Derek wrote:

mjjg wrote:
The bank's (Westpac) lending officer has told us that they would only go to 80%

I am not a broker but if you are self-employed this may be a reason for the LVR limit stated. It may also be a postcode (greater risk for bank) issue for one or both of the properties. 

Good point Derek. I was assuming a full-doc…[Read more]

Terryw wrote:
I would be careful about getting the utliities in your name. If they don't pay the utility company will come after you, then you will have to chase them – extra hassle.

Agreed – that’s something you don’t want to worry about. I’d always be worried about the utilities bill being sent to the IP (with the account in your name) and…[Read more]

mjjg wrote:
(i) is it possible to borrow more than 80% on an invetsment property?

Yep, up to 95% is possible at present. Not easy – but certainly possible.

mjjg wrote:
(ii) is tax deducution allowed only on interest on ‘new’ borrowings when ‘converting’ one’s current ‘principle place of residence’ into an invetsment property?

Tax…[Read more]

Heard it all before.

Cheers

Jamie

mattnz wrote:
It definitely sounds like you are trying to get maximum potential upside while exposing your parents to huge potential downside. You should make your first priority removing your parents risk in your investments before even looking at expanding your own empire.

Also note that when your Aunt started building up a portfolio,…[Read more]

Hi Sandy

Best of luck with it.

We manage a couple of our own in Canberra and have had no problems so far (touch wood).

Set-up an excel spreadsheet that captures all the expenses (interest repayments, rates, insurance, body corp, etc) and income (rent). Spend 5 minutes each month updating this spreadsheet – I’m happy to send you mine if you like…[Read more]

juddmcelroy wrote:
What i also would like to know is that if i were to buy my next property without a gurantor, do i have to pay mortgage insurance for my othere investments as well as the new investment?This is what i am afraid off. Maybe i should slow down and wait for my investment to get equity!

Hi Judd

No, you won’t. I’m not sure how the…[Read more]

Hi Lamp

Welcome to the forum.

These threads will help you out. It’s a popular topic – there’s heaps…[Read more]

Wynyard wrote:
what do you consider high-risk tenants?

To flip the question around – I find the better tenants tend to be those with property manager referees. Having a chat with a PM that can vouch for a potential tenant goes a long way.

Cheers

Jamie

Catalyst wrote:
IYou don't HAVE to buy.

Good point. I guess if you look it that way it could end up being a really cheap holiday. Perhaps it’s time to start paying attention to spam faxes…..

Cheers

Jamie

I don’t see a problem with aggressive investing – I’m guilty of it as well. However, it might be worthwhile removing the folks from the picture if you’re planning on building the portfolio. I’m not sure of your personal situation but from my experience, parents are generally happy to help the with purchasing the first property….but purchasing…[Read more]

Or refi that HSBC loan over to a lender that does 85% LVR without LMI – that way you can tap into some of that equity without paying LMI…..just another thought.

Those funds could be used as a deposit and purchasing costs on IP 2.

Cheers

Jamie

Shape wrote:

4. $500 is over priced for a valuer, it’s normally around $220 for a private valuer! can i ask whats the reason for getting a valuer? It sounds like your after a way to increase your rent-wouldn;t speaking to your agent who deals with this on a regular basis make more sense?

I think he’s talking about a QS.

Cheers

Jamie

Hi Steve

Welcome to the forum.

Keep that cash in the offset – it’s rainy day money as you’ve alluded to.

I’d look at tapping into some some of the equity in one of your properties to fund the next purchase. The PPOR is almost at 80% LVR so accessing equity is likely to incur some LMI. It looks like IP 1 will be similar (unless you add a fair…[Read more]

juddmcelroy wrote:
what would i need to save or do in order to get my next investmentfrom a year from now i could save about $30,000 deposit and would like to buy next property under $225,000can i buy a investment property with just $30,000 deposit or do i have to wait for equity of my propertys to get higher

Hi Judd

The short answer is…[Read more]

TC62 wrote:
Anyway, do your homework but for goodness sake do something! There is never a perfect time to start investing but you have to start sometime. Do your homework and due diligence and then strike. GOOD LUCK!!

 Good advice. It's normally the hardest part of investing – overcoming that inititial fear. The first IP's the hardest – after…[Read more]

Hi WhiteNice avatar Are you the tenant or landlord? Is their a property manager in the mix? If so, best to pose this "hypothetical" question to them.CheersJamie

terencedasilva wrote:
Hi All

I hope you can help me

I purchased a off plan property from the vendor nearly two years ago. Now that the contract is reaching its end the vendor wants to recind the contract and up the price. do I have any legal recourse here ?

This property was purchased during the additional incentive period for first home…[Read more]

Hi Jodes

The conveyancers I use (and recommend to my clients) are based in Canberra but carry out conveyancing in NSW. They are very good – and surprisingly not that expensive – a client of mine was quoted $950 today. Feel free to give them a try http://www.rsk.com.au/common/home.aspx

Cheers

Jamie

scotty8911 wrote:
Hi all. Thanks Jamie for that link to the spreadsheet, should help alot with crunching the numbers. On that, does anyone allow a certain amount for maintenace, and other ongoing costs, or is there a rough % that people allow?
Thanks.

No worries Scotty – I hope it helps.

It’s hard to put a figure on it – and it’s obviously…[Read more]