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  • Profile photo of MJTMJT
    Member
    @mjt
    Join Date: 2004
    Post Count: 80
    June 15, 2004 - 12:29 pm

    Hello people,
    Just finished the book – GREAT! I’ve read heaps of others but this is definately the ducks guts for Aussie readers.

    My wife and I have just spent the last 18 months renovating (top job by the way) and are about to sell and buy on the river in the area a massive home with huge renovating potential. We also recently bought a buy&hold that pays for all bar about $65/mth. While I realise that this is not positive, there is a definate big growth in the area.

    Recently we went to buy on 1 title, 2 single person units for pensioners which would sneak over breaking even. My mortgage broker turned me down as he said my current IP is taking up too much service-ability.

    Is this right? Surely if the new IP makes $1 in profit the current shouldn’t matter?

    Any comments?

    Sorry about waffling on but I’m excited.
    Thanks,

    Matt[medieval]
    mailto:[email protected]

    #@$

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    June 15, 2004 - 12:49 pm

    I suspect your broker had some difficulty finding a lender who would do pensioner units. Did yo uget it sorted out in the end?

    Well done on your reno – these things can really pay off. I did one recently and did well – looking for my next one atm.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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