Hi Jay

As Jamie said, steer clear of organising an independent valuation as you will appear too keen.  Also you will have to pay for the valuation.  The bank will conduct a valuation in the early stages of the financing process.  If it doesn't stack up they will soon tell you… and you could go back to the vendor and say well finance fell over…[Read more]

Hi Jay

Following on from what Jamie said, like in any professional, quality will vary, as will what's included in the service.

There are all sorts of reasons people might use a Buyer's Agent.  The reasons include:

– Lack of confidence in negotiating
– Lack of time to conduct due diligence on suburbs and properties
– The desire to purchase in an…[Read more]

The topic of buying a duplex with FHOG was discussed here;

https://www.propertyinvesting.com/forums/property-investing/help-needed/4338885

Not sure if the rule would be different if you were "building" rather than "buying existing property"

Attached dwellings are dwellings that share a wall.  So it is saying that if your land is 600m2 or more, you could build say a duplex.

Detatched dwellings are dwellings that do not share any walls.  So it is saying that if your land is 800m2 or more, you could build two separate houses/dwellings.

If you wanted one house plus a duplex, I would…[Read more]

I am constantly puzzled by the perception that properties with good yields are only found in the middle of nowhere.  I find them in great locations every single week.  Define your end goal and ensure you are acquiring properties that fit the goal.  It's amazing how quickly even one negatively geared property can be to the growth of your…[Read more]

Hi Jen

Richard Taylor is most likely to be able to point you in the right direction.  I'll ping him an email and have him respond to your thread.

Hi James

Best to use one of the brokers that have already responded to you in this thread to arrange your finance to ensure it is done properly.  All too often we see people coming on here getting answers from those in the know and then trying to relay the knowledge to an inferior local broker.  Makes no sense at all to do that.

Hi Cat

Surround yourself with a team of people that have already achieved thru property what you want to achieve.  Couple of great brokers have already pitched in on this thread.  Do yourself a favor and ask one of them to do your mortgage broking for you.  

Why would you use some random broker in Melbourne and try to explain to him the great information that two brokers have already given you in this thread?  Makes much more sense to use Richard or Jamie as your broker.  Most broking work happens via email and phone these days, so you have luxury of using a great broker regardless of where they are…[Read more]

Be careful with Property Insurance Plus – when I last spoke to them the flood coverage wasn't great.

I have also found that Terri Scheer quotes are astronomical compared to other insurers. 

Hi Dave

I'll assume you have factored in CGT.  If you hold a property for more than 12mths before selling it, there is a 50% discount on the CGT.  Have you trialled your numbers on holding the property for a year before selling it?  Up to you whether you renovate at the start or at the end of the 12mths.

Hi Claire

Please tell me you are not referring to a SMSF acquistion that is not yet settled let alone unconditional?

Can't say the ATO would consider it responsible use of a SMSF's monies paying for repairs or improvements on a property that has not yet settled (and worse, not even unconditional).  Careful, if you do something the ATO does not…[Read more]

Hi Joe – I'm pretty sure it's an SMSF acquisition – I've spoken to Claire previously

Pay it off?  Blasphemy.    Much better to split your available funds into multiple piles to acquire multiple properties. 

Keep in mind you cannot live in more than one property at once.  So in this regard, the properties need to make sense as investment properties rather than places you wish to reside.

Breece is your man

https://www.propertyinvesting.com/user/breece

Second vote for Richard Taylor

https://www.propertyinvesting.com/user/qlds007

Why is all your money tied up in another IP?  What is the outstanding debt, and current market vallue of that property?  I am wondering if it is worth refinancing that property to pull out some equity you see.

Hi Simon

Yes, the point of an offset is to save mortgage interest while the money is in there, but be able to withdraw the money whenever you want to either fund the next IP, or fund an acquisition of a property for you to live in, or whatever.  It's not a redraw when you take money out of an offset.  Just a regular withdrawl.

Hi again Simon

I'm a bit of a numbers nerd so I'll clarify if you like.  A $400k property growing at 10% per year over 20 years would give you a total of $1,629,681 more equity after 20 years than a property of the same pricetag growing at 5%.  $1,629,681 divided by 20 is equal to $81,404.  However you must understand that the forecasted growth…[Read more]