I live in Gordon and think its a massive mistake to buy OTP in St Ives and surrounding areas. 

If you are looking in these areas – invest in land. The area is due for massive growth. You can pick up some really good buys around Turramurra. 

How deposit do you currently have?

I know you said you understand the risks associated with OTP but what…[Read more]

I personally wouldn't use a LOC credit if its a deposit as its more expensive than standard loans. It has higher flexibility though. 

If you have enough balance in the LOC to use as a deposit then yes you don't need the valuation as the facility is set up but again I wouldn't use a LOC to fund the deposit.

Why is the LOC there in the first…[Read more]

Yes but the problem with this strategy is that the market is completely flooded. I am personally looking at fire damaged properties (which are harder to find) as the market is generally smaller. You being a carpenter will be able to tell which properties can be salvaged and which properties should be left alone (i.e. roof beams caving…[Read more]

Properties under $350k in Sydney are going off like rockets – there is massive competition. 

Regards

Shahin

One of the most common curve balls is that valuations come back lower than the investor's expectation so it may be worthwhile (when you are ready to start buying) to do an upfront valuation. Most lenders offer this and it is free.

Regards

Shahin

How certain are you about the value of your property?

Regards

Shahin

1. Each bank/lender will have its own policy 
2. If you are ascertaining a Pre Approval  – make sure its a credit assessed Pre Approval and not a generic system approval
3. Pre-approvals last anywhere between 3 months to 6 months

I would be talking to a banker or broker about exactly what your options are. The figures above are fine – I would be…[Read more]

The other thing is that investors don't realise is that in 10 years time it will be hard to differentiate the new property with one that is slightly older next door (say 13 years old).

Regards

Shahin

Strategy is fine but I would run the numbers and see whether you want to use the entire $150,000 or some of it (i.e. do you go with an 80% vs a 90% LVR). 

Adding a Granny Flat would assist more in cashflow than it would for building equity but I would consider it as an option (or at least an option for somethign to do at a later stage).

An…[Read more]

When you say pre-approval are you referring to a loan?

Regards

Shahin

Generally no but it depends on the area. What area are you referring to?

Regards

Shahin

That is strange because they should ask you for your solicitor details when you are signing the COS as they need to write this on the COS.

You have 2 options. Option one is to put in the verbal offer and once they accept do not sign the COS and immediately order the B & P Inspection and have your solicitor/conveyancer review the COS. Once this is…[Read more]

What's the strategy? E.g Buy and reno? Subdivide, develop? Have you considered the possibility of buying 2 properties with $650k or even buying something at the $300k mark and then using the remainder of the money to develop? Make sure you crunch the numbers and have a strategy.

The inner west is probably second to western sydney in terms of…[Read more]

Hi Steve,

I can't say which lender it is as it was an off the record conversation but they are putting something out within the next 2-3 months. 

Regards

Shahin

Generally its very risky and not for me personally.

Pros:

1. Buy at today's market rate (albeit some are over priced) 
2. Secure a property tody but do not need to settle until later say 1 or 2 years until the the property is completed

Cons:

1. One firesale in the complex and the valuation of your purchase will come down at the time of…[Read more]

Which areas are you looking at and whats your budget?

Regards

Shahin

Very nice – I was thinking laminate as well. 

Regards

Shahin

Nice work – where abouts?

Also what flooring did you use, carpet, tiles or laminate? 

Regards

Shahin

I am not a buyers agent or hunter expert but I know its a very stable and steady market. I would look at houses which I can manufacture CG – if you can get your hands on land which you can develop then you have done well. I am not familiar with the council but I have heard the zoning is not overly friendly. 

$300k will not get you far in…[Read more]

You can't pick the valuer unless its on the lender's panel. It's important that you find out who valued the current property so you potentially avoid them with the next lender. Are you able to get the report from her?

Regards

Shahin