Forum Replies Created
Paul and Anna..
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.Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Mr Charchie…
Very formal like having to callyou Mr.
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 $10,000 will cover it…Total app $35,000. Then a $5,000 to $10,000 cushion for emergency etc.Please consider doing your sums on 8% to cover yourself if/when rates rise. The average interest rate over past 30 years is in excess of 10%.
You might also like to give some thought to the fact that “this R/E cycle is already 6 years old”
Why not contact one of the Brokers on this Forum and get your loan(Line of Credit) in place before you go shopping.
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hi Anastasia…
You said..
“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 Simon.
maybe you just don’t gel with the person concerned
If you read my earlier response to you again…this is exactly what I meant about the PERSON is more important than the Brokerage House.
And as I said, you have someone right here .
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Jason…
In short (for once) YES
Contact the Fund you prefer and get them to send you the paperwork to complete and send to the other two.
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Anastasia…
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 Broker that charged you, as well as getting a fee from the Bank…very rare.
You will not save money going Direct to any lender.The reason is quite simple…if you go to a Bank…the loan officer has to be paid a salary.
If you go to a good Broker the bank will pay them because they can employ less loan officers. Better for the Bank as they only pay a fee to the Broker when they bring in a loan.Banks have got to pay rent, staff wages, sick pay, holiday pay etc etc. It is more cost effective for Banks to use Brokeres, so they do.
It is also better for you… One appointment,One application and most important,only ONE check on your Credit File. You also win out because most Brokers can access more than one lender for you.
It gets down to the individual that you have an appointment with is more important than the actual Brokerage House. Mortgage Choice is fine as are the Brokers that are right here…suggest you respond to someone here in this Community.
I am not a broker, my role is to consult to those borrowers that require more than just putting in an application. So I have no axe to grind.
Your best bet is… the Brokers on this Forum… after all you are already here.Cheers
PS. Yeah I know, a bit long winded but the Mortgage commercials haven’t worked for you.Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]C’mon you guys…
This is not about who can tell the biggest fibs.
If anyone gets to 100 I’m gunna delete the post.
[xx(]
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Dingo….
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 months.
The mower etc are all tax deductible items, as they arean “expenditure in the persuit of income”.If already under lease you will need to check the legality of a rent increase. It would also pay to “Time to landscape your property”…
weed, mulch, sleepers, paving, plants, planter boxes, hanging baskets, wind chimes, bird bath and put a no junk mail on the letter box.Tell them that as you are increasing your property value and making it more desirable for them, it is only fair that an extra $10. per week is appropriate. Your cost $200-$300.
Compare…
$150pw x52 = $7,800……..$180 x 51 =$$9,180What would that do to your bottom line
Good that you are thinking this way!
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Kelvinh…
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.
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)Why complicate things? What is the attraction?
Bet the banks don’t like them. If they do lend I reckon they would want you to put up additional security.Better deals to be had, they might sound old fashioned, but ahouse is your best bet.
Guaranteed Rents??? This is factored into the purchase price…so it is overpriced at the outset. You want a guarantee? You pay for it !
Cheers…
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]My all time Favourite Quotation…
” What this POWER is, I cannot say, All I know is that it exists… and it becomes available only when you are in that “state of mind” in which you know EXACTLY what you want… and are fully determined not to quit until you get it.”
Alexander Graham Bell (1847-1922)
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Kym…
Bloody Hell ????
Maybe I better delete this post
Just joking…See how Steve and Pinky go ?
G’night …for sure this time
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hi Kym..
Embarrased to say, just “25”.
Prize? I’ll think about it.
I suppose you got more than 30?
G’night
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day…
You would know the Brisbane Mkt better than me.
I think it’s important to buy what you already know rather than have to rely on researching an area such as Sydney that is new to you.You say you bought 18 months ago at $90k and now worth $180k. Unless you have already borrowed/ refinanced, surely your equity is much greater than $50,000 ??? More like $100,000. If it’s worth $180,000..then your equity is $180,000 less what you currently owe on your Mortgage. Your question “Do I need a deposit to borrow the equity in your existing house” of course not.
You will require say 20% of the purchase price of your next investment Plus closing costs. That will determine what Price Range you are buying into. Example …Buy at $175,000…requires a deposit of $35,000 plus allow $10,000+ for closing costs…Total $45-$50,000.
Looking at the sums above..it would automatically exclude Sydney…How about if you get back to me
and clarify your equity in your current home before I can help any further.Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hi Kym…
You got a prize.
That was the first smiley I have ever used,
and this is probably the last one…[8D]
As for your idea of taking me to the Carribean, I’ll ask my wife it’s okay and let you know.Clever you to have worked it out, or did Alf’s first post prompt your thinking?
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day…
And the winner is…
Kewl Dude Kym [
]followed closely by Alf
and knowing Lucky Phil, I just knew he’d come up with something clever.
Thanks for joining in…
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day…
Are you saying that you are commited to an IP and you need the $4,500 to pay for the Deposit Bond,
that is used to initially cover the 10% deposit that you will have to come up with on settlement.But your gunna sell it before then aren’t you?
Or have I missed something?
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Alf…
Looks like you came a close second.
Someone once asked me what was the difference between being a Real Estate Agent in Residential Property and the guys/gals in Commercial…
I recall saying that in Residential I was dealing with people and the Commercial guys dealt in bricks and mortar.
Commercial R/E may give a good yield but from my experience it doesn’t match the CG in residential.
Plenty to be considered Alf….A lot of money may be tied up in one building.Lower LVR generally.
As area ages, replaced by newer buildings and tenants move out.Unless you renovate and upgrade..big $$$.Business goes bad, your tenant closes down and you are left with prospective tenants thinking.. ” what went wrong with the other biz. maybe it’s not a good location”.I guess it depends on the industry the tenants are in…but BIG changes today, as more people work from home, this may make some office space redundant.
Canberra is a good example…in the ’70s every suburb had it’s own busy little shopping complex.
Today they are an eyesore…Newsagent closes, chemist closes, others struggle with less traffic and your left with a battling “corner type shop” selling a bit of everything.AS complex as us humans are, I’ll stick to Residential..but that’s just for me.
Good question
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Crashy…
Jeez mate you are having a rough day.
First you get shafted by smh. Take em to court.
Then nobody seems to care…I mean, nobody except me has bothered to respond to your cry for help.
Crashy, you can’t just accept the situation of being ignored . You may not be able to take the Forum to court but, by hell, I would definetly report em to the Moderators.Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day Shane…
CG only applies when you sell your IP.
To refinance and utilise further funds for investment is a good strategy provided you do your summs at 2% above current interest rates.That will generally keep you out of trouble.
Just make sure you can service the borrowings.Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]G’day…
I feel hat most of us agree that a rise in interest rates is inevitable. But When????
You might like to have a read of Pascoe on this link…hot off the press today.
http://investor.ninemsn.com.au/investor/News/Pascoe/story_661.asp
Cheers
Bill
G’day viralk…
Sure, can help you with COWRA….
A lot of detail…12 months sales and prices about
9 months old…if interested I’ll attach to an email for you and anyone else that may be interested.Bill
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