There is already one available, its been out for a few months now.

Scott,

You’ll probably find that your current loan allows for construction. If not you could refinance to one that does. If you are building more than 4 units, you may have to use a commercial lender though.

Regards
Alistair

Hi Marvin,

I emailed you his contact details. Let me know if you don’t receive it.

Alistair

There are a number of people I have heard of who rent by the room, and one does short term rentals to backpackers. This increases risk (vacancies, damage etc.) but also can increase the returns.

Hi Marvin,

I have a friend who sublets properties on short term leases and does quite well. He approaches the landlords directly and offers them slightly above market rates, rather thn going through letting agents. Perhaps you could try this.

Regards
Alistair

Nathan,

With regard to your second query, if it is Vic, you only need notify the owner of the application. I beleive you may need their written consent in other States.

Regards
Alistair

Stephan,

There are some good loan products that offer 100% finance, but only for PPOR.

Regards
Alistair

Arnold,

Have a look at the relevent planning scheme at http://www.dse.vic.gov.au

Regards
Alistair

Hi Penny,

The actual subdivision does not take a long time, what takes time is the planning process. In most cases you need a planning permit before you are able to subdivide. The length of time for this at least three months if there are no problems and a minimum of 6 months if it ends up going to appeal, and possibly much longer.

If you are…[Read more]

Finance for US properties is difficult, but definately not impossible. 100% LVR is though, you can’t even get that for an IP in Australia

Komari,

Be careful with small country towns. There is always the danger they will lose value, but also many are not acceptable to mortgage insurers and/or the lenders themselves. It would be easy to find youself with no useful equity and so no borrowing capacity.

Regards
Alistair

Terry,

You mean to say you understood this quote.

“PS this is for the short term long”

Choose a lender that does not do valuations themselves, get a valuer from their panel to value it for you and then refinance with them, if you are happy with the valuation. If you employ the valuer yourself you will get the chance to come up with arguments for a higher valuation.

Hi Mark,

If you have any trouble understanding the planning scheme etc pm me and I’d be happy to give you some assistance. This is my area of expertise and I am more than happy to assist fellow forumites.

Regards
Alistair

Hi Mark,

The first thing you need to find out is if it is possible to put more than one dwelling on the block. If you have a look at http://www.dse.vic.gov.au you will be able to see the zones and overlays that affect your property. You will also find the local planning scheme there, for a bit of light reading.

If it is possible to get a permit, you…[Read more]

I have a number of clients that have done very well out of commercial property. My experience with them is that they do a lot of work upfront, in terms of due diligence and ensuring they have tennants before they will spend anything.

In short, it requires more work upfront, more money and more skill, but the potential rewards are certainly…[Read more]

It’s really up to you if you are happy with the return you will get. Personally, I think it is a little low.

Regards
Alistair

There is a book called “A Guide to Property Values” which is available from Information Victoria. If you are interested in Vic prices, this is probably the cheapest source.

Regards
Alistair

Hi Viral,

Surveyors draw up plans of subdivision, so you should find a good surveyor. You may also need planning permission, if you speak to your local council planning officer, they may be able to help you determine this or else contact planning consultant.

Regards
Alistair

Hi Christy,

Information Victoria has a book with median prices for all suburbs in Victoria (houses, units and land seperately) for the last 10 years.

Regards
Alistair