How confident are you that you'll be able to find a property worth flipping in Logan at that price? The market seems pretty flat and doesn't  look like its changed much in the last three years. 

Cheers

Jamie

I'd go with Terry's recommendation.

Cheers

Jamie

Hi there

A deposit bond basically replaces a cash deposit. If its for a future off the plan purchase then you'll probably need a long term bond which requires you hold a certain amount of equity in residential property. These bonds cost quite a lot – and if you don't proceed with the purchase, I think there's only a certain timeframe that you can…[Read more]

Hi Lila

Most the time the valuers that are appointed to carry out the valuation don't have a clue what LVR the loan is going to be – the info they're working off is how much was it purchased for (if a purchase) or how much does the owner think it's worth (if a refinance).

Cheers

Jamie

Hi Mikal

Sorry to hear of your experience.

Have you spoken with the agent or the principle of the agency about the issue?

That might be a good start.

What sort of issues did your parents run into?

Like all professions, there's going to be good and bad ones – and  real estate is no different.

Cheers

Jamie

Hi there

Where are you located?

Do you prefer face to face or are you willing to deal via phone/email?

Cheers

Jamie

I keep it pretty simple and use an excel spreadsheet for almost everything  – IP balance sheets and household expenditure.

Cheers

Jamie

Hi Lila

I can't comment on where the $10k has gone because I have no idea.

It's probably not necessary to have offset accounts set up against each loan.

Generally speaking, you only need one offset and that should be linked to your non-deductible PPOR debt. You don't need offset accounts against each equity release – you can park the equity…[Read more]

Hello Odenska

Firstly, have a chat with your solicitor and see if there's any way that you can get out of the contract.

If you can't – ask them about the best way to tackle the situation, including the possibility of on selling. 

Cheers

Jamie

lol – a bit of a blast from the past.

Sydney's not too far from Newcastle – so I'd be heading south and seeing Terry W. He knows a thing or two about law….languages, pole dancing….the list goes on.

Cheers

Jamie

I'd rather head up north to your neck of the woods and enjoy some sunshine

Although I can't complain too much today – it's 29 degrees and sunny in good old Canberra. Might have to knock off early and enjoy some sunshine.

Cheers

Jamie

I agree with Derek.

It's important to be on the same page as your accountant and like Derek said, not all are created equal. 

An accountant that understands the intricacies of property investing (not just what you can claim and how gearing works) are quite handy to have on your side.

Cheers

Jamie

There's so much research that needs to get into a purchase – look at comparative sales, comparative listings, the motivation behind the sale, the length of time on the market, has the price dropped over time, is there anything structurally wrong with the property – the list goes on.

When I've worked out how much I want to spend on a property – I…[Read more]

Yeah it's not uncommon.

Some vendors have unrealistic expectations. As a broker I see it a fair bit – properties that have been on the market for a while at an "offers over" whatever price end up selling for less than the baseline price they were after.

Cheers

Jamie

Kara47 wrote:
Hello All,
Looking to buy my first property in the next few months.

Hi Kara

Is this the language you use with the REA's?

Cheers

Jamie

Hi and welcome aboard.

There's no wrong time to have a chat with a mortgage broker.

If you're not ready to purchase now, they'll be able to advise on what you need to do in order to be in a position to make the next step.

They'll also be able to explain the process to you and answer any questions you may have.

I don't actually see LMI as being…[Read more]

Is that for real dark knight? Maybe I'm in the wrong game!

Surely the PM can pop around and change a few bulbs – they could carry out an inspection at the same time and kill two birds with one stone.

Cheers

Jamie

I'd be interested to hear Terry's take on this.

I'm not sure how verbal agreements stack up – but verbally quoting $4k and then doubling the cost at completion, without any justification, is obviously unreasonable. 

What sort of work was it?

Cheers

Jamie

lol – same!

I actually enjoy a bit of the DIY – it takes my mind of things and helps me unwind.

The last little project was painting the master bedroom on a Sunday arvo a few months ago. I left some of that blue tape up for a bit too long….it now haunts me every time I'm lying in bed. I keep telling myself I'll sort it out one…[Read more]

Just don't leave that blue tape that freckle has mentioned on the wall longer than it needs to be – it's a bugger to take off if it's been there for a while. 

Cheers

Jamie