FIRST HOME BUYERHere is my guarantee. Maybe a first here. I am going to buy my first house (or maybe not) following the exact ORDERS from forum members. If you tell me to do it. Ill do it. The obvious rule numuro uno would be keep all cost to a minimum. Its a democratic procress so if theres more of a push one way then thats what i have to do based on my guarantee*
Similar to the US elections i suppose there would be super delegates (People like our man Steve) that have a bigger push to what i do.Thats if anyone says anything at all.
Here are the stats
Single
Male 25
50,000 gross per annum
total expenses per month 800
No dependents
Good credit history
Location PerthIn any case if you just want to help then it would be greatly appreciated. Cupcakes on me
. I await your orders oh wise onesBoy reeco – you could have all sorts of nutters have some fun with that!
How about just do a bit of research, take what you hear on board, whittle away the 'chaff' as they say, and then you make the call.
If you could make sure you were only getting advice from someone that has at least one property (!) themselves it might be a bit different.
Did I mention 'all the best' ?
Savings? Direction in life? What do you want to do? Is it a buy & hold/doer uper/IP? Are you looking at commercial in the extremely tight Perth market (very little new office space coming on the market for another year or two still).?
hey thanx v8ghia and scott.
Your right i could have all sorts of nutters but im positive that forum members would rip the nutters a new one if they could see it was bad advice.
As for doin research and cutting thru the chaff well that would be a very sensible thing to do. But being sensible aint no fun so im just goin to be a indian here a do what the chiefs tell me to do. word for word.
Scott No Mates the details are Savings – 20,000. Direction in life – Go into business within 3years. Ive gotta make more money so my girlfriend can spend it faster(her words not mine)
– Property im looking at is a crap box with 876 squares 27mins drive to perth.Would like to follow the development line of things but then again only if im told.
This could be fun…
Okays reeco, not sure if this is what you are after. I vote for the following qualifying reasons:
a) Must be considered one of the worst 3 maintained houses on the street
b) Must be able to add an estimated $50k market value just through simple, non structural, repairs and reno
c) Must be walking distance to a train stationThat will do for my votes. Im assuming you can be hands on and DIY most repairs.
Good luck and have fun!
Ok.well you said it mathewc73 so looks like i gotta do it. Sir yes sir
Ill research your orders mate.Ill get back to you and see if they match your requirements. Unless of course others think your reason have no merit. In any case i go do it asap and report back here
Reeco,
Start by going out there and finding a lender who will lend you money, and get pre-approval.
This will allow you to eliminate what you cannot afford. When you have worked out what you can afford remember to leave some money in the kitty to do the required sprucing up of the place.Cool. Cheers Mal. Ill do that riiiight now.
and mathew73 i did exactly what you said and i think i found a place matching your criteria…how far from a train station are we talking exactly, and yip its a crap box to…. guess il go do what mal said now….cheers.will report back
Hi Reeco,
It's not clear from your post whether you want to buy a house to live in or an investment property. Either way, you need to have a plan – and to do this you need to have identified your end goals – personal and financial.
Suggest that the process you need to follow begins with establishing your long-term goals and then putting together a plan to achieve them. There are lots of good books available about property – whether purchasing a house to live in or an investment property – and every one of the good ones will recommend that you start with goals and a plan.
If you do decide that property is the means to your end goals, then there are plenty of resouces (books, seminars, mentoring etc) that you can use to educate yourself about property investing.
All the best
SqueakOn the right hand side of this posting page is a good offer from the experts.
Check it out.In The News
Make $25,000 On Your Next Deal
New 1-day seminar reveals how to make $25,000+ on your first (or next) propetry deal.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hi Reeco
If you are serious about property investing, check the r/h/s of this page, but go to the RESULTS mentoring program tab first. It will be the best thing you ever do, it is for us. We were in the 1st intake, and will be there as long as Steve continues to run it
Secondly, go to the $25k+ seminar
Locally, go to your Perth meeting group with some wonderful speakers, likeminded attendees & the most amazing hostscontact [email protected] or [email protected] as these great people run the group.
Troy
Hi Reeco,
I created a 10 day free course for first home buyers and everyday I have an action step, send me an email if you like. Funnily enough Day 1 is What is strategy which has been pointed out above. I agree that if you want to get started attend a seminar or join results as that is what I did along with some of the people who have already replied to this thread. All the best.
Chris
oh my god this is the dumbest thing I have ever seen anyone done. You are food for the Ponzi scheme, it's what the whole scheme is relying on. What do you want to do man, buy a median price for 400.000 at 10% interest ?… that's 40.000 per year just paying off rent. Let me calculate it for you , in the WORST of cases ( which you SHOULD take as the basis of any healthy investment :
– You will become unemployed within 2 years
– Interest rates will go up to 12%
– Your house will devaluate 50% in 2 years.
– Your house gets squatted by drug addicts and they burn the house down.So , from this perspective, do you think you would buy the house ? No
Now, from the absolute BEST perspective you possibly can get ( unrealisticly positive )
– you earn 50.000 p.a GROSS of which you will keep 35.000
– you spend 2000 per month on food and taxes etc ( this is very low )
– your house will devaluate only 30% over 2 years time.Let's say you buy a shithole instead of a median house, for 200.000. This is the shithole of shitholes, prolly you will have to evict the drug addicts from the place and replaster the whole place, and if you're lucky you won't have termites. That's 20.000 for an absolute dump per year just paying off rent.
You earn : 35.000
You pay : (2000×12)+20.000 = 44.000In other words, even in the BEST of BEST cases, buying the cheapest place available, you still cannot afford the place. In the worst case, you will be bankrupt in 1 year even.
Just look at it realistically, don't just buy what these investors tell you , they will tell you you get tax benefits and rent incomes : that's bollocks : Take my advice, rent , don't buy yet.
Thanks heaps guys.(and girls**sorry cant tell**
)hmmm plan…thanks squeaker. Plan is to get a house and make some moneymoneymoney moooney mooooneeey(gotta love that intro song for Donald trumps show the apprentice!)
… seriously tho the plan is the best plan of someone else. Trying to mimic here instead of being an individual. Investor im guessing there squeaker_d since i wanna make it large in this game.Just had a look at the new offer from Steve and the venue was only for sydney. If only perth was on the list. Im hoping they look into taking the seminar outside of the eastern states!
Thanks 2 troynbec.
Ill do that ASAPIm still taking orders
so the guarantee on this post is still valid! Can i ask are you still in the RESULTS program? Like everyone here that hasnt done Steves glorous program is wondering.. is R.E.S.U.L.T.S program R.E.A.L.L.Y any good. sorry to ask a question that no doubt has been asked 100s of times but it seems there no clear answer to a long programAnywho. on the first order il do right awaY!
Cheers Scamp. So rent not buy yet? Well im renting now. When do you say i should buy?
Cheers all
What area/s of Perth are you considering?
Get onto the REIWA site and have a look at the suburb profiles
Example
So you're looking at needing $265k+ to be in the market?
reeco : don't buy before january 2009. By that time, lots of mortgages have fallen, and we'll have seen some increase in foreclosures. Basically a good time to buy is when noone talks about real-estate anymore, when everyone's down and noone is interested in RE because almost everyone they know has been punished for lending too much : Then it's a good time to buy.
Basically another way to find out when to buy is to find a nice area you like, and when the amount of houses being offered is on the decline, but houseprices are still low, then you can start looking to buy something.
Scamp wrote:oh my god this is the dumbest thing I have ever seen anyone done. You are food for the Ponzi scheme, it's what the whole scheme is relying on. What do you want to do man, buy a median price for 400.000 at 10% interest ?… that's 40.000 per year just paying off rent. Let me calculate it for you , in the WORST of cases ( which you SHOULD take as the basis of any healthy investment :– You will become unemployed within 2 years
– Interest rates will go up to 12%
– Your house will devaluate 50% in 2 years.
– Your house gets squatted by drug addicts and they burn the house down.So , from this perspective, do you think you would buy the house ? No
Now, from the absolute BEST perspective you possibly can get ( unrealisticly positive )
– you earn 50.000 p.a GROSS of which you will keep 35.000
– you spend 2000 per month on food and taxes etc ( this is very low )
– your house will devaluate only 30% over 2 years time.Let's say you buy a shithole instead of a median house, for 200.000. This is the shithole of shitholes, prolly you will have to evict the drug addicts from the place and replaster the whole place, and if you're lucky you won't have termites. That's 20.000 for an absolute dump per year just paying off rent.
You earn : 35.000
You pay : (2000×12)+20.000 = 44.000In other words, even in the BEST of BEST cases, buying the cheapest place available, you still cannot afford the place. In the worst case, you will be bankrupt in 1 year even.
Just look at it realistically, don't just buy what these investors tell you , they will tell you you get tax benefits and rent incomes : that's bollocks : Take my advice, rent , don't buy yet.
Scamp you lost total credibility with that post. I suggest you do some research on Australia taxes before you post information.
Admin are you going to take action with these posts?
Its no wonder everyone seems to be leaving this forum,and going to other forums with decent content.Hi there Recco,
some interesting points mate, above.
My opinion is that you seem alittle too eager to take what "anyone will tel you" I am not sure how old you are , but I am young -26 and have a fair few properties up my sleeve already. I am from perth too.
- Definately make a plan " Failing to plan is planning to Fail ( straight out of a text book)
- There are NO friends in bussines- its your future
- All agrents are "Blood sucking" creatures- I have yet to meet a human one. ( quote craig turnbull)
- Do your research
- Learn and suck up as much info as you can!! from people, books, websites (such as this great one)
- Remain in control
In my opinion, its not time to buy now. As you know or may not know, Australia has a strong history of following the US market cycles. Look at the US now its in a shambles.
My advice, save your ard earnt coin, use the coming months to get " full bottle" on what the market is doing, learn about agents, and the areas you want.
get the pre approval, in the mean time.
And…… when other people ( not you) start feeling pressure cause of the high interest rates, and sell sell sell!
you…. and I can pick up a few nice bargains.
Perth as you know has had some major, ( too much I think) Booms recentlly, its all abit OTT if you as me.I strongly recommend to read some of Craig Turnbulls books, he has some CDs too.
He is from Perth also,as a previous poster mentioned- http://www.reiwa.com.au
I hope I have been of some help.
remember- Soak it up like a sponge….. And…. you are always in control no matter what!
Good luck,
JaseI hope to hear how it all goes!
Hi Recco,
I run the West Australian's Investing in Property monthly meetings. A group of property investors come together to talk about property in Perth. our next meeting is on the 28th May, in Burswood (the suburb, not the casino). If you want to email me at [email protected] (not my normal email address but I am in the UK at the moment (Troybec gave you my normal email [email protected] ) would be happy to chat or give you info on our meeting. I currently am doing renovation and development projects so happy to talk to you about perth property at the moment. In a declining market it is really important to ensure that you carry out the appropriate due dilligence so you don't end up with a lemon. Yes, in 2005/06 it was easy to buy a property and make a profit, whatever property in general it was, but much more important now that you don;t just take any advice, take the best advice – so your girlfriend can spend more of your money (I think that is what you said anyway)
Kel
FIRST HOME BUYER
. I await your orders oh wise ones
)
… seriously tho the plan is the best plan of someone else. Trying to mimic here instead of being an individual. Investor im guessing there squeaker_d since i wanna make it large in this game.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
