Thanks for all your responses.
I tried calling the strata manager but they said they cannot answer any of my questions. They can only answer questions from the sales agent with permission from the vendor. Is this correct?
Thanks for your helpful tips. Appreciate it.
The place has been on the market for about 6 weeks. Went to auction last weekend and there were no bids.
The agent said this week they got an offer at 390,000 but vendor rejected (I think the agent might have made this up, what do think?)
There are a few negatives to the property so I’m only…[Read more]
I want to make an initial lower offer but the agent already said they received an offer below asking price and it got knocked back.
Don’t know if they’re telling the truth or not…maybe trying to make me offer asking price/test where my bottom line is?
Your advice is greatly appreciated Richard.
So when I have 2 IP’s each with their own offset account and one with a Loc…should all rent and other income go into just ONE of the offset accounts(1st IP) to then pay monthly repayments on original loan and LoC
What happens to the 2nd IP’s offset account? Should any income be going into that…[Read more]
Ok if I move forward with that plan, what happens to the offset account and repayments on the original loan?
Does the LoC account and repayments on original loan consolidate or are they 2 different things?
Should be salary still go into the offset account or LoC now?
Could you explain why it isn’t tax deductible?
What could I have done if the 30k was in an offset account?
So if I’m going to purchase a 2nd IP, I shouldn’t redraw the 30k rather I should set up a LoC leaving the 30k in the loan?
Sorry I don’t really understand this.
So for clarification….. lets say I draw a LOC of $200K on the first property which I lets say I have $300K owing still, this brings my total loan on the first property to $500K yes?
Does this then mean I make my monthly payments on $500K?