Not sure if they service melb west but try Corio Joinery. They do a great job and are very reasonably priced. You can find them on Google

Hi wood,

You would not have to put in such a large deposit as you can get an 80% lend on smsf residential property.

If it were me I would instead look at a few lower priced properties. Say four $300k properties with $60k deposits.

With such a large startup fund your smsf could look at purchasing one house for cash in exchange for a hefty…[Read more]

Word your lawyer up on the situation.  Perhaps you are liable, perhaps you are not.

Hi wood

I presume you mean $600k each?

A $600k property would need to be fetching around $800 per week in rent for the SMSF to stand on its own two feet… or you'd have to put in very large deposits.

Can I ask how much is in your SMSF at the moment?  Might make it easier to answer the question of what'd be best for you to buy

Hi Jamie B

I too immediately noticed the "Pass Go" thing hehehe.

To be fair, you cannot expect a bank to loan you a bunch of money if you have little or no deposit, and insufficient income.

That said, one of the biggest hurdles people face in property investing is the ideals their own brain has been taught to believe.  You know the drill.  Grow…[Read more]

I agree that Ballarat is also an excellent proposition at the moment.  Perhaps not quite as good as Geelong, but slightly more affordable.  They both have trains to Melbourne and are large regional "cities". 

In terms of proximity to Melbourne, they are similar, though Geelong is definitely closer.

In terms of tourism:

Geelong also has the…[Read more]

Agreed – leave your parents out of it.  They've worked hard all their lives to pay off their home and feel comfortable.  Don't upset their applecart, you'll give them a heartattack from stress.

Tread with great caution. I don’t think it is wise to invest in a town for the first time without going there and using your eyes to see what the situation is. Go to opens, see how many people show up, etc

Hi Troy,

The beauty of acquiring property inside a Smsf is the ability to leverage ( ie borrow money ). You swap your deposit, stamp duty and a few buying costs for a whole house which tenants then pay off for you. You would need to look at properties yielding above 6% for it to work, and you need low vacancy rates and good capital growth. If you…[Read more]

How long has the fence been there?  If you can prove it's been there for the relevant amount of time you could claim the fence now defines the new boundary and the land is yours.  It's the adverse possession law.

http://www.relv.com.au/advposs.asp

Hi Mat

Your plan makes me very nervous.  Always best to have a bit of an emergency fund in case the place needs a repair, or it is vacant for a while.  I'd wait until you had an income stream such as a job if I were in your position.

Hi LC888

Is your mortgage broker rich as a result of investing in property?  If not I'd tread with caution following his/her advice.  You want to take advice from, and copy the actions of, people who have already gained wealth using the exact same vehicle you are trying to use (ie property).

Do you happen to have depreciation schedules on either…[Read more]

Hi Isiah

It is because the act of withdrawing money out of an offset account is not a "borrowing event".  A redraw is indeed a borrowing event.  When you borrow money, even if it is a redraw against an Investment Property, it is the purpose of the borrowings that decides if the interest on the borrowings will be deductible.  So if you "borrow"…[Read more]

I read through the purchase agreement for one of those retirement village dwellings once.  Gobsmacked is an understatement.  A very distressed friend of mine wanted a few savvy friends to read it over as his mum was wanting to sell her home and buy one "for an easier lifestyle" and he was very concerned by the contents of the contract.

Have a…[Read more]

I read through the purchase agreement for one of those retirement village dwellings once.  Gobsmacked is an understatement.  A very distressed friend of mine wanted a few savvy friends to read it over as his mum was wanting to sell her home and buy one "for an easier lifestyle" and he was very concerned by the contents of the contract.

Have a…[Read more]

Check your insurance policy as well.  Generally you will find if you have to make an insurance claim for some reason and the property has been vacant for 60 days or more, an additional excess fee will apply to the claim.  Drop the rent a bit and get a tenant in.  That said, we still haven't established whether you are able to get out of your…[Read more]

Haha! Richard is exaggerating a bit, but I do know the place very well.

The exclusive period is usually finite… so say four months or something, and then you can advise the property manager you are terminating them.  Have you  had a read of your management authority document to check what the situation is?

There's always loads of them on the for sale and rental market.  This means they are not in limited supply.  This means you'll end up having to discount your product to get a tenant or to on-sell the property.  You want your product to be in demand.  Not in an oversupply glut.  Not sure whether it is the available deposit you have that is driving…[Read more]

Hi Craig

Avoid:  Rescom, CJ Keane

Recommend: Whitford, Maxwell Collins

An investor friend of mine uses Ray White Corio and is very happy with them.