23 yo property enthusiast

Discussion in 'Introductions' started by Rickmuz, 31st Oct, 2016.

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  1. drg86

    drg86 Well-Known Member

    Joined:
    25th Jun, 2015
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    436
    Location:
    Forster NSW
    Our Newy properties are Waratah West, Jesmond and Birmingham Gardens. So much the same area as you.
     
    drg86, 2nd Nov, 2016
    #21
  2. Rickmuz

    Rickmuz Member

    Joined:
    10th Jul, 2016
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    Location:
    Newcastle
    Nice all investment? good returns around those areas the last few years. I wish I was in for another place 6 months ago o_O
     
    Rickmuz, 2nd Nov, 2016
    #22
  3. tomlemke

    tomlemke Well-Known Member

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    tomlemke, 2nd Nov, 2016
    #23
  4. MichaelMik

    MichaelMik Well-Known Member

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    18th Jun, 2015
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    Location:
    Bahamas
    We should call u skitz muz instead. Bit more appropriate eh mun ;)
     
    MichaelMik, 2nd Nov, 2016
    #24
  5. Rickmuz

    Rickmuz Member

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    10th Jul, 2016
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    Location:
    Newcastle
    @tomlemke thanks mate. Given your profession you are in the box seat for an update on the Newcastle market! What are your thoughts?
     
    Rickmuz, 3rd Nov, 2016
    #25
    tomlemke likes this.
  6. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
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    Location:
    Newcastle
    Inner city is on fire still, anything west of Mayfield west seems to of cooled off.

    Front page of todays Newcastle Herald.
    Hunter property prices reach new heights


    Fletcher / Cameron park / Maryland- I have noticed a huge drop in numbers at opens,
    days on market seems to be growing. Could just be this time of year.

    @Rickmuz
     
    tomlemke, 4th Nov, 2016
    #26
  7. Rickmuz

    Rickmuz Member

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    10th Jul, 2016
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    Location:
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    Yeah I find it hard to see appeal around Cameron park for a PPoR, no transport and just waiting for a bad bush fire to burn you out. Do you see any value in Shortland area, plenty of unit construction under way might be a good spot to buy a place on bigger land and hold with a view to develop. @tomlemke
     
    Rickmuz, 7th Nov, 2016
    #27
  8. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
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    Location:
    Newcastle
    Nar I don't see any value their at all, for a similar price you would pay for a site at Shortland. I would be buying something decent in Mayfield. @Rickmuz
     
    tomlemke, 7th Nov, 2016
    #28
  9. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

    Joined:
    12th Jul, 2015
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    Location:
    Melbourne, Australia
    Beware of joint loans, they can really hurt your serviceability when you go to buy again, as the banks will deem you to own only part of the rental income but the responsibility of the entire loan ( if your partner doesn't pay their share the bank will expect you to cover it ). This is known as jointly and severally responsible for the loan.
     
    JacM, 8th Nov, 2016
    #29
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  10. Rickmuz

    Rickmuz Member

    Joined:
    10th Jul, 2016
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    Location:
    Newcastle
    Thanks for the info I will have to work out if there is any other options, does this still become an issue if further loans would be jointly held also?
     
    Rickmuz, 8th Nov, 2016
    #30
  11. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

    Joined:
    12th Jul, 2015
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    Location:
    Melbourne, Australia
    Yes it will become more of a problem very quickly. Chat to one of the mortgage brokers on the forums to better understand this and have them sort your finances out for you.
     
    JacM, 9th Nov, 2016
    #31
  12. Bryan Loughnan

    Bryan Loughnan Well-Known Member

    Joined:
    20th Jul, 2015
    Posts:
    135
    Location:
    Brisbane
    W
    Welcome Rick! Congrats on taking such huge steps in securing your financial freedom at such a young age!
     
    Bryan Loughnan, 9th Nov, 2016
    #32
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