i had thought about baby-sitting, but not the other ones, they are good ideas. i wonder how i could go about getting the ‘business’. i live in a town of 36,000 or so people and have not lived here very long therefore do not have the ‘contacts’ already.

maybe i could drop leaflets into people’s mailboxes but if…[Read more]

I am new to all this and very eager to learn.

pasandbec

pasandbec

Thanks for all the replies/suggestions/help.
We have decided to let this one go for now and concentrate on renovating our PPOR instead. Then once that’s done we’ll look at getting a 2nd IP. Hopefully our property will have gained in value and it will be alot easier to obtain finance.

High flyer – our current IP (yes, it used to be my…[Read more]

Here’s a scenario for you, do you’d think it’d work??

Keep in mind:
~Current IP loan amount $185,000 value $285,000
~Current PPOR loan $225,000 value $215,000
~New IP purchase price $64,000

What if I took current IP loan up to 80%. Currently it’s at 64%. This would free up $63,000 in equity.

With this $63,000….
– make current PPOR loan…[Read more]

Thanks for all your help.

I asked this question before but it didn’t get answered so I’ll ask it again….

Is un-cross collaterising two loans/properties hard to do??? Because my mortgage broker did not present it to me as an option.

Any idea whether Bankwest will lend more than 80% (with LMI being paid)??

p.s. why do you hate Bankwest?

I have been PM my rental property for almost 2 years now. In that time I have had 2 tenants. My tenants have been great and I have found PM to be pretty straight forward and simple, and enjoyable! However, I have not had any dramas with my tenants so I haven’t had anything to worry about really. But I think, so long as you read up on…[Read more]

what you say actually makes sense to me!!
it seems do-able!??

If we increase current IP loan to 80% that will free up $63,000. We could then make a 20% deposit on new IP and borrow the rest…[Read more]

If your properties are NOT cross collaterilsed, it is a simple matter of increasing the loan on your first IP to 80% and also borrowing 80% against the new property. This…[Read more]

Can’t Bankwest just lend us the money for the 2nd IP plus extra (for renos) and we pay just a few thousand in LMI???

For example:

~new IP purchase price $64,000
~costs $5,000

~extra money for renos to new IP and existing PPOR $30,000

~existing PPOR loan $225,000

~existing IP loan $185,000

equals…[Read more]

I wonder if we will have trouble even borrowing money for our PPOR renovations then!!!!

Well, if anyone if after a property deal and are prepared to put a fair bit of elbow grease into renovating the place, then let me know, coz it appears we won’t be able to buy it. [cry]

pasandbec

i’m just wondering why my mortgage broker didn’t think of (and suggest it) himself?

he kept saying to me “it’s the PPOR that’s the problem, with the value coming in lower than expected”….”Bankwest said they couldn’t accept it as security”

So…[Read more]

Failing that, I may have to give you a call Steve.

pasandbec

on the contrary…we are using a mortgage broker and the gentleman handling the deal for us is apparantly very good. he gave us only one other option, to refinance the deal with another bank using a 10% deposit plus stamp duty, etc.

what i don’t understand is we have $100,000 in equity. why isn’t this enough to borrow 100% plus costs…[Read more]

Partner earns $55,000 pa, I earn $34,000

No credit cards or major debt (apart from the properties)

I cracked up when I read your post! Especially the taxidermist part and the action of ‘squirting’ the boss like he’s a weed, as you walk out the door! hahaha.

Thanks, you put a smile on my otherwise depressed/stressed dial.

pasandbec

LOL. I know. And stress myself out to the max, right? hehe.

He gets very ‘high n mighty’ and gets his back up whenever he even remotely starts to look wrong.

This is one example for you, today he took something from my cabinet/drawer without asking or telling me. When I went looking for it I found out off the boss that he took it, so I approached him and said “I’d…[Read more]

what an encouraging post! thanks for your support. still not sure about the 2nd job/tax issue. am trying to think of other possible sources of income but it is difficult.

congrats on your success, i wish you all the best.

pasandbec

Personally, I’m not creative or imaginative enough to invest to create wealth. I need to trade time for money. So I do longer hours/overtime to try to get ahead as opposed to a 2nd job. I feel…[Read more]

I have a great Investment Property for sale in Ngunnawal, Canberra, if you’re interested?

Are we allowed to advertise our properties here?? [blush2]

pasandbec

Bugger. Well I guess that resolves the issue somewhat and I can…[Read more]

What if it’s not the original fence that is on the property? The fence in this case is very new.

An update – have asked my solicitor to ask if Vendor would be willing to pay half the costs of getting a Land Survey done. Because that is the first step…..

Have not spoken to the Vendor personally, all communication is going through our and their solicitor. But when our solicitor asked them about it they said they didn’t know of any encroachment! I don’t know if they’re bulls*&ting or what.

Providing the land survey proves what the boundary lines are, of course!!