra $60 to $100 per week which we will take from the investment loan for $65k which will then be about $25k and if all goes right after about 4 years rent should have increase to take over the payments and also we should have another 4-5 investment properties all generating income.
We will repeat the process as much as we need and buy in areas we think are right. I guess the biggest thing i have had to do is research where we buy and listen to people who have done it before. we are still learning as we go but atleast we know we can do it without heaps of money and as we are your age also want to get a move on.
think positive find a way and brush off the nay sayers.
cheers
sienna
