Originally posted by IQ:
They will treat you well.

Ha ha very funny.

Terryw
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It can be risky, but some of these mining towns have huge populations – but nearly all mining related.

Terryw
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Cross x-ing is not too bad – in a rising market. Properties can be uncrossed fairly easily. My second property was even cross collateralised with my first. But it just makes things much more flexible if you avoid crossing!

Terryw
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Save a deposit, stay in the same job, and change to fulltime just before you need finance.

Or

Look at buying options on property.

or

Sandwich lease options. etc

Sounds easy, but it is not.

Terryw
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Just build it in to your offer, ie that the vendor will fully coorporate with your application to council etc. Get your solicitor to work out the finer details.

Terryw
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Every one is different, some people accept things that others would only laugh at, so it doesn’t hurt to make various low offers. As Burley et al says, if you do 100 low ball offers, one might be accepted.

Terryw
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Another thing is, even if you setup a company like Rob suggests, partnerships often breakdown. One party may suddenly wish to exit, so you must plan how this can happen. ie can they sell there shares to anyone, does the other party have to buy them or do you have to sell the whole property etc. So you will need a shareholders agreement as…[Read more]

I personally would look at what you made from cashflow and from capital gains, and like Steve see what it averages out over the number of years held.

Then compare this to what you could have made if you invested the deposit elsewhere such as shares or bank deposits.

Terryw
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Get another opinion. You can purchase assets in the trust or company.

Terryw
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Have a look at this:
http://www.sjq.com.au/sjq/site.cfm

For some good info on various trusts.

Terryw
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I forgot the rest…..

I was going to add, the rules around and/or nomineee clauses vary from state to state. In some instances, you can set up a trust or company after exchange, and then nominate that entity before settlement. In other states, this would result in paying stamp duty again.

Terryw
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I agree with Steve on the signing. It is better to talk to your solicitor before you sign anytihng anyway.

Terryw
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ANZ will only refinance up to 95% where the new loan does not exceed the old loan.

I think Royal Guardian does, or did, 95% refinances.

And then there is Libert or Bluestone which will refinance to 95% to help clients payout credit card debts etc.

BTW, I had a call from a broker friend the other day. He had a client getting a 95% loan, settling…[Read more]

I know some investors that use PI loans. They realise they could be buying more by getting IO loans, but they don’t care. They want to proceed slowly and build equity by reducing hte loan as well as the capital growth.

There are even people who like to pay off one property fully before buying the next.

Terryw
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Mortgage…[Read more]

The cheapest loan is not always best!

Terryw
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Most wrappers have loans on their properties, therefore banks holding the title. This is standard practice.

I agree with mortgage advisor, age cannot be used to discriminate. But if you think it is a factor now, then what about your clients cashing you out?

Terryw
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Working will help you get finance and to save for more deposits. You can’t expect to retire in a year or so, but if could be possible within a few years. Then you could ease off the job and spend your time finding properties.

Terryw
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And don’t forget, if it is hard to finannce, it will be hard to sell. The number of potential buyers will be limited, and therefore growth could be lower than with other investments.

Terryw
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Excel the XP version has a loan amortisation spreadsheet included for free. Just set up two of these, one for your loan to the bank and one for the ‘tenant’s’ loan to you. Then at any given time you can see their payout figure and your payout figure and hence, you will know how much cash you will receive on cashout.

If you haven’t got these…[Read more]

I agree with the Duckster. There is no easy way out, you have to find what properties are generally renting for and do the calculations yourself.

Terryw
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