Find another REA.

Also, is there a chance of contacting the potential buyer who placed the offer in November? Perhaps you could knock-out the middle man and reduce your selling costs.

Cheers

Jamie

Agree with Richard – you really do have to be careful when using the redraw facility.

Cheers

Jamie

batgirl_617 wrote:
Do you know of a lender who can give us a better yield (valuation)?.

Hi Batgirl

As Richard mentioned above, it’s not the lender that carried out the valuation but rather a company on their panel of valuers.

My thought was that, depending on the size of the town, you may have a chance with using a different lender (who…[Read more]

Catalyst wrote:
I don't know about it having to be professionally cleaned but it needs to be in the same condition you expect it to be returned in.

Yep, agree with Catalyst. A professional clean may not be necessary (but can save you a lot of time). At the end of the day, you rent out the house in the condition that you expect it to returned to…[Read more]

My understanding is that some charge a fixed rate whilst others base it on a percentage of the sale price – so it may come down to how much you’re looking to spend.

All the best with it

Jamie

Have you considered using a buyers agent instead? At least you’ll know they’re working for you. Andrew_A who posts on this forum is based up in QLD – he might be able to help you out.

Cheers

Jamie

Hi Eric

Basically, by putting up property 1 to secure property 2 – you’re providing more security to the bank than required and it can also be a pain later on when trying to access equity.

To avoid this, you can (depending on your lender) “top-up” your current loan to access enough cash for a deposit and purchasing costs (stamp duty, etc) for…[Read more]

Hi Orangestreet

Welcome to the forum

Purchasing a PPOR first and leveraging into IPs is a strategy I like – it’s how I kick-started my portfolio.

It can also be quite easy to add value to a PPOR. While you’re living in it, simple things such as painting, reflooring and possibly updating the kitchen can often easily increase the value,…[Read more]

jcb123 wrote:
Hi Jamie, it is The Investors Club and ae are also talking with "Your Property Club" also.Apparently alot of the properties the investors club are selling at the moment arent comming in on valuatuion (this doesnt supprise me) my opinion is that they are selling over priced properties.Havent heard anything bad about "Your Property…[Read more]

Geeze Leo, I hope you’re hitting him up for consultancy fees

Cheers

Jamie

Hi JCB123

Is it really free? Are they suggesting your buy properties that they’re selling? Look at what their motivations are.

Which particular club is it?

Cheers

Jamie

Hi batgirl

If you think the val was low you could have another one carried out – perhaps through a different lender which may yield a better result.

The option of moving out to rent elsewhere in an effort to save $4k a year, to me, seems a little painful. Have you factored in all the expenses with renting out the property? Rates, insurance, PM…[Read more]

WPC wrote:
or go to ebay.com for a lot of secondhand or even new books.

That’s a really good point. Ebay is full of lots of cheap second hand IP books. A couple of years back I managed to pick up 5 IP books for $10! I thought I was only bidding on a Lomas book (that was the photo used in the description). A week later, a parcel with the Lomas…[Read more]

Hi Batgirl

Welcome to the forum.

If you’re keen to buy an IP, you might be able to access some equity in your current PPOR.

If it’s valued at $460k and your lender allows you to increase your loan to 90% LVR – you should have just around $30k to go towards a deposit and purchasing costs on an IP.

Cheers

Jamie

Corie wrote:
So basically she didnt earn enough to pay less money in repayments!! So she had to stay on P&I untill she was back at work full time.ABSOLUTELY RIDICULOUS!!! And for that reason we dont want anything to do with the ANZ! 

Hi Corie

Yep, I can understand your frustration. Crazy scenarios like that leave us shaking our head all the…[Read more]

TiffanyG wrote:
Hi,

Since I’m just starting out in property investment, and not really sure where to begin, I was considering signing up with Destiny Financial Solutions, however just wanted some feedback if any…. They charge 4900AUD to join their 12 month program which involves techniques from Margaret Lomas to narrow down locations. They…[Read more]

Just done a 90% top-up for a client with ANZ. They were able to cashout $70k to go towards a 95% lend on there next PPOR. There were no dramas.

Cheers

Jamie

No worries Ricky. You should be able to subscribe to the publication so it’s emailed to you as it becomes available.

Cheers

Jamie

Ditto in the ACT.

Hi Jherden

No worries, I hope it all works out for you.

I’m not convinced that this issue sits with an accountant though. It really is a matter of a) working out how much it will cost you to sell and purchase another; and b) whether your current property makes for a good investment.

Cheers

Jamie