- monopoly manMember@monopoly-manJoin Date: 2005Post Count: 20
Let me start by saying gday to all and boy am i glad i found this site. I thank anyone in advance for taking the time to read this and help.
Heres my situation. I have 1 property in ipswich that is doing well in capital growth but is sadly n- geared by a long shot . Now it’s time to really to get into investing. I want to buy at least one more property [this time in perth and p+ geared] in the next twelve months and i want to use the equity in my first place to do this. My problem is that by refinancing to get that equity, the repayments will go up and thus make it even more n- geared. Is their a way to get the deposit for that next property without having to save another deposit?
$$financial freedom by 30$$Mortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
I think you will find it a little tricky finding a pos cashflow property in Perth.
Best of luck,
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
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.MITParticipant@millionaire-in-trainingJoin Date: 2004Post Count: 154
Why not sell the -geared property and set yourself up for real gains long term.
I had to sell mine because of a recent divorced but having read both of Steve’s books and attended the seminars, I am convinced the way to make money is at the beginning of the process.
Cut your losses and let your profits run.
I guess is does depend to some extent on your personla situation but it might be worth considering in terms of your long term goals.
Good lusk with whatever you decide
MIT | Owen Real Estate
Email MeruminMember@ruminJoin Date: 2005Post Count: 25
I’m just a beginner too(3IPs)..but to add my 2c
Just an idea (as I am just about to do my first,too)
but how about trying to do a cf+ lease option (do a search if you’re not familiar)on your current prop..that way you don’t have to sell yet..it looks better on paper to the bank,and the extra cashflow will help with next purchase.
BUT ,if the figures are too hard to make positive ,I totally agree with Millionare in training’s post..
good luckGPSnetworkMember@gpsnetworkJoin Date: 2005Post Count: 313
I don’t know about positive props in Perth in decent growth areas, the closest we got to that was neutral, slightly negative props in great growth areas.
Ipswish Qld is also a good potential growth area, depending where & how much you bought it for. We are doing Crestmead area which is not too far from there and there is great potentail there because of the price points and location.
The rest is upto your particular situation.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!monopoly manMember@monopoly-manJoin Date: 2005Post Count: 20
I would rather keep the property as the growth thus far has been steady and generous and should continue to go in that direction. I googled cf+lease optins but couldn’t find anything. Could you explain this to me please?
$$financial freedom by 30$$RikkyMember@rikkyJoin Date: 2005Post Count: 313
You can use your equity for both the propertys without take any money out of your first deal so long as the same lender is used.
I would suggest Darwin property if your looking for + geared property , there are still some around and at the momment the market is realy moving up in value. 17% in past 12 months. Affordabilty is still quite high. Perth is still moveing not as fast and affordabilty for locals is just about out of legs , I would say that it is about to slow down.
Just my 2 bob kind regards Rick
Monopoly, my favourite gameruminMember@ruminJoin Date: 2005Post Count: 25
H again…sorry when I said search I meant this forum’s search function BUT it’s down at the moment..However I always find that SOMERSOFT’s forums’search function is much faster and better than PI.com’s
(sorry PI.com)micahMember@micahJoin Date: 2005Post Count: 17
If this is your first, there might be things you have overlooked (if not, don’t be offended by the suggestion…) so let me point out some things to research:
1) do you have a QS report (claim all taxable items)
2) Have you done the ATO form to get your deductions through your paypack?
3)their might be loans on a better rate to go to.
Finally, the money you take out would be a tax deduction and so if that is used for a +geared property, your OVERALL situation might still be better then what is.
Micah Finance Solutions