[twafyMember@twafyJoin Date: 2011Post Count: 6]

October 24, 2011 - 12:19 pm

I use Terry Scheer too, I did get a cheaper quote one time from my car insurance company but comparing all the features, I decided to leave it with Terry Scheer cuz they specialise in land lords insurance, of course I alway get a requote every year to make sure i'm getting the best value for $

[twafyMember@twafyJoin Date: 2011Post Count: 6]

October 19, 2011 - 1:55 pm

Thanks Michael & Jamie,

I shall look into AMP, currently all 4 of my properties are sub %80 LVR have approx $5-600k in equity and about $100k in liquid funds. I actually have read your blog Jaime very helpful.

1. Remove/reduce credit card debts
I own $0 on my CC

2. Consolidate debt
Have no debt except my IP loans and PPOR

3. Restructure current loans
All loans bar PPOR are interest only, all excess funds are in my PPOR loan to offset interest

4. Find a more competitive product
Did look but exit costs negated the benefits at the time

5. Fixing loans
May look at doing this, shortly maybe after another drop in rates which I feel is coming

6. Look at other products
AMP here I come =]

7. Increase rents
Have just increased one property, will look at the others when the review period comes up

8. Correct structure from the start – use a good broker that deals with investors
Have my properties in a Company as a trustee for ………. and may need to find a new broker if current can't help

Thanks again guys, there's gotta be a way!!

[twafyMember@twafyJoin Date: 2011Post Count: 6]

October 19, 2011 - 8:53 am

Stuck on the serviceability issue, my broker reckons I'm pretty much leveraged to the max, (maybe need a new borker

I have 3 IP's and my PPOR, I want to get into CP+ properties in the mining ports Karratha, Port Hedland ect but servicing the loans would be an issue with the banks.

Having read much material on using equity after your IP has appreciated all makes sense and sounds simple enough but I've always come unstuck when it comes to serviceability. Once I've figured that one out I guess that's when I can quit my day job. Will keep searching for more creative financial solutions.

 

[twafyMember@twafyJoin Date: 2011Post Count: 6]

September 21, 2011 - 3:12 am

Don't forget to check on the fee's charged for the setup and ongoing account keeping fees.

Some charge and some don't, I was in the process of setting up an offset on my PPOR till I saw the charges so I asked the question and researched a bit more and in the end there was no charge to have excess $$ in the mortgage account offsetting interest and all online transfers were fee/free or charge.

The above obviously wouldn't work for an IP if funds were withdrawn for personal use so an offset account would work there.

[twafyMember@twafyJoin Date: 2011Post Count: 6]

September 20, 2011 - 7:22 am

* Wealth Magic by Peter Spann – like YI above it was very motivational, not much strategies or tools but had me out of my place and back home for a while, while searching for a second IP.

Currently reading Steve's first book which has changed my view on the buy and hold strategy, looking forward to getting onto his second book.

[twafyMember@twafyJoin Date: 2011Post Count: 6]

September 20, 2011 - 7:09 am

I wouldn't use funds in your loan, the PC can be claimed as a business expense if used solely for business of investing or a percentage depending on how much is business vs personal = too much hassle in my books.

if you're in the market for a new computer don't listen to the sales man and pay for the flash shiny one with all the bells and whistles. The more expensive PC's are really for people who play games and run full on applications requiring high graphics and processing power, CAD, graphic design ect……

If all you need is a PC for general web browsing/home use the base or one up from base is more then good enough