Do you have other debt that could be paid off first? What is the interest rate on your Home Loan?

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

quote:
So if I put money into my ip it wont affect the amount of tax I get back at tax time for the propety??

Thanks for your help.

Income is income, regardless of where you put it.

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

Let me start by saying that a financial adviser or your bank are the people to speak with for specifics, however I can certainly offer you my opinion.

Depending on the way your loan is set up, it generally makes no difference whether you put money straight into the loan, or park it in the offset. If the offset is 100%, then the…[Read more]

Let’s say you owe $100,000
Let’s say you have $20,000 in your offset account
Let’s say the offset is a 100% offset (ie. it offsets the whole interest rate, as apposed to a portion of the interest rate)

Then you pay interest on $80,000

These are a…[Read more]

Closing costs are:

Stamp Duty on Purchase
Stamp Suty on Loan
Loan costs (application fee)
Legal Costs (Conveyancer plus searches)
Lenders Mortgage Insurance
Building and Pest Inspection

Anything else which you need to pay out of pocket to buy a house. NAB has a really good calculator which I have played about with and found…[Read more]

One good thing about shares, you can enter the market with much less opening capital. For example a managed fund, some start with as little as $100. Try to buy real estate with that little capital.

Or buying a…[Read more]

quote:
Hiya Apollonia,

The day I started to save money was the day I filled up a glass of water & put my credit card in it ! Then I put it in the freezer !!! []

You’ll be surprised how less you use it, then even more surprised to know that it’s REALLY not needed as much as you think it is. []

This concept of not having it on you can work on…

[Read more]

Well the real beauty of this is the land. The intension I went with was “the building can fall around my knees, for all I care. That will even save us having to demolish”

As I said, zoned for units. The plan was to knock down and build 3 or 4 or even maybe 5 units and hock it off at a big profit.

Another similar property (a little…[Read more]

quote:
Brilliant Victoria!! Congratulations on winning the Auction. Tell us about it the tension, the excitment etc etc. More details!
Steph.

Success is 1% inspiration and 99% perspiration.

Oh Steph,

It was totally nerve wracking.

My BF and I went. I didn’t think I could bid, so I put him in charge. The bank had given us $277K to spend,…[Read more]

Just a note to let you know that the bank gave us a deposit bond and get this….

We won the auction!!! []

Our first investment.[^]

Rock on![8D]

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

quote:
you could sell one of your children!

just kidding

I don’t have any, I have a cat… anyone interested? He’s a ginger male, 2 years old, housebroken, persian… []

quote:
why is it such a good deal???

try not to get emotionally involved!

Trust me, the numbers WORK

I thought I heard him say $1 million between the 19 of them.

I could be wrong.

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

An option I am discussing with my lendor, is keeping the existing loan and getting a seperate loan for the extra, like a split loan…

This way there are no break costs, no pay out fees, no discharge costs, only a new establishment fee, $700ish

Currently I have a portion fixed, some variable and have applied for a third amount to be a…[Read more]

I would use as little as I could to pay a deposit on one property, leave the rest in a CMT and spend time buying as many properties as I could.

I guess it depends where you are, and how much property values are, but I am in QLD where $200K buys something quite liveable, 10%…[Read more]

quote:
Joint Venture partners.

That sounds sweet… how do I find a Joint Venture Partner, other than asking around or holding a seminar![][^][]

Cheers again for all your help

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

quote:
-JV partners -they pay deposit

Hi Terry,

I understood the rest, but this one has me puzzled.

Thanks so much for your advice, as usual.

Cheers,

Victoria
vik_fam@yahoo.com.au

Reason can answer questions, but imagination has to ask them. — Ralph Gerard

I have never heard of them…

One thing I can suggest is to look at the Comparison rate. For those who have not heard of a comparison rate, here is the speal given on the suncorp site to explain it…

“From the 1st July 2003, changes to the Uniform Consumer Credit Code (the “UCCC”) requires all Lenders to provide Comparison Rate…[Read more]

I don’t have any at the moment. Not long ago I refinanced my PPOR to pay out all my little grommity debts (car, c/c etc.) and so now I am concetrating on Saving Saving Saving… Trying to built up that illusive regular savings pattern for the darn bank…

Lots of research in the mean time… plus I have drawn up my 5 year and 10 year…[Read more]

I live on the North Side of Brisbane. Not sure if I want to look at Bris, or some of the smaller satalite towns… Ipswich, Gympie…

Regards,
Victoria
vik_fam@yahoo.com.au

Reason can answer questions,but imagination has to ask them. — Ralph Gerard

Another thing that concerns me is finding a reputable builder. I am very green, and don’t want to get ripped off. How do I judge what is a reasonable price and what is ‘she looks blonde, I’ll add on 25% dumb tax’.

Other than location, what factors do I need to take into account when choosing land?

Thanks…[Read more]

Would this be the same deal with buying an existing 6 pack? How about if it was 2 or 3 duplexes on a block?

Thanks,
Victoria

Reason can answer questions,but imagination has to ask them. — Ralph Gerard

With higher costs your negative cashflow could break you if the current tennant moved out. How long could you afford to keep up the payments if you were unable to find a tennant straight away? 1 month, 2?? (I don’t know what your situation is, you may be able…[Read more]

For the owner/occupier or for the investor, there is no need what-so-ever to pay top dollar.

Generally when selling a home, the vendor will add a bit on to their expectations in order to play the game. By offering the full asking price you will most likely pay more than they really…[Read more]

Having worked in insurance this topic makes me feel a bit worried. Please, never take advice from a consultant over the phone as to what your sum insured will be. They can’t see the property and are working on VERY broad averages.

Best thing is to get a builder to quote you on building a property to the same size and similar…[Read more]

What if I wrap a property to someone (is that the right terminology)…[Read more]

Bought it on Thursday, finished reading it on Saturday.

I bought the book from QBD – the book shop. They are having a sale, 12% off everything, so I paid just $26.36, even though they had to order it in for me, as it was out of stock.

What a deal!!! Check it out![][][]

You know, I am looking into this and my age seems to be a barrier in the oposite way. I am 25 and people might look at me and think ‘she’s too young, I don’t trust her’ etc, especially when offering wraps etc. Would married couples in their 30s be threatened by a successful person my age? Would those in their 40s wanting to buy a home trust…[Read more]