I know who you are Dino, and I expeced you to get it right…. right track, BUT I said compounded so no need to assume. Now, as always, READ the question and try and get it right this time[!]
You get a minus 6… cause I expected better from you…stuff up again and ya gotta go back to the dot game.
My sentiments exactly re the Rent-a-Room. As you may have gathered in some of my posts I am a little cautious(Not Negative) of the current R/E boom…this is Year Six. The ladies idea has huge merit and is just what I am looking to do in Armidale/Wagga/Richmiond ..NSW. I am considering offering Free…[Read more]
Can I suggest that you don’t take on anything that you are lacking in expertise. For example, if you even tried a joint venture with a builder/developer they would eat you alive.
Try this idea on for size…
You need to educate yourself as to it’s true value. If it was mine I’d get 3 Agents ( and I’ve been one) in to…[Read more]
Any of them will look after you, and in your interest as they can access several lenders with just the one application. Lenders pay the Brokers…so its Free to you.
Don’t get a valuation yet, as each lender has their own panel of valuers. The lender that you do biz with will…[Read more]
Your biggest problem will be in trying to resell one day. You will be competing with the Agents that will be managing other “rooms” in the complex. Cause that’s all they are…just rooms.
I am yet to come across anyone that is pleased that they purchased an investment such as this.
( if that’s what u want to call it)
My guess is that if you contact the “inhouse” Brokers on this very forum…you will get a call from him/her when promised.
After all they are just a mouse click away.
Okay,lets say the Lender values it at $180,000 and you have a mortgage of $100,000,round figures.
To avoid Mortgage Ins. only refinance to $140,000
which gives you $40,000 for Investment. On an IP at $120,000, any more than one will be too much.
Deposit $25,000 plus settlement costs…[Read more]
“However, if that doesn’t work out, I might give you a call Simon, as you are one of the poeple on this forum I have often thought gives particularly sensible advice… ”
As you feel that Simon gives sensible advice and you sort of already know him…it is only a matter of cancelling the other appt.then contacting…[Read more]
You are correct when you say that a good broker is as valuable as a good Real Estate Agent can be for you.
Obviously some of the Mortgage Biz. Advertising
has not got through to you. Be assured that Brokers do not charge you a fee and as Simon has just told you…the Lender pays the Broker.
It may prove to be difficult to find a…[Read more]
Personally I give a weeks FREE rent, “to help them settle in” but add $10 per week. Provided that they accept that the weeks free rent is afterthey pay bond and first 2 weeks in advance.
Include the lawn mowing “by you” in the lease. You get to keep an eye on the property too…for another $10 pw. You’ll only be mowing 6-9…[Read more]
I totally agree with what Terry has said in his reply. Worth adding that this fad hit Canberra a number of years ago.
Your biggest problem will be in trying to resell one day. You will be competing with the Agents that will be managing other “rooms” in the complex. Cause that’s all they are…just rooms.