Forum Replies Created
Hi Benny,
Thank you so much for your info. After reading your replied, I don’t feel as worry as before to invest in the other states. I was really concerned before since almost everyone I spoke to was telling me don’t do it because it is too risky. I didn’t want to follow their path and run into cash flow problems. And also dealing with difficult tenants because of bad property managers. This seems like a very common problem just like dealing with the Strata.
This is in NSW. I have already got my mortgage broker to ask the bank if they can do something about this. Hopefully, the bank will reimburse the full amount. I already had my loan pre-approved before settlement. It was clearly the bank’s process problem and I shouldn’t be paying for their operational inefficiency.
I am aussuming my solicitor didn’t ask for settlement extensions. I had my loan pre-approval done before it was actually completed. However, it looks like there was another chain of processes and documents I was required to sign after the building was officially completed.
I am thinking the main reason for such low valuation is I will be living in it. If I initially applied my loan as an investment property loan, then the valuation would turn out to be a lot higher. However, I want the first home owner grant so I must stay for 6 months.
it’s the new building in Blacktown. Settlement date is expected to be in 6 weeks. So, I can’t do my inspection until then.
Hi Mandy114/oncebittentwiceshy/Jamie Moore/KatarinaH
Thank you so much for your advise. I completed my final inspection like over 1 week ago. The agent left me a text the night before the inspection and so I had no time to organise a professional inspection to be done onsite. I didn’t know what I had to do and just went over the checklist based on my thought and hand it back to the agent. The agent said I have 90 days warranty after settlement. So I am hoping to get a professional to come onsite and do it one more time properly. Do you have any recommendation I can use?
Hi Jamie/Terryw/Benny,
Thank you for all your advise. I just have another question regarding using a trust. I heard trust don’t have to pay any tax. Does this mean if I have my investment property inside a trust, then I don’t have to pay any tax unless I withdraw the rental income?
Hi Corey,
I was thinking exactly the same thing. I don’t want to buy negative gearing properties, I also don’t want to buy off the plan just for depreciation. Salary sacrificing into super isn’t good cos I don’t get the money until 65. There is really no way to get any tax advantage as an employee. This is exactly what Robert Kiyosaki explains in the cash flow quadrant. Only business and Investment/Real Estate can get tax advantages.
Hi Corey,
Thanks again for your valuable information.
Hi Corey,
Thank you so much for your information. I am completely new to property investing. I have always wonder how does the financial institution evaluate the market value of the property? Is there a set and stone formula somewhere that is known to the public? If I go to a different institution, will the estimate value of the property differ?
hi Benny,
Thank you so much for the replied! I have asked so many people around me but none of them seem to know the answer. I am glad I signed up to this forum which I found it amazing. There is a lot for me to learn in property investing and this forum seems to be a great place to start for me.
