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  • Profile photo of Jamie MooreJamie Moore
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    @jamie-m
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    Post Count: 5,069
    June 7, 2011 - 11:59 am

    Hi Zigreenman

    Each IP author has a different opinion on the best way to invest. Personally, I would just read widely – take into account the different opinions/advice and use your own judgement to formulate your own strategy. Also, everyone’s different in terms of the risks their willing to accept, their level of income, etc so what works for one person may not necessarily work for the other.

    Here’s some more websites to read at work :) http://www.passgo.com.au/property-data-websites

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    June 7, 2011 - 11:49 am
    Heath Workman wrote:
    you can pick up positively geared properties down there for under 100k.

    Hi Heath

    What’s the historical growth been like in these areas and are there any driving factors that will lead to growth in the future? Everyone loves a CF+ IP but if there’s little or no growth, it’s not worth it (in my opinion).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    June 7, 2011 - 11:43 am

    Hi Adam

    Yep, that makes sense. I like the “preferred” tenant angle though. Could possibly work in an area with low vacancy rates and tenants lining up to rent the property.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    June 7, 2011 - 11:36 am
    Atwater wrote:
    Thanks for this in advance.

    Hi Atwater

    I’m a little (ok a lot) confused as to what it is your asking about.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 7, 2011 - 11:32 am

    “If you’re good enough you’re old enough”

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 6, 2011 - 9:45 pm

    Hi JPCCM

    As a general rule, a lot of lenders take 75% of the rent into account when calculating borrowing capacity. Depending on the deal, there are lenders who take 100% of rent into consideration.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 6, 2011 - 11:50 am

    For anyone that comes across this post – I can highly recommend the Noirot heater. The one we purchased is designed to heat up 25m2 but we’re using it to heat up half a house and it’s doing a great job (this is Canberra I’m talking about as well!)

    Although, I might get a rude shock when the electricity bill comes in :(

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    June 6, 2011 - 11:45 am
    bbt wrote:
    Edit: Jamie you asked while I’m waiting until I’m at the $50k mark, it is purely for comfort. I’m looking around the $300k mark for my first purchase and 50 paid down (maybe more depending on how I structure it for FHOG) seems like a reasonably safe level of leverage to me given the current market. Additionally to this my financier has told me I shouldn’t have any issues getting the loan today, but I don’t feel that I’m ready to purchase yet. I don’t want to rush into it, so I’m inspecting as many properties as possible in the price range I’m comfortable paying. If I see something I think is a great buy, I might try and snap it up, otherwise I want to inspect at least 50 similar places before I go into serious buy mode after my birthday.

    That’s understandable. At the end of the day, you want to be able to sleep comfortably at night – and if this makes you feel more comfortable than keep at it.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 6, 2011 - 11:43 am

    All good – my preference has always been to claim at the end of year. Nice time to plan a holiday :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 6, 2011 - 11:41 am
    adamInTheGong wrote:
    Hi Anthony,

    There is a new answer to 4) and that is for the tenant to take out insurance to protect their rental payments. This helps a tenant who would usually be considered a good tenant to keep paying rent in case they lose their job through no fault of their own. Obviously this also helps the landlord mitigate their risk of losing the rental income and also from costs associated with changing tenants.

    Check out http://www.rentsecure.com.au

    Regards,
    Adam

    Hmmm….interesting concept. Would be interested to know if this is something that could be enforced via the rental agreement?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 5, 2011 - 9:42 am

    Totally agree – I’d also question there cash-out policy (which is probably non-existent).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 5, 2011 - 9:39 am

    You can make it legal – anything can be worked into a contract.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 5, 2011 - 9:38 am

    But then you forgo the joy of tax return time :)

    No, I’m only joking. If cash-flow is an issue then the variation can be very handy. I haven’t personally lodged a variation form before but my understanding is that it’s quite easy to do yourself (so perhaps suss it out before going to the accountant).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 5, 2011 - 9:34 am

    Are there any renovated properties of a similar size within the same area? If so, how much are they going for?

    What does the market within that area demand?

    Have you spoken with any agents within the area? Most will be keen to just get the listing but there might be some who will offer frank and honest advice as to whether it would be worthwhile.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 4, 2011 - 11:06 pm
    quattro4 wrote:
    I am looking to get a valuation on Ashfield property once the landscaping is done, and wondering if i should go through the bank, or through a valuation company external to the financier. I was surprised with my last valuation because we waited to do all the renos, then they didn’t even come to the house. Given its a different situation in this case (the house in the previous situation was lower than median price, and the previous sale was more than 24 months earlier. I’m expecting the valuation on this place to be 50-70k over median price, and it was only sold a couple of weeks back) I want them to actually come to the place and look. What would you think is the best way to go about this?

    Also, given I’m new in Perth, can anyone suggest a reputable and experienced builder and plumber?

    Thanks,

    Q

    Hi Q

    If you’re looking to access the equity you’ll have to get the val via the bank. If you’re doing it for your own personal reasons – you can use anyone you like.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 4, 2011 - 9:07 am

    Or you could PM Alistair who has offered good advice – he’s an excellent contributor to the forum and he’s also a broker.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 4, 2011 - 9:03 am
    Shape wrote:
    A lunch for expert advice from Terry – Yes please!

    Yep, I was thinking the same. Sounds like a pretty sweet deal to me :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 4, 2011 - 8:58 am

    Oops – that’s embarrassing. I thought both posters were the same people. Anyways, Chris – I hope that last post helps. I used a $500k purchase an example because I thought I was responding to David.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Jamie MooreJamie Moore
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    June 4, 2011 - 8:56 am
    chappy1970 wrote:
    Richard is there a simple formula to use to work out what the monthly salary would be, incorporating interest from an IO loan of an investment property.

    My wife and I are crunching the numbers at the moment to determine what our purchasing power is.

    We have an Equity loan organised from my PPOR. The outstanding on the PPOR is $240K on a property recently valued at $1.25MM.

    So the equity loan will be 100% of the purchase price.

    Any advice and/or formula's I could apply would be great

    Chris

    Sorry, I should have responded to this in the last post.

    This spreadsheet will give you an idea of how much the IP will cost you to hold per week – http://www.passgo.com.au/pass-go-investment-property-analysis-tool

    From that, you’ll be able to roughly work out how much cost p.a you could subtract from your annual income.

    With that equity line. I’d take out enough to cover the 20% deposit plus costs (around $125k on a $500k purchase) and set up another loan for the remaining funds (possibly with another lender – depending on where the best deal is).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Profile photo of Jamie MooreJamie Moore
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    June 4, 2011 - 8:52 am
    david24 wrote:
    G'day all,
    I would like any advice or what would you do in my situation.We live in Sydney,house worth 850k,our mortgage is 200k.That makes our equity around 650k.
    We have 2 teenagers 15 and 12.Our income,me 75k,my wife 25k.Obviously i would go to a financial advisor with any ideas i may have,but im interested in what you Ladies and Gents have to say.

    Hi David, welcome to the forum. You might found that a financial advisor may steer you away from property as an asset class (not all – but some do).

    david24 wrote:

    I'm interested in buying a IP around Brisbane,(dont know which suburb yet).But what is scaring me off is the negative gearing figures.Say the house is worth 400k to 500k,i would need to borrow up to 90% of the total purchase costs.I would get rent of around $400 per week.Now the painfull bit,i would have to top up each week around $250 to cover the mortgage.This would be impossible for us.

    Is there a way of greatly reducing the amount i pull out of my pocket each week?.Can i claim all of that $250 that i pay?

    Is the above formula correct?.Am i aiming too high?.Would a lender be interested?

    Thanks for any advice and comments.

    Have you considered looking into areas with a higher rental yield? If you look further south towards Logan you’ll find more affordable properties with decent yields. Obviously you’d have to carry out your own due diligence on particular areas but if cash flow is a concern than perhaps something that’s not so negatively geared would be a better alternative.

    Another thing to remember is that rents generally increase overtime – which slowly reduces your costs.

    All of Richards excellent points will improve cashflow as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

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