[] Redwing, now we even come behind them in the Olympic Games opening ceremony!!

Cheers
Mel

Hi marcus

There are a couple of ways that I can think of that this can happen. The first one is of course where you borrow against the equity in already owned properties, thus providing security for the banks to lend the full price.

Another way is to purchase off the plan, and after one year, most lenders seem reasonably happy to lend on…[Read more]

Peter, you could leverage later I suppose, but that will set back your investing time a bit.

I reckon what you should do as a start is to contact a mortgage broker (if you don’t have one, the guys and girls that post here are a good start) and find out what your borrowing capacity would be in both situations. With both on good incomes, perhaps…[Read more]

Muppet, it was more along the lines ‘I can’t think of a smart a#$% comment, so I’m going to have to leave that one alone’

Must be true then[]

Cheers
Mel

yeah, but about 600 would look like this

[][] ha ha[]

Cheers
Mel

We’ve got Zone Alarm Pro which my friend installed when he built me the computer.

Just looking at it now it says 409 intrusions blocked, 218 have been high rated.

Guess I’m not on the net as often as you SIS!

We’ve got PC Cilin which checks all emails etc., and we don’t get pop ups, but if we go to sites like ebay we get errors instead!! I…[Read more]

Sure SIS, sounds like a plan with no drawbacks – although I’m not an accountant[], and don’t want to write a book. You be the Steve part, and I’ll be the Dave part[] You seem to be far better at finding properties than me anyway, so I’ll work on funding those deposits.

Cheers
Mel

pmaurice, from what I have seen posted on these boards, it appears you have to contact the NSW govt to find out what your liability is – they don’t tell you until you try to sell the property. then you must pay all accumulated land tax before the title will be clear. (I think it’s something like that)[]

Cheers
Mel

Hiya Shelly

If the vendor will ‘take back’ a second mortgage, what it means is that you now have two loans on the property, and hopefully didn’t have to come up with much of your own cash.

It is not wrapping, as your name is on title, and you’ve got a normal loan from a bank. Basically the vendor is taking an IOU from you for that extra $$ that…[Read more]

Hi CheekyOldBat, I find that I often forget there were a few of them involved as well. You think, well he (meaning Steve) has got so many, whey can’t I? But it certainly adds more perspective to see that it’s four times the income supporting thier lives and their investing.

Still, as you say, I’m happy to aim for 30 or 40, and move on from…[Read more]

SIS, I really feel old reading some of your posts, and I’m only 28.[]

With both my Dad and me using our Telstra connection, we’re lucky if we get anywhere near our 1 Gig limit – mostly we make it to just on 500 Mb!![] Which costs us $75 or something (with a discount for having Telstra as our long distance carrier).

Cheers
Mel

peterhen, I must admit I cringed when I saw the amount you wish to spend on your own house.

Once you spend that money improving your house, you just keep paying for it. If you can use that same money to invest, and earn income from, then you are waaaaay in front.

Say it cost you $200-300 per week to pay for the new loan. YOU have to fund this.…[Read more]

Hi Shelly and welcome to the forum.

If you are looking at buying something together, my preference would be to set up a unit trust which would purchase the property. You can allocate the shares in any proportion – you basically ‘buy’ them, a lot like a company.

You can also set up your agreements as to what happens if one wants out etc. etc.…[Read more]

hissho, a clean record is far better than one showing defaults etc.

There are a number of excellent brokers on this forum. I suggest you contact any one of them privately so that you can give them more details and they can outline your options for you.

And yes, banks check your baycorp file. Each time you put in an app, they will probably…[Read more]

Hi J

I had the same problem in Canberra. Travelling to Sydney all the time was out – costs of accom, travel and the course were a pain in the butt.

My solution was to find the ‘home study’ courses. the first one I purchased was Peter Spann’s ‘Welcome to Wealth’ (I think it’s a different title now). It was $98 I think, and good value. I did…[Read more]

pmaurice, kazonthebeach

I don’t think there is a rule regarding length of time you must live in the house for the 6 year rule to kick in. Although you cannot have another PPOR in that time.

To be safe, I would consider living there for at least 3-6 months before leaving if all you are doing is buying it for the CGT exemption (which seems an odd…[Read more]

Hey SIS, I’d still check it out with the state govs. Who knows, the laws may not have been passed. As I said, I only saw it written on these forums, and I don’t qualify for the FHOG (despite having never owned a PPOR[]) so I haven’t bothered much with the legislation.

Cheers
Mel

pmaurice, the good thing about commercial properties is that the tenant pays the outgoings (if that’s how the lease is set up). So there’s mimimal cost to you in ‘holding’ the property.

The bad thing about commercial is that banks don’t lend as high an LVR, and also the interest rates are higher than residential.

Hopefully somebody with…[Read more]

Andrew, I know I’m not Steve, but I’ll try to answer your question.

To get a rental return of 10.4%, using a calculator, you would take the purchase price, eg $134K., and multiply it by your required return (10.4% or .104). Divide the answer by 52, which gives you your weekly rent.

So 134000*.104/52 = 268

The 11 second solution is a ‘formula’…[Read more]

Zacmoose welcome to the forum.

Somebody mentioned on here recently that the Govt is looking to change the rules so that you MUST reside for a minimum of 6 months to keep the FHOG. Jan 1 was the date mentioned.

So I would check with the authority in your state to see if that has happened. Otherwise, I think 3 months would be a good time, and…[Read more]