Simon, there is definitely that option, and we have done that in the past.

I didn’t offer it as I didn’t know how good the current one was, but I guess another opinion will not hurt either way.

Cheers
Mel

alf, in response to your other post, email should be in your inbox.

Cheers
Mel

Lozza, I think you need to reward yourself at times. There’s no point making yourself miserable now, so that in future you’ll maybe have some (hopefully lots!) spare cash to spend.

I think it’s a matter of balance.

Cheers
Mel

Guru – Snap!

What is it ‘smart minds think alike’ or some such quote? And please nobody feel inclined to give the ‘other’ side of that quote.

Cheers
Mel

Cornel, is that the next deal that you have found and trying to finance, or just a ‘potential’ next deal?

Did they factor in the rental that you would get?

Might be time to look for an income partner if that is the case that you cannot borrow. Or sit back and start saving some dollars. There’s nothing says you absolutely have to buy in the…[Read more]

Hi Lozza

Yes, this is true. However this is one book I ordered from Amazon, that never came as they couldn’t get it. I ordered it from Dymocks, and they got it in less than 6 weeks!

Cheers
Mel

James

The ato wouldn’t necessarily know, but i wouldn’t want to risk the chance of them auditing. I think one of the things they have been cracking down on lately is where landlords claim repairs etc. on IPs but it’s really been at their residence.

Cheers
Mel

Benny, do a search. Fudge and Kelvin have some good ones, and there is a website where you can download Fudge’s from (maybe Kelvin’s not sure on this one).

It’s at rentmaster’s website, but I can’t remember the URL.

Sorry, haven’t been much help have I?[]

Cheers
Mel

Prop16

Are you saying that you want to use your LOC to purchase the No 2 and 3 houses outright, or use the cash in it as the deposits?

Either way is fine, and the fact that you have a LOC at that level suggests that the bank already thinks that you can service the debt. If you are using it for the deposits, the bank will probably take into…[Read more]

barbara, I would get a couple of real estate agents to give you quotes for the rental. That way you can geta good idea of prices in your area.

Also, look in the papers to see what is available and what it’s worth. You don’t want to charge too little, but you also don’t want to risk the empty house by charging too much.

Cheers
Mel

Congrats aussierogue! Good to hear that all is well.[]

Cheers
Mel

alf, I would get your contract and take it to a property solicitor and get them to chase it up for you. At the very least they can look at the contract and advise you of your options.

Cheers
Mel

Good on you C2. I’m glad there are people around who won’t ‘sell their souls’ or any ‘secrets from the stars’ for money.

It’s a shame there aren’t more people like that. Look at Diana’s butler – the one who ‘knew her best’ (or something like that), so he writes a tell all book!!

Cheers
Mel

Hey alf, I too have had some of those ‘learning experiences’ that come straight out of your wallet.

If you are concerned about rising interest rates and all other factors you mentioned, consider fixing at least part of your loan. This way you have a foot in both camps. On one hand, you KNOW how much your repayment is for, say 75% of your loan,…[Read more]

sunshine, without knowing any other details on the property, and therefore giving no opinion as to sell/hold etc., I hope that you are on a P&I loan, and can therefore save some $$ out of pocket by refinancing to IO.

If you are already on IO and it’s costing you $500 per month – ouch[]

Cheers
Mel

alf – bugger! Does sound like you were taken for a ride.[]

budgie_boi, I suggest you do a heap of research on the area, see how many units are being built, what the rental rate is (from other agents other than you’re buying from), what other agents think the places are worth, and will be worth by the time they are completed etc. etc.

Get…[Read more]

But alf, surely if the property was not completed, you hadn’t paid for it, and therefore there were no interest costs, so it didn’t matter if it was complete or not?

I know with some of our OTP purchases 2 years ago, we were cheering when there were delays, as we had a locked in price to purchase, values were rising all the time, and we had not…[Read more]

Peter, I’m unsure as to why you are asking[?]

Have you never had one done? Or do you believe they’re too expensive, or not worth it[?]

I have a report done (cost was $325 I think) on a 30 year old property (so no building allowance, and some pretty old fixtures & fittings), and my claim in the first year was nearly $1000 – and in fact I need to…[Read more]

Magnet I think they do that in the States a lot, but the banks mustn’t hold the title the way they do here.

In your scenario you would not have the title of the property in your name (same as a wrap buyer I guess), so you would really want to have a contract drawn up to protect yourself in this case.

There would be stamp duty implications once…[Read more]

Hi fullout

A deposit bond is often used for OTP purchases as otherwise you would tie up your cash for potentially a long period of time. However, you can still use them for shorter settlements, if your money is tied up in a term deposit for a further 2 months etc., or if you need to settle on your sale before having cash to purchase.

It means…[Read more]