Total Members: 158,198

Simon

  • Simon replied to the topic Bank requesting Statement of advice from a FP in the forum Help Needed! 6 years, 3 months ago

    Thanks Corey & Benny

    Hopefully I hear back from the lenders today re options. Benny we will put your suggestions forward thank you. Yes, at this stage the funds will be only used for a deposit. Any lurking notions I had of throwing some at crypto are now well and truly gone.

    I realize now my last equity split was under 80% so no drama hat time.…[Read more]

  • Simon replied to the topic Bank requesting Statement of advice from a FP in the forum Help Needed! 6 years, 3 months ago

    Thanks Corey.

    Not really the news I wanted to hear, especially the outlay.
    You implied a contract could assist the situation? So it is more to do with assurance as to the use of the funds rather than me proving I am across my financial situation? Would borrowing with the same lender for the buy potentially help?

    Cheers

    S

  • Simon replied to the topic Bank requesting Statement of advice from a FP in the forum Help Needed! 6 years, 3 months ago

    Thanks Richard I appreciate your response.

    It took me by surprise as it was not a requirement last time I cashed out an equity split. This is smaller than the last as well, only 45k.

    What can I expect this to cost and what is involved? A quick trip to a FP or is there a bit more to it than that?

    Regards

    S

  • Simon started the topic Bank requesting Statement of advice from a FP in the forum Help Needed! 6 years, 3 months ago

    Hi Guys

    I am in the process of a equity cash out and the lender has requested a “statement of advice” from a financial planner to approve the loan.

    I know lending is tightening but we are combined 150k income 1 PPOR 470k, 1 cf+ IP 280k 5.5k CC debt.

    Anyone have experience / advice on this? I can’t shop lenders as the IP is IO with LVR of 88%…[Read more]

  • Simon started the topic Bank requesting Statement of advice from a FP in the forum Help Needed! 6 years, 3 months ago

    Hi Guys

    I am in the process of a equity cash out and the lender has requested a “statement of advice” from a financial planner to approve the loan.

    I know lending is tightening but we are combined 150k income 1 PPOR 470k, 1 cf+ IP 380k 5.5k CC debt.

    Anyone have experience / advice on this? I can’t shop lenders as the IP is IO with LVR of 88%…[Read more]

  • Simon replied to the topic Coomera, Queensland – a good area to buy? in the forum Help Needed! 6 years, 4 months ago

    Hi Narinder

    My two cents from a newbie investor that has their PPOR in Upper Coomera.

    Jump on RE and search sold prices in Coomera, Upper Coomera and Pimpama. I would also suggest reading all the threads you can find on the suburbs in this and other forums.

    https://www.realestate.com.au/sold/property-house-qld-coomera-126253042

    Coomera is…[Read more]

  • Simon replied to the topic Coomera, Queensland – a good area to buy? in the forum Help Needed! 6 years, 4 months ago

    Pimpama is now what Coomera was 10-15 years ago, fringe suburbs with land for Africa and there is still a lot of land in Coomera. Make of that what you will.
    Coomera is just now getting the infrastructure that was promised 10+ years ago.

  • Simon replied to the topic Contractor dragging feet finishing small project. in the forum Value Adding 6 years, 5 months ago

    Hi Ethan

    It is all finally being wrapped up now, DA is submitted for carport and I have completed requested work from the BC for the bedroom conversion, once Approved sitting variation is back all work will be approved and submitted to council. I have certainly learned a lesson and am lucky it didn’t cost me more than a delay refinancing.
    It…[Read more]

  • Simon started the topic Contractor dragging feet finishing small project. in the forum Value Adding 6 years, 7 months ago

    Hi All.

    I am experiencing what I consider to be a lengthy delay with my contractor arranging certification for a carport he put up as well as a bedroom conversion.
    Carport has been up 7+ weeks, bedroom finished well before then. He is hard to get hold of and has not come through on two dates given by him to get the certifier on site. He has all…[Read more]

  • Simon replied to the topic Lease break question in the forum General Property 6 years, 7 months ago

    Hi Benny

    By that, I presume you mean that your friend is bound to pay rent in lieu of the broken lease? i.e. they are “in the gun” for rent until it is leased anew to another tenant

    Correct.

    Wait up though – if that rental uplift is minor (a few %), this could be understandable. e.g. If the lease your friend had first signed was about to expir…

    [Read more]

  • Simon started the topic Lease break question in the forum General Property 6 years, 7 months ago

    Hi

    A friend of mine has just broken their lease to move into a PPOR. The agent has advertised the place at a higher rent, it was already a very expensive apartment, lots of viewings but no takers so far. My question is, is the agent taking the piss looking for over market rent while they have continued guaranteed rental income? Are they aloud to…[Read more]

  • Simon replied to the topic First IP & reno almost done in the forum Value Adding 6 years, 9 months ago

    Hi Benny.

    Sorry rookie error with the medium pricing, i gave you combined. 3 bed 325k, 4 bed 415k, hence I felt I could try to do better going in next time.

    I thought the bones were good with easy wins cosmetically. The block was flat with side access which is not so common in the aria, elevated so no flooding issues, close to train and school…[Read more]

  • Simon replied to the topic First IP & reno almost done in the forum Value Adding 6 years, 9 months ago

    Property is now tenanted @ $425pw.

  • Simon started the topic First IP & reno almost done in the forum Value Adding 6 years, 10 months ago

    Hi Benny

    Thanks as always for the reply to the last post, I thought I would make this a new thread however as I know how valuable feedback is so I’m going to lay it all out so far as I am almost done & ready to get it tenanted.

    Everything seemed to come together thankfully over the last few days. I started getting frustrated about the amount of…[Read more]

  • Simon started the topic First IP & reno almost done in the forum Value Adding 6 years, 10 months ago

    Hi Benny

    Thanks as always for the reply to the last post, I thought I would make this a new thread however as I know how valuable feedback is so I’m going to lay it all out so far as I am almost done & ready to get it tenanted.

    Everything seemed to come together thankfully over the last few days. I started getting frustrated about the amount of…[Read more]

  • Simon started the topic All the "little" jobs & loose ends at the end of a reno. in the forum Value Adding 6 years, 10 months ago

    Hi All

    I’m nearing completion of the reno on my first IP. When it is finished & tenanted I will run through the work & numbers as I’m keen on some feedback to hopefully put me in a better position going into the next one.

    So far everything has gone surprisingly smooth & well, a thoroughly enjoyably experience with results that have even…[Read more]

  • Simon replied to the topic Contractor not returning calls in the forum Help Needed! 6 years, 11 months ago

    Thanks Matt

    I got on to him eventually, apparently family health scare interstate. I am fine with delaying the work but the lack of communication is not on.

    Yes I got on to gum tree & reported the account, had an email from him that afternoon.

    Wont be using him again, was a one off purchase and install of an “as new” air con with full warranty…[Read more]

  • Simon replied to the topic Valuation & claimable expenses in the forum Legal & Accounting 6 years, 11 months ago

    Hi Terry

    Yes this is what I want to know. I am paying interest, insurance, rates ect while holding & renoing but is this and deprecation claimable as there is no tenant yet? The property is 100% IP & will be rented as soon as work is completed. I am just concerned that the expenses may require a income to be claimed against?

    Also is…[Read more]

  • Simon started the topic Contractor not returning calls in the forum Help Needed! 6 years, 11 months ago

    Hi Guys

    I have a bad feeling I learnt a tough lesson regarding paying a deposit to a contractor I don’t know on the internet.

    I found a near new aircon for a great price including install on gumtree. The guy sent a quote out with company name & ABN ect, he also has a fair few other units for sale.

    I paid $500 deposit for the unit as he would…[Read more]

  • Simon replied to the topic Valuation & claimable expenses in the forum Legal & Accounting 6 years, 11 months ago

    Hi Benny

    Thanks for the reply. Questions answered.

    Cheers

    S

  • Load More

Simon

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