Total Members: 158,077

jcso99

  • jcso99 replied to the topic Melbourne JV partner to project manage reno in the forum Value Adding 1 year, 1 month ago

    Sorry Sasha , I didn’t realize I was responding in forum . My apologizes , I have sent you private msg .

  • jcso99 replied to the topic Melbourne JV partner to project manage reno in the forum Value Adding 1 year, 1 month ago

    Hi Sasha , what’s your mobile number ?

  • jcso99 started the topic Melbourne JV partner to project manage reno in the forum Value Adding 1 year, 1 month ago

    Hi!

    I own a 1920s granny flat in Ringwood, SE Melbourne and plan to undertake both cosmetic renovation and extension to the granny flat very soon. Now, I am already talking with town planners on proposed extension plan (which hopefully can get council’s approval because I have verbally spoken with Maroondah Council and they seems to be okay with…[Read more]

  • jcso99 started the topic Buying a house for cosmetic renovation in the forum Value Adding 1 year, 1 month ago

    Dear all, I am looking at a reno deal where the property backs onto trainline in Melbourne’s SE region. The house needs some cosmetic reno. After initial DD, there are renovated house (with similar internal configuration) within 500 meters which is in quieter street and it was sold for over $1.2M. If I were to renovate the deal, should I assume 5%…[Read more]

  • jcso99 replied to the topic Renovating 2-bdr granny flat on 504 sqm block and subdivision in the forum Value Adding 1 year, 1 month ago

    Dear all, I am doing a reno deal to my rundown granny flat in ringwood east. The house is a 111 sqm weatherboard granny flat with 2 bedroom and 1 bathroom . However , I want to extend the house sideways (already spoken with council and I have enough space to extend sideways without breaching the Private open space requirement) and convert the…[Read more]

  • jcso99 started the topic Renovating 2-bdr granny flat on 504 sqm block and subdivision in the forum Value Adding 1 year, 1 month ago

    Dear all,

    I own 2 bdr 1920s granny flat in Ringwood East which sits on rear of 504 sqm block. The block of 504 sqm that I own is part of sub-divided block. Now, the 2 bdr granny flat is weatherboard house (according to agent, it says my property is worth 600-700K, which I believe is under-valued). For the existing dwelling, my initial thought is…[Read more]

  • jcso99 replied to the topic Urgent loans for $20K in the forum Finance 1 year, 1 month ago

    Thanks Chris and Benny for the suggestion. Yes, my approach now is to whack it on my overseas credit card (whilst I have started the loan approach with a private lender which will take about 3 to 4 weeks to disburse and then payback the overseas credit card). The work should be done in 10 days (fingers cross) and then the tenant will then move in…[Read more]

  • jcso99 started the topic Urgent loans for $20K in the forum Finance 1 year, 1 month ago

    Dear all,

    I am Australian citizen residing in HK and has two IPs in Melbourne. I have a salaried job in Hong Kong and both IPs in Melbourne is tenanted. Both IPs are held in discretionary trust and I act as guarantor for both loans with AMP Bank. Loans are $360K but now one of the IPs in Beenleigh, QLD has some urgent repairs (water leakage)…[Read more]

  • jcso99 replied to the topic landlord insurance not covering water leakage in QLD in the forum Help Needed! 1 year, 1 month ago

    Dear Benny, much appreciated.

  • jcso99 replied to the topic landlord insurance not covering water leakage in QLD in the forum Help Needed! 1 year, 1 month ago

    Dear Steve,

     

    The landlord insurance is in my trust name (which owns the property) but my property manager says the landlord insurance company (Terri Scheer) says that even there is $60K building coverage under the landlord insurance, it ONLY covers “damages to the building caused by the tenant and given that the cause of the water leakage which…[Read more]

  • jcso99 started the topic landlord insurance not covering water leakage in QLD in the forum Help Needed! 1 year, 1 month ago

    Dear all, I have a 2 bedroom unit in Beenleigh in QLD and recently, my bathroom has a water leakage (which on spilled into kitchen) and I have always kept a landlord insurance (Terri Scheer) on the property but my property manager said that Terri Scheer refused to pay for the cost of repairing the water leakage at bathroom. The water leakage has…[Read more]

  • jcso99 started the topic 80% LTV for IPs in regional towns in New Zealand in the forum Finance 8 years, 8 months ago

    Dear all,

    I have been introduced to an investment opportunity in Maserton, New Zealand. The acquisition price is NZD 200,000 with an expected rental of NZD 380/week (gross yield around 9.9%). Allowing 5% vacancy and 5% property management expenses, the property will still yield 8.9%, which is still above current variable interest rate of 6.5% in…[Read more]

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    Thanks all for your feedback.

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    Thanks Colin, I have just sent you a private message regarding my current situation.

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    Hi Colin,

    The net surplus should also minus the existing loan repayments right? Secondly, are you saying that with AMP, they will add a 3% buffer to the current variable rate to calculate serviceability? Cheers John

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    I just have done some quick calculation, my rental income constitutes about 35% of total income but AMP, through my mortgage broker, is saying that I have serviceability issue, which i don’t understand. In total, my IPs are yielding at average 7.5% gross and they are located in metropolitan/regional cities and none of them are in mining towns.…[Read more]

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    Thanks all for your help. In a nutshell, I should be speaking with more mortgage brokers but from reading the post, it seems NAB and Macquarie might be my better options at this stage. Cheers John

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    This might sound like a silly question but what is a DUA and how does it apply to me? Thanks

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    Thanks for the feedback. I have a couple of follow up questions:
    1) RMB income – I remember speaking with a mortgage broker in mid-2013 and told them that my income is denominated in RMB and their reply was that no bank will accept RMB salary. Hence, I didn’t bother to explore other lenders cos I thought RMB denominated income is not welcome by…[Read more]

  • jcso99 replied to the topic Increase borrowing capacity in the forum Finance 9 years, 9 months ago

    Hi Shahin, I am currently working for a logistic developer in China and the company is listed in Singaporean Exchange. My salary is denominated in RMB. The issue i have with Westpac and other lenders is that they completely disregard my overseas salary cos they don’t take into consideration RMB denominated income, which absolutely kills my…[Read more]

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