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Finally taking the next step!

Discussion in 'Introductions' started by rjsk23, 17th Apr, 2007.

  1. rjsk23

    rjsk23 Member

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    Location:
    Adelaide
    Hi! what a great informative site, started investing in property 5 years ago with very little info (did it ourselves, with many errors along the way, major error-emotions, having family rent your investments). This weekend taking the plunge & going to Victoria to look at investing with Custodian Wealth Builders. Have been to the seminars, read the books, researched as much as I can find out about John Fitzgerald's program Custodian Wealth. Realized their are alternative loans that are more suitable for investing in property.
    A great site.:)
     
  2. Muzza

    Muzza Active Member

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    Alternate loans??? what would you be refering to?
     
  3. MJK

    MJK Well-Known Member

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    CWB is putting clients into Vic now? Interesting.....Where abouts?

    Maybe 18Ks west of CBD? Central Park Estate.

    MJK
     
  4. rjsk23

    rjsk23 Member

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    Victorian Property

    Hi! MJK,
    We will be looking at property in Deer Park. City of Brimbank situated 18 km north-west of Melbourne.
    After Sunday we should now more.:)
     
  5. rjsk23

    rjsk23 Member

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    Types of Loans

    Good afternoon Muzza, Currently we have looked at Investment Latitude Line of Credit through our financial institution, also investloan through Custodian Wealth whom are helping us with our future property in Victoria, after this weekend should know more.
     
  6. MJK

    MJK Well-Known Member

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    You know... rjsk23

    there is an almost unlimited amount of land available out there now dont you?

    MJK
     
  7. Glebe

    Glebe Well-Known Member

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    Regarding the loan, I think it's really really important that you compare the Custodian Wealth Builders loan to what an independent mortgage broker can provide to you.
     
  8. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Deer Park eh? Good luck with that.

    Mark
     
  9. rjsk23

    rjsk23 Member

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    17th Apr, 2007
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    Location:
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    Land

    According to information, we will be purchasing a block close to the CBD within an already established area. Custodian Wealth handle all building construction & manage prospective tenants. We plan on finding out more on Saturday before going ahead. So far everything seems to be okay!!
     
  10. rjsk23

    rjsk23 Member

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    Deer Park!!!

    Hi! Mark, can you give us some more information on Deer Park, we have researched as much as possible through the net, the area seems to be similar to Mawson Lakes in Adelaide but on a much larger scale?
     
  11. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Eh, I just think it's too far out and like MJK said, there's a lot of land out there. Is it one of those Legoland developments where everything looks exactly the same? I dunno what you're paying, but I reckon you could do much better for the same price in Adelaide - even in a different area in Melbourne.

    Mark
     
  12. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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  13. MJK

    MJK Well-Known Member

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    Rjsk23,

    I bought my 2nd interstate IP through Custodian. They are a reliable crowd to deal with. They will build a reasoable home in reasonable time and you will find a tenant at quoted rent. It is relatively risk free in that regard.

    My question is about the location. Maybe their researchers are cleverer than me. Years ago CWB used to say they would put you into boutique developements surrounded by older established area making the land more valuable.

    Today I reckon they seem to be building anywhere they can get land which seems to me to be the outer fringe.

    Some local knowledge for you....there is a big difference between 18K east of Melb and 18k west of Melbourne.

    Really its none of my business but If I were you I would go have a look and come back to the forum with the entry cost CWB is asking and then compare that with other near new property around Melb at the same cost.

    I understand that from an Interstate investor point of veiw it makes life al ot easier if you have a contact to place your investment for you. My approach would be to use an independant Buyers advocate rather than a developement company to do this for you.

    After all it will be a negative cash flow investment so you need to be sure of some capital growth potential. In todays climate after such a huge boom in RE prices we have to be much more savvy when selecting property...in 2000-2003 you could just about have bought anything.

    Good luck with it.:D
     
  14. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    I agree wholeheartedly with this statement.

    Mark
     
  15. rjsk23

    rjsk23 Member

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    Location:
    Adelaide
    Hi!, just returned from Melb. Taken out to Central Park, City of Brimbank properties varied from $310k - $356k, 4bed., land area 336 -456. Very impressed with area. Airport within 10km, Sunshine Public Golf Course 0.5km, schools, TAFE, 1.5km - 6km, shops 2.5km - 5km (Myer Megamart), Princes Freeway 4km, Western Ring Highway 2km.
    Looking at purchasing property $310k, land area 336, 4bed,ens,dlug,wir,fam/mls.
    All costs were openly discussed, currently investigating all types of Housing Loans.
    We were very impressed with CWB throughout the weekend, all questions were answered, we tried to do our homework before we went but soon learnt we still had a lot to learn. There were many other prospective interested parties, many already experienced in rental properties there knowledge also helped us.
    We looked at property around our area through Devine, for what CWB can offer including fees is approx. 30k cheaper plus rental return is greater in Melb.
     
  16. MJK

    MJK Well-Known Member

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    Rjsk23,

    Like I said earlier CWB are good to deal with. Yes Brimbank has good access to the airport, freeways, schools etc...
    The area is growing fast. Like I said my only reservation would be the abundance of undeveloped land but if that doen't bother you then....well its up to you.

    I suspect you wouldn't find a new property for 365K closer in (apart from Point Cook so maybe this one suits your requirements.

    Good luck with it.:D

    MJK
     
  17. rjsk23

    rjsk23 Member

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    Location:
    Adelaide
    Finally taking the next step

    Hi! MJK,
    This is a new adventure for us.

    Thank you for your comments, every bit of info has been helpful to us.

    This is certainly a much wiser way of investing in rental properties for us as we currently have 3 established ex-housing trust homes that we rent to family members at very low rent, properties have cost more to upkeep. Purchasing new with good rental returns will help our future retirement goals be achieved.

    All help, guidance, shared information is very much appreciated.