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From: Mike .
HOW IFFY ARE THESE PEOPLE
From: NOVICE HOUSEWIFE
Date: 03 Feb 2001
Time: 13:24:41
HELLO, Need some input from people. My friend who lives in QLD just bought an investment property in Logan. The woman she dealt with says the way it works is after working out your income and debts, they then recommend a property that suits your needs and budget. She acts as a property agent and receives her commission from the builder for finding him a buyer. Then everything is done for you including finding you a tenant, solicitor, property manager, accountant, the bank that will loan you the money with the best going interest rates.
It's all worked out for you, everything including the tax relief spread out over the year. At any point you can choose if you want to use these recommended people or use your own. My friend is very content with this set up and I was wondering what are the pitfalls of buying property this way when you have no idea what you're doing and someone is doing it for you?
That is the attractive thing for me as I thought that the first property bought, it was a good way to learn how to do it, maybe so that I would be more confident in purchasing a second property without this kind of assistance. But as I don't trust people in general when it comes to money I am of course suspicious.
Any input would be appreciated, as I intend to buy a property this year anyway but as I live in Sydney, buying one down here poses a dilemma as to what the bank will lend me and what I would get for the money in comparison to the better quality home in QLD...comments?
HOW IFFY ARE THESE PEOPLE
From: NOVICE HOUSEWIFE
Date: 03 Feb 2001
Time: 13:24:41
HELLO, Need some input from people. My friend who lives in QLD just bought an investment property in Logan. The woman she dealt with says the way it works is after working out your income and debts, they then recommend a property that suits your needs and budget. She acts as a property agent and receives her commission from the builder for finding him a buyer. Then everything is done for you including finding you a tenant, solicitor, property manager, accountant, the bank that will loan you the money with the best going interest rates.
It's all worked out for you, everything including the tax relief spread out over the year. At any point you can choose if you want to use these recommended people or use your own. My friend is very content with this set up and I was wondering what are the pitfalls of buying property this way when you have no idea what you're doing and someone is doing it for you?
That is the attractive thing for me as I thought that the first property bought, it was a good way to learn how to do it, maybe so that I would be more confident in purchasing a second property without this kind of assistance. But as I don't trust people in general when it comes to money I am of course suspicious.
Any input would be appreciated, as I intend to buy a property this year anyway but as I live in Sydney, buying one down here poses a dilemma as to what the bank will lend me and what I would get for the money in comparison to the better quality home in QLD...comments?
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