I recently got my own valuation, and three lenders all refused to look at the valuation even though they were on the panel of each one. I basically wasted my money as the lenders insisted on doing their own anyway?

HHH

For newbies they are an awesome resource of information. I only own one IP so I don’t as yet have a lot to offer myself but hopefully in the near future I will also be able to help some of the newer people.

I wouldn’t get discouraged…[Read more]

I reckon that really stinks.
I too was suspicious when they posted on somersoft and here.

They come in here selling their services, praying on the trust of the good people on this forum.

Well, looks like things turned out for the best, as they have just shot themselves in the foot.

Who knows, I might tell my friends about these…[Read more]

I know that second thought is something I would pay a lot more than $1000…[Read more]

Why will this be the last 100?

HHH

I will offer some comments as I have just done this myself.

The main factor will be the type of business. By this I mean either a freehold where you are purchasing the business and the property/building where the business is located, or…[Read more]

I will be shortly making the move into wrapping and would like comparisons between Steve’s and Ricks’ wrap packs.

Cheers[biggrin]

HHH

thanks for the reply. Unfortunately, i am committed to these lenders now.. which is a bugger, I was looking at St George, but they would not accept a valuation I got myself. They wanted to do their own…[blink]

I posted to another thread, do you know how I go about trying to get some of that LMI back? The other thread was talking…[Read more]

My first problem was they undervalued my IP by about 30-40K. They gave me a val of 190K where smilar properties are on the market for 220-230K.

Secondly, due to the low valuation, I had to go to a 90% LVR. That is not all, now they are making me pay the LMI up…[Read more]

they are citibank and Bank of Queensland.

My broker said ALL banks are doing this now!!

I really want to name these brokers as they have screwed my around like you would not believe.

HHH

If that is the case then cool, I would not have thought so as the money could be gone tomorrow, where as “real” equity in a home is not that easy to “lose” – the lenders risk would be increased if they treated the cash sitting in an offset account as equity.

It seems different to me than savings…[Read more]

if you have cash sitting in an offset account, will lenders consider this as equity? or will they only look at the principal you have paid?

thanks[biggrin]

HHH

I am too having issues with valuers.

I estimated my PPOR to be worth 330K (and I thought conservative) but it came in at 295K.

I am trying with a different lender, but this time I went an organised my own valuation from a well respected valuer on the bank’s panel.

This new lender is refusing my valuation, despite them being on their…[Read more]

I am a fan, so will give some serious thought over the weekend.

I have a feeling I won’t learn a great deal more than what I have already picked up from his books, however I am sure it will be an enjoyable time and great to hear the man in person.

HHH

I will check them out!

thanks for you help.

Dan

HHH

If one’s aim is to pay down their PPOR, then having in an offset account is perfect. It is the same as paying of actual repayments, but it allows you to take it with you should you decide to move onto bigger and better things and make the PPOR into an IP.

Also as…[Read more]

HHH

Thanks heaps for your reply. I actually read another answer you just gave on another thread, along similar lines.

You have confirmed my thinking.

Very much appreciated.

[rolleyesanim]

HHH

Credit Card would be no good as I want to use the LOC for investment deposits/costs etc, and so I don’t expect to be able to pay them off in any short time period.

I only want to start with a small LOC as it is non deductible and has a little higher interest rate – plus it always…[Read more]

Could you please explain more on how you have it setup? I just can’t for the life of me work out if a LOC or an offset would be better. There are pros and cons to both.

I understand only the redraws would be tax deductible, but a deposit on an IP is certainly a large redraw!

How could I achieve the same with an offset account.…[Read more]

I was convinced an offset account on an IO PPOR loan was the way to go for me.

However, please consider this example.

PPOR IO loan 300K with 100% offset.
All income (wages, rental etc) are placed into the offset reducing interest on PPOR. I then redraw funds for living and business…[Read more]

Anway, I am ready to give it my best shot.

That 12 month membership is extra again – about $4,000 I think – they only allow 50 members at any one time. You have to wait for people to go out on their own. He says people are normally experienced after a short time with the group where they don’t need them…[Read more]

I went to his introduction seminar and he is pro +cf properties and has some real good ideas. Sort of like an Aussie version of Rich Dad I guess, but I am not sure of his wealth. He claims to have built his…[Read more]

I hope one day I can help you once I gain more knowledge.[^]

Dan

I guess I need to keep thinking, I will let you know if we come up with anything.[]

Dan

on point 1.

I have a PPOR which I am refinancing to gain access to approx 30K in equity.
I also have an IP which I am refinancing to free up approx 70K of equity.
The 100K total equity is going to be for purchasing my first business. I was just hoping to see if anyone had any ideas on how I could more wisely my situation to maybe pickup…[Read more]

I like the way you think![^]

You help is very much appreciated.

Dan

I really do believe our home was undervalued.

Can you give my an idea of what your valuation checklist/kit includes and what format it is in, so I don’t get caught out again.

thanks again[]

Dan

Us newbies really appreciate all the advise of you experts. Thanks Heaps.[^]

Dan

I was also under the impress Trusts were used for tax savings, however I guess they are really only for asset protection?

Also, if people are recommending to have a company the beneficiary of a trust, I assume again for tax savings, how are your assets protected if the business my company owns is…[Read more]

I have an IP that was my original PPOR. There is a lot of equity in the IP that I want to “transfer” to my new PPOR. I have not been able to think of how to do this. The original post hinted this was possible.

So how can I do this?[]

Dan

thanks

Dan

You will be creating a new loan on the amount you draw from the IP. The purpose of this loan is for your PPOR so non deductible.

However if the money was in offset you would be OK as you are not touching the original loan.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425…[Read more]

Man I am sure confused. I am relatively new to this site, and am a huge fan of Steve’s book “0 to 130 properties..” and was convinced that positive cashflow properties was the way to go. HOWEVER, what you all have been saying makes a lot of sense.

Are you all saying you disagree with Steve’s book? and if so, how can we all earn a…[Read more]

I have taken Jarrod up on his offer.

Us newbies really appreciate all the help offered on this site.

Dan