Total Members: 158,551

Jprop

  • Jprop replied to the topic Stuck…need help in the forum Help Needed! 7 years, 2 months ago

    @ethantimor Sorry for the late reply. You may be right. My current strategy was to purchase CF+ IPs but that does limit me in buying more IPs to build my portfolio.

    The IP i have currently is in Narrandera (Regional NSW). It is a Duplex (2 unit) house on a 800+ size land. The thing with this property is that it has a big Shed at the back which…[Read more]

  • Jprop replied to the topic Stuck…need help in the forum Help Needed! 7 years, 3 months ago

    @the-dark-knight, looking at Moree and Wagga.

    @Ethantimor My broker is crutching some numbers for me. :)

    @benny thanks for the information.

    Thanks all for your advice.

    I just want to put my strategy out there to building my portfolio. I think i may need to change it. I am currently purchasing positively geared IPs in regional areas (main…[Read more]

  • Jprop replied to the topic Stuck…need help in the forum Help Needed! 7 years, 3 months ago

    @benny Thanks for the response. That advice will help me make a better decision. Another question, are banks still wanting 20% deposit for IP’s? I was in the same situation when i bought my first IP whether to use 10% deposit to buy two properties but the banks had restrictions on only lending if there was 20% deposit? Talking about IPs in…[Read more]

  • Jprop started the topic Stuck…need help in the forum Help Needed! 7 years, 3 months ago

    Hi all,

    Thanks in advance for your response. Just a bit of background. Goal trying reach that financial freedom by 45 years old currently 31. I owe a unit which i live in currenlty 80% LVR. Purchased my first investment property (regional nsw) 7months ago through company trust structure also 80% lvr and is postively geared. I want to purchase…[Read more]

  • Jprop started the topic Stuck…need help in the forum Help Needed! 7 years, 3 months ago

    Hi all,

    Thanks in advance for your response. Just a bit of background. Goal trying reach that financial freedom by 45 years old currently 31. I owe a unit which i live in currenlty 80% LVR. Purchased my first investment property (regional nsw) 7months ago through company trust structure also 80% lvr and is postively geared. I want to purchase…[Read more]

  • Jprop replied to the topic Saving up for deposit in the forum Help Needed! 8 years, 1 month ago

    Thanks guys for the advice. @Jamie-m, i will contact you regarding this if that’s ok.

    Thanks,
    JP

  • Jprop started the topic Saving up for deposit in the forum Help Needed! 8 years, 1 month ago

    Hi All,

    Just looking for advice for saving up for deposit on an IP. I have money saved that in the that i can use for a deposit to invest. Now, i also have a car loan which i could pay off but most of my savings will be gone if i do this option. I will need to save up again for the deposit (Takes longer to purchase). I’ve been searching for IP’s…[Read more]

  • Jprop replied to the topic Banks lending for Regional NSW in the forum Finance 8 years, 2 months ago

    Thanks DK and Hank for the advise. I will be purchasing the property under Company Name As Trustee for Trust. It will not be under my name.

    Will see what happens but i will let my broker know that i’d don’t prefer that as an option.

    Thanks,
    JT

  • Jprop replied to the topic Banks lending for Regional NSW in the forum Finance 8 years, 2 months ago

    Hi DK,

    Not quiet there but in the Riverina Region. I would want cash flow in my pocket to put back in the loan and invest. If this is the case SMSF is not the right option?

    Thanks,
    JT

  • Jprop replied to the topic Banks lending for Regional NSW in the forum Finance 8 years, 2 months ago

    Hi All,

    So i asked my broker if the bank refuses to provide the loan, what are the options? This is the answer he provided below:

    “Go to another lender that does SMFS loans that accept the security and the LVR”

    Is this the option you would take as well?

    I don’t really know how SMFS loans work but how my structure is set up is…[Read more]

  • Jprop replied to the topic Banks lending for Regional NSW in the forum Finance 8 years, 2 months ago

    Thanks Hank and Richard. Richard i’ve sent you an email of the post codes.

    thanks,
    JT

  • Jprop replied to the topic Banks lending for Regional NSW in the forum Finance 8 years, 2 months ago

    Thanks Corey for the response. I might see how he goes and contact you if i don’t get the results.

    Thanks,
    JT

  • Jprop started the topic Banks lending for Regional NSW in the forum Finance 8 years, 2 months ago

    Hi All,

    Thanks in advance for the advice. I’ve been told by my broker that there are some places the banks categories as Category 1, 2 etc and there are banks that won’t lend investors if it’s in Category 1.

    I’m looking at purchasing 2 investment properties which are in regional NSW and looking at a 10% deposit for each. Has any been declined…[Read more]

  • Jprop replied to the topic Need advice in the forum Help Needed! 8 years, 2 months ago

    Thanks DK and Jacqui. I decided to walk away from this deal. The risk for me is too high. Thanks everyone for you’re advice. Didn’t go through but good experience. Now i will be looking at option 2 and keep looking at what’s in the market.

    Thanks,
    JT

  • Jprop replied to the topic Need advice in the forum Help Needed! 8 years, 2 months ago

    Hi All,

    Could i get another advice, the sewage mains run underneath the property 1. I’ve spoken with my solicitor and said this may be a problem if you want to develop and it will be hard to sell in the future. Now, i don’t want to develop but i do want to sell maybe later on. So question is, has any have any experience with this and if you have…[Read more]

  • Jprop replied to the topic Need advice in the forum Help Needed! 8 years, 2 months ago

    Wow. I didn’t expect so many responses! That’s awesome. Thanks everyone. The properties are in regional NSW close to a major city. Have low vacancy rates etc. and have down research on the area and i think it is a place good for investing as a newbie. Both Freestanding houses. I am buying and holding for now and see how we go. Purchase price is…[Read more]

  • Jprop replied to the topic Need advice in the forum Help Needed! 8 years, 3 months ago

    You’re right. It is pretty hard to save for 20% deposit so i may need to adjust my goal for 2 in year 1. As for the investment properties, the locations of the 2 properties are all regional NSW so annual growth is not as high. I may consider looking at borrowing 90% instead of 80% to reach my goal but well have to see with this first purchase. I’m…[Read more]

  • Jprop replied to the topic Need advice in the forum Help Needed! 8 years, 3 months ago

    Thanks for the response DK. I was leaning towards the first option as well. I do want to build a large portfolio but since i’m still a newbie at property investing and i wanted to play it safe which is to keep the deposit at 20% of every property i buy. I was speaking to my broker and he did suggest to borrow 90% and purchase another IP but doing…[Read more]

  • Jprop started the topic Need advice in the forum Help Needed! 8 years, 3 months ago

    Hi All,

    I’m new to this forum and i’m new to investing in property. I need some advice on my a first IP purchase. My current situation is that i am ready to purchase my first IP purchase (have pre-approval for the loan and have a 20% deposit) but need help in choosing which one to go for. I have two properties in mine which i have done a lot of…[Read more]

  • Jprop became a registered member 8 years, 3 months ago

Jprop

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