Metropole/Momentum Wealth/Binvested

I am originally from NZ and can get access to equity there if required

 

@fajji Attending these will give you general ideas on being successful in property investing.

It ultimately still falls on you to learn the necessary skills and knowledge to make the right decision. If you're risk averse and want to rely on advisers to take the risk for you, then it's a lot of hoping.

All these companies will have great reviews and great examples of great buys etc, they've done these for years and have bought for clients both through entire cycles, good and bad timing.

Emphasis on timing. Good thing for us is Australia has many markets. A lot of the experienced investors here are clear on the message that Sydney has reached it's peak, Melbourne is a solid constant performer, Brisbane follows Sydney and is on the rise, Perth is on the downturn etc.

If you time it right, then using advisers/ buyers agents to help you quickly locate properties might be a good option. Don't rely on their recommendation of markets etc etc. You should own that decision independently after hearing facts, opinions etc.

I would rather spend time scouring PC and Somersoft. Previous cycles might not be predictors of current/ future trends, but still plenty of knowledge to be gained.

 

I am going to Christchurch at the end of Dec. Will report back some news

 

Read up on the forum and on the predecessor Somersoft Property Forums. Ask questions on here. One size doesn't fit all and only you can answer as you educate yourself more.

 

Haven't used them other than attend a Metropoole Seminar. Fine to use seminars for education and to get you thinking on strategies. Keep your wallet closed though. All the real help you need is here.

 

what is important is to ensure their strategy is sound

educate yourself first, don't take it as a given that what they source is going to perform, homework, homework and then more homework

 

Time to get out of the Sydney market...may have passed =). Time to rebalance the portfolio commenced around June 2015. With the worst hitting in October. In Western Sydney there have been no buyers at opens. Shaky buyers who are not confident about purchasing.

We were speaking with an agent who said that all agents know the handful of buyers in the market. And buyers showed him text messages from other agents where properties in the same complex as this agent's listings, were being offered for a better price.

You'd get 5-10% less than what you would have gotten a month or two ago. It takes agents and sellers longer to re-adjust their expectations. But this shift is quicker with Christmas approaching.

Have to admit, I've been tempted about looking at where the opportunities exist in Sydney. But given what many on the forum have said, there will be PLENTY of opportunities down the track where we are the only buyers at the opens....just like 2009, 2010, 2011 and 2012!

 

Well you have both taken advantage of the Syd market and got the timing right, good for you

 

How many of you use BAs for interstate or even local purchases of IP? Is it recommended? Do BAs get a view at properties not on realestate.com.au website and is it true that most on the website have already been rejected by BAs therefore maybe not worth a buy?

 

Have used a BA once. But after that didn't need to. Not one I'd recommend although we had decent results. But that's because of the way the market has done. I'd suggest speaking to a few on this forum instead..

Recommended if you are time poor it will help. It will also help to learn the ropes.

BA's get properties both off RE website and off market. But that's not to say you cannot buy off market. You only need to build rapport with the agents to access off market deals. BA is a growing industry and hence, no, the deals on the RE website aren't those rejected by BA's.

 

What about buying inter-state? Surely need a BA or is it fly over on your own?

 

1. Use a BA
2. Fly on your own for the day / a few days
3. Buy sight unseen and have trusted networks on the ground who can do the same for you

 

before you fly up , narrow down your field of search .

Work out what type of property you want .

Have 2-3 areas you want to look at .

When we originally went up to Brisbane , we narrowed down our field of search to the strathpine or Logan areas . Spent a day looking at each of them , driving around and looking at properties .

Ended up of deciding Logan .

Bought one of the properties we saw in Logan .

Ended up coming up on several days over the next months and buying more .

Cliff

 

Hi, I'm new on here. I read this thread from the beginning and was wondering if anybody has had done one of the 10 year plans that the buyers agents do for you and what exactly do these plans cover?

 

Stay well away from the master of spin and Metropole. He will ruin your borrowing capacity. I fell for his BS in 2009, wanting to purchase in Sydney, but what they came up with was a top of priced unit with high maintaince, high body corporate fees with small sinking fund crap 3% yield which hasn't increased in Brighton Melbourne. Their broker negotiated a crap expensive loan with BankWest so I didn't sign for that and organized my own loan. At the same time time I bought a positively geared house in Mildura for less than half the price, that is now yielding 12%. I just had both houses valued the house in Mildura has gained 60k, I paid about $10k stamp duty and about 3k for paint and carpet. The Brighton property increased 130k, so a smaller % gain, just last year Metropole replaced some carpet and repainted it cost $ 8 k, yet it is half the size of the Miidura property ?, I also had to pay $11 K for new oven, cook top amd heater. When interest rates where higher it cost me $20k year to hold. The biggest lie Micheal Yardley tells is you just tap into increasing equity but the property he spruiks ruins your borrowing ability. He bangs on about compounding, well opportunity costs and losses can compound into mind blowing figure. The property I had passed up, the type Yardney warns against, for the sake of diversification and to engage Metropole, sold again two years later for a 30% gain and it nets a 7% yield.

 

Curious to know... why are you engaging Metropole for the maintenance?

 

@fajji I just wanted to mention that LOE is not what most people aim for. It is complex and quite risky. @keithj wrote a very comprehensive thread on the risks LOE anyone ?

Most of us here will aim to LOR or sell up and LOP (I just made that up but it's Live Off Profit) but basically LOG

 

If you live off equity the interest will not be tax deductible. But if you live off rents and borrow to pay loans the interest may be deductible.

 

What are the other variables that influence the possibility of it being deductible?

 

See
Tax Tip 16: Capitalising Interest

Tax Tip 24: Capitalising Interest and Non working spouses