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I guess this is the issue with the real estate industry, everyone has their own views. Brokers, agents and vendors.
A few things changed since I started this thread, I had a big 4 player turn down my application for the original plan, then a smaller financier wanted to approve with interest only and a higher variable rate.
With all this mixed information I did my due diligence and got different advice. I withdrew the idea of the big equity release and invested in my education and joined a mentoring program.
So now I can make an educated and confident decision for the next 1 or 2 IPs. Best decision I’ve made in a while!
You could always start at 80% and increase later – but harder to cash out later.
Yeah I’m forming the same view the more time that passes, best settle in the one hit, I’m only paying for what I use when the equity gets put towards another loan. In the meantime it will sit dormant, so fingers crossed the application is a success.
Not sure why you think red flags would be raised for a lvr over 80%.
I was more or less going by Steve’s way of thinking r.e. potentially becoming a credit risk in future by taking out a >80% loan however I’ll most likely go down that route. Thanks for your input.
we only need 1 or two, so all the rest are going to crash, Instead of buying them, buy miners and mine and make money off that. far more profitable.
Thanks for doing some leg work on this one, I’m not sold on it yet but I agree that having 100+ alt coins won’t be viable going forward. A few acquaintances of mine are running miners and paying the associated electricity costs.. Until it goes mainstream I’m tentative to invest.
Thanks for your thoughts on this, it really comes back to lifestyle I think. Live now or live later. (Holidays, travelling, all that good stuff).
How much money did you chip in when you purchased the property? Imagine you used this money to buy shares instead. How much better or worse off would you have been.
Hi Terry, that’s a good way to look at it I suppose. I chipped in 50 as I knew it was the best place for my money at the time. I didn’t know and still am not educated enough on shares to inject capital as an investment, so I guess it’s all relative.
Education is key.
I was fortunate to have such a tenant for over 12 years, complete with a pair of dogs who were NO trouble over that time. Neither was the tenant – ever !!
And no – I never did endeavour to find Insurance to cover pet damage.
I guess at the time of writing, I was (and still am) a novice when it comes to experience in the landlord game and was trying to cover all my bases. When in reality, the real world doesn’t work like that and was probably trying to find something which didn’t exist and meet my expectations 100%. I’ll probably end up being in the same boat as you Benny and having minimal to issues with the pet situation.
On another note, in regard to pet damage, RentCover in fact includes up to $65,000 for damage by pets.
Hi Brett, as mentioned above, at the time I was hoping insurance policies would basically do anything I needed it to do, which is certainly not realistic. You’ll be pleased to know I went with RentCover at the premium level for that statistic you mentioned.
Because after reading countless PDSs, EBM still came out on top in terms of fairness and coverage a broad range of events under different circumstances. I guess the end game for insurance is that as landlords we never have to use it, however it is a necessary evil and believe I made the right decision in the end.
Appreciate both your contributions.
Hey Matt congrats on your purchase and welcome to the forum.
Corey Batt from Precision Funding is a regular on here who is an investor and mortgage expert.
Thanks for the info Tony, will get in touch.
I have plenty of equity and some margin for borrowing capacity, however my mortgage broker isn’t equipped or knowledgeable in this investing field. Where to from here?
Have a chat with a broker that specialises in investment property financing – you might get a better result.
Can you recommend anyone specifically which you’ve dealt with Jamie? Appreciate the info.