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$100,000 equity to play with but hubby says WAIT!

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  • #31
    Originally posted by MarniH View Post
    Well, I guess time will tell, and one of two things will happen. I'll either be dancing on the ceiling or running away with my tail between my legs....Either way there's really only one thing I can say....WHAT A RIDE!!!!!
    Firstly, well done on what at this time looks like a fantastic deal.

    Secondly, the ride you have stated, it becomes really really really addictive.

    I look forward to hearing the conclusion to this story.
    Scott Miller - Mortgage Broker
    Ph: 03 980 4541 M: 021 34 36 48
    AMS's website My email

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    • #32
      Thanks Scoob. I hope that we will have many more chats, a few meetings and a great relationship in the future. You seem to be the kind of guy I want on my team! Have a great Christmas.

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      • #33
        RISK - a matrix of probability and impact. The trick with risk is the correct assessment - you need to realistically (without emotion) evaluate the probability and impact of the purchase. WHAT A RIDE - emotional! Eye wide open is needed.

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        • #34
          Hi Wayne

          You and a few others on here make some pretty wild judgements knowing only 1/4 of the facts.

          I have now discussed this with someone in the know in full and they are fully behind me.

          I may be new to the forum, but this is now my third property, so maybe I know a little bit??

          How many properties do you own?

          Regards

          Marni

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          • #35
            Hi Marni - You asked for help (post 1 above " Any or all advice is welcomed") and a few of us have asked questions as a way of helping. I thik that's pretty helpful rather than jumping to conclusions when we don't have all the facts. What's so negative about that?

            If you have got a great bargain then fantastic and congratulations. Hope we get to hear more details about it soon.

            Gerrard

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            • #36
              I hope this deal is really good for you but I wouldn't place too much weight on a government valuation. The government valuation for my current home came out just after I bought it. In this case the GV was 52% higher than the price I just paid. A registered valuation is far safer document in which to place your trust.
              Julian
              Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!

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              • #37
                Originally posted by MarniH View Post
                You and a few others on here make some pretty wild judgements knowing only 1/4 of the facts.

                I have now discussed this with someone in the know in full and they are fully behind me.

                I may be new to the forum, but this is now my third property, so maybe I know a little bit??

                How many properties do you own?

                Regards

                Marni
                Marni,
                sorry but I only own 6. I never made any judgements only comments. One of the great things about this forum is the wide range of comments - for and against. It is up to you to judge as you wish. I don't see the point of asking a question if you don't want to listen to the answer. After listening it is up to you to filter that information as you wish.

                Good luck

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                • #38
                  Well summed up Wayne.
                  "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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                  • #39
                    ^ what Wayne said


                    <thumbs up>

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                    • #40
                      Hi Marni,
                      at face value this sounds like a hell of a good deal, I will reserve any furthur comment until I hear full details which I trust you will share with us in due course.
                      However in order to calm my restless mind will you please answer one question.If you were to express your $100k under GV as a &#37; of said GV what would that be?
                      In the meantime may it all go well for you.Merry Christmas.
                      Regards Roberto
                      He who laughs last......is the slowest thinker.

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                      • #41
                        I'm perplexed.

                        If it (whatever it was) was such a good deal, and it was
                        not your first, why was hubby so averse?

                        Fingers crossed that it's as good as it seems, on paper.
                        Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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                        • #42
                          Hi All

                          Hope you had a good Christmas. I am fine with your comments, I can understand that maybe you are just making sure I can see all the pitfalls that may crop up.

                          As for the person who commented that I asked for help. I asked for help as far as what everyone else was doing? Sitting or buying up large.

                          Anyway, all will reveal itself on the 14th when I go to Christchurch to take a look at what I've got. I have a registered valuer as well as the real estate agent meeting me at the property, and then I am having lunch with my mortgage broker and trusted ally so I can go over everything with him. Then I will make my final decision.

                          I do take on what you guys say, after all, we are all in the same game and all have different experiences to bring to the table.

                          Let's hope it does work out and if it doesn't, there will be another one waiting for me around the corner, this I am positive of!

                          Merry Christmas and Happy new year to all!

                          Cheers

                          Marni

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                          • #43
                            Hi!
                            * Stick to residential until you're more experienced.
                            * Start looking now and buy in about a year or so, when the local papers start screaming: "Price reduced", "Urgent Sale" "Must sell now" etc. and all your friends are saying that property investment is no good! DON'T BUY NOW or you will see all the bargains rushing past you on their way down!
                            * Stick with an area you know, in Christchurch. Don't waste time and petrol tripping around to properties on the opposites sides of town. Who really know what the next hot suburb will be, and time is money. Plenty of time to diversify in area and type later.
                            * Don't buy in the country. Takes too long to sell if you need to.
                            * For now, stay with 3 bedroom houses with potential for improvement such as add bedroom, deck, patio, carport, concrete car pad, re-landscape, subdivide in future, etc. Families always need homes, and you can't go wrong with a nicely presented house. Always saleable.
                            * Take a sober, hardworking approach to your investments, and treat your tenants as well as you can possibly afford.
                            Good luck.

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                            • #44
                              Thanks Chase!

                              Have followed some of your advice, but not others. Already bought the house in the country, but that's for us! We are sticking to residential and gaining experience. As for tripping to the other side of town, kind of have to trip to a town to do this, but have chosen Christchurch and will only make the trip once a month or so.

                              Off in a fortnight

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                              • #45
                                Hi
                                Many thanks for your reply. We oldies only make suggestions because we want to help others avoid the mistakes we made so blindly and optimistically!! Some short, simple remark may represent the distillation of several years of bitter experience which we wish we'd never had! I've certainly learned the hard way about how long it can take to sell a country property, but then it all depends on many factors. As for one's home, one needn't apply the narrow rules of property investing, because you're buying for a different purpose.

                                Anyway, best of luck. I still think hubby is pretty much right!
                                Chase P

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