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  • Profile photo of bawbbbawbb
    Participant
    @bawbb
    Join Date: 2009
    Post Count: 5
    January 31, 2010 - 10:41 am

    Thanks JacM, make me feel good. I will try to get reevaluation of the IP. My understanding is that now the agent will send all details to my lawyer and once my lawyer is happy will ask us to sign the contract. Is it better to have all pest and inspection, strata book check etc etc before signing the contract or sign the contract and then get everything checked in cooling off period? or either way is ok?
    Even though the owners have given a verbal lockdown on the price can they still accept someone else’s offer before we sign the contract?

    Thanks again for ur advice.

    Bob

    Profile photo of bawbbbawbb
    Participant
    @bawbb
    Join Date: 2009
    Post Count: 5
    January 30, 2010 - 1:51 pm

    Hi all,

    I am just filling on progress in my case. I have been busy looking for PPOR. Just came back and read again all the above comments.This is how its working out. I have recently finalised a townhouse with good water views, signing contract soon. I have a feeling that the price we have agreed to is above what the property is actually worth (about 15k) but this is the only property we both liked after seeing so many. I had to borrow that extra 15k from family cause was short of deposit.
    Our strategy is to buy this as our own, live for 5 years and find something bigger later and make this as an IP. I am planning to get an IO loan. Forgot to mention earlier that my partner owns one IP but recent evaulation 5 months ago by the same bank has shown no available equity.

    My doubts are
    1_ Is it worth getting the IP revaluated cause if it has equity I rather use that instead of the deposit and put the deposit money in offset account.

    2_ Although I wanted to make this a smart financial decision, it has been an emotional roller coaster and finally ended up paying bit more for that, maybe need someone to support my decision .. why am I still having doubts

    3_My understanding is that IO loan would be the best way to go?

    Thanks for your input and interest

    Profile photo of bawbbbawbb
    Participant
    @bawbb
    Join Date: 2009
    Post Count: 5
    December 2, 2009 - 12:33 pm

    Thanks Jac and Wealth4life .. that is very encouraging and valuable advice. I think I am gonna follow that one.

    "If you decide to buy something and live in it and can't find anything you like, what about buying something that you don't like at the moment, and fix it up as and when you can afford it? "

    Jac .. what do you think about getting a townhouse in a suburb with good growth, close to city compared to outer suburb house with lots of land, both at relatively same price. One of the options I recently looked at was buying a renovated townhouse in a suburb close to city and beach .. nothing needs done, and after couple of years buy something bigger and possibly renovate and move in, while rent the townhouse. Does that sound good?

    "1 … stay away from financial advisers they have lost over 8 billion dollars of investors money in the last 3 years …. IMHO they are a legend in their own mind."

     I didnt know that.. thanks. are financial brokers and advisors same ? pardon my ignorance

    And another question that I have been trying to find answer to .. for starting property portfolio there is lot of emphasis on structuring right from start .. from whatever reading I have done seems like family trust is the way to go esp that I have other family willing to contribute both financially and time-wise. Any thoughts??

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