You can learn how to carry out most cosmetic renos via youtube – and it's free I wanted to have a go at tiling in the last IP and good old youtube provided step by step instructions – brilliant!CheersJamie

Hiya Welcome to the forum.Run from the first guy.You need to set-up a second interest only loan against your current PPOR loan, this will be used as the deposit/costs on your IP.You then set up a second interest only (stand alone) loan for the remaining portion (with the same or another lender – depends on where the best fit is for you).So in the…[Read more]

Firstinvestment24 wrote:
Thanks again everyone for the advice, very benificial. I spoke with a morgatage broker last night and now more confused and apprehensive about this morgatage than ever. He told me a variable rate home loan is going to be better than a fixed rate, but this doesnt resonate with me considering the rates are so low at the…[Read more]

No worries – those contacts above will be able to help then. You'll be able to get their details from a quick google search.CheersJamie

Excellent post from Derek above.It's amazing the number of new investors that get stung by this.CheersJamie

Firstinvestment24 wrote:
Jamie and Ballerina – When you say current environment, what do you mean? Is it a bad or good time to buy in Melbourne? Is it wise to secure a fixed interest rate as the rates are low at the moment? I am speaking with a broker tonight and will hopefully get preapproval for a loan…….then I will continue scoping t…[Read more]

Sorry, forgot to mention – Residex won't pick up those renos. CheersJamie

Hi c-manIt's too broad a question. What constitutes a good deal to one investor won't always be considered a good deal by the next. Some start out with a nice chunk of equity and decent incomes to leverage off. Others start of on smaller incomes and no equity. The former might be on the hunt for a block of units – the latter might only be able to…[Read more]

Hi thereJust because the lower price was agreed to doesn't necessarily mean you've landed a bad deal. Do you know what's motivating the vendor to sell? Maybe they're after a quick sale.If the building/pest report comes back with issues that need to be addressed then you could always request a discount on the initial offer given the amount of work…[Read more]

Hi thereWelcome to the forum.Some good advice above.I'll keep my comment simple – off the plan and 42m2 in the current environment doesn't sound like a good investment to me.CheersJamie

dw8998 wrote:
2) Get my previous broker to act as a mentor for me as I have less than 2 years experience and join Choice as he is with them as well. Start my own marketing and referral campaign and work extremely hard to get referral partners at the start, let all friends and family know that I intend on becoming a mortgage broker and have them…[Read more]

Hi prospectorWelcome to the forum.I can't recommend anyone in Perth but most things are done via email/phone these days so you have the opportunity to choose any mortgage broker from across the country.Start with educating yourself, read up – there's some great books that explain the fundamentals of property investing and free forums like this…[Read more]

Refaced kitchen, new sink, handles, mixer and splash back can add some value and are reasonably cheap. If the bench top looks old and tired then it’s worth replacing it as well.

Cheers

Jamie

Hiya

I’m with choice – they won’t send you leads.

Cheers

Jamie

Catalyst wrote:
Have you heard of the $21 a week grocery challenge. For one week you are allowed to only spend $21 (for perishables). You only do it occasionally (or monthly). It;'s great in that it makes you use the stuff in your cupboards that tends to sit there. I buy a lot of fresh fruit and veges so it's a bit difficult but I like the…[Read more]

Hi KeenanDo you need an advisor or a broker? In any case, Pete Tersteeg in Nunawading, VIC is both.James from House of Wealth in Vic is a good accountant.Sorry, can't help with Darwin.CheersJamie

Mozy wrote:
My financial adviser tells me to buy an IP paying IO,not really keen on that,it is easier on the pocket though,but wouldnt be better business if I pay Interest and Principal as well? Cheers…

Hi Mozy – here's a blog entry on the topic that you might find useful.CheersJamie

Hi thereCongrats on your first IP.My only comment is that I wouldn't wait around for growth to kick in – particularly in regional areas.If your investing strategy is going to focus on regional Vic, then I'd be inclined to take a more proactive approach and add value to each property via renovations. If they're just set and forget IP's, you might…[Read more]

I agree with Derek with keeping the loans IO. Have an offset against one and park your spare cash in that. That will achieve the same result as a P&I loan but will provide added flexibility down the track if you do take on non-deductible debt.Fixed rates aren't 1% cheaper.CheersJamie

LOL – you've left my wife in stiches.My brother and her give me a hard time about it everytime the show is on – and now a you've pointed it out!!! CheersJamie