It comes down to the reason I guess. If it wasn't your fault then you could try and contest it. I doubt it's possible though, it's quite a large default.

Cheers

Jamie

Hello and welcome aboard

I've personally never heard of them – but then again, I'm sure there's thousands of property management companies in the country.

If you start a new thread asking for recommendations for property managers in your particular area – you might get some good responses that you can follow up on.

Cheers

Jamie

I agree with scottyboy – that's a reasonable approach to take. Best to get rid of your current unpaid debt before embarking on taking out more.

With $2k spare per month, you'll knock it on the head quickly. 

Cheers

Jamie

90% LVR, unpaid $10k credit card default – do you want it financed under a hybrid trust too

I'm just joking – but this is a tough deal.

Cheers

Jamie 

thebigo wrote:

Due to being in my work for only 3 months (got a promotion of sorts to a new company), the only lender that would lend 10% interest only of the big banks with a reasonable rate was CBA.

I wouldn't worry about rate here – it should be the least of your concerns.

If you're in a position whereby you have to purchase this…[Read more]

NowCautious wrote:
I have a similar problem.  Instead of working in a job, I want to buy houses and add value and sell, to make income.  Got lots of assets from saving/investing while running my own business but now that I've sold the business, I cant borrow with low income.  It's silly really!  I'm thinking of renting out my house for $800p/w…[Read more]

I'm not a fan of the GC either.

I also kept my eye on the Logan market for a while back in 2010 and it doesn't look like properties have moved since, a quick search shows similar listing prices to that a few years back.

Cheers

Jamie

Hi Big O

In regards to the valuation, I'd tackle it in two ways.

Firstly, find three comparable sales within the last 6 months that support your argument and have your banker/broker use these to contest the valuation.

Secondly, order an upfront valuations via a different lender. Hopefully a different valuer is appointed and the result changes.…[Read more]

Hi Brenden

Welcome aboard.

Theres been heaps of posts on NRAS – if you do a quick search you'll find loads of info.

Cheers

Jamie

jcz wrote:
In a market like we have now, you are able to pick up a similar established property for much less than one that is OTP. However, not everyone has the financial capacity to come up with the initial 20% and stamp duties.

.

you don't need 20% to purchase a property – a 5% deposit can get it done for some.

Cheers

Jamie

We have a facebook page to keep clients up to date with investing info and product offerings – it's a great way to stay connected and reach out to a large audience. I would only use a facebook as part of a broader marketing strategy though – and not rely solely on it.

Cheers

Jamie

I've never seen a depreciation schedule that hasn't paid for itself within the first year or two – even for older properties.

Cheers

Jamie

You'll need to get a quantity surveyor to prepare a report – that's the only way you'll get an accurate record of depreciation.

There's some online calculators that you can use – but they aren't very accurate.

Cheers

Jamie

ksun1985 wrote:
Thanks for your advice. Yes the legal part will be something we need to look into if we go ahead with it.

Hi there

Where are you located? You might be able to get some recommendations for good legal people in your area.

Cheers

Jamie

Don't forget a lawyer as well.

Trusts have their pros and cons – make sure you consult decent professionals who will provide impartial advice on what's right for you.

Cheers

Jamie

I'm not sure about legal professionals but accountants and brokers (well most that I know of) will take on interstate clients.

Cheers

Jamie

dgirl – if you're in Sydney, give Terry a buzz to see if he can set it up for you.

Cheers

Jamie

Hi Emil

Must say – I haven't seen many OTP properties sell for significantly less than established properties of a similar nature.

Cheers

Jamie

bella84 wrote:
Thanks for your input Jamie, those are great suggestions too. I definitely need to do a bit of work to build my case. It's an IP and currently vacant so I'm guessing they'll want a quick settlement – i'll be proposing 60 days though as our first baby is due in 3 weeks so we'll be a bit preoccupied!  

Exciting times! My wife and…[Read more]

katie_b wrote:

I may hold out and save more for an actual house that I can reno.

Thanks Everyone

It's a much better option – at least that way you can manufacture growth rather than waiting for it to kick in.

Cheers

Jamie