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Hi Dreamgirl
Just wondering if you have done much research into granny flats. I looked into them at an earlier point in time, and in my case, although one would increase cash-flow, it would not nesessarily add as much in CG as what it cost to build (or transport).
I'd be interested in your view!
Cheers
Locko
For me, I found reading up, being on the forum, researching real estate sites etc more beneficial than forking out my hard earned cash so someone can tell me what I can learn by myself.
i have not been on this site for a very long time, as the 'no more money' resulted in us taking our eye off the ball - we went to a short morning seminar last week, and we were so glad we had - it has woken us up from a long sedentary stage - most professionals update/refresh their skills if they really want to advance their careers - and I see us as know different.
Dreamgirl, come on up to Brisbane, we have a couple of great guys up here who have very practical, advanced info on development - they walk the talk, and use experts in every field - again, it was their workshop that put a couple of profitable deals our way.
Hiya,
I'm considering signing up for a mentoring program. Has anyone in this forum tried it and has it paid dividends?
I feel somewhat stuck. I've reached that level when the banks are saying NO.
So I'm looking for other options to keep ploughing on.
Thanks,
dreamgirl
Thanks for posting that Paul.
Another website with some info is:
http://www.vendorfinancelawyer.com.au/rent_to_own.htm
Regards,
Karen
Thanks guys.
I've purchased 6 properties since late 2003, with the last 2 purchased in September & December 2009.
I haven't been able to buy anymore since then. I'm on a fairly good income. However, I'm highly geared, hence the banks are hesitant to 'donate' some more funds into my portfolio.
My strategy has been to buy and hold, but I currently have the Mildura property for sale, and I'm planning to sell Cairns & Beenleigh to free up some equity and release debts.
I have 2 properties in Granville area that I'll be building granny flats on. One's approved and the other is nearly done. I just need funds to build the GFs. I've approached CBA, but since I already owe >$1m to them, they think I'm too risky. I've approached a couple of brokers, but they couldn't help. One of them advised me to wait until I've sold the properties, then try the banks again.
HI Dreamgirl,
Would like to know if you handled your granny flat approval yourself with Parramatta City Council? I am also consider building such granny flat there in Granville. Could you share the total costs of your granny flat or your budget? IS it of brick veneer? Would appreciate your input.
--Theoretically, if you have enough equity and positively geared with all your IPs, or your income still with enough room for servicebility, you should have no problems to buy unlimited IPS with borrowed funds
--well, I am also just learning this from a book and trying to find out a way of financing to invest in "unlimited" IPs..
--Theoretically, if you have enough equity and positively geared with all your IPs, or your income still with enough room for servicebility, you should have no problems to buy unlimited IPS with borrowed funds
--well, I am also just learning this from a book and trying to find out a way of financing to invest in "unlimited" IPs..
Just a quick one many lenders are now declining loans based on rental reliance. Some lenders like Westpac - esp if LMI involved - will not allow your rental income to more than 50% of your PAYG. So whilst in theory the books might say it is OK the banking world and their policies are moving so quickly that you need to do your own research - positive cashflow properties are not enough.
If you are interested I give a detailed answer to the rental reliance question in the Ask the Experts column in Money magazine out this month - the scenario a young couple looking to get into developing.
Hope this helps
Jane
Hi Dream Girl, I signed up with positive real estate. They seemed good but I got my money back. They seemed to take my money but not go forward- they got stuck. I think you need a good broker. You could also look at http://www.realwealthaustralia.com.au/property-mentoring-coaching/
Helen talks about when they met the investing brick wall and it took some cash flow positive properties to get back on track. But it is more that you need a creative broker. I have a great broker to recommend if you need one.
Hi all,
First post - figured I had to jump on and comment on experiences with PRE. Signed up about a year ago with them after finding that I was falling into the trap of being an over-educated under-acheiver. I had spent many years researching and reading books without taking the final step and purchasing our first IP. After checking out a few of them out there - destiny, custodian etc I came across PRE and both my wife and I liked their attitude and the variety of strategies they can assist with. The primary benefit that we got was the confidence to take our first step and while we haven't purchased anything from their buyers agency, we have just negotiated on our third property and going strong. If you are the type of person who needs a good mentor program that will motivate you and assist you in your investment strategies then I can definitely recommend them to help you along your way.
It makes a massive difference if you are catching up with similar minded people once a week to discuss what everyone is doing etc. Also great having someone to assist you in structuring your finances/strategies/goals and to run any potential properties past to help eliviate any concerns.
Anyway - there is my 2 cents.. Have fun out there!
RESULTS Mentoring is a well established and very professional outfit. Have a look at www.resultsmentoring.com.au
Regards
Alistair
Thanks, Mark.
So let's put it to Dazz - who do you use?