[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

October 28, 2015 - 4:08 pm

Thanks for your replys. Ok. I shouldn’t call it an investment, if it happens to get capital growth along with being able to enjoy a family holiday would be a bonus. Like Redwood said…its more for enjoyment for the family so it is for personal/emotional reason. Its seem like yours turn our to be enjoyable and a decent investment over those years. Thats is exactly what I’m kinda looking for. But also, I don’t want it to sit there rotting away when were not using it. So that is the dilemma with holiday houses that people own. Do you have any hot spots or idea where I can possibly have best of both worlds? Im not from here, originally from Canada. Australia has so many nice beaches with a few hours from the city. Just have to find a nice spot for a decent price. I also thought of just buying a trailer park type of thing, maybe that is better for me.

Cheers
Chris

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

September 17, 2015 - 7:10 am

ok thanks if you ever want to negotiate let me know
Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

July 3, 2014 - 12:24 pm

I have thought of that!! Unfortunately I don’t think my wife would be into that!

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 26, 2014 - 1:34 pm

I was looking to do the same with my property oversea as the rates are at tad lower then Australia. They told me I have to be there in person to apply for the equity of of my investment but it can be done. Just be careful of the exchange rates from your country to Aus dollar. You might end up paying less in the long run if the exchange goes in your favour or it can be the other way around.

Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 25, 2014 - 3:00 pm

Jamie

So are you saying that I can take out a LOC on my PPOR say 300k buy 3 IP with 100k deposit on each with 3 different banks with the same LOC?? and it would be all fine? Is there a lend limit the banks would loan as the cash is coming from a LOC from another bank?

Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 25, 2014 - 11:08 am

update:

I talked to a bank about my situation. So basically he says I can borrow the max amount of 300k base on my wife’s salary. So I might be bit ahead of myself thinking I would be able to borrow a lot more. He also stated that it is fraud to have a LOC used that as a deposit on a house and get borrow the new funding from a different bank. As you are suppose to disclose everything. Is he correct in saying this??

Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 25, 2014 - 11:04 am

Hey New Guy
thanks for the info. Im always scared to talk to financial advisor. but for example he says ok maybe you have enough equity in property you should diversify into shares. I don’t have enough cash really for a full time broker that is really going to take care of my needs. I will get a rookie that has just come out of uni and take educated guesses on which companies he should buy with my money. So to him, i more of a genie pig until he gets a couple of home runs and his employer lets him take on investors with deeper pockets. I have a bitter after taste as I have gotten burnt for 120k in the past with the stock market. bad timing and bad investment banker.

working on my trust issues

Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 24, 2014 - 10:52 am

Its funny that your looking at them as I was looking at them a few days ago. I was thinking of using the also, and seeing if I can book an appointment for a sit down. Im now curious on how reliable they would be.

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 23, 2014 - 3:29 pm

Hey Jamie
Thanks for the info.

When you say leverage your PPOR does that mean basically borrow against your house to put down a deposit for an IP? And can I do that every year without a problem? Is that the definition of Cross collateral? or completely different?

Also, I forgot to mention, that I don’t work so if the IP is negative geared then I should put it in my wife’s name for tax purposes, correct? If its positive I should be put it in my name I believe. And if and IP starts to go positive can I switch it to my name easily??

So just keep the cash liquid? wouldn’t it just be sitting there losing money every year?

Cheers

• This reply was modified 9 years, 10 months ago by  yuley7575.

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 20, 2014 - 2:10 pm

Being a rookie in the field of structuring mortgages its kinda of embarrassing not knowing a lot. I have been reading and doing research, learning as I go. I have my PPOR and and oversea property but never had to take out a mortgage. So I def have to seek advice from professionals. As unfamiliar territory its a bit overwhelming figuring out the best way to invest and strategies to invest.
Cheers for all the info!

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 20, 2014 - 1:29 pm

Hello Marty

So say you were me an investor. You are looking to buy a IP. Would you be doing interviews for brokers? as in calling a few to see what they all say, and then narrow it down to one that suits you the best??

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 12, 2014 - 11:17 am

If you don’t mind me asking where your IP’s are and how many you have. Im also assuming that your properties are negative gears?

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 11, 2014 - 8:49 pm

Im just wondering how i can read page 50 without going through every page. Usually there one sites with 100’s of page have 1-10, 20-30 ect so you can then click on 20 and go to page 22 in two clicks. Not sure if I actually explained it correctly.
Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 11, 2014 - 1:22 pm

@ Daniel
that sucks. I actually have thought of going throughout a buyers agent to look at the best deals and area that I can purchase in. Seem like there are bad seeds everywhere, hard to know who to trust.

@terry
Never really thought that would happen, until it actually happens to you

@kinetic
Even have problems making a claim?? I know this one guy that had his apartment trashed by his tenants over the term of the lease, and he tried to make a claim and the company says because they happened at different times you have to report them at different times, with each report is a excess claim of $700. I think he had to make 6-7 claims, lucky for him he knows a lot of people that give im repair quotes that over valued his cost so he can get some of the money back.

All these great stories to look fwd to lol

• This reply was modified 9 years, 10 months ago by  yuley7575.

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 11, 2014 - 1:13 pm

Well originally I was thinking of just going Interest only and hopefully pick a great area that is going to grow in capital. Hold for 7-10 years and sell and do it again in another area. Do this with 3-4 properties spread out over 5 years so buy, hold, and sell. Instead of 10+ properties for 30 years paying them off slowly. I don’t work so were only on one salary and I rather not negative gear or lose money even if it might save a tad on the tax breaks. But yeh, tons of things to consider when buying. CRAZY!

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 10, 2014 - 12:04 pm

Hey Xdrew
thanks for sharing, seem to me like property management of getting him to check up and getting the right tenants in was a problem. Thats where I think I would have a lot of trust issues is with property management. As I like to do things hands on instead of relying on someone else to do the job. But as most case people just don’t have the time micromanage their properties resulting in something thats ends up costing the owner money. So, with all that said, I’m guessing landlord insurance would have paid for everything? So overall, your still sticking with IP, you must be doing something right!

Even though IP seem like a great idea to me….im assuming its a hell of a lot of work for upkeep, tenants, and dealing with property management.

Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 9, 2014 - 5:24 pm

Yeh, I think everyone is right about Melton. My wife thinks I’m crazy to invest there, with all the exact same points as everyone has mentioned. Not being here I’m just reading articles and researching growth areas that might hit. Everyone that I lives here says stay away from Melton.

We have our PPOR here in Melbourne and that is one of the reasons why we are looking to invest in Melbourne. Second, is that I have trust issues….so reading info, getting advice for me is sometimes hard to believe unless I have actually done it myself. This being my first IP here in Melbourne, I thought it would be best to be kinda hands on with seeing the looking at properties for my own eyes, instead of going out of state and trusting someone to do the work. As I get one under my belt to see how it goes..im sure my eyes and mind will open much more.

My long term goal if would be have enough cash flow properties to live off of. See how it goes with one, if that seem to be doing good, then a second and then..you never know how things will go. Reading some of these people on the forum with 10+ properties to their name seem like a pretty good strategy. We have about $400k just sitting in the bank doing nothing. But I want to start small with a property in the 250-350k range so i can get it positive geared instead of negative. So possibly 20%-40% depending on the figures to get the property gear positively. Im really still at the first stages of researching some properties and area. Now looking at Dallas to see if anything decent is there.

Thanks for the advice about Melton Kinetic
Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 8, 2014 - 1:29 pm

Thanks for all your thoughts and suggestions. Im still definitely trying to learn more and more by reading, and doing research a lot to take in, but with all this reading and research. I think I will y learn a lot more buying into a market and learning hands on with properties with as much preparation as possible. But reading from what other people have done and haven’t done is very valuable info. I will be asking more question on this forum for sure. There are some very knowledgeable people that are on here.

Cheers

[yuley7575Participant@yuley7575Join Date: 2014Post Count: 25]

June 7, 2014 - 4:25 pm

I would like to have a IP with cash-flow positive rather then negative geared. Most likely capped around 400k. We are only on one salary at the moment but we have cash waiting to be spent on investing. If I’m looking at Coburg or Reservoir I think I will have to lay down more of a 20% deposit to make it positive cash flow, and I don’t think your going to get more then $250/week on rent in those areas. Looking to hold for 7-10 years, not sure if it better to have a interest only loan and hoping capital growth will pay dividends…or a P+I loan. Its all hypothetical at the moment as this will be my first investment property, and Im from overseas and not totally familiar with the areas of Melbourne at the moment, but if all goes well would love to purchase one in the next 6 months.