[Stevie2013Participant@stevie2013Join Date: 2013Post Count: 16]

July 6, 2016 - 2:13 pm

Much appreciated Terry, I’ll follow on that. I would have gone ahead & fixed my bathroom ceiling just to get a tenant in but no point until the above unit is repaired.

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July 6, 2016 - 1:46 pm

Hi Terry, Am i right assuming the structural component falls under the strata? I then take out landlord insurance which covers the contents. Otherwise who is responsible to take care of the repairs? Falls with the unit above who has caused the damage?

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September 9, 2014 - 10:59 pm

Will keep you posted how the finance side of things goes, but first must apologize, I was meant to write Jamie not Jaime. I’m used to writing that as it’s one of my boss’s names.

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September 9, 2014 - 10:01 pm

Thanks again Richard & Jaime! Your helping myself & as we can see many others along the way.
Basically I just needed to clarify that I could get my hands on the 20k equity prior to settlement, i.e. upfront deposit & initial costs as you mentioned so I would essentially not require the full amount of costs from my current funds as some funds are tied up in other banks/shares etc. Of course if I get the 90% through another lender then that won’t be an issue anyway.
Oh & Richard sorry for any confusion, must admit my questions confuse myself half the time!

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September 9, 2014 - 9:49 pm

postup wrote:

Hi all,

Currently renting for $455
Body Corp is $1500 per quarter
Rates $250 per quarter
Water $200 per quarter

I’ve only just started researching the Brisbane market so I’m sure other locals can confirm but 1500 body corp per quarter sounds very high, 6000 per year would definitely dent cash flow i would imagine!

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March 26, 2014 - 3:23 am

Hey Freckle, as an Aussie expat living in Hong Kong I'm always very interested reading your posts regarding what looks to be not "If" but "when" the financial markets collapse. I'm very curious to know what you believe will happen to the Aussie dollar as a result, currently I have saved 20% deposit in HK dollars & of which I'd have to exchange into Aussie for the purchase.. I'm definitely of the view the Aussie is way overvalued & of course if the Aussie collapses then Id be better of holding onto the Hk dollars in the mean time & investing in property at a later date.. the frustrating thing is forecasts of sydney to continue growth upward of 10+% & brisbane 5+%… catch 22 i hold off for the hk dollars to be exchanged into higher aussie or bite the bullet exchanging dollars but expect the asset to go up in value. Hmm?

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October 30, 2013 - 2:19 am

Wstpac have just increased their 3 year fixed by 0.2%.. but the 2 year remains unchanged. Hmm so now the options if i fix are 4.89% for the 2 year vs the new rate of 5.19% for the 3 year. I'm assuming the 2 year with a split of 80/20 is the way to go??? which gives me the option of topping up if equity becomes available for a future purchase. 

Looks like the banks are confirming we're at the bottom of interest reductions! 

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October 29, 2013 - 10:17 am

There is a sniff in the air one of the major banks are increasing their fixed rates this week, which is what i meant by jumping on or beating them to it & fixing before they increased. I'm using the assumption that as you say they know something we don't … but knowing my luck though is the U.S will crash next year & rates will continue to drop!

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October 29, 2013 - 8:54 am

Thanks guys, with further research I'm deciding on a 80% Fixed / 20% Variable which should allow me the option of topping up the loan should re-valuations come back with sufficient equity for a further purchase in future. The properties are sitting neutral to positive CF now so fixing will give me the piece of mind that they will take care of themselves for the next 3 years.

Catalyst the rates i'm looking at are 4.98% for 3 years, the only property i'm hesitant to fix for 3 years is the Gladstone inner city unit as we've seen the market snowballing backwards.. although optimistic in the medium to long term. Possibly maybe locking that one in on 2 years only at 4.88%

Cheers

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October 7, 2013 - 5:04 am

Thanks Michael & Johann, Definitely agree staying comfortable within the LVR is important.. & who knows what financial disaster is around the corner! I generally take the conservative low risk taking approach but the thought of 10+ CF properties sparked a light of retiring early

Anyway just so we can get an idea why i was asking about multiple properties is because likely I'll only be in this secure working position for the next 18-24 months before returning to Aus & starting fresh.. of course then the bank wont loan me a dollar until I'm settled with work. It was my ambition to get 2-3 CF with CG potential within the next 12 months as a great financial stepping stone .. likely to lock in my interest rates (80% fixed with 20% variable linking excess funds to the offset) for 3 years by years end & then I'll at least it will make budgeting secure. My first purchase was in 2007 & then 2010, 2012 with all sitting neutral to CF+ve .. So hoping we can ride the current market increase & have enough equity to utilise for the next couple purchases next year. Thanks again!

 

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October 5, 2013 - 12:42 pm

Thanks for the replies & responses guys, a guess more of a relief to know that I’m on the right path by steadily buying quality property rather than focusing on quantity, then using savings & unlocking equity when values go up… patience isn’t my best characteristic but I guess I’ll sleep better with the LVR under 80% & properties taking care of themselves than getting in over my head. I know I regretted years ago not buying & just ensuring with the upcoming perfect storm of rising values I don’t get left behind.

Yep Catalyst I’m trying to find that “winning” strategy, & agree that cash flow with GC potential is king.. doing my best to build that snowball! Sure Harvest I have a good team here in Hong Kong with broker & accountancy & have been great assisting with loans, serviceability due to the stupid high aussie dollar is what’s causing issues. Wish I had of bought here as Hong Kong prices have doubled in 3 years but to get into the market here as an investor requires 50% deposit + gov fees. I feel for the Hong Kong locals here, low wages & no chance of buying into property as the cashed up mainlanders have bought up big pushing prices through the roof, looks like there starting to do the same thing in Sydney. 

I’d love to be able to buy & renovate from the other side of the world but makes a lot more sense & to utilize a buyers agent for the time being, hard part is going to be the 10k buyers fee each time I purchase.

Anyway this may be for a future post but maybe you can confirm my plans further… Last year I bought a corner block in Nth st marys on 690sq, original plan was for chasing yield with a granny flat but after researching it seems I’m better off from a GC perspective leaving it as & redirecting funds elsewhere. It’s zoned 2B therefore being possible to put a duplex on which I was thinking would be great in a few years? Or I wonder if the council would ever allow subdividing this size block? The house sits nicely in the front half of the block.

Cheers all & hope we’re all enjoying your Saturday night!