Canterbury Property Services

Discussion in 'Property Experts' started by armorris007, 14th May, 2009.

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  1. venom

    venom Well-Known Member

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    Hello kochi, Great that everything is going well for you :)
    We are progressing along as well, have around 5 weeks till our third IP is at handover stage, very exiting.
    Since paying off our PPoR in june last year, we have reduced our Buffer Loc from $113,000.00 down to $36,000.00 Could have been less but wife and I like to travel as well lol.
    Would be great to hear from other's and their journey so far with CPS
     
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  2. venom

    venom Well-Known Member

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    Hi Richief, hows it all going for you?
     
  3. Hosko

    Hosko Well-Known Member

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    Great effort Venom. Anytime you can smash $80k debt off in under 12 months is an achievement. Something to be proud of, well done.
    PS I know nothing about CPS.
     
  4. Rainbow__

    Rainbow__ New Member

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    Hello all,
    Like most of you who started on here,
    We have had first Canterbury pH call and went to Google to see what dirt I could find.
    Found this forum and have read almost every post.
    It has been good to follow some of your progress from your first cautious moments to some of you now owning multiple properties.

    Has there been anything that has caught you by surprise or didn't work out as planned.
    Also anyone combining their strategy with buying in a SMSF?

    thanks for your posts, its been nice to see your progress.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Sorry many first time posters in this thread!
     
  6. Hosko

    Hosko Well-Known Member

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    The power of Google when you need to find out about something must lead people to the conversation? Or are you more cynical?
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I am more cynical than that..
     
  8. Hosko

    Hosko Well-Known Member

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    Terry, Terry, Terry. How did people used to drum up business or a reputation prior to the internet.
     
  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    paid advertising?
     
  10. alright_geezer

    alright_geezer Member

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    Hello, I have 2 properties with CPS. One I bought in 2011 and the latest in 2015. My situation is a bit different where I had another property in Brisbane that was my PPOR. But I moved inter-state in 2008. So I actually have never started the 'system'. I was supposed to return to Brisbane into my PPOR but it just hasn't happened. I've ended up renting in another state. So why use CPS I hear you ask ? I was trying to get a quality rental but just didn't have the expertise. Luckily I got knocked back on finance for a unit in Zillmere that I sourced myself. That would have been a disaster. That's when I came across CPS. Had a few meetings and knew at the very least they would get me a quality rental with little effort from me. My first house in North Lakes I didn't see until a year or so after completion. I got my Brother to check on it for me. It was fully rented and no dramas. The next in Springfield Lakes I signed all the paperwork inter-state. Didn't even look at the land. Took a little while for a tenant so got some of the rent guarantee from CPS. After my first experience and that it was so easy why not ? Why reinvent the wheel ? CPS probably charge the builder a decent commission but for the lack of effort on my part I don't mind. To me they deserve it. I'm also an ex-Auditor so knew all the ins and outs of 'capitalising interest', PART IVA etc. So was comfortable with that. Look everybody's situation is different but I've been happy with my rental properties and would use them again. I'd also really like to start the 'system'. I can see how it works as long as you've got all extra money going into your PPOR. Not on trips to the Bahamas. That comes later. But that will have to wait until I know where I'm going to settle. Regards, AG.
     
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Welcome Alright Geezer, another nice first time post.

    Will you stick around to make further posts or did you sign up just to make this one post?
     
  12. alright_geezer

    alright_geezer Member

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    Hi Terry, I've been watching this post for quite a few years now. When I first heard of CPS I did internet searches for any info about them and came across this one. So I'll continue to watch and comment if I feel I can add something relevant. Regards, AG.
     
  13. PROPLANNER

    PROPLANNER New Member

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    First time poster, but been a FP in Brisbane for 26 years (whose counting though!). Have read with interest these posts after seeing a FB ad for CPS. There are a lot of CPS customers claiming massive PPOR reductions in early years. There is simple cause and effect in play here, if the rental income and accelerated (at least in first year) deductions are applied to your home loan, this coupled with your normal repayments will result in large principal reductions. BUT on the other side of the ledger the Investment debt is increasing. If the rental yield in SEQ is say 3% and the interest rate is 4%, even with depreciation deductions, you are basically just swapping your home loan debt for the investment debt. Basically these strategies are still like all gearing, predicated to success based on Capital Gain. We have seen a steady rise in property prices over last decade that have underpinned the ability to purchase more properties via strategies like CPS. As much as it feels like it will, this will NOT continue indefinitely. With heavy gearing, small changes at the margins like security valuation and interest rates can have a massive impact on nett results. Just my 2c worth......
     
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  14. E&A

    E&A New Member

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    I have now had two meeting with Canterbury and can't wait to get started. Will update everyone on our progress as it happens. Looking forward to our future.
     
  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Another new member!
     
  16. venom

    venom Well-Known Member

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    Hi E & A, great to hear you are going down this path with CPS, we have been with them since 2012 have paid off PPoR and have 3 IP's now, TerryW has a point, there have been a few that post a couple posts then disappear, not me, I am here for life lol and answer any questions you may have Good on you
     
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  17. venom

    venom Well-Known Member

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    Hello alright geezer, glad to see you on board with CPS, and look forward to hearing about your progress
     
  18. alright_geezer

    alright_geezer Member

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    Hello Venom, thanks for the welcome. Regards, AG
     
  19. dp

    dp Member

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    Hello All.

    I'm with CPS since 2013, I've one PROR and 2 IP.. They have created buffer accounts to cater for the expenses of the IPs . Although the PPOR balance going down but my buffer accounts growing.. bit nervous about it.. is this how you all experiencing it or am I doing anything wrong here
     
  20. venom

    venom Well-Known Member

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    Hi dp, Was wondering where you disappeared to lol,
    Yes that's how it works, Our Buffer went from $60,000.00 to a bit over $120,000.00 in the first three and a half years, but we had paid off our PPoR $220,000.00 in that time.
    Just keep at it and put as much as you can into it.
    CPS say you only have to pay what you normally were on your Mortgage, but my Wife and I put everything we can in, just to get it all down as fast as we can.
    We just have a little in savings for when we need it, but putting everything else into it is better than having a lot in the savings acc.
    Keep in touch to let us know how you are going ok;)
     
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