Buying Property.

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ghetto kitty
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Buying Property.

Post by ghetto kitty »

So while I am called a hippy by some here, (Dave ;) ) I am thinking of investing in property soon.
The other thread was about buying an apartment to live in and so I'm creating this thread as I know some of you own places, or are thinking of buying soon, not necessarily to live in. (note, i hate apartments in general)

I'm single, and not on a huge salary, so buying something I want to live in with my dog while still working in the city isnt really an option, even with a nice deposit I have been saving for a few years. Hence I am looking at buying a small investment property so I can stay living where i am now with a view to selling it in 3-7 years to then move into a house I might want to live in.

Those of you who have or are thinking about it, can I get some advice?

ive been looking in preston/coburg and its just not going to be feasible to get anywhere in those areas on my own on my current salary, though the repayments would be no problem. I hate banks. they are cunts. moving on. I'm looking at places up to around $260,000 or so...

is it worth looking to buy somewhere like Bendigo/Ballarat where you can get a great price but it's 2 hours away, which is not a HUGE growth area, or is it a wiser idea to buy somewhere like Melton etc which is bogantown but appears to logically be growing at a faster rate than somewhere regional and only 45 minutes from the city?

if one is looking to buy something positively geared as in, the rental you make pays almost all the mortgage repayments, how badly does this affect tax etc?

am i wiser to borrow just what they will let me on my current salary, which would mean lower repayments and buying out of the city, or should I be going to my accountant and putting more of my cash earnings on the books to borrow more and try to get somewhere closer in?

I have a mortgage broker who's helping me to some extent with the cash side of things, but would love some advice on the where and what....

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Re: Buying Property.

Post by almax »

I think the only logical thing to do is buy property somewhere 10-20 metres above sea level, then when the ice caps melt you will have beachside property.

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Post by ghetto kitty »

fantastic advice al. :P

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Re: Buying Property.

Post by almax »

ghetto kitty wrote:fantastic advice al. :P
Cheque in the mail?

but seriously, $260k doesn't seem like much, can has friend to go into partnership for investment property?

I wouldn't think that buying in Melton with a view to rent it out would be a good idea, cause if im a bogan and i want to move there, im more likely gonna buy there than rent.

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Re: Buying Property.

Post by ghetto kitty »

I has looked into it with a few friends over the years and nothing has worked out/eventuated.

have been thinking bout this for years, keep saving but salary has not gone up much. just need a foot in ze door, feeling as if property is the safest thing when my goal is to own my own house one day before im ancient. has no super really, subcontractor for most of my career. so its hard.

parents are no help either, inherited their house in australia full and rented tiny places in san fran before that. now retired and all their cash is tied up in the house...

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Re: Buying Property.

Post by cuznmatt »

set times kitty?
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Re: Buying Property.

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shuddup matt!

:P

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Re: Buying Property.

Post by DBoy »

Melton has had mad returns in the last 3 years - the question is are these sustainable long term and if you are buying investment probably means you are looking at 7+ year committment for your returns.

I have huge doubts about the value of buying in places like Point Cook and other 'growth' areas. That said, the old growth areas that were once like point cook are now established and good safe bets. Melton was once considered a new growth area, but now it really is established. Hard to know with so many of these areas at the moment what is going to stick.

You want to be looking for the 10's rule. If you buy something for $400,000 you want to know it can pull $400 rent. This way you are assured the rent will be paying your interest.

Also worth looking for propertys that are less than 5 years old. Up to 5 or 6 years you get mad tax breaks on the depreciation. I don't know the facts on this, but worth investigating.

For me - Geelong in the place to buy. We have been watching the market there for a while and are down with where we want to buy and which areas of growth are looking like not becoming slum town etc. Geelong can expect the most significant growth of any Melb. regional town - and has the potential to really boom.

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Re: Buying Property.

Post by DBoy »

AND... they are pretty much ok with hippies.

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Re: Buying Property.

Post by Hardy »

Buy a gun instead.

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Re: Buying Property.

Post by ghetto kitty »

DBoy wrote:Melton has had mad returns in the last 3 years - the question is are these sustainable long term and if you are buying investment probably means you are looking at 7+ year committment for your returns.
fark, 7 years is a long time.
DBoy wrote:I have huge doubts about the value of buying in places like Point Cook and other 'growth' areas. That said, the old growth areas that were once like point cook are now established and good safe bets. Melton was once considered a new growth area, but now it really is established. Hard to know with so many of these areas at the moment what is going to stick.
and are bendigo and ballarat the same (i have never even heard of point cook)
DBoy wrote:You want to be looking for the 10's rule. If you buy something for $400,000 you want to know it can pull $400 rent. This way you are assured the rent will be paying your interest.
yup ive been working off that.
DBoy wrote:Also worth looking for propertys that are less than 5 years old. Up to 5 or 6 years you get mad tax breaks on the depreciation. I don't know the facts on this, but worth investigating.
hmm havent heard anything about that, will ask my mortage guy.
DBoy wrote:For me - Geelong in the place to buy. We have been watching the market there for a while and are down with where we want to buy and which areas of growth are looking like not becoming slum town etc. Geelong can expect the most significant growth of any Melb. regional town - and has the potential to really boom.
hmm geelong huh? are you going to buy to live or to invest there?
tbh id rather buy in bendigo/ballarat/geelong than melton. bongantown means bogan tenants.

is there people who give advice on this kind of stuff or is it all up to personal research?

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Re: Buying Property.

Post by deviant »

Tasmamia

still cheap... my olds bought a block for $40K in 2003... the one next door (pretty much exactly the same) sold at the same time for the same amount... a few months later it sold for $80K. Growth seams good and steady.

This is a pretty rural area though.... you can buy apartments/townhouses in hobart or launceston (they actually have unis there) with a fair rental return.

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Re: Buying Property.

Post by DBoy »

We are looking to invest. We can't afford something that would be suitable for a family.

I have sought advise from a financial consultant. It was free cause he wants us to loan from his mortgage brokers, but it was well informative.

We are looking at Geelong because a) We believe it is more likely to have greater increases - but this is the debate of property (and the luck of it to some degree) b) cause if we did need to move into the property we own for any reason we would happily live in Geelong

With Melbourne looking likely to overtake Sydney in population in the next decade Geelong is all set to become a much greater asset to the state. The Vic Governement for all its failings has done some great planning especially in terms of allocations and promoting the development of floor space for businesses. More and more corporates are going to be looking to Melbourne to set up shop over Sydney in the next decade because of cost and infrastructure. This will mean Geelong gets the trickle down. It is under an hour away. TAC already moved there - and more will. They will cop businesses setting up there with 1000 people at a time inlfuxing the city. It is good for property owners. It already has the infrastructrure to cope with growth. This is not going to happen to the same degree in Bendigo and Ballarat.

My opinion - not facts. If you buy there and loose - don't blame me!!!

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Re: Buying Property.

Post by deviant »

DBoy wrote:...we would happily live in Geelong
ZOMG, what is the world coming to??

:?:

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Re: Buying Property.

Post by almax »

Yeah, now that you mention it, Geelong makes alot of sense to me, the company i work for recently (within the last few years) setup shop down there and now have ~1,000 employees down there.
Its also near the coast, so great for that summer holiday feel during summer, there is an airport close by, the road to Melbourne has been recently upgraded and there is obviously a rail link.

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Re: Buying Property.

Post by ghetto kitty »

Dan - yeah someone mentioned tasmania. I cant help wanting it to be in my own state though. plus there isnt like, heaps of employment opps etc in tassie so i dunno if it really is a huge growth area.

D - i hear you. The houses I looked at today in B-towns looked as if they were totes somewhere I could live if i had to, Melton, id slash my wrists. :lol:
I'm not going to blame you for anything hehe, I am just looking for other's opinions on this stuff, I has no partner to bounce these ideas off of, and most of my friends either bought ages ago with lots of help or still live hand to mouth and cant consider it.
I'm going to do some Geelong research now. I hear you on big business moving there and they ARE about to have their first dubstep night, which could mean the housing prices will increase :lol:

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Post by huge »

geelong has been getting promoted like mad in the chinese rags for a while now. expect prices to get driven up by stinking rich chinese businessmen that need to buy property to stay in the country and literally have unlimted cash.
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Re: Buying Property.

Post by DBoy »

Ahhh I see. Fart Noises + Chinese Cash = Property Win.

It all makes sense!

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those are the guys you have to watch at auctions. fuckers come in and bid way above what places are worth. ive seen it happen.

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Re: Buying Property.

Post by mrj »

I would avoid buying property on the Sun. A close friend told me that weather is uncomfortably hot, virtually year round, and is likely to ruin several dinner parties. Additionally it is apparently almost impossible to locate a reputable dentist, as ones eyeballs tends to melt before you even begin the search.
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Re: Buying Property.

Post by DBoy »

Not true MRJ. Dentists are doing a roaring trade on the sun.

oh dear... (but did you get it - roaring? like a roaring fire...)
I need a beer.

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Re: Buying Property.

Post by same o »

personally i would not buy a house for awhile, prices can't keep going up forever. people will eventually go fuck this it is to expensive i am going to rent. having said that you could negatively gear your house and use it as a tax break.
but hey i really don't know shit so probs don't listen to me.

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Re: Buying Property.

Post by djgrl »

buy a boat, live in a different harbour everyday ftw

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Re: Buying Property.

Post by ulyssian »

and after all those years of hating... one word: DELFIN!!!!


buying property in the burbs with the 2.3 kid families was the most horrific and best thing i have ever done.
but i did it in 2003 with a partner and we bought the land first for $80k for a 596 sqm block and we built on it.
best thing to do is possibly see if you can get an investment loan for the land first and then look into the first home buyers grant and save for the house.
you need a fair whack for a deposit.
the longer you leave it, the harder it is for a single person to get into the market.
i rent out my property for under the amount i could because i love the family in it, they look after it, they pay the rent on time.. and eventually i would love for them to be able to save for their own (family of 6)...
the rent does make the repayments and that is what counts.
depreciation when renting a place out is rad on tax.. you can look into garden, appliances, curtains and carpet.
TBH though, unless you have a $60k salary and a deace deposit or a rich sugar daddy on side, then renting is possibly the best choice until you do have such.
your lender will also want a property which is value for moneys.... they may not see growth areas as a reason to give you a loan.
maybe a house and land package?
the buddy system with a friend always sounds amazing but it's like going in partnership with a bf/gf.. you never know when it will cease to exist and then you have to go through all the shit of separating assets (with less defactoness).. legal fees, sell the property and split costs or buy them out or get them to buy you out etc blah blah blah and if one loses the job.. who pays more etc.. nightmare!!!!!!!

good luck G-Kitty.

The NAHA (http://www.fahcsia.gov.au/sa/housing/pr ... fault.aspx)
was set up to help people get into the market and own a property.
A few of the apartments you see around the area have units that you could get for $260k for 1br...
http://homesaver.treasury.gov.au/content/default.asp
http://www.apartmentsuperstore.com.au/default.aspx
consider tarneit, frankston, bendigo, beveridge
http://www.vicurban.com/cs/Satellite?c= ... e=VicUrban
http://www.stockland.com.au/home-and-la ... htm?247SEM
http://www.colliers.com.au/Find-a-prope ... ntial.aspx

auctions are traumatic.....
building is a pain in the ass!

that is all.

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Re: Buying Property.

Post by C.I.A. »

same o wrote:personally i would not buy a house for awhile, prices can't keep going up forever. people will eventually go fuck this it is to expensive i am going to rent. having said that you could negatively gear your house and use it as a tax break.
but hey i really don't know shit so probs don't listen to me.
This.

I'm thinking of selling my place. Bought in 06 and it has quadrupled in value. There is no way on earth it is worth that much. Will put the money in a high interest thingie in the bank, live off the interest for several years (I'm talking 7-10 years) and wait for the property market to deflate.

I'd recommend looking at this forum http://www.talkfinance.net/f32/ before investing in something that will give you much lower returns than pretty much any other investment out there. Added bonus, if China's overheated economy cools down, we will feel this quite acutely. Also, the only real part of the economy that is showing any level of awesomeness is resources, and if global currency wars continue we will be shafted as our exports will become too exxy.

my 2 cents.
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Re: Buying Property.

Post by youthful_implants »

Its much cheaper usually to buy off the plan but can then be harder to sell or rent out. Even if you dont live in it, its a good way to get your investment started.

I'd say its usually better to buy than to wait. Prices could quite easily continue to rise over the next year or two and it will only become less affordable IMO.

A couple that I know have bought 2 properties in the last year. One in Elsternwick which is about 40 years old which has increased in value, after renovation, by $150,000 in less than a year. Their other property in North Melbourne was off the plan, which they are renting, and they are having problems getting enough rent because there are so many similar blocks in the same building.
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Re: Buying Property.

Post by ghetto kitty »

great responses guys, thankyou. I know both you uly and you cia had done this, cia, it sounds as if yours has paid off quite well! and uly, i hear you on the delfin option but im not doing that just yet.
C.I.A. wrote: investing in something that will give you much lower returns than pretty much any other investment out there. Added bonus, if China's overheated economy cools down, we will feel this quite acutely. Also, the only real part of the economy that is showing any level of awesomeness is resources,
i dont know if i agree with 'lower returns than any other investment out there' from all the research im doing, property in australia is one of the only things that's a close to sure thing to invest in. i refuse to buy into rio tinto shares and am not really liking the idea of buying shares in the banks that are ahafting us, but in all honesty, the share market freaks me out and i dont trust it for one second anyhow. (members of my family have gained and lost a LOT)

uly- the home saver govt thing looks cool, but im not going to be living in this first house i reckon. i need to be close to the city etc etc and will pretty much slit my wrists if i end up in a one bedroom apartment. (plus yoshi)
also, maybe im silly (and a hippy) but theres something nebulous about buying an apartment in some highrise, i feel like whatever i buy needs to be on its own peice of land, even if its a unit in a block of other units or something. am i silly?
ulyssian wrote: the longer you leave it, the harder it is for a single person to get into the market
this. is how im feeling.

and this
youthful_implants wrote: I'd say its usually better to buy than to wait. Prices could quite easily continue to rise over the next year or two and it will only become less affordable IMO.
i may not have a salary in a year or two time, my line of work isnt stable or concrete. i have no super, and all ive been saving this cash for is to own my own house. thats the dream, not a big white wedding, not travelling as i do that regardless, not owning some flashy car etc etc, its my own house. I feel like the sooner i borrow the cash, and start the ball rolling, the better off i will be.

also i feel as if the last six years of slogging it out in nightclubs will then feel worth it if i decide to do something else, like start my own buisness, which means no salary but ill have the place, and be paying it off when i can.

appreciate the links, so much research to do im feeling totes overwhelmed.

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Re: Buying Property.

Post by youthful_implants »

I guess the only other thing is, if you're sure you want to do it regardless whether you're going to live in it or not - then whatever you do don't borrow beyond your means. (I know that seems obvious but banks can give it the hard sell too.)

Bo if you'd like to talk about the mortgage Tina and I have got, which we are really happy with - let me know, but perhaps in person. :)
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Re: Buying Property.

Post by C.I.A. »

Shares aren't the only investment tool ;)

Good luck with whatever you decide you want to do!!!
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Re: Buying Property.

Post by ghetto kitty »

alex - yup i wont be! ill be doing it smart not hard heheh Ill hit you up for a beer chat soon!

cia - i'm not sure what other option you mean lady. shares vs property seems to be the main things. that forum you posted was confusing for someone who is adverse to numbers and jargon hahah.

oh, so after the weekend heres my personal developments on this topic

- i signed up for some info and now these companies are calling me for my cash. argghgh! pretty sure these guys take your deposit, tell you what to do, then build some crap using your cash that you then own. Im dubious of anyone who calls me at ten am monday morning after i signed up at 9pm sunday night and said to contact me by post only.

http://www.propertyinvesting.com

- now thinking of geelong or shepparton VS inner city. confusing. dont know which is going to be better in the next 5 years, dont really want a 1BDR shit box but thats all ill be able to afford in the city

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Re: Buying Property.

Post by shepherd »

GK - i'm not an expert, but can speak from my experience.

we bought a house in preston 3 years ago for about $460k ... right now estimates are it's probably worth around $650k maybe. Our plan is we hold onto it for ideally 10 years and hopefully see a 130% uplift over that time.

Now we live in Sydney so we rent up here and rent out our place. We get around $1880 gross for our place so after fees and various outgoings (landlord insurance, maintenance contingency, REA fees etc) it's about $1700 a month. Repayments are around $3000 a month so there's a gap there each month ... around $1300 gross and about $700 after income tax when you gear the amount. So in short - you need to be able to absorb the gap.

My estimates are that gap will close to a nominal amount within 5 years and I guess that's when property investment starts to make more sense when you're not an owner occupier.

On flat's/apartments around the Preston and immediate surrounds area (ie Reservoir etc) the gap isn't as bad. I looked at buying a $300k investment flat which would return around $1450 a month in rental income and cost about $1700 in principal + interest with a 10% deposit. So in that sense in the area you're looking at GK, a flat/apartment is probably a more wise investment than a house if you're not looking to occupy. DBoys rule of weekly rental x1000 as a property value is a great aim - but in my experience not particularly feasible in a market like AU right now (personal opinion)

I am bullish on property as an investment despite all the rational surrounding arguments - the only thing that concerns me is property seems to be on a 10-20% annual uplift whilst av. HH income isn't growing at the same levels ... not sure how long this can be sustained as it feels like a fine balancing act. I'm a firm believer in supply/demand and everything says that one of the more scarce resources we have now is housing. Can't see this changing in next 25 years when key economic indicators aren't particularly dire. Plus I like the idea of owning a house.

My advice

- buy somewhere in an area you know and understand
- make sure it has adequate infrastructure within 1-2k of the premise (train station, trams, shops, schools, medical centre)
- get into an area not dominated by mortgage holders (ie new developments etc - they will mirror the struggles of the economy and can go dramatically south when the economy turns ... you want an area with a good cross section of people and owners)
- ask around for advice. Plenty of amateur experts (like me hah) who will give you advice on property (like they will on parenting, investment etc) but most of us (including me) are probably getting by a mix of naivety and optimism when it comes to home ownership.

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Re: Buying Property.

Post by almax »

Nice post Shepherd!

especially this:
Shepherd wrote:get into an area not dominated by mortgage holders (ie new developments etc - they will mirror the struggles of the economy and can go dramatically south when the economy turns ... you want an area with a good cross section of people and owners)
never thought of it like that but makes a whole lotta sense.

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Re: Buying Property.

Post by ghetto kitty »

shepherd wrote: On flat's/apartments around the Preston and immediate surrounds area (ie Reservoir etc) the gap isn't as bad. I looked at buying a $300k investment flat which would return around $1450 a month in rental income and cost about $1700 in principal + interest with a 10% deposit. So in that sense in the area you're looking at GK, a flat/apartment is probably a more wise investment than a house if you're not looking to occupy.

- buy somewhere in an area you know and understand
- make sure it has adequate infrastructure within 1-2k of the premise (train station, trams, shops, schools, medical centre)
- get into an area not dominated by mortgage holders (ie new developments etc - they will mirror the struggles of the economy and can go dramatically south when the economy turns ... you want an area with a good cross section of people and owners)
- ask around for advice. Plenty of amateur experts (like me hah) who will give you advice on property (like they will on parenting, investment etc) but most of us (including me) are probably getting by a mix of naivety and optimism when it comes to home ownership.
great advice shep, thankyou, and pretty much how I am feeling but its pretty depressing that the banks will only give me $200K unless I put more of my cash monies through the system, which is difficult considering I run 2 businesses not on the books. heh.
im scouring places like footscary, coburg, preston etc and its looking as if a one bedroom apartment is all I'll be able to do with things the way they are now.

have srsly spent hours looking at crazy ideas like buying in indonesia, and america but both are fraught with unknowns and things that feel dodgy. even the idea of buying a nice house/unit in tassie, geelong, or shapparton does not feel as if its a wise investment when I am definately not going to be living there.

what other areas closer to melbs would anyone suggest and should i really be considering a one bedroom/student type place?

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Re: Buying Property.

Post by almax »

My fiance and i looked at one of those studio apartments next to universities specifically for students, we found one near VUT which was about $150k and the rent was about $1k per month guaranteed so you get it paid for, but the actually property doesn't go up in value like a house or apartment will.
I think its a taxable income though as its not negatively geared...can someone confirm?
So yeah, you could maybe buy one of those, keep it for a few years and sell it again

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Re: Buying Property.

Post by DBoy »

Definately Al. Those investments are only worth while if you have a portfolio of property or investment and you are looking for the breaks. The value of the property itself will not increase enough to make it worth while entry level investment - you would be better off having your money in a 6% fixed term savings.

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Re: Buying Property.

Post by ghetto kitty »

That was my thoughts after research too guys.

In fact, once i started doing research I found there is a LOT of advice for people who either, want to buy their first home, want to borrow against the home they already own, or borrow against their largish salary and basically buy loads of property and live off it in a short amount of time.

not a lot of advice out there for single, inner city, music industry hippies. :lol:

Unit or smallish house in Geelong is looking more appealing.

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Re: Buying Property.

Post by retzie »

ghetto kitty wrote:have srsly spent hours looking at crazy ideas like buying in indonesia, and america but both are fraught with unknowns and things that feel dodgy.
Buy up in Vegas?








Sorry, I have absolutely no idea.
deviant wrote:I'm some sort of man-machine.

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quiet roar
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Re: Buying Property.

Post by quiet roar »

ghetto kitty wrote:not a lot of advice out there for single, inner city, music industry hippies. :lol:
Squatting?
The only normal people are the ones you don't know very well

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ghetto kitty
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Re: Buying Property.

Post by ghetto kitty »

^^^ yes indeed. friends of mine now legally own the 3 bedroom house right in Fairfield they squatted as they have occupied it for more than 8 years, they have been doing it up and its going to be worth a packet now.

TBH the more i speak to people who actually have money, the more it seems as if putting all my savings into property is not the best option right now.

for others, a link for banking that is interesting,

http://www.mecu.com.au/ 'responsible banking" ?? looks good to me, checking it out. fuck the big guys tbh.

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shepherd
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Re: Buying Property.

Post by shepherd »

GK there are places in Melb that are obtainable. One thing I'd say is 'buy an area you understand' ... which for me cancels out basically anywhere but Melbourne.

Thing with property is people expect these crazy gains from it. If making serious money was easy, everyone would make serious money. If you align your expectations around property with those that are relatively conservative you'll be in a good place to make a decision ... too many people expect too much and/or leverage too much debt to reach something they aspire to but aren't financially in a position to pay off (if they're honest with themselves).

I'd be looking at Reservoir and surrounds and also Sunshine and surrounds. No further out than 15k of the city and ideally on a train line. That said - both areas are relatively long term projects so will take 10+ years to realise.

Second rule - don't buy somewhere you wouldn't live (if you had to) unless you have serious cash reserves and are looking for an asset to dump them into. I think that's where ppl get burnt - they get into a situation they don't have the knowledge to properly execute ... you hear loads of stories about ppl buying rentals and getting burnt (occupancy, defaulting, problems with tenants, eviction, damage etc) due to not being diligent around the dwelling type and also area.

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witty_pseudonym
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Re: Buying Property.

Post by witty_pseudonym »

ghetto kitty wrote: http://www.mecu.com.au/ 'responsible banking" ?? looks good to me, checking it out. fuck the big guys tbh.
my ma has her mortgage through this lot and she's really happy with it by the sounds.

also, geelong is quite nice and i think would be a good place to buy in terms of future growth. student market and all that too.

otherwise i have absolutely nothing to contribute. good luck lady. i can see why the research did your nana.

:hiding:
...

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almax
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Re: Buying Property.

Post by almax »

What about Florida Keys in the USA?
I read somewhere that property there is a steal at the moment, million dollar homes going for $400k.
Add in the fact our dollar is strong and if you sell in USD when our dollar goes back to being weaker than the USD, you could increase your profit even more!
Worth investigating, also i read that the pacific north west, places like Oregon have growth potential.

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quiet roar
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Re: Buying Property.

Post by quiet roar »

shepherd speaks sense.
The only normal people are the ones you don't know very well

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ghetto kitty
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Re: Buying Property.

Post by ghetto kitty »

shepherd wrote: I'd be looking at Reservoir and surrounds and also Sunshine and surrounds. No further out than 15k of the city and ideally on a train line. That said - both areas are relatively long term projects so will take 10+ years to realise.

Second rule - don't buy somewhere you wouldn't live (if you had to) unless you have serious cash reserves and are looking for an asset to dump them into. I think that's where ppl get burnt - they get into a situation they don't have the knowledge to properly execute ... you hear loads of stories about ppl buying rentals and getting burnt (occupancy, defaulting, problems with tenants, eviction, damage etc) due to not being diligent around the dwelling type and also area.
i hear you shep, all good advice. but yes, 10+ years is a long time to put all my eggs in one basket so to speak.
and i could live in ressy or sunshine if i HAD to but i sure wouldnt be happy about it. I just think i can be more creative really.

tashma - yeah im looking into even just moving my accounts from ANZ to them maybe. but yes, doing my nana in the last week, have been up till 2 am every night getting more lost on the interwebs and more confuzzled.

al - spent a few hours on property investor forums looking at the Us market. it aint as rosy and guaranteed as it appears at first, trust me. even with a passport, so i could go and live there if i want, there is no way in HELL id be buying up there in the cheap areas now with the economy the way it is and the future as uncertain as it is. 3 hours on forums of people who have actually done it, and i was scared. unless you have 2-3 properties here already, and you are building a portfolio, buying your first place there would be plain stupid, from what i can gather.

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ghetto kitty
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Re: Buying Property.

Post by ghetto kitty »

im hearing from a variety of sources that there is about to be a huge crash in Melbourne town, in the next month or so.

interesting.

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shepherd
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Re: Buying Property.

Post by shepherd »

GK - no disrespect to your sources, but people who predict wild property crashes are generally idiots who have no idea who have read some sort of doomsday novel and consider themselves to be experts on the intricacies of the global economy.

Ignore them. Australia is not America.

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ghetto kitty
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Re: Buying Property.

Post by ghetto kitty »

:lol:

i hear that. I get emails from said theorists daily.

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deviant
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Re: Buying Property.

Post by deviant »

shepherd wrote:Australia is not America.
yeah GK, I've been trying to tell you this for a while....

:teef:

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ghetto kitty
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Re: Buying Property.

Post by ghetto kitty »

:comehere&saythat:

:P

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shepherd
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Re: Buying Property.

Post by shepherd »

if Au was USA we'd have these bad boys

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