I hope to seek some advice. I’m currently going through a divorce and hope to keep the house as I believe it will be a good investment. However due to the maintenance I have to pay it looks like I’ll have to move back in with my parents and rent the house out (Expected to be neutral once rates/insurances etc come out).
One thing I’m…[Read more]
Thanks for the prompt reply.
In regards to new interests, I’ve always paid everything related to the property since we’ve owned it (mortgage, rates etc). We did both re-mortgage to renovate the property though this is in the past.
I assume when you say helping to renovate – your meaning in the future? Eg, she moves out, the property…[Read more]
I’m looking for some advice. As per a previous post I’m going through a divorce. As a result my wife has moved out and a possible option is for me to buy my ex’s share of the property. The idea being that once an agreement is reached a consent order would be submitted to the courts and the settlement would occur to transfer the…[Read more]
Additional to the above, does a guarantor help in regards to serviceability? Eg, if my parents went guarantor on the loan. (I highly doubt they will though was a thought that crossed my mind)
Kinetic – once again thanks for the reply. Yes, agree with the loan repayments – I will continue to pay the full mortgage as I have done in the past.
I think my next step is to get a valuation done to confirm the exact loan amount required. Would the best approach be to engage three real estate agents and take the average or pay a certified…[Read more]
No – no property agreement has been made at this stage.
Corey, thanks for the advise.
Kinetic – you mentioned that on face value (with the above figures) I should be able to qualify for a loan. Was this factoring in full expenses for the kids?
Thanks for the reply. Yes, but if I re-mortgaged now prior to any decision on child maintenance costs (i believe this would be a court process that occurs at a later date) then would this cost not be factored in or would the banks question why the title is going into one name and preempted possibility of maintenance fees?
Hope I’m…[Read more]
Thanks for the advice. At this stage the only other liability I have is a credit card ($2k limit with $1k owing).
Corey – thanks for the tip re: clean payment history.
The one thing I’m unsure on is maintenance. I believe I can provide a good life for my boys and would be fighting for at a minimum, half or up to full custody. If…[Read more]
I was hoping to get some advice. I’m going through a challenging time in my life where my wife wants a divorce.
We have two kids and a PPOR that I’ve put a lot of money and time into renovate. (When I met my wife I had two rentals which I sold to put $$ into this PPOR). The house is in a great coastal location, close to the school,…[Read more]
Thanks heaps for the insightful advice. I decided to hold off on making an offer on this one (numbers didn’t quite stack up) though I’ll certainly be using some of the tips above for future offers:)
I’m considering making an offer on a property in Perth’s northern suburbs (close to where I live). Before I do, does anyone have a link to helpful tips when making an offer? Eg, things to include in the written offer, strategies to build a strong case for what your offering and so on?
What would be cool is a mobile app that calculates returns on the fly. (Similar to Jamie’s spread sheet – http://www.passgo.com.au/investment-property-analysis-tool.html)
When your at home opens, you could simply open the app, punch the price and rent return, then it spits out a feasibility report (eg, shortfall, yield etc)
Cheers – will do Jamie:)
In regards to releasing equity – can this not be done as a line of credit? eg, so you end up with two seperate loans and you don’t have to refinance the first?
In regards to break costs, I’ve heard this can work in your favour. Eg, if the rates go up and the bank can get a high return they break with no fee or may pay…[Read more]
Hi Jamie & JacM,
Thanks for the reply. Your website is a useful resource:) If you don’t mind I think I will build on your spreadsheet. This is what I’m looking for, especially with the ability to forecast for 5 yrs.
At the moment we have around $350k equity and we plan to stay put for 10yrs+ so the strategy I’m looking at is long term. I’d li…[Read more]
Sorry – the copy and paste of the excel table didnt work… please click to see the image
I’m currently doing some sums for a potential investment property to work out the approx shortfall per week/per annum.
I’m new to this process, so I’ve taken the approach of Incoming vs outgoing to calculate the shortfall.
In regards to the figures below I need an approx figure for;
– Cost for landlord insurance
– The…[Read more]