Further to what Tom has mentioned, it will also depend largely on whether you are able to secure finance to do a build. If you cannot, then building is not an option anyway.

Maybe do a bit of a look into that to see if you are eligible for construction finance or not.

A really great post Corie, thanks for sharing !

You don’t necessarily need someone in Tasmania.

Accountants often do their work via email/phone/skype these days so you could choose someone good irrespective of their location.

Solicitor… for what purpose? Property purchase? It might not be the case that a Tassie solicitor you choose would be able to act for you on a purchase in another…[Read more]

Hi AJC

You don’t necessarily need someone located in a specific area. A lot of the accountants do their work via email/phone/skype these days. You want someone good. Doesn’t matter where they are located.

Which state is the property in ? If it is in Vic you might be eligible to do a spousal transfer….

It’s easy. Check the agreement you have with your current property manager as it probably ties you into a minimum term with them.

To move to a new property manager, just select the new one, sign forms with them and they will send their authority to the old manager thereby relieving them of their duty. The new manager would go and collect the…[Read more]

Hi Keren

A broker that is clever from the perspective of assembling a portfolio would assist you with restructuring for no charge.

Note that my comment is about restructuring of loans as opposed to “structuring” though.

Hi Keren

A broker that is clever from the perspective of assembling a portfolio would assist you with restructuring for no charge.

Note that my comment is about restructing of loans as opposed to “structuring” though.

Hi Keren

A broker that is clever from the perspective of assembling a portfolio would assist you with restructuring for no charge.

It depends on the company. More often than not, no the director/owner of the Real Estate firm offering you property management services would not be involved in the day-to-day management and supervision of the property management operations. Normally there would be a “Property Management Supervisor” or equivalent recruited into this role, and…[Read more]

There is no hard and fast rule.

Keep in mind that you may see things in the condition of the property (or in fact smell things such as mould or damp) that the advertising photos do not reveal. This would have an impact on the amount you are prepared to offer for the property, as well as your terms.

In some cases the offer is legally binding, so…[Read more]

Splendid. You’re “getting it”. If you can keep that focus of steel you can step closer and closer to your goals. Don’t let unnecessary noise distract you. Stick to facts and your knowledge and keep moving forward.

Another thing to think very carefully about is rental yield. A property priced at $550k would need to fetch a huge weekly rent to stand on its own two feet. It would be worrying if the ability of the SMSF to service the mortgage on this property relied on you working and thus having your superannuation contributions from your wages dripping into…[Read more]

Hi Peter

I am assuming you have someone advising you in some regard, since you already have a SMSF setup with a loan pre-approval.

Some prudent things to ponder would be:

Does the SMSF have corporate trustee or personal trustees? There are many pros for corporate trustee and many cons for personal trustees.

Are there other members in the SMSF…[Read more]

I would be concerned if the agency was encouraging of 6mth leases rather than longer leases, because it costs you big time as you are learning.

No worries. You said in your original post you weren’t using your new knowledge, but you are. All these topics all put together to achieve the outcome of reducing your overheads:

– Refinancing
– Equity Release
– Converting to interest only
– Usage of an offset account
– Debt consolidation to remove loans on higher interest rates
– Eliminating…[Read more]

I’m going to address the most concerning question here: whether or not your lender will finance this purchase. If not it becomes a matter of losing the deposit and possibly being sued.

For the moment, all energy should probably be put into determining how to finance this purchase if the bank says no. Then worry about everything else after…[Read more]

Hi Sal

Agents will often specialize either in particular areas, and/or particular types of acquisitions (eg cashflow position properties, renovation properties etc.) If you are able to comment on whether you are leaning towards particular options it’d be worth mentioning so that folks can recommend appropriate operators for you:)

That’s it. One logic step at a time. And yes we’d love to hear how you go. Check back in and let us know. Chances are your situation will be similar to other people and this thread will become a useful resource for other people :)

Glad you feel you got the help you need and are on the right track :)

Hi Jo

Yes assuming your mortgage broker his good at his/her job, and assuming there is some equity in your property (ie assuming the bank valuer puts figure on its value that is similar to what you believe the property is now worth), then the broker should be able to refinance the house to assist you in payout out the car loan.

Ask your broker…[Read more]