That tenant should be locked up – words can’t describe how horrible that is. It’s sad that people like that exist.

Cheers

Jamie

Given the slow processing times you’ve eluded to – I’d avoid a rework at all costs!

Cheers

Jamie

Depending on the lender, this could be turned around in less than a day.

Cheers

Jamie

Heaps of places in Perth charge 9.35% + GST + 2 weeks letting fee + monthly admin fee + yearly fee + condition report fee + inspection fee + tribunal fee + lease renewal fee + bum scratching fee + GST on all of the above
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Sounds similar to Canberra – apart from the 2 weeks letting fee, I think it’s usually one week.

As mentioned above -…[Read more]

If the land has gone up by $20k but they’re still requesting an additional $40k deposit – that implies that the construction component was severely undervalued.

First option is to challenge the valuation. Try and find three comparable sales (which could be difficult) to support a higher valuation.

Second option is to to order an upfront…[Read more]

Hi Tom

It all comes down to how aggressive you want to be with your investing and what your overall plan is.

You can buy more properties if going with 95% lends – the downside is the large LMI cost and high LVR (so if the property market takes a dip, you could find yourself in negative equity).

If you’re young and looking at a long term buy…[Read more]

What sort of management fees are we talking?

I would have thought that the Perth market would be large enough to fuel competition.

Cheers

Jamie

Hi Tom

Sounds like there’s a right way and a wrong way. The right way will take time/effort/costs but should be worth it in the long run. I’d always have a formal lease in place.

Cheers

Jamie

The easiest and often best solution is to have one offset account set up against one loan. All income (salary and rent) goes in and all outgoings come out (loan repayments, etc). If you have a PPOR loan – the offset should be against it.

I’d use a credit card for expenses – one that earns points. Once a month I’d clear the credit card with money…[Read more]

Hi Jon

The bank will go off whichever is lower – the purchase price or the valuation.

So in this instance, they’ll go off $150k.

Cheers

Jamie

lol – I don’t know if it is spam. OP has a few posts on the board and all seemed relevant.

Cheers

Jamie

I use coffee in the morning and pinot noir at night :-)

Cheers

Jamie

Normally calendar days. It’s whatever you make it.

Cheers

Jamie

The most pressure is on the broker/finance provider IMO. If they aren’t efficient it won’t happen on time.

Cheers

Jamie

Hi propertygirl

Sorry to hear of your situation.

I’m with Richard.

I’ve been thinking about this since you posted it – and I’ve gone over a few lender policies but just can’t find a fit for it above 80%

Cheers

Jamie

Yep, I remember helping you late last year.

It’s totally up to you when the 30 days kicks off. If you think it will be more enticing to start it from when the offer is accepted, go for it. Just need to make sure the valuation/application/approval/docs are all pushed through quickly.

Cheers

Jamie

Hi AVS

It all comes down to your overall plan.

If you’re looking to be aggressive with property investing than I’d be looking at spreading that deposit across multiple IPs and copping a bit of tax deductible LMI.

Interest only with an offset (just one offset against one loan is usually required) is the norm. There are certain circumstances…[Read more]

Hi Neil

What does your broker say about the timeframe?

30 days from the when the offer is accepted is doable. It’s a bit tight but it’s possible.

Cheers

Jamie

Hi Benny

I’d get on to Terry W.

He’s not in Brisbane but you should be able to deal remotely. He’s the man to talk to about your options.

Cheers

Jamie

You might struggle finding one on this forum – lol, just joking.

Get in touch with Richard Taylor.

Cheers

Jamie