All Topics / Finance / Finacial advice for a novice

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  • Profile photo of Fatz33Fatz33
    Member
    @fatz33
    Join Date: 2007
    Post Count: 1

    I have purchased a house in Nth Qld 4 years before the boom period and am contemplating selling my house and becoming debt free I Stand to make a $ 200000 profit and am thinking of renting and waiting till the mining boom finishes then re enter the home buyers market when the prices become reasonable again .Can i please gain some advice

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi there

    Before anyone can offer you financial advice they need to be a licensed financial planner.

    One of the golden rules in the industry is “know your client” so I for one would need a lot more information prior to making any recommendation.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

    Profile photo of bridgebuffbridgebuff
    Participant
    @bridgebuff
    Join Date: 2006
    Post Count: 189

    Reading through your threat, I had a couple general observation.

    – I believe the mining industry will be the fastest growing industry for the next 1-2 decades, so the prices may not settle in a hurry.

    – While the market is probably not moving up a lot in the near future, I think you want to have a clearer reason to sell than just to be debt free and sitting back.

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Hi Fatz33. Welcome to the forum. I would suggest you sell and give me a 50% share of the profits. Not happy with that? Ok, well…..So much of this depends on what you want to achieve in life, and ‘where you are at’ as they say. To be debt free is great if that is your goal, but you genuinely do sound like you need to talk to a financial planner that is in the ‘rare’ catagory of being able to do something besides suggest you get out of debt and buy into managed funds so they can get commission, which covers the majority of them sad to say – many only own their own home and a piddling share portfolio, and charge a grand or two per annum to give you a generic 150 page folder full of theoretic waffle.. In the time I have been on this forum, I have consistantly noticed one contirbutor who seems qualified to help with not just loan structuring, but also qualified financial advice – and he is the first person that replied to you. (Qlds007) You have achieved a lot as far as equity goes, that many people would kill for, (figuritively speaking of course) and to invest in the services of a financial planner that has genuine property experience is something I would have loved to do years ago. Make the most of your position. All the best. [strum]

    Profile photo of kylieskylies
    Member
    @kylies
    Join Date: 2006
    Post Count: 24

    Hi I absolutly agree with the above, you need to obtain some independant professional advise as everyones situation is different and also regions are different.
    In saying this Im not sure from an investment perspective though that selling and then re buying again into the same market is a good idea (it depends what end of the market your in) there are a lot of associated costs involved with buying and selling which you could avoid, you also have quite a bit of equity which you could simply put out to work for you and make you more.

    Kylie S
    Mortgage Consultant & Property Investor
    0412614965
    [email protected]

    Profile photo of krautcankrautcan
    Member
    @krautcan
    Join Date: 2007
    Post Count: 24

    Hello Bridgebuff,
    With your comment about the mining industry, do you think towns that are heavily supported but not totally reliant on mining are are solid investment for that 10 or 20 years?

    Profile photo of bridgebuffbridgebuff
    Participant
    @bridgebuff
    Join Date: 2006
    Post Count: 189

    That is probably correct.

    I have not looked into the mining towns yet, as I am wary of the tenants.

    – Lots of single blokes with nothing to do after hours and plenty of money for booze => damaged property
    – Many mining jobs are very well paid but often boring and repetitive. Coupled with lack of females this can lead to frustration and anger => damaged property

    – Most workers stay for only shortish periods => high turnover = high management fees

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    I have not looked into the mining towns yet, as I am wary of the tenants.

    – Lots of single blokes with nothing to do after hours and plenty of money for booze => damaged property
    – Many mining jobs are very well paid but often boring and repetitive. Coupled with lack of females this can lead to frustration and anger => damaged property

    – Most workers stay for only shortish periods => high turnover = high management fees

    You need to go and visit some of these towns, I am sure there are some that are as you say, but definately not all. I visited Karratha late last year and it is definately nothing like that. Lots of families, a large number of the rental properties are leased to the mining companies at very high rents, lots of long term tennants because the money is so good.

    Regards
    Alistair

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