jmsrachel wrote:
I am about to start renovations on an IP which is due to settle early December. My budget is $6 to 7K..

I wish I was handy

I'd be lucky to get a new deck in my PPOR for $7k.

Cheers

Jamie

lachmorr wrote:
We are planning to purchase an investment property from our daughter. We will pay the current market price (to help her finances). We are taking out a loan against our home to finance the purchase. Both parties want to minimise costs as much as possible.

Do we both need to engage a solicitor or could we do our own (property is a…[Read more]

You can find a lot of the info online – http://www.onthehouse.com.au/ is a good start.

Most brokers provide reports to their clients too.

Cheers

Jamie

Hi there

Welcome aboard

No need to arrange your own valuation – the lender that you go with will likely carry out there own.

If you'd like a full valuation carried out for your own peace of mind – just let your finance person know, we can order them upfront.

Cheers

Jamie

Also not an accountant but I assume they'd want confirmation that it's been paid – an invoice/payment request alone doesn't show that.

Cheers

Jamie

Are there two sets of docs?

cheers

Jamie

Hi Tommy

Just go into negations armed with as much info as possible. Point out the comparable property and it's condition relative to the subject property. At the end of the day, you've got to work out a price that you're comfortable with paying  and base negotiation around that. If it's accepted – excellent. If it's not – move on to the next…[Read more]

Hmmm – that's an interesting one.

At 95% it will be tough because it will need a valuation – and the valuer is likely to flag that issue.

If it was at 90% and you were able to get by without a val then you could be ok.

Generally speaking though – a couple of units on the one title can be considered at 95%

Cheers

Jamie

Terryw wrote:
[ It would be costing them $100,000s I think.

Well only $99,500 when you take into account that $500 fee that they saved on

Cheers

Jamie

You need to use another lender that will take mutliple properties on the one title – there's options out there.

Cheers

Jamie

Hi Latham

Personally I'd avoid the one stop shops. They generally spruik off the plan (new development stock) at a huge markup. Most are glorified REA's with kickbacks being thrown around everywhere – and all at the cost of the buyer.

If you're time poor – than appoint a good buyers agent in the area that you're looking to buy. Also get a good…[Read more]

tommytucker wrote:

I'd like to know a) if it is reasonable to expect to find a place selling at a 10-20% market discount in such conditions. Conservatively I'd prefer 20% discount to the 12 month average, however I'm not sure if this is realistic

Hi Tom

No – I don't think it's realistic. Not in a market where's there's plenty of…[Read more]

Should be fine then.

Cheers

Jamie

FMS wrote:
I am happy to spend time initially with people but if I smell a rat (my sense of smell has become finely tuned over the years) then I request a commitment by having a credit guide signed that enables me to charge for my services. This weeds out the free loaders very swiftly. 

It's fair enough. Isn't amazing how that sense greatly…[Read more]

Hi Woody

As long as it's all used for IP purposes it should be ok in terms of deductibility. Is that what you're concerned about?

Cheers

Jamie

Bel2013 wrote:

As suggested by most of you we will have a chat to Jamie also. Jamie are you based in Melbourne?

Hello again

Nope – not based in Melbourne but that doesn't matter providing you're ok with email/phone contact. In fact, most of my clients are based interstate – including many from this forum.

My only initial concern here is…[Read more]

Hi Woody

Is it a PPOR or an IP that you have with CBA?

Cheers

Jamie

Hi insano

Sounds frustrating. A case of them being in the wrong – and now trying to create a headache for you. Perhaps get the opinion of a legal person on the matter.

Cheers

Jamie

Hi there

Personally – I'm not a big fan of one beddies. The yields aren't usually as strong compared to a two beddie unit – and the body corp fees can relative to the rent can be quite high.

If it's less than 50m2 then there could be some limitation when it comes to arranging finance.

Cheers

Jamie

Hi Bel

Welcome aboard

What are the estimate values and loan amounts against each property?

Cheers

Jamie