Hi Scott,
  Welcome, and well done for asking the question.   A major part of "due diligence" is in asking questions and finding answers to questions that are "hidden" or not usually outlined during the purchase of a property.   i.e. Looking for the exit even before you buy, financing the deal, gathering input for a SWOT analysis, Council codes,…[Read more]

Hi Kurt,

Quote:
1) renovating before tenants move in as this way I could charge more rent and benefit from Depreciation on the reno's earlier 

The numbers will tell you. e.g. if you can spend $2000 or so, and it lifts the rent by just $10 a week, then you are receiving a 25% pa return on your money.  It also (may) lift the value of the unit for…[Read more]

Hi Logan,
  You said you were wanting to get into property developing….   That would apply mostly to houses then, wouldn't it?  Knocking them down to build new, or reno the house and split the block, etc.   So the way to go seems clear – go into houses, yeah?  

  Perhaps start by cruising through the posts in this…[Read more]

Hi again,
  Well, I am gobsmacked !!!   I just did a quick cruise thru units for sale on the Gold Coast, and the results stunned me.   Of course, there are some "top of a tower" apartments in the $millions, but many small-block 2/2 units that were in the mid-high $2's.  Sheesh, any unit in East Brisbane is now way higher than in Surfers?????  Who…[Read more]

Hi CH,
 

Quote:
I've done enough reading to know there has to be some sort of option out there, surely?

  I think you have already tried one option by posting.  Good start – who knows who might have an answer for you.  Right off, I'd say "Don't be in a rush" but at the same time, if that is a goal that you think may be possible, then work back…[Read more]

Hi John,
  A broker would be better placed to advise you of the current scenario with different banks.   Certainly though, there are many benefits of being able to borrow over 100%.  And there are ways to do that too, depending on each investor's situation.  

  You seem to have "what it takes" in my eyes (based on your input), but others would be…[Read more]

Hi John,

Quote:
Also does this mean when i go to purchase my next property ill not only need to save up for the 10% deposit, but ill also have to save up to pay the full stamp duty amount?

  No, you'll probably borrow 105% ( the extra being to cover such costs).   Assuming of course that your future goals include "growing your RE portfolio".  …

Quote:
e.g for MELB in eastern suburbs always had more capital growth than western side

  The East has a lot going for it particularly on the Eastern Seaboard of Australia. 
 1.  If travelling to or from work, the Sun is NOT in your eyes (assuming you work a 9 – 5 work-day.).
 2.  You are automatically going to be nearer the Coast with its…[Read more]

Hi Sampson,

Quote:
my mother thinks the brick one for location and thinks the newer house will go up in value a lot more than the older one. What do you think about this? The newer house is bigger too…will a 90 year old house still go up in value compared to the newer Brick home?

  Typically, buildings devalue while land appreciates – at…[Read more]

Hi Sampson,
  Just a few thoughts that may help you choose…..

  I feel the older home has a few advantages over the brick home :-
     1.  Closer to the university (question – will students pay an extra $5 to $10 a week to save a bit of time?)
     2.  "Recently renovated" (read – could be some useful Depreciation $$ just waiting to be picked…[Read more]

Hi Matt,

Qlds007 wrote:
Maybe i am slightly biased but i would always suggest using a Broker

  As one who is not a Mortgage Broker, let me say that I have found it to be a very good move to involve one. 

  As Richard says, a bank will not tell you that your circumstances would be better suited by another bank's product.   A Mortgage Broker is…[Read more]

Hi GL,
  You appear to have started three threads on the same topic.    I'd suggest you respond to this one (since you have had a response from Jamie) and leave the others to a Moderator to delete.  

Benny

Hi Christine,
  While talking to your Banker, do check out the "break cost" of any/all of your Fixed Loans.  Depending on what Interest you have locked in, and the lending rates today, you may be up for a huge cost, or nothing at all.   I would think right now, the break costs would be huge.   As I understand it, if they can finalise your Fixed…[Read more]

Hi Manolo,
   I was about to say "Welcome to the forum", but I see you have actually been around awhile !!   So, well done on your first post.  

  You've posted a fairly complete scenario, so I wanted to swing by and add a few thoughts as an outsider.  (Note that I am not an adviser of any kind, but others who follow often are – do listen to them…[Read more]