tommytucker replied to the topic Know a finance provider ? i want to borrow 90% value but not pay LMI in the forum Finance 8 years, 7 months ago
LMI isn’t that big a deal is it? A couple of thousand generally…just pay it and say thanks for the hundreds of thousands you’ve bequeathed to me.
I’m halfway through doing my first renovation. It’s taking a lot, a lot, longer than expected :-) But that’s ok, it’s all good experience.
I have purchased most of what I need I just need to install most of it. I’ll be putting in a kitchen in a few weeks. That will be the first big thing finished so I’ll post some before and after pics once I’ve…[Read more]
There are 2 schools of thought that can be used to answer your first question.
The first is that the proverbial is going to hit the fan shortly in which the best case is a flat line in growth for the next 18 – 24 months, worst case is a decline in prices. I'm no doomsayer, nor am I a fortune teller, but I think if China goes down the gurgler and…[Read more]
It's my ppor in wanneroo. The plan was Reno and hold but it's looking more like a sell and repeat scenario at the moment.
I'm trying to do literally everything myself except for the required sparky and plumber. It's slow going because work keeps interfering and this is my first time as well so I'm making it up as I go.
Cheers Benny, that's what I was afraid you were going to say!
Jamie, you're a genius. You've planted the seed in my head that I will be able to reno places full time if my wife returns to work. I'd have to deal with the kids and home chores etc as well, but that's a small price to pay if this can help propel my portfolio at a faster…
My biggest question has and still is: where does the deposit for the next property come from? I understand cash is king, whether it be from a vendor finance or a simple cash flow positive property. But the banks won't lend unless you have that 10-20% deposit.
If I'm building a portfolio with simple cash flow positive properties I don't have…[Read more]
I was quoted about $3k for tiling of a similar size bathroom. That's the first quote and needless to say I'll be chasing more quotes.
Are you going to pull all of the old stuff and tiles out yourself? I'm going to do most of the chump work myself so that I can cut down on paying $100/h for unskilled labour.
The initial costs outlayed to bring the property into your name as well as up to scratch to sell, ie renovation costs, are generally capital and are therefore not deductible. If you are running it as a business then these may be tax deductible, but then you will likely be subject to tax at the marginal rate rather than CGT. Not all reno costs are…[Read more]
tommytucker replied to the topic Need advice – interest only loan, low capital growth in the forum Help Needed! 9 years ago
What about a granny flat?
I’m under the impression the rules are different if you aren’t actually subdividing. Then perhaps your property would become cash flow positive and pay down your principal if that is what you desire.
Personally I would live there while building if only so that you are close to the action and can see what and when things are happening.
Plus there would be less headaches than if it were tenanted.
What state are you in? I’ve no idea about the other states, but I know in WA you can rent a gf to whomever you so desire. There are limitations about…[Read more]
tommytucker replied to the topic Where to find properties apartment from domain and realestate.com.au? in the forum Help Needed! 9 years ago
If you are close to the area drive around and look for for sale signs, as well as places that match your criteria. Knock on the door or as wilko said drop a flyer in their letterbox.
I think terry understands your question, he's just putting up his 2 cents on the potential legal issues which could be bigger than the potential upside.
Provided everyone is agreeable and it is well documented legally I would run with shape's suggestion personally, then add in the Reno and refinance Colin suggested.
Not true catalyst, there is an excemption to that rule for accountants although given the light training they have on everything I would not act on accountants advice unless they have a portfolio themselves. Similar to a financial advisor as well.
On the flip side, look at Japan. Many more people than us, very little land and there property prices have been stagnant forever.
Of course their economy is a different kettle of fish to ours and probably accounts for the poor growth, however it does show that it's not just down to supply and demand.
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