There's a swarm of FHB's looking for properties in West Syd at the moment (so I've been told). Depending on your price range, you may find yourself competing in a market that's temporarily inflated.

Cheers

Jamie

Hi brmiau

I'm sure there are investors out there who have done ok out of serviced apartments – I just haven't met any yet.

Personally, I'd avoid them. You normally need a large deposit to finance them, long term growth is very minimal and the cashflow is not normally as great as it appears once holding costs are taken into account.

With your…[Read more]

Yep, the Dragon just dropped their fixed rates lower too with 1 and 2 year fixed at 5.49% under the advantage package….and they provide a $700 rebate for refinancing to them.

Cheers

Jamie

Hi Kris

I'd call a few PM's in the area.

I was speaking with a client who was aiming to do the same thing recently (and I suspect it was in the same area) and they mentioned some issues with finding a PM who would be willing to manage the property – and those that would, generally expected a higher management fee (which makes sense). They were…[Read more]

Maybe look at assigning a new agent. Any property will sell at the right price – maybe your REA isn't being proactive.

Like Derek said – try to declutter the property and maybe put up some mirrors to give the illusion that there's more space, this can work wonders.

Cheers

Jamie

Hi and welcome aboard.

You need to lower the price – one year on the market is too long, chances are you need to adjust your expectations.

Cheers

Jamie

saintmick wrote:
thanks James, appreciate the feedback and am trying to read as many magazines and books I can that are relevant.
I guess I am trying to 'copy' Margaret Lomas' strategy without having to spend the money to go and see one of her advisors.
I know it an cost a few thousand dollars to get good advice, but on saying that, I'm sure…[Read more]

JacM wrote:
I work in the banking industry and I am never asked to produce evidence that I attended uni.

Yep, I can relate. I spent 4 years at Uni almost a decade ago – not once during my PAYG days was I asked to show any evidence of having Uni qualifications. Now that I'm self employed – the Uni qauls don't play a part at all. I'm sure the 4…[Read more]

Hi mick

Welcome the forum and congrats on purchasing your first IP.

Like Nigel above said – it's not about the number of properties. The properties are just a vehicle for reaching your goals.

I'd start by reading widely – check out books by a few different authors and get an idea of the different investment strategies.

Forums like this are…[Read more]

Yep, we get the odd bit of snow. I think the last time was only a few weeks ago.

The nights get really, really cold!

I love the Northern Beaches. Great beaches, cafes, bars – plenty to do.

Cheers

Jamie

Hi there

I'm not a lawyer or PM but I would have thought that it would be covered under strata.

Did you ask strata if the costs would be covered before the work was done? If not, maybe that's the issue.

Cheers

Jamie

Qlds007 wrote:

In relation to the lvr you might find getting 95% harder than you think unless you have a good asset base or other factors going in your favour but as i say almost impossible to commend further as we don't have all of the relevant information.

Sure are – I'd like to avoid 95% deals altogether if I could. First it has to get…[Read more]

lol – massive difference.

Canberra winters are ridiculous.

I was up in Sydney on the weekend and the weather was amazing. Their winters aren't as harsh either.

The biggest draw back is what money can buy in terms of a PPOR. I can buy a 5 bedroom house with a decent yard in Canberra which is less than 5kms from the CBD  for the same price as a…[Read more]

DWolfe wrote:
See I like to give pressies to my property managers and agents………

Same – particularly at the start of the tenancy. We self manage and find that a bottle of bubbly and a box of chocolates builds some great rapport early on.

Cheers

Jamie

I have a preference for established properties that you can add value to. Particularly via affordable, cosmetic renovations.

Like xdrew said above – you generally pay a premium for a new property and there's no scope for value add which means you could be waiting quite a while for any equity gain.

Cheers

Jamie

We were looking to move to the Northern Beaches last year (finally had enough of the Canberra weather). We done a fair bit of research and got the impression that Dee Why was a little rougher in areas compared to other suburbs in the Northern Beaches. I have no hard facts – just lots of googling. The prices in Dee Why seem a fair bit cheaper when…[Read more]

Further to what's been mentioned above. When/if you decide to access equity in that property, make sure it's set up as a separate loan of the new funds are being used for non investment purposes so you can identify your non-deductible debt from your deductible debt.

Cheers

Jamie

A bunnings voucher – hopefully it will be spent sprucing up the property

Movie tickets are an obvious choice.

Cheers

Jamie

Hi Goatus

Fantastic name!

Anyways, back to the property stuff.

If the two properties that are to become IPs aren't already set-up as interest only, then get onto that asap.

When you release equity in the properties, ensure that the equity releases are set-up as separate loans so you can determine which debt is deductbile and which isn't.

Will…[Read more]

Hi there

The IO term depends on the bank and generally range from 5 to 15 years.

When the IO term expires it's usually (I say usually) easy enough to role them into another IO term.

Cheers

Jamie