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Open in new windowArchive through August 09, 2006Daniel Czechowski25 1 
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Daniel Czechowski
Goo Roo
Western Australia
Soarer GT-T

Posts: 1543
Reg: 07-2005

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 Wednesday, August 16, 2006 - 05:36 pm, by:  Daniel Czechowski (Dan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
No worries mate, glad to help out :-)

So to clarify one thing, get a fixed rate loan, that way you wont worry about them going up. Also, since you say you can get 250K now, that extra 220 bux in rent will lift your capacity up to 337K. If you can find a property that will rent out for more, say 240 per week, then it goes up to 344K, and so on.

In that case, look at area which are in high demand by renters. I've recently looked at a 2yo 4 bedroom townhouse in Bentley as a rental property (missed out on it by a slim margin, but never mind), listed price was 400K so a bit out of your price range there, but the yield on that was very good. Because there's Curtin uni there, each bedroom rented out at 125 bux per week, less agent fees, worked out to be about 390 per week for the whole thing. $390 p/w on a 400K property mate. It pays for itself. I would have been out of pocket by only roughly 1200 bux a month if I borrowed the whole lot. There's other cheaper properties like 3 bedroom villas and such that go for 340K etc atm, check that out. They rent for about 300 bux from memory. So to put you in the picture, that 300 bux rent will get you roughly 367K borrowing capacity. Something to think about
Callum Finch
Goo Roo
WA
Soarer TT & Corolla

Posts: 1656
Reg: 09-2005

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 Wednesday, August 16, 2006 - 09:03 pm, by:  Callum Finch (Sigeneat) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
If you want to start out investing small fish, there are a couple places down south at the moment for ~1000sqm @ $17k. Pm me for more info ;)

Dad and i are checking some out soon! =P
Ken Cornell
DieHard
Western Australia
4.0GT V8 Soarer

Posts: 625
Reg: 01-2006

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 Tuesday, September 19, 2006 - 07:47 am, by:  Ken Cornell (Dunadan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
I just purchased a home in Gosnells!! Asking price was $329k, then dropped to $319k, we put an offer in below that. They excepted! We are borrowing 97% + Insurance + Charges (banks charges, not stamp duty). We have to come up with $17,350
Luckily I have very understanding parents, but I don't think I will be making it to Motorvation
If anyone were to offer me $13k for 3VOM 8V right now, I'd probably take it....I'd be heart broken to think the $10k+ I've spent on her only upped her value by $1.5k!
I'm not selling her, just you know the saying, "everything is for sale, at the right price" well that price just dropped.

Anyways, for you locals, search in www.reiwa.com.au $275-$300k, Gosnells, Exclude Homes with no price, and I think she's like the 3rd one down, the ugly white one! All the other ones below $310k were not looked after (gutters/eves falling off). Everything in this house is ugly but well looked after.
I do believe this is my longest post ever!
Daniel Czechowski
Goo Roo
Western Australia
Soarer GT-T

Posts: 1640
Reg: 07-2005

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 Tuesday, September 19, 2006 - 08:34 am, by:  Daniel Czechowski (Dan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
Congratulations Ken!!!

Don't worry about losing money on the car, in the whole grand scheme of things you'll make a lot more on the house! I had to sell my previous car at a 7K loss when I was buying my first block of land, yet I made 30 times the amount I lost on the car on the block, never regretted it!!! If anything, selling the car, and then taking money out of equity for a new soarer later down the line will be much easier :-)
When is your settlement due? (ie. housewarming party ) I've moved into mine couple of weeks ago, but still gotta buy furniture and extra stuff for it like a patio, shed and other cr@p...
Daniel Czechowski
Goo Roo
Western Australia
Soarer GT-T

Posts: 1641
Reg: 07-2005

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 Tuesday, September 19, 2006 - 10:38 am, by:  Daniel Czechowski (Dan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
Ken Cornell wrote on Tuesday, September 19, 2006 - 07:47 am:

Anyways, for you locals, search in www.reiwa.com.au $275-$300k, Gosnells, Exclude Homes with no price, and I think she's like the 3rd one down, the ugly white one! All the other ones below $310k were not looked after (gutters/eves falling off). Everything in this house is ugly but well looked after



Can't find it...there's quite a few white ones in that price range. What street is it on Ken?
Ken Cornell
DieHard
Western Australia
4.0GT V8 Soarer

Posts: 629
Reg: 01-2006

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 Tuesday, September 19, 2006 - 08:19 pm, by:  Ken Cornell (Dunadan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
Lawrence St. Settlement is 14th Nov, we already have more than enough furniture. Will have to arrange a house warming bbq for either that weekend or the next!
Daniel Czechowski
Goo Roo
Western Australia
Soarer GT-T

Posts: 1647
Reg: 07-2005

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 Wednesday, September 20, 2006 - 10:35 am, by:  Daniel Czechowski (Dan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
House looks good Ken It's got plenty of potential, you can do it up nicely for sure! Rip up all the 70s stuff and put in modern fitouts and it will look schmick!
Ken Cornell
DieHard
Western Australia
4.0GT V8 Soarer

Posts: 631
Reg: 01-2006

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 Thursday, September 21, 2006 - 08:29 am, by:  Ken Cornell (Dunadan) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
thanks, that's the plan. We won't bother trying to make the outside look like something else, just retro-fit the inside. She's actually very tidy and in great nick for her age. Anybody here do gas or water plumbing? or kitchens for that matter?
Paul Christian
Tinkerer
WA
Soarer JZZ31

Posts: 48
Reg: 07-2006

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 Saturday, September 23, 2006 - 07:12 pm, by:  Paul Christian (Paul_christian) Quote hilighted text Edit Post Delete Post Print Post   View Post/Check IP (Moderator/Admin Only) Move Post (Moderator/Admin Only)
Hey Ken congrats. Met you briefly at the AHG day a few months back and know the feeling of buying a 1st home all too well as I've just started building. I now have a slab, some bricks and window frames - slow process so I'm glad you found a good established place. Good luck setting it up!

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