Hi Tom

Any sales/commission based industry is difficult to crack. I know it's difficult not to focus on the dollars when going into self employment because we all have to live. However, being driven by money can set you up for failure. If you're passionate, genuinely enjoy what you do and you're good at it – then the money will follow.

If…[Read more]

Yeah I just read that too.

All good though – not normally a bank of choice for investors with more than a few properties under their belt due to their servicing calc.

Cheers

Jamie

They're assessment times have blown out a little – but not by that much.

Was there a valuation required? That can drag things out.

Cheers

Jamie

Haven't heard of them either….but that's no surprise. There's hundreds of IP related businesses….more and more are popping up each day.

Cheers

Jamie

Hi Sparkly

 – Word of mouth, recommendations from others, their contribution to forums like this, the rebaa website….all are good starts.

 – Usually you hone in on an area and then find a BA who operates within the area. You provide them with an outline of what you're after. They then do the search and negotiating. Some offer a variety of…[Read more]

Catalyst wrote:

Really?? It depends on the reason it hasn't had growth. Maybe it's not a good investment area but maybe it's overdue for some price correction. One unit I bought hadn't moved for years (before I bought it in 2008 in Sydney city). It went up nearly 50% in 2 years.

Yep – I wouldn't touch it. But that's…[Read more]

Scope out the back of the IP related magazines that show the average rental yields and property values for each suburb in Australia. With that info – you'll be able to narrow down your search to a few areas.

Cheers

Jamie

Catalyst wrote:
Most valuers just do a desktop valuation anyway so won't even see it.

We can manipulate that a little

If a full valuation will result in a better outcome – we can make it happen.

Cheers

Jamie

I wouldn't worry too much about the roof right now. It seems like it doesn't need to be done right now (a few cracked tiles) so you'd be better off repainting later on when you're closer to selling. Otherwise, you'll prob end up needing to get it redone.

Cheers

Jamie

Hi there

To be honest – you've probably lost credibility with the agent with the initial offer. They won't see you as a serious buyer – therefore the lack of a counter offer.

There's nothing wrong with low-ball offers….but a lot of the time, this is the result.

Cheers

Jamie

Give me an old property that can be tarted up quickly and cost effectively for an instant equity gain any day of the week.

Unless my state govt. had some really attractive concessions on offer for new builds and the rest of the deal stacks up – then new can be worth considering.

This obviously a very general statement though. There's so much to…[Read more]

Suss out the favorable purchase option.

I recently done this for a forum client and was able to tap into a fair bit of extra equity for them as the lender went off the valuation rather than the purchase price.

Cheers

Jamie

Hi CS

It's not uncommon for off the plan property timeframes to change.

It sounds harsh but the REA has locked you into the deal and sounds like he's no longer treating you as a priority. I bet he/she would have been a lot more prompt with returing your calls before you exchanged contracts on the property!

Cheers

Jamie

Purchasing under an individuals name is by far the most common structure I see. After that – you get the odd family/discretionary trust and every so often a hybrid will pop up.

Cheers

Jamie

Hi SC

Without knowing too much of your details – and based on the limited info available I'd probably look to tap into the equity against the PPOR – set it up as a second split to cover the deposit/costs on the next IP. I'd then set up a separate, stand alone loan to cover the remaining balance of the IP.

All in all, your equity position is good…[Read more]

I just had a deal that involved two self employed applicants on relatively low incomes. I was able to make it work by being careful with the lender it was placed with and claiming back each cent from every add-back available.

Cheers

Jamie

FMS wrote:

Qlds007 wrote:
What is more scary is that you can speak to 2 different people at the ATO and get 2 separate answers.

That sounds like the same as talking to the banks 

Ahhh geeze. I had a cracker of a day last week.

Credit told me that a certain scenario was doable – "yeah, no worries. It's a deal – not a problem. Put it up."…[Read more]

If LMI is payable again – maybe look at getting a couple of upfront valuations done. Hopefully one of them comes back high enough so you can avoid another LMI hit.

Cheers

Jamie

Jimmy86 wrote:

A good financial adviser would look at your whole situation. Not just try to find you the best loan like a mortgage broker.  
@Jamie M – true, however on the flip side, I highly doubt a mortgage broker would ever advise someone not to take out a mortgage… where does their income come from? and a Mortgage broker cannot give any…[Read more]

I wouldn't bother seeing a financial planner for mortgage advice. They can't provide credit advice unless licensed to do so. Some will also push you towards overpriced off the plan properties or managed funds too. There's some good ones – but a lot of terrible ones. Like any industry I suppose.

Cheers

Jamie