Thanks Richard. I knew you'd get it right eventually

Three stories…I bought a three bedroom house in Edgewater near Maribyrnong in April last year for $331,000. Did a $2000 reno (patching up cracks on walls, ripping out carpet and polishing the existing floorboards, agents came along and valued it at $550kPrevious to this though, I bought a double storey house with a coin-laundry in the front.…[Read more]

What do you blokes think of the 3.99% from FirstMac?? Ever gone near it?

Consider fixing for 1 year at about 5.5 – 5.6% and when the fixed period expires you may find yourself in a lower interest rate period so then you can fix it for longer.Current variable rate for commercial is around 8% so it just depends how far you think the variable rate will go down by (if it will go down).

Interesting to see both entirely valid arguments and I would say you both have acceptable reasoning.Nevertheless, I think i would have to agree with Terry on keeping all loans interest only, as my focus would be to purchase properties in locations that will appreciate in value regardless of what is happening in the market.

It depends how you get paid – If you can substantiate your income via 2 pay slips (and a group certificate if possible) this will qualify as a full-doc loan. Otherwise if you are a subcontractor running your own business, you may have to get a lo-doc loan.Low doc loans are generally for business owners who may not be up to date with their…[Read more]

One further tip, probably avoid telling them what your budget is. Just tell them "if the price is right, I will buy it" because he will try to squeeze more out of you.It sounds like total BS that he is selling it for no commission. Agent's authority agreements can vary, and just as an example, sometimes they might have a target price of $2…[Read more]

Agree with Terry. He wasn't your client at the time he purchased was he? I will say that the asset protection theory is a myth, because the bank can sue you to chase your assets even if they don't have a mortgage on it. It just removes an additional step in the process of them getting their money back. Say you have a portfolio that mixes…[Read more]

When you download the form it does say something like if you have owned a residential property, even if you have not lived in it, you will not be able to get the grant. It would be different say, if you've owned commercial property.Might be worth giving it a go in any event; they can only say no?

Just go see a solicitor – in Victoria you can transfer assets from husband to wife or vice versa and make gifts out of "love and affection". I imagine it would be the same in Tassie but not 100% sure.Good luck.

My personal philosophy is anything that looks a bit suspicious isn' t worth investing in.80% is based on the numbers and analysis. 20% on gut feel. Everything needs to stack up 100% for me to push the button on it. There's plenty of ways to make money in this world with less risk!Hany

Go and see a good property lawyer who knows how to structure these things. Back in my real estate days we sold a vacant warehouse to a national retailer, entered into a $1 lease so it would be sold as a going concern, and the lawyers created something like a put option at the same time as a call option. When the respective options were exercised,…[Read more]

Hi Sienna and Clare,I can provide much more sophisticated reports and will provide them free of charge. You will be able to see a 6 month history of past sales, in addition to this, you will be able to see how much the property was originally listed for, and how long it was on the market, in addition to basic details like number of bedrooms and…[Read more]

Hey RL,The commercial lenders will generally offer around 65-75%. They used to be a bit better but this week some of the major lenders have tightened their commercial credit policy and these guys will now only fund you up to 65%.At least two other lenders are currently offering very competitive rates for commercial loans: we're talking below 6…[Read more]

Kev,You've made the right move into property! Get a mentor who knows how to invest properly though, which can come in the form of reading many books, or talking to the right people, which is how those books are written. I was a huge champion of investing in real estate ever since I was in high school and I was fortunate enough to have my parents…[Read more]

I second and third the above statements. A quick footnote though, some lenders like ANZ have a policy that you have to know your client and meet with your client face to face. I'm not sure if this differs in other states? Who knows what the future will hold with webcam chats and whatever else though?lukentel – I don't believe there's anything…[Read more]

I've heard of sports arbitrage betting as well and it's been around for a couple of years. I probably first heard about it in 2005. In theory, I suppose it is no different selling shares or forward contracts and using futures as a hedge? Anyway, I know a guy who is using it and he tells me he's making some money out of it. I don't think it is 5%…[Read more]

You're not wrong there mate! I own a coin laundromat at the front of my house, which is the next best thing!Even better actually, because you don't have the guilt…

crashy wrote:
since Im not renovating houses lately, I thought I might get a job. but having been self employed for the last 11 yrs, working for a boss might not cut it. And if the recession begins to bite, any job might be hard to hold.There are a lot of baby boomers looking to retire, sell their business & walk away over the next few years.…[Read more]

Hey Amal,You can find them online at the Consumer Affairs website athttp://www.consumer.vic.gov.au/CA256902000FE154/Lookup/CAV_Forms_Residential_Tenancy/$file/TenancyAgreement.pdfJust make sure before you rent it out that you do a full condition report on the property that is signed by both parties. Good luck.