Hi Susan

This looks ok to me – the property type as well.

Can't see why it couldn't be done.

Cheers

Jamie

Hi Susan

What was the loan amount and purchase price of the property?

Was the property an owner occupied purchase or an investment?

Cheers

Jamie

Oh well – best to lose a few hundred on a building/pest inspection then lose thousands on a dud property.

Seems a bit dodgy that problems are already presenting in a new build.

I don't know which lender you're dealing with but you may get away without paying for the val – if it's a major then you should.

Cheers

Jamie

Hi Ichiban

Please tell me you've got a bond from them?

If so, does that cover the rent that they've defaulted on?

Either way, I'd be aiming to get 100% of the bond paid to you.

Cheers

Jamie

Agree with Mick – it's probably too early to warrant a call to the insurance company.

Just make your the PM is being proactive and is following the processes applicable to rentals in your state.

Cheers

Jamie

Terryw wrote:
Is this a coincidence? Two Jamies in a threat with one posting about passing go and the other running a company incorporating 'pass go".

lol – my first thought as well. Very weird coincidence – had to look twice to make sure I didn't start the thread.

Cheers

Jamie 

DWolfe wrote:
Hi all,

You might also want to pick up a copy of Margaret Lomas book '20 Must Ask Questions for Every Property Investor'. it's a good starting point if you have never looked at any property before.

Good point.

That book has good criteria for basing your search around. You don't necessarily have to use all 20 that are…[Read more]

http://www.ato.gov.au/corporate/content.aspx?doc=/content/86191.htm

Not sure if this is the most up-to-date info but gives you an idea of what it's about.

Cheers

Jamie

Yes you can turn your current property into an IP.

You might want to covert the repayments to interest only if you're planning on purchasing another owner occupied home.

It would also be an idea to have the property valued now so you know how much it was worth when it became an investment property. This is important if you ever sell it and are…[Read more]

Hi Jamie B

Jamie M here

The first step is educating yourself – read widely, forums like this are a great free resource full of up to date information. There's also a lot of good books out there. Check out this sticky thread https://www.propertyinvesting.com/forums/community/heads-up/6845

For property data websites, we've compiled a list on our…[Read more]

Hi young j

I can't specifically answer the question but there's a decent list of research websites here that might be of assistance.

Cheers

Jamie

Hiya Mat

Welcome aboard.

Also suss out the management fees associated with the unit – they may eat into the yield.

Cheers

Jamie

Personally, I would look elsewhere – cheap doesn't mean good.

You can get decent yields closer to civilization.

Cheers

Jamie

Hi Jenny

Sounds like a call to a decent finance person might be in order – give Richard who's responded to your post a buzz. He clearly knows his stuff and will be able to assist.

Cheers

Jamie

Refinancing to a more competitive rate is another way.

Cheers

Jamie

pert wrote:

Interest rates are because I am self employed and went for Lo doc.

If your finances are up to date and you qualify for a full doc – it would probably be worthwhile refinancing to a more competitive product.

Cheers

Jamie

Depending on your borrowing capacity you may be able to keep both properties and extract equity to purchase more.

The only immediate issue that springs to mind is your age.

This isn't always an issue – particularly when purchasing investments rather than a PPOR but it needs to be carefully mapped out by your broker/banker when they put the…[Read more]

Sydney.

Cheers

Jamie

Yeah I think the $51k mentioned above was to cover the min deposit plus costs.

Just be careful if taking out a 95% lend above $500k – the LMI will be through the roof and depending on the lender, may not be able to be capped above 97% LVR in total.

Cheers

Jamie

Terry is definitely the man.

But I suspect he may only operate on face to face basis from memory.

Cheers

Jamie