Hi guysThought I'd bump this post up.My story above was picked up by Your Investment Property magazine and features in this months issue.It comes with with some dorky photos and funny comments from my wife (well she thinks they're funny!)I guess it's one of those "how normal people manage to purchase multiple properties" type…[Read more]

Hi TongIf you're present at the time, and have comparable sales within the area that will help with your val, it might be worth while showing these to the valuer.CheersJamie

Dazz28 wrote:
Thanks all for the replies. What are the key drivers people use when choosing to invest in new OTP properties versus older property and renos?

Hi DarrenPersonally, when purchasing OTP I look for an area that's rising in price and has a relatively long construction date (around 2 years). By the time construction is complete, I'm…[Read more]

For only $4k more I'd be tempted to go the courtyard option. Land in an apartment complex is a luxury! Also, if your willing (and if body corp allows) you could let the tenants to keep a small pet (the little patch of land will come in handy) and you'll be able to ask for a higher rent.

Haha,  you can't see him joining you in the 7000+ posts club? I'm aiming to get there……might take a few years though

Qlds007 wrote:
Not sure who Michael is but i am sure he will answer you soon.

Maybe he got 'Richard' confused with 'Michael'……….

The commissions paid by lenders don't vary a great deal – you should ask your broker to show you a schedule of the commissions payable by each lender on his/her panel.I'm sure the brokers on this forum focus on doing the best thing by their clients which generally results in positive word of mouth –  rather than placing them with a cr*p lender…[Read more]

Agree with all of the above. My former broker is based in Melbourne while I live in Canberra. I purchased three IP's with him before we met. Your best bet is to just give them (interstate broker you're interested in using) a buzz. If they understand your requirements, answer your questions and leave you feeling confident in their abilities then go…[Read more]

Tong wrote:
Three more reasons? I'll email you for them. Reading around the other forum topics, I find that crossing coll. loans is not the way to go. Thanks, Tong

Yep, steer clear of it – it can get real messy. Especially if you're looking to purchase more than a couple of properties.

Hi PentiUsing equity in a PPOR is one of the most common ways of purchasing in investment property (with the clients I deal with anyway).What we usually do is:1) Access some equity in the PPOR by doing a 'top-up' on the current mortgage. 2) You would then use this "top-up" as a deposit and purchasing costs towards your investment property loan (…[Read more]

god_of_money wrote:
You can get a lower interest rate if you managed to have LVR < 65%

True – but I'm not sure if a 0.1% discount with Choicelend (I'm assuming that's who you're talking about) in exchange for a 35% deposit is a good deal

I'm biased but you should probably start with speaking with a mortgage broker that deals with property investors. He/she will be able to assess your situation and advise on how much you can borrow to purchase yourinvestment property, etc. This shouldn't cost you anything (most of us are paid a comission from the lender you decide to get your loan…[Read more]

Hi KimberlyWelcome to the forum. You'll find loads of information and plenty of friendly people willing to answer any questions you have.Finding cashflow positive deals in Melbourne is likely to be difficult – but as JacM alluded to, there's no need to restrict yourself to Melbourne. You'll find cash flow positive deals are generally found in…[Read more]

Agree with the above posters. The LMI you pay now is likely to be insignificant in terms of the long term growth your property is likely to achieve. It's also a deductible expense CheersJamie

Which state are you purchasing in?

This question is perfect for Terryw! I'm sure he'll be along to answer it soon.I'm no legal expert but I would have thought if the unapproved structure was brought to the attention of the buyer then the onus would be placed on the buyer after settlement.

I remember seeing something similar on one of the current affairs show a few months back. Pretty sure their not available to city investors looking for CF+ deals You're right though, they were about boosting population levels – I can't remember the exact requirements or eligibility criteria.

jack620 wrote:
There are lifts, a pool, gym, onsite manager, CCTV security.

Yep, that's the reason – all of these facilities cause the BC fees to be quite expensive. At least you've identified this now instead of later on down the track…..some investors don't take BC fees into consideration and jump straight into the purchase….imagine…[Read more]

Congrats

Tong wrote:
Thanks Jamie for your response. From my discussions with my broker, he states that the two properties (current townhouse and future home) has to be cross-collateraliized because I am seeking a loan from a the same bank. Are you suggesting the other alternative is to borrow the $100k equity from the townhouse for down payment for the…[Read more]