Forum Replies Created
st george will do it
Hi jtr
Feel free to contact me as I have a few peple I use and recommend to my clients over seas.
Pete
[email protected]If your goals are to build wealth in property then keep paying interest and use the extra cash to get yourself into another property. You want to get maximum exposure to a growing market. For example. If you had $500,000 or $1,000,000 exposed to a market growing at 10% where are you going to get the greater gains. Hope that helps.
Pete Gwynne
[email protected]Hi Shaun
There are many questions to answer am not sure of your entire situation. This seems wrong as you have plenty of serviceability. There are many questions. Are you with one lender and are your properties secured by each other or stand alone. What is your work situation and income? Are your full time employed, part time, self employed etc.
You hear a lot of doom and gloom as far as the market is concerned. The sub prime market in the US is a far cry from our market and only .4% of loans in Australia are in default and most of them are in western sydney. The US market is totally different and the issue now is for som our lenders to buy money at a decent rate to sell to the Australian market. The situation has not greatly effected the large lenders and in fact most are busier now than before. Serious and savvy investors don't get too pre occupied about what may happen with rate as they know there are tax benefits and some good buys can be had. Where it hurts is families on lower income who are presently just paying their mortgages.
Hope that helps
Peter Gwynne
[email protected]
0423 028 239Howdy Mate
I would tend to hedge my bets both ways and go with a portion fixed and a portion variable. 5 years is a long time and a lot can happen then. Also the debt will be tax effective after 6 months so interest rates wont effect you as much. There are many pitfalls with setting up finance to builod a property portfolio. Make sure you ask your broker regarding cross securitization and a loan with facilities and flexability. I hope that helps.
peter gwynne
[email protected]
0423 028 239Howdy Billy
Have a client with property there. there has beensteady growth and appears set to continue. medium house price around 240k from memory. If you buy land for 100k then look at building costs and see where you are at. Drop me a line if you need further advice.
pete gwynne
0423 028 239
Hi Robyna
What area of the Gold Coast are you looking at buying? A few things before buying a unit on the GC. check the body corporate and how much money they have in the sinking fund. Check the body corporate minutes. These can reveal some nasty secrets. Rememer if you do buy to get a quantity surveyor to come in and body corporate assets are tax deductable. Any further advice feel fee to drop me a line.
peter gwynne
[email protected]
0423 028 239
ex managements rights business owner.I am from adelaide and live on the gold coast. i am currently building in both places. I think adelaide is going through a boom at present but what will the ong term growth be as it is a declining population or stagnant in any case. QLD is always going to be popular because of the population growth and it is reported we are going to be 2,000 houes short per year with the growth of migration.
Peter Gwynne
[email protected]
0423 028 239I think that area is a cracker for a lot of reasons and would hold for sure. I have quie a few savvy investors as cleints who have bought in this area and are looking for more. Good time to hold an asset in SE QLD.
pete gwynne
[email protected]
0423 028 239Hi Mark
Firstly I would say take a breath and relax as you appear to have done very well and on your way to building a good portfolio. There are many ways to make money in property. All said and done to make a lot of money in property you need a greater exposure to a growing market such as SE QLD earning compound interest over time. If this means paying LMI hand it over. I have bought around 3 mill of property in the past 18 months and paid LMI on the whole lot as I know 3 mill growing exposed to a growing market at 10% will far out weigh any LMI you pay(once and is tax deductible). If paying lmi results in a higher lend and ability to purchase 1 more property then bring it on. Also there are lenders that will look at your scenario and lend against serviced apartments. Some lenders self insure also. Other strategies you can try include.
1/ Building spec homes and pocketing the 40 k the developer makes.
2/ Soft reno on smaller units and flicking on. 2-3 per year can generate 60 k easily.
3/ Student accommodation. Buy near a UNI and rent per room.
4/ Joint venture with a friend or relative. Share the servicing and bounce off each other with ideas.
I could go on and on and on.
Hope that helps
Peter Gwynne
[email protected]
