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Thanks guys for your inputs. I can see why investors shy away from this because it would be very difficult to manage, let alone find an insurance to cover this type of tenancy. Having said that, I think we can see a potential for cashflow in the short term while we prepare for the townhouse development. We plan to manage this ourselves as we are looking for a property close to our place. And I think we have access to a niche target of tenants that we want in the property. This will lessen the headache of managing it.
Too bad there is no comment on this post. I am very much interested on other's experience on this kind of tenancy. We are thinking of buying a house and turn it into a 'rooming house' for the short to medium term but with a plan of developing multiple townhouses on the property in the long term.
thanks guys for your recommendations.
Also, would anyone recommend a property manager here in Melbourne that can manage a property located in northern suburb. I was considering RUN property and Metro Property managment. Any comments on these two.
Thanks guys for the reply.
Where the property is located I don't think there is a demand for furnished rentals. Since it is a small house, we would probably stage it ourselves with a few furnitures.fredo_4305 wrote:if I refinance that loan with the same lender to access equity after the the 3 years would that mean I need to pay complete LMI again as opposed to a top up? Cheers BrendonHi. No one has particularly answered above query. And i am seeking the same answer as well. Say you paid for LMI, and after 2 years your property has increased in value and you want to access that extra equity. Will you have to pay again for an LMI?
Also, if I were to take a construction loan (95% LVR), when will the LMI applicable? once the accumulated loan reaches say 80% LVR? or right from the start?
I appreciate any replies.
Good luck. Hope all things go well.
Keep us updated.Success is never easy. There are always obstacles and problems you go through. And that's fine as long as we learn from and capitalise on these problems.
Success, just as in life, is never easy. But it is better to be successful than not because you'll get hit with problems no matter what anyway.Hi lordopg. We've been accepted into the program. Stephen will talk to you first and assess you I think. Then he tells you that they will call you back to see if you progress to the next stage which is the one on one talk. Then they will take it from there before finally deciding. That was how the process went with us.
You just have to find your reason first why you want this thing.
Good luck and please keep us updated as I am interested to keep in touch with whoever is accepted into the program.Thanks andrew. I surely hope so, because if I will be successful, I will surely be able to influence people around me, and then they will pass it on to others too. It will surely have a trickle effect.
Anyone else who is into this Millionaire Apprentice program?
We have been accepted into the program and will be meeting with Stephen later this week.
Looking forward to what he is putting on the table.I too applied for the Millionaire Apprentice Program and was shortlisted. Yesterday, I got a phone interview with Stephen Tolle himself, and was really blown away with his passion.
My application is still being considered, and will get a confirmation this week if I made it to the program. It will be an exciting journey if chosen.I got an indication that my builder will be taking care of it.
The permit fee which is $200+ is non-refundable, but the bond which is $1300+ will be refunded once final inspection is satisfactory to council.
What i want to know is, will the builder be paying for this permit and bond?The invoice is addressed to us as property owners. Does that mean I should be giving the invoice to the builder for him to pay the permit and bond?
The builder has included in the fix price the preparation costs. We actually have already done the permits (except the building permit which will be done by builder), including soil tests, pit and water connections.
If it's about 2-3 weeks more to go, I might as well pay for the 5% deposit coz it will take probably about the same time for the builder to schedule the demolition team, clear the driveway and rear, and for the land surveyor to put it the marks.Apologies but can I jump in on this post. Got a similar query.
Michael, our application for contruction loan has just been approved. But i understand it will still take some few weeks to get the docs from the banks signed and the for the funds to be availabe. We had an agreement with the builder that I can pay for the 5% deposit so they can start with it right away, and he will credit the amount back once bank will have the funds available. With this scenario, it is possible that the construction would have been on the next stages. My question is will the bank still provide for the funds for the previous progressive payments issued by builder even if they have not inspected those construction stages. Because my understanding is bank will normally inspect the construction stage first before issuing the progressive payment for that stage.
Your opinion is much appreciated; before I pay for the 5% deposit.Base from my recent experience, I too believe that's reasonable. Just make sure the fee covers every amendment to the plans. We have learned this lesson very costly as our first draft consultant charge us $1500 for every amendment requested by council.
Hi. I am in the process of researching on how to invest in US property. I would appreciate if someone who has gone through the process and actually done meet up with me and discuss. I am based here in Melbourne. Thanks.
Thanks Anthony for the article. Keep them coming.
