lamp1111 wrote:
Why is it so difficult!!!

That's why a lot of investors surround themselves with a team of knowledgable professionals (accountant, mortgage broker, conveyancer/solicitor). CheersJamie

lamp1111 wrote:
Really really thankful for the advice guys, I was feeling  that the bank manager was trying to avoid using terms like "cross loans"….. I could just blinked my eyes without knowing what question to ask (even when feeling that there must be some implication about this appears to be like an hassel free way) when she told me that t…[Read more]

No worries Tiger. How did you go? Did they switch it to IO for you?

Cheers

Jamie

Hi Andrew

I wouldn’t have thought so. However, a “satisfactory” building and pest inspection could be interpreted in different ways. Get the legal guys onto it.

Cheers

Jamie

Yep, wouldn’t be a good look. I’ve had the mock-up designed, just need to find time to get it done.

Cheers

Jamie

Her first point of contact should be her solicitor. In the ACT, I couldn’t see there being any grounds for the REA to retain the holding deposit. I’m not sure how things work in Vic but it doesn’t sound right.

Cheers

Jamie

lamp1111 wrote:
Additional information:If I go for the structure as suggested from you guys the interest allocation will be as followed:Increase amount borrowed from existing mortagage (from HSBC) and split into 2:Split 1 – existing mortage – no changeSPlit 2 – 25% deposit to be used towards the IP (interest rate7.8%)Then borrowint the 80% from…[Read more]

TC62 wrote:
What the ? I thought guyser's were found in parks like Yellowstone CHEERS!TC

Must be a South African thing

Cheers

Jamie

wealthcreation wrote:
Are there any good holding costs calculators available on-line?

Hi WC

We have one on our website which might be helpful – http://www.passgo.com.au/pass-go-investment-property-analysis-tool

Cheers

Jamie

sml wrote:
I would like to make sales of about $140k per year however my business model will not be viable if I need to register for GST and hence charge GST.

Can I run essentially the same business as a sole trader less than $75k and the same business as a company/trust less than $75k to avoid the GST implications. They are two separate legal…[Read more]

mrmonopoly wrote:
’20 Must Ask Questions’ by Margaret Lomas is a good starting point.

Yep, it’s a good read. Some of these links may come in handy as well – http://www.passgo.com.au/property-data-websites

Cheers

Jamie

lamp1111 wrote:
Hi guys, I am so glad that I read Jamie’s advice before seeing the bank manager yesterday! The manager told me that I can borrow in two ways; 1. Borrow all from their bank; 2. Same as what Jamie told me J Initially, I didn’t quite understand why, but after further elaboration from you guys and my digestion system worked over nigh…[Read more]

Hi Maxi

Welcome to the forum.

How to maximise income? Cut back on expenses. Have a look at your current budget – find ways to make cuts. You might have to make some short-term sacrifices to reach longer term goals. Do you have the capacity to take on a second job?

To get into the market you generally only need a 5% deposit (which has been…[Read more]

quattro4 wrote:
As they say, long distance relationships never work out.

I don’t know about that. I’ve got many clients from different states across the country. The vast majority of whom I’ve never met face-to-face – our relationships seem to be working out

Cheers

Jamie

luke86 wrote:
Rental guarantees should be avoided. If it is a good investment, you wont need a rental guarantee to achieve a good rent. If you are getting a rental guarantee, then the developer is taking on risk and so he will increase the price of the apartment to cover the cost of the risk of the rental guarantee. Nothing comes for…[Read more]

Ren10 wrote:
Im pretty confident you cant claim the cost of seminars unless the ATO considers you to be 'in business' in relation to your rental properties.http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/14120.htmhttp://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/52466.htmAlso your not able to can claim books/magazines based on this…[Read more]

TC62 wrote:
I have completed the Cert IV for the knowledge and can tell you categorically that the ONLY true way to learn the tricks and ropes of a REA is to be one.

I agree and I think this holds true for a lot of real estate type professions. It’s on the job where you learn the ropes.

Cheers

Jamie

lamp1111 wrote:
Thanks Jamie. My current home loan account is an offset account type, which I can access my money anytime, in this case, can I just take out the 20% from this offset account without increasing the loan of my current property? I then borrow the 80% from a different bank?Cheers,Lamp

Hi Lamp

I agree with the other guys. I’d…[Read more]

tigermiger wrote:
1) Is it to late to change my home loan to Interest Only, so that I can rent my current PPOR and move into another PPOR?

Hi tiger – nope, you should be able to switch to IO now.

tigermiger wrote:
2) Is it ok if i use my equity in my current PPOR to buy my first IP then eventually sell PPOR and buy new PPOR? or would it be…[Read more]

Hi Lamp

Easiest way to go about it is:

You increase your current loan by an amount that is 20% of the purchase price of the IP ($72k) + purchasing costs. Let’s say, for a nice round figure that it’s $90k.

You would set this up as a second split to your existing loan (ie. split 1 being your existing PPOR loan and split 2 being your loan for the…[Read more]