[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 12, 2013 - 9:09 am

Written contract with 48 hour expiry is the usual tool at this neck of the woods. 

Corey Batt | Precision Funding
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June 12, 2013 - 6:08 am

Best bet is to get some Val's done. A desktop val (computer generated) may come up substantially higher than expected. 

Which lender won't let you go IO?

Corey Batt | Precision Funding
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June 12, 2013 - 5:51 am

I'd rather pay for results than remunerating for work input.

It encourages faster sales IMHO.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

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June 12, 2013 - 5:50 am

Good stats there Richard.

SA will most likely drop in FHB loan numbers as the grants finalise. 

It is interesting, I do see a lot of clients in the 21-29 demographic with large deposits living at home. There appears to be no great urgency to move out, as the resounding opinion is that they are scared to enter the market, as they have been conditioned to believe the sky is about the fall in with prices, coupled with the usual Today Tonight/'parents advice' saying how difficult/impossible it is to purchase a home.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 6, 2013 - 8:53 am

Kit homes as in transportable homes? Or DIY builds?

Assuming you're talking about transportables, generally valuations come in lower as it's not seen as high quality as brick builds. Lower pool of potential renters, but this can be dependent on location (some areas it is perfectly acceptable to offer a transportable as a standard for the area).

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 6, 2013 - 8:51 am

Never forget good ol' Wikipedia, actually has quite a lot of data on towns/cities/councils/suburbs across Australia. Includes population and economic indicators, infrastructure etc.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

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June 5, 2013 - 11:16 am

Whilst Terry's most might be duplicate, it highlights the very important point raised! 

You will be jointly liable with what ever party you hold with, and will be liable for their portion if things go to mud.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 5, 2013 - 11:13 am

Hey guys,

There's a meet-up on the 24th June, 6:30pm, Seven Stars Hotel on Angas St.

Here's a link:

http://somersoft.com/forums/showthread.php?t=84714&page=3

Hopefully some of you may be able to make it.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 5, 2013 - 11:10 am

http://www.sqmresearch.com.au/free-statistics.php It's free!

Pretty good for vacancy rates.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

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June 5, 2013 - 1:48 am

Mmmm 7.8% based on PP. I would assume the granny flat and house are rented as one property.

I would pass on it just because of the size of the town, but that's me.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 5, 2013 - 1:46 am

Because you enjoy the company there, Jamie!

I have a friend who works as an RE agent in Surfers, when he came down last he was saying how much of a nightmare it has been the last few years. Developers creating MASSIVE oversupply, businesses shutting down everywhere. Doesn't bode well for a good investment opportunity.

Tanner, there are definitely better cash flow opportunities out there without the risks associated with GC and Surfers.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

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June 4, 2013 - 10:11 am

Understandable why JacM wouldn't release suburb info.

BUT…. Some stats would be good. What sort of yields, avg. price of stock and growth potential are we talking here? Metro or regional?

Nothing but a good opportunity for Jacqui to draw some more clients in.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

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June 3, 2013 - 7:11 am

Mixed use, will most likely be a commercial deal.

LVR assume 70%, rate is deal specific but naturally higher than resi rates.

Some lenders don't know what to make of mixed use, as the comm's dept. see residential and want to handball it to resi, whilst resi see commercial and don't want a bar of it.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 3, 2013 - 7:06 am

As Jamie said, its not so much a problem and can be rolled over.

But if a lender won't play ball, there's always another lender who will.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 3, 2013 - 7:01 am

Agent would most likely already be looking to relist. 

I would just take it as any other purchase. If you sense an opportunity, take it as you see it. These things don't always necessarily pan out running on assumptions.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 2, 2013 - 9:41 am

Your buyers advocate and broker aren't a part of the same company by chance?

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 2, 2013 - 7:40 am

I do know of a number of agents who count email offers as tyre-kickers also, just something to consider.

A lot of the older school agents respond well to in person, in writing offers. But there is a large shift from this demographic in the industry.

Corey Batt | Precision Funding
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

June 2, 2013 - 6:25 am

Hi Ryan,

Going on the basis of your options, a couple of things to consider.

If you SELL, you are subject to the conditions of the market and may find what little equity you do have is eroded if you have to accept a lower offer, and after sale costs (agents fees etc) You will then need to pay a new set of entry costs (stamp duty, legals and other govt charges) to re-enter the property market.

If you RENT OUT your PPoR and rent a cheaper property, this indeed can have taxation benefits and potentially assist your situation. Best situation is to rent a property lower than your current INTEREST obligations. You will also be able to claim the interest on your loan & associated costs of holding the property (council rates, maintenance etc).

If you STAY, you will want to reduce your interest obligations and use paid off earned equity to purchase another property.

In any case it sounds like you're currently paying PI payments (Principle & interest), which may not be the best structure to meet your future goals. Switching to IO and placing the extra funds into an offset account will achieve the same result, whilst giving you flexibility with your future plans and give more taxation benefits should you use your PPoR as an investment property in the future.

Which pathway you choose for the future comes down to your personal preference, however I will say that I don't generally believe that selling the only property you have currently is necessarily the best/fastest way to building an investment property portfolio.

Sit down and nut out what your future goals are and work your way back from there. This should give you a reasonable goal for the next 12-18 months and be able to establish a savings plan which can get you your first investment property. I would most likely take the chance at reval'ing your property too, particularly if you're with ANZ, as you may find that a valuation may come back favourably and allow access to equity from day 1.

Hope this helps,

Corey

Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

May 30, 2013 - 9:34 am

Cash flow positive (CF+) properties exist for sure, I invest in them.

Consider however that your yield need to be substantial enough to cover interest, rates, insurance and maintenance among other things, you'll be wanting a yield of 8%+ on purchase price.

Thankfully deals like three year fixed rates under 5% are making it a lot easier to buy neutral/positive properties and let rental growth take you from there.

Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide

[Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010]

May 30, 2013 - 8:48 am

As Jamie mentioned, there is a usual Somersoft meet held in the CBD once a month (usually a Monday night). Check out the forums and get the info on specific date/time/location. It's always good to meet up with new people and find out more about their experiences.

Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone Me

Investment Focused Finance Strategist - servicing Australia-wide