Hi simbacat,First of all, welcome to the forum.You should look at converting to interest only loan. This will reduce your minimum monthly payments but does not stop you from making additional payments.With regards to refinancing, without knowing the property value and loan amount it is hard to provide any suggestions.
I agree guys. I am concerned about the future of our economy. Interest rates may have gone up 6 times but the average interest rate under John Howard is still 5% lower than average interest rate under labour.
Hi pyramid,That is a ridiculous quote. You should look at changing the solicitors. I have used The Property Practice for my NSW deals. They are based in Collaroy. Their contact # is 02 9981 7800 or thepropertypractice.comAsk for Jock Kennedy. They charge around $900 + Disbursements.
Hi eller,I think the decision will depend on your investment timeframe. I think in short to medium term Adelaide will be as good as Brisbane. Adelaide has one of the most affordable house prices amongst the capital cities. Also, SA has got uranium mines and will continue to grow for some time on the back of resources boom. However, over a longer…[Read more]
propertypower replied to the topic Is property investing really all its cracked up to be? in the forum Help Needed! 15 years, 2 months ago
Hi Phil,First of all, welcome to the forum.Its an interesting point you have raised but there are few things you should consider:1. You should consider income from rent. What are the projectiosn if you assume a 5% yield.2. The capital growth you have taken are very conservative. What are the projections when you use a more realistic growth of…[Read more]
propertypower replied to the topic HELP! Being lured toward “Real Estate Mastery – EmpowerNet” in the forum Help Needed! 15 years, 2 months ago
probably worth reporting to jenman.com.au
Make sure you include enough clauses to get out of a deal if too many of your offers get accepted. Personally, I don't have more than 2-3 offers at any given point in time and always have date/time after which my offer is not valid.
hi shanshan,7-8% +GST is common for ongoing fees.You should be able to negotiate a better price after shopping around a bit. Where is the property located? If the property is located in a city/town where rental market is tight, you should be able to negotiate simply because the property manager do not have to work very hard to find new tenants.
propertypower replied to the topic Just Contracted 1st Investment Property & It’s CF+ in the forum General Property 15 years, 2 months ago
Hi Boy in Blue,Good on you. Make sure you organise a depreciation schedule to maximise the cashflow.
Hi Da Man,Firstly, congratulations on your first IP.You can use Depreciator (http://www.depreciator.com.au). I have used them couple of times and found them very prompt.Is the property established or brand new. If its brand new, you can give the building contract to the QS but I prefer the QS to go to the property because sometimes everything is not…[Read more]
propertypower replied to the topic What are the Pros & Cons? Investing in Unilodge apartments in the forum Help Needed! 15 years, 3 months ago
hi hamoracci,Welcome to the forum.I had looked at the opportunity sometime last year The pros are:* Long leases (usually 3-10 year leases with annual CPI adjustments).* Hassle free investment (the management company does it all for you).* No vacancy factor and therefore continued income.However, I dropped the idea due to the following reasons:*…[Read more]
Hi John,Even if you increase the rent amount to $230, I am guessing your property in Ringwood will be negatively geared. If yes, why would you want to start the negative cashflow on your property sooner. I think you have done well to negotiate a longish settlement in Ringwood East. The market is moving nicely in that area. Feb 08 is still 3 months…[Read more]
Hi Beck70,With the market so strong at the moment, I would be surprised if you are not able to sell the property without offering 20% deposit. The question I have is – are you expecting bit too much for the townhouse?May be you should consider dropping the price a bit.But to answer your question, offering 20% deposit will make the purchase…[Read more]
Hi tuggerwaugh,You can amend your tax returns. I think you can amend the returns within 3 years.I think Stamp Duty is included in the cost and therefore used for CGT calculations but Mortgage Insurance can be claimed as an expense over a period of 5 years.
As Tony Robbins says, we make decisions to avoide pain or gain pleasure. From what you are saying, he does not relate any pleasure with property investing. You need to find the pain he is associating with buying property and try and address those pain points. It may be he needs to be educated on property investment. Take him to some property…[Read more]
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