Ossi89 wrote:
One more thing I am trying to get my head around is exactly how using equity in one ip as the deposit for another ip works..

Here's a basic example – http://www.passgo.com.au/blog/25-the-project/67-how-to-use-the-equity-in-your-home-to-purchase-an-investment-propertyCheersJamie

sapphire101 wrote:
Also you can only borrow against 80% of the new value AND you still have to be able to service the extra loan amount.

Hi IanMany lenders will let you top-up the loan to 90% (it will incur some LMI).CheersJamie

Hi skDo you know how much the excess would be if you were to make a claim with NRMA? I'm not sure what the extent of the damage is but it would obviously have to be higher than the excess to make it worthwhile claiming.How did the PM come to the $100 figure? I'm assuming that damage to a relatively new benchtop would cost more than that. Perhaps…[Read more]

Hi FredYou could try House of Wealth in Melbourne. I haven't had direct dealings with them but I've read about others who have had positive experiences.I'm a fan of buy, renovate, hold. It's an excellent way to grow the portfolio quicker. It's a strategy I personally adopt.CheersJamie

You need to be creative, energetic and driven. It's also a balance between finding IPs with strong enough cashflow so they take care of themselves (and don't hinder your borrowing capacity too much) but still achieve growth (which you may have to manufacture through renovations).

As Terry mentioned above – Nathan Birch is the poster child for…[Read more]

You need to be creative, energetic and driven. It's also a balance between finding IPs with strong enough cashflow so they take care of themselves (and don't hinder your borrowing capacity too much) but still achieve growth (which you may have to manufacture through renovations). As Terry mentioned above – Nathan Birch is the poster child for…[Read more]

Andrew_A wrote:
Focus on the Brisbane market, but also Australian property and investing thoughts. http://www.allenrealestate.com.au/?page_id=95

That's going straight to the FB page Hope you don't mind.CheersJamie

Yep, my first IP was in Queanbeyan NSW. We spent 1 month (after work hours) renovating the unit. We spent about $3k on cosmetic renos and it was revalued at $40k more.Experts will always have opinions – and they will always be different from one expert to the next. Read widely, absorb as much as you can and then decide on the course of action that…[Read more]

JacM wrote:
You are not buying a kitkat here.

Nice – I like it I totally agree though. What's the rush?The tenants don't seem particularly eager to sell and the REA is advising you to look first (which means there's probably a few little oddities about the place).CheersJamie

Personally, I wouldn’t rush it. There doesn’t seem to be a lot of interest as advised by the REA (the fact that he/she mentioned you should wait until you inspect the property before placing an offer kind of confirms this).

Cheers

Jamie

Hi MikeYou'll be able to claim more than that. There's property management expenses, insurance (landlord and building), rates, maintenance, travel costs (if applicable), depreciation – these are just off the top of my head, there are others that your accountant will be able to advise on.CheersJamie

grantos_champos wrote:
The REA said probably wait till she inspects to guarantee that they are what we are looking for exactly.

If you can't wait the week, perhaps you should call a buyers agent in the area and see if they'd be willing to inspect on your behalf for a fee.Alternatively, if you're going to use a property manager to look after…[Read more]

ben86 wrote:
Thanks for the welcome and the tips!lifestylez – Haven't narrowed down the type of property or location yet, but leaning towards a house with possible renovation opportunity in the outer suburbs of Melbourne. I'll do some more research around my price range and narrow it down further as I get ready to buy.

Hi BenI'm a huge fan of…[Read more]

Wiwin wrote:
Hi. My name is wiwin. I am looking to buy my first own property and set up my own portfolio so i can retired young and retired rich. However I am really have no clue how to start it here if i don't have millions to start. I have no debt but no cash. Anyone would be kind enough to tell me how much money do i need to save to start it…[Read more]

Terryw wrote:
see how easy it is!

Haha, tell the bank branch staff that! CheersJamie

Hi GoldiesI haven't had it revalued yet. I'm holding off until the market picks up again – things are a little stagnant at the moment.CheersJamie

Hi AmsainiHow is your current loan structured? Is it just one P&I  loan of $248k at present? CheersJamie

Shape wrote:
Speak to Paul Dobson who post on this forum on a regular basis; his knowledgeable in the world of vendor finance.

I second that.CheersJamie

Hi HenryTo avoid crossing you take out a second loan against your current property. This loan will be used as the deposit and purchasing costs (stamp duty, etc) towards the next. You can then approach the same (or another) bank for the remaining loan amount. In general, if equity permits, you would take out the 20% plus purchasing costs out of one…[Read more]

Hi AnaWe have quite a few links on our website that will help you out – http://www.passgo.com.au/property-data-websitesCheersJamie