PropertyInvesting.com | Matt McLean | Activity

Matt McLean replied to the topic smsf funds in the forum General Property

Sun, 18 Dec 2011 05:24:23 +0000

Hi Richard,I'd love it if you could pop me on that list for your upcoming e-book as well if you don't mind!Cheers,Matt.

Matt McLean replied to the topic Demolition and Subdivision costs in the forum Value Adding

Wed, 27 Apr 2011 08:20:57 +0000

Hi Alf,

Have you had any experience with the Tea Tree Gully council? Potentially looking at a simple subdivision and re-sell to start with.

Thanks,

Matt.

Matt McLean replied to the topic Property Development / Subdivision Company in Adelaide in the forum Value Adding

Wed, 11 Aug 2010 09:59:01 +0000

Hi Andrew,

Thanks for your reply. That would be my ideal scenario however I’m finding it hard to find properties that would fit this criteria. Especially in suburbs where land would fetch a premium.

I’d like to hear an example and see the numbers of your recent project.

Cheers,

Matt.

Matt McLean replied to the topic Property Development / Subdivision Company in Adelaide in the forum Value Adding

Wed, 11 Aug 2010 03:53:02 +0000

Hi K,I'd love to do it myself, but this will be my first project so I thought I might be better off getting someone else's help before attempting to do it on my own.Would you mind sharing some of your experiences? I'd love to hear about how you go about the process of selecting a property and some examples of the type of projects / profits you…[Read more]

Matt McLean replied to the topic land loan in the forum Finance

Mon, 29 Mar 2010 02:53:19 +0000

Hi Pwinne,Most Banks will lend you the 90% (plus Mortgage Insurance) on both the land and the building. Basically this means you will need to come up with a 10% deposit for each (plus cover the Govt fees on the purchase of the land).Construction valuations generally come about by adding the land contract to the building contract and the Banks will…[Read more]

Matt McLean replied to the topic Line of Credit Loan structure in the forum Finance

Sun, 28 Mar 2010 12:02:59 +0000

Hi Cath,I believe they would use the most recent valuation as Richard has said. At the CBA we generally use any valuation that has been completed in the past 6 months unless there is a particular reason to order a fresh one (renovations completed etc).Cheers,Matt.

Matt McLean replied to the topic Should I ask for a loan again? in the forum No worries Richard. CBA does

Sat, 27 Mar 2010 00:01:04 +0000

No worries Richard. CBA does also have a 'Low Deposit Premium' that we charge place of LMI, but only for very strong applications. This too can reduce the amount payable, but obviously is assessed on a case by case basis and is not guaranteed for everyone.Regards,Matt.

Matt McLean replied to the topic Should I ask for a loan again? in the forum Finance

Fri, 26 Mar 2010 22:55:34 +0000

Hi Richard,This generalisation is the case with most big banks.Would love to hear about your options to reduce it.Regards,Matt.

Matt McLean replied to the topic Line of Credit Loan structure in the forum Finance

Fri, 26 Mar 2010 12:30:32 +0000

No worries at all Cathy – more than happy to help out any time! I'm also happy to run some figures through a calculator to see if your application would service to give you more confidence to apply for the new loan for you if you want. Just let me know.Good luck with it all!Kind Regards,Matt.

Matt McLean replied to the topic Line of Credit Loan structure in the forum Finance

Fri, 26 Mar 2010 12:21:29 +0000

Hi Cathy,You are spot on – most Banks do not like taking second mortgages and you are much more likely to get your Line of Credit approved with your existing lender! When purchasing your new property though you can choose whoever you like because they will only be taking the new investment property as security! I hope it all works out for you…[Read more]

Matt McLean replied to the topic advice needed with bank fees in the forum Great point Sonya - please

Fri, 26 Mar 2010 12:10:04 +0000

Great point Sonya – please make sure you don't have any redraw fees on your loan!

Matt McLean replied to the topic Should I ask for a loan again? in the forum Finance

Fri, 26 Mar 2010 12:08:43 +0000

No problems Cathy – more than happy to help out! Feel free to PM or email me if I can be of any further assistance!Good luck!Kind Regards,Matt.

Matt McLean replied to the topic Line of Credit Loan structure in the forum Finance

Fri, 26 Mar 2010 12:07:19 +0000

Hi Cathy,A lot of investors do structure their loans similar to what you are proposing. A good thing with doing it that way is that do you do not have to cross-securitise your properties!I won't comment about the choice of Bank's as I may be a little biased in that respect… Haha!Feel free to PM me if you have any specific queries – more than…[Read more]

Matt McLean replied to the topic Should I ask for a loan again? in the forum Finance

Fri, 26 Mar 2010 11:54:27 +0000

Hi Cathy,No problems at all happy to help!You are half right in your calculations but you need to work out your LVR (Loan to Value Ratio):- Total Debt ($560k) / Total Value of Properties ($650k) = 86% LVRSo you do have $90k (or 14% equity), however all Banks will only lend you up to 80% of the value of the properties without mortgage insurance)…[Read more]

Matt McLean replied to the topic advice needed with bank fees in the forum Finance

Fri, 26 Mar 2010 07:29:29 +0000

Hi Harry,No matter whether you have the offset or deposit your funds (and then redraw) into the Loan directly, the balance of your loan will still decrease at the same rate (assuming you are making principal and interest repayments). If you are happy to have your pay deposited directly into the loan and then manually transfer money out every time…[Read more]

Matt McLean replied to the topic Should I ask for a loan again? in the forum Finance

Fri, 26 Mar 2010 07:10:43 +0000

Hi Cathy,The Bank wouldn't (or should I say SHOULDN'T) decline your loan just because it is too close to the original refinance. As long as you have the equity available in your current properties, you have enough income to service the increased debt, and your repayment history / credit worthiness is good – there is no reason why the Bank s…[Read more]

Matt McLean replied to the topic Applying for mortgage with Credit Card in the forum Finance

Fri, 26 Mar 2010 07:05:02 +0000

Hi Ediot,A $2,000 credit card would not have a huge bearing on your Home Loan application as it only equates to about $50 in monthly repayments. The key thing to remember is that the Bank will assess this debt on the LIMIT of the card not the balance. Having said that, it always looks better to the Bank if your balance is normally well below the…[Read more]

Matt McLean replied to the topic Home Loan during probabtion period in the forum Finance

Fri, 26 Mar 2010 06:56:13 +0000

Hi There,You could still have a good chance of approval if all other areas of your application are strong (credit worthiness, income, etc etc). The Bank would also look at your previous employment history (to ensure you weren't going from job to job every few months). But assuming everything else comes up ok you could still get an approval during…[Read more]

Matt McLean replied to the topic Help Needed - Starting Out in the Finance Game!! in the forum Finance

Sun, 29 Nov 2009 23:02:33 +0000

Thanks all for the comments I really appreciate it. Subzero, can I ask how you usually approach these Real Estate agents and how you offer to help them?

Matt McLean replied to the topic Help Needed - Starting Out in the Finance Game!! in the forum Finance

Wed, 25 Nov 2009 23:59:32 +0000

Thanks Duckster – I really appreciate the advice. I will certainly look to implement most – if not all of those ideas. In fact with some I already have begun! Have you or anyone you know had much success advertising in the local paper or with a leaflet / flyer drop in the local area?These are also ideas I am wanting to try but was not sure what…[Read more]

Matt McLean replied to the topic Extra Repayments with Redraw (Basic HomeLoan) vs Variable with Offset in the forum Finance

Mon, 12 Oct 2009 00:35:23 +0000

Hi Nit,The two scenarios you are talking about would work in the same way. Whether you have your $20k sitting in the redraw of the Basic Home Loan, or in an Offset Account variable loan – you will still be paying interest on the amount ($300k minus your $20k) and you still have the funds available to you should you need them.Main things to…[Read more]

Matt McLean replied to the topic Property Prices by Suburb - Online Data??? in the forum Help Needed!

Thu, 01 Oct 2009 06:44:47 +0000

Thanks Kenny, magic mate. I don't think that was the same site as I was using but the search and format is almost identical so I'll take it! Cheers mate.

Matt McLean replied to the topic Property Prices by Suburb - Online Data??? in the forum Help Needed!

Thu, 01 Oct 2009 04:52:04 +0000

Thanks Shivasko, that wasn't the one unfortunately but it is very good nonetheless! This is driving me nuts…. It was such a good site!

Matt McLean replied to the topic FREE Residex Property Reports for VICTORIAN, TASMANIAN, and SOUTH AUSTRALIAN properties - Investment or Owner Occupied in the forum Value Adding

Thu, 24 Sep 2009 05:45:29 +0000

Thanks so much for the report Mike – it is FANTASTIC! It is filled with so much valuable information and it was delivered so quickly! Thanks again Mike – I look forward to using your services again in the future!

Matt McLean replied to the topic GOOD books on Real Estate Investing in the forum Thanks again Mark. I have

Thu, 24 Sep 2009 03:05:00 +0000

Thanks again Mark. I have quite a collection myself. I enjoy the books most that have short stories of real people sharing their Investing experiences. Most of these books are back from the late 90's and early 00's where they were buying and selling properties for under $100k and nearly every deal had a rental return of 10%+. It would be good to…[Read more]

Matt McLean replied to the topic GOOD books on Real Estate Investing in the forum Thanks Mark. Looks like you

Thu, 24 Sep 2009 02:35:28 +0000

Thanks Mark. Looks like you can download the book for free on Chris' website too (http://www.yourempire.com.au). I will check it out over the next few days!

Matt McLean replied to the topic FREE Residex Property Reports for VICTORIAN, TASMANIAN, and SOUTH AUSTRALIAN properties - Investment or Owner Occupied in the forum Value Adding

Thu, 24 Sep 2009 01:00:13 +0000

Hi Mike,Thanks for the kind offer. Are you able to provide reports on SA properties at all?Cheers,Matt.

Matt McLean replied to the topic GOOD books on Real Estate Investing in the forum That is a good book Marshes

Tue, 22 Sep 2009 07:18:32 +0000

That is a good book Marshes – Steve's books are what got me obsessed with property! Too bad he doesn't have any more recent ones…. (hint hint) Haha!On the same topic – does anyone know any good investing books that have been written recently and take into account current property prices and cycle? All the old books (which I love and still have…[Read more]

Matt McLean replied to the topic Unethical, deceitful, dodgy real estate agent in the forum Help Needed!

Tue, 22 Sep 2009 04:33:32 +0000

Some people just have no morals… I am shocked by your story but cannot say I am all that surprised…. Sorry you had to go through that!

Matt McLean replied to the topic LOC to Pay IP Interest in the forum Help Needed!

Tue, 22 Sep 2009 01:02:30 +0000

Hi Glennsa,I work for a Bank, and I cannot see any Bank having a problem with that. As long as you stay within your approved limit for your LOC then you will be fine. The only other thing worth considering is that I believe it can affect you at Tax time somehow…. I will leave it to one of the taxation experts to fill you in on any possible…[Read more]

Matt McLean replied to the topic SA Property Investors in the forum Help Needed!

Thu, 17 Sep 2009 02:56:14 +0000

Thanks Mary. I have and still are reading many property books, have done extensive research on-line and listened in to many teleconferences. As well as this I have spent a lot of time researching Real Estate and their values in my area. The one area I really want to spend time researching is with the sub-division process. I really have little…[Read more]

Matt McLean replied to the topic SA Property Investors in the forum Help Needed!

Thu, 17 Sep 2009 02:43:50 +0000

Thanks again Mary – I will do some more investigation with the council! Sounds great though I cannot wait to get started!!!!!

Matt McLean replied to the topic SA Property Investors in the forum Help Needed!

Thu, 17 Sep 2009 02:31:53 +0000

Sounds like you have been busy Mary! Good work though – looks like you have been making a real go of it and doing some great work! I do agree there is lots of research that needs to be done in the current market. I would love to start off by buying a large block, renovating the house and sub-dividing the and selling the vacant block of land.…[Read more]

Matt McLean replied to the topic SA Property Investors in the forum Help Needed!

Thu, 17 Sep 2009 01:07:53 +0000

Hi Mary,Thanks for the comment. My partner and I live in the North Eastern suburbs in a property we bought late last year. It has been my dream for quite some time to renovate / develop properties – so will be looking to go down the same path as you by the sound of it. We are currently renovating our PPOR to unlock some equity that we will use as…[Read more]

Matt McLean replied to the topic I am Time Rich - Cash Poor!! Cash Rich - TIme Poor people wanted!! in the forum Help Needed!

Wed, 01 Jul 2009 23:42:39 +0000

Haha that's fine Ash – not a problem at all. There are plenty of deals out there and the more people that can be successful the better! Feel free to let me know how you go too – always happy to hear success stories etc. It would be great if we could help each other out in finding more cash rich people to work with.

Matt McLean replied to the topic Buying new investment property - Perth in the forum Hi Jebb, Sounds like you've

Tue, 16 Dec 2008 08:25:01 +0000

Hi Jebb,Sounds like you've given its lots of thought – that's a great start! You're coming back at a great time – given the latest interest rate cuts, finance is extremely affordable and there are lots of opportunities to find or make cashflow positive deals. My strategy is always to use my capital as a deposit to purchase as many cashflow…[Read more]

Matt McLean replied to the topic hi everyone im new to all this in the forum Help Needed!

Mon, 15 Dec 2008 07:30:12 +0000

Hi Russ,Good on you for taking the first step with reading the books and getting on here! Positive cashflow properties are a lot harder to find than when Steve originally wrote his books! A lot of the time you have to add value or solve a problem to be able to create cash flow positive properties. Don't get me wrong though, there are still plenty…[Read more]

Matt McLean replied to the topic My first reno in the forum Value Adding

Thu, 04 Dec 2008 11:39:35 +0000

Sounds like you've built up quite a fan base bzmum! We are all really enjoying your renovation story! Sounds like you're doing a great job! Keep up the great work, and we look forward to hearing more from you soon!Cheers,Matt.

Matt McLean replied to the topic Bird Doggin in the forum Help Needed!

Sun, 30 Nov 2008 10:33:43 +0000

Hi Damian,I notice it has been around 6 weeks since your last post. How have you gone with your plans? Have you made any in roads? I am interested in hearing how you have gone and also what sort of properties you are planning to market to your potential customers. Are you finding positive cashflow properties or are you marketing yourself simply as…[Read more]

Matt McLean replied to the topic Subdivision / Development - Joint Ventures Info in the forum Help Needed!

Wed, 26 Nov 2008 03:43:28 +0000

Thanks Courage Man! Coincedently, I actually just bought a book from an Investor Bookshop at lunch time and it is called 'An Intelligent Guide to Australian Property Development' by Ron Forlee….. What are the odds….. Anyway I will have a read over that and hopefully get started on my first project.Have you read this book? Do you have any…[Read more]

Matt McLean replied to the topic Help Needed for a Beginner! in the forum Help Needed!

Wed, 26 Nov 2008 00:19:27 +0000

Thanks Jezza – I like the idea! Are you able to give me an idea on the proposal you would take to investors and how you would split any profits given that you are not putting in any of your own funds. Do you have any real life examples of your own that you would be willing to share?Cheers, Matt.