jojo started the topic found a property in Bendigo – then found out it has a mine on it!?! in the forum Help Needed! 7 years, 8 months ago
Long story short, found a property I was considering putting in an offer on, got hold of the section 32, and it has a mine hazard.
(substantial edit)
Have had it clarified, there is a historic mine shaft, as well as being within the area which has been mined until recently, two separate mine issues.
Regarding the old shaft, what dangers does…[Read more]
jojo started the topic found a property in Bendigo – then found out it has a mine on it!?! in the forum Help Needed! 7 years, 8 months ago
Long story short, found a property I was considering putting in an offer on, got hold of the section 32, and it has a mine hazard.
I was not so shocked, thinking it a historical mine but… no. Current.
Not much information given, a mine on the property? (which I failed to notice during an inspection??? there was a locked door though….) and a…[Read more]
jojo started the topic found a property in Bendigo – then found out it has a mine on it!?! in the forum Help Needed! 7 years, 8 months ago
Long story short, found a property I was considering putting in an offer on, got hold of the section 32, and it has a mine hazard.
I was not so shocked, thinking it a historical mine but… no. Current.
Not much information given, a mine on the property? (which I failed to notice during an inspection??? there was a locked door though….) and a…[Read more]
jojo replied to the topic non-bank lenders in the forum Finance 7 years, 10 months ago
Thankyou so much everyone :)
jojo replied to the topic non-bank lenders in the forum Finance 7 years, 10 months ago
Thankyou so much for your responses. I feel confident now, but Corey – would this transition to YBR likely have any impact to the borrower?
jojo started the topic non-bank lenders in the forum Finance 7 years, 10 months ago
Was wondering what people thought the risks if any might be if I were to finance through a ‘non-bank lender’. It is not because of bad credit or low docs or any of those sort of reasons – only that their loan seems good to me.
This was recommended by my broker but feel slightly uncomfortable with going with a lender I have never heard of before…[Read more]
jojo started the topic Renovating a weatherboard in the forum Value Adding 8 years ago
I mean this only as a general question. I have never done any renovation before, but I was looking at doing a (simplish) (cosmetic) renovation on a nice brick house. But in my search I have come across a couple of sweet weatherboard homes in need of a lot of renovation, where the numbers seemed to work.
So in preference to ignoring them for no…[Read more]
jojo replied to the topic Invest in property which generates little cash flow?? in the forum Help Needed! 8 years ago
I am no professional in fact I have yet to purchase an IP. However, it occurred to me….
I was under the impression that CBD apartments were high in yield but low in capital growth and hard to resell??? But 10% historic growth sounds pretty good, if that is what you mean by profit record.
Also I know that apartments under, I think 50 sqm, are…[Read more]
jojo replied to the topic apartments above shops in the forum Help Needed! 8 years, 1 month ago
Sounds sensible :) Thank-you for your perspective :)
jojo started the topic apartments above shops in the forum Help Needed! 8 years, 1 month ago
Wondering what people think above apartments above shops as investments?
Am considering one, seems close to positive cashflow, probably neutral, not a particularly trendy area though, very few other apartments on shops in the vacinity although the council plans want to encourage more.
Quite attractive though, I would have been happy to live…[Read more]
jojo replied to the topic Ways to finance renovations in the forum Finance 8 years, 2 months ago
Thank you so much Terry.
Is it a fair assumption that if I am approved for a certain amount, but my house plus the reno amount is that approved amount, then it would be fine? (EG approved for $400k but buy $350K IP and $50K for the reno for sake of argument). Or impossible to say?
Would I be able to combine my equity loan for the deposit and…[Read more]
jojo started the topic Ways to finance renovations in the forum Finance 8 years, 2 months ago
How do people go about funding renovations without using cash?
For background, I have a PPOR with plenty of equity. I want to refinance, and get an equity loan for the deposit plus stamp duty if possible, and an IO IP loan with another bank.
Do I get a separate equity loan? Or do people prefer line of credits?
On what basis will they lend me…[Read more]
jojo replied to the topic 2 Day Property & Finance Course DVD's in the forum Buy, Swap & Sell 8 years, 2 months ago
Whose course is it?
jojo replied to the topic Refinance now or wait? in the forum Finance 8 years, 2 months ago
Thankyou Jamie.
Yes I have been wondering how I could pay the deposit if I couldn’t negotiate a $1000 deposit. If I paid in cash how I would get it back into the loan? The more I think of it the more I realise I need to do it. Talking through a problem really helps – and so does someone’s confirmation when I am going against advice given…
Do…[Read more]
jojo replied to the topic Refinance now or wait? in the forum Finance 8 years, 2 months ago
Thankyou Jamie.
Yes I have been wondering how I could pay the deposit if I couldn’t negotiate a $1000 deposit. If I paid in cash how I would get it back into the loan? The more I think of it the more I realise I need to do it. Talking through a problem really helps – and so does someone’s confirmation when I am going against advice given…
Do…[Read more]
jojo replied to the topic Refinance now or wait? in the forum Finance 8 years, 2 months ago
Thankyou for your reply.
My servicing ability is limiting the amount I can borrow but it is still enough to move forward and make a purchase. I guess this is the reason I would feel much more comfortable with a proper pre-approval.
The main reason I want the loans with the same bank is because I want and equity loan for the deposit and another…[Read more]
jojo replied to the topic Refinance now or wait? in the forum Finance 8 years, 2 months ago
Thankyou for your reply.
My servicing ability is limiting the amount I can borrow but it is still enough to move forward and make a purchase.
The main reason I want the loans with the same bank is because I want and equity loan for the deposit and another for the renovations.
Wouldn’t having the loans with the one bank maximise my borrowing?
jojo started the topic Refinance now or wait? in the forum Finance 8 years, 2 months ago
My key question right now is whether I should refinance my home now whilst I look for the IP I desire, or wait and finance them at the same time.
Advice I have had has suggested I wait, that way I have a stronger bargaining position or at least look more attractive to banks, given that I have a few things I really want in a loan.
On the…[Read more]
jojo replied to the topic economic downswings – how do they affect rent? in the forum Help Needed! 8 years, 6 months ago
Thanks Jamie :) It’s a good reminder for me.
Yes that was my original plan, buy and hold, but after doing a lot of reading/researching etc I realise if I could reno and sell 2-3 houses at even low to medium success before getting a buy and hold, my financial situation would be greatly enhanced.
Nevertheless, if I need to hold my potential…[Read more]
jojo replied to the topic economic downswings – how do they affect rent? in the forum Help Needed! 8 years, 6 months ago
Awesome. That both makes logical sense, and is an answer I wanted to hear… :)
Essentially means if I have to go with plan B, the prospects are pretty good.
Thankyou so much for answering.
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