Yep good point – keep it all independent. 

The agents only role should be selling you the property.

When you work out who you're going to use for property management in the area, ask them for some recommendations on who to use for some of these services.

Cheers

Jamie

Totally agree with Andrew here.

I would focus on one thing at a time.

Once you've sorted out the settlement – revaluate where you're at, what resources are available and what you want to achieve.

You can still make a start at 50 – I have plenty of clients purchasing their first IP in the over 50 bracket.

Cheers

Jamie 

They get listings, sell property and charge the seller a percentage of the sale price for doing so.

Most of them operate independently – getting listings on their own, under the banner of the franchise that they work for.

Cheers

Jamie

There's no issue with buying sight unseen – providing "someone" else that you can trust is inspecting the property on your behalf.

I'd look into a buyers agent. If you've already sourced the property then perhaps see if they offer a limited service which involves inspecting the property.

It goes without saying that a building/pest inspection…[Read more]

Hi Lukelee

Taking it back a step.

What are you aiming to achieve from property investing?

When taking out a loan, you'll be asked if you anticipate any changes to your future financial situation – which quitting your job would fall under.

Cheers

Jamie

Terryw wrote:

DEVILZ wrote:
what if you redraw money from your PPOR to offset account and realise you made mistake and put them back in couple of weeks ??

still 100% tax deductible?

No.

It is similar to urinating into a bottle of milk and realising your mistake and withdrawing the urine.

lol – that deserves a click on the little thumbs…[Read more]

Hi there

Welcome to the forum.

It's not possible to re-gear a loan in that way.

You'd only be able to claim a deduction on the remaining $110k loan – which should be changed to interest only if it hasn't been already.

If you increased the loan – the increased portion wouldn't be tax deductible unless it was being used for investment purposes…[Read more]

Thanks for the wrap Jac M – you're too kind

I'd do what Jac has suggested. Use the equity in the existing IP to purchase another – whether it be done through her current lender or another will depend on a few factors.

No need to over complicate things.

Cheers

Jamie

I don't think it's difficult for a first time investor to add value to a property.

You don't need to carry out the work yourself. You just need to be able to know what you want done and coordinate it.

Personally, I don't have a strong preference for units or houses – if the numbers stack up and the deal looks good, I'd buy either.

If a strong…[Read more]

There's generally more scope to add value to older stock.

You also tend to pay a bit of a premium for newer properties.

Keep in mind that you can still claim depreciation on older properties as well (just not as much).

Cheers

Jamie

Jewel47 wrote:
Hello All!

I am a first time poster but a long time lurker.  I feel like I already know everyone on the site!  I often speak to my hubby and say, well "TerryW said", "Jamie stated", "Jac made a good point about", "Richard suggested".  He thinks I am talking about people I know, lol.

haha – I love it!

1. I don't know too much…[Read more]

Hi Boshie

Keep them as interest only for now – it will improve your immediate cashflow and you can focus on paying out those non-deductible debts first.

Cheers

Jamie

Hi Devliz

Sounds like the damage is done with the current loans.

Just make sure they're structured correctly from now on – and avoid using them for your next PPOR purchase. They'll tell you that there's nothing wrong with cross coll and if you take out the next loan with them they'll give you a rate discount on all of your borrowings, etc etc -…[Read more]

Hi propertyivnestor

Here's some links to get you started  – http://www.passgo.com.au/property-data-websites.html

Cheers

Jamie

Hi Mick

Sorry to hear – it must have been very frustrating.

I'm not sure on the legalities, a legal eagle like Terry W will be able to correct me – but I'd assume your solicitor would issue a notice to complete which gives them a certain amount of time to complete settlement. If they don't complete on time, there should be some penalty interest…[Read more]

Can you send something in the post?

Cheers

Jamie

fbmisc wrote:

Brokers I know are free.

Not all of them. Some are moving to a fee for service model.

What sort of independent financial advice are you after?

Cheers

Jamie

Hi Devliz

Since your looking to purchase a new PPOR, I'd convert the Emerald loan to interest only now so you don't continue to pay down any more of this deductible debt.

Scott is bang on the money. Increasing a deductible investment loan (which Emerald will become) to purchase a private vehicle (a non deductible expense) will contaminate this…[Read more]

Hi Kara

Welcome aboard.

With short term deposit bonds (less than 6 months to settlement) you generally have to be able to show some form of finance approval (or approval subject to valuation).

If it were a long term bond (longer than 6 months) then you need to be able to show that you have a certain amount of equity in residential property…[Read more]

Hi Rosebud

Welcome aboard.

In order to get finance you need to put up a deposit or equity in another property.

You also need to be able to show the lender that you can repay the liability based on your income/expenses.

Given that you don't have a cash deposit and as a first home owner you wouldn't have equity – another option is to use a…[Read more]