I just bought a place last week and offered 5% upon signing the contract & another  5% upon getting unconditional approval but on the condition I can get to keep the keys and access the place on my own accord. No one is living in the house. I'm not aloud to actually do any work but I have just spent a week getting quotes from builders, painters,…[Read more]

When you say buying a property jointly, does this mean your putting up the 20% and he is putting up???

Paul,I purchased a unit off the plan back in 2005. I was the second purchaser in a building of 20. It was a purchase for my mother to live in so I really did'nt look much into it except just buy it. I paid $550K. Last week I had an Agent do a valuation for me and he came back to tell me that I paid $750K for it. I was a bit amuzed about this and…[Read more]

http://au.messages.yahoo.com/finance/home_loans/1819?p=1I know this is an old post, but check out this forum on RHG. I have been following this forum  on Yahoo for a while now. It;s interesting reading.

60% LVR. Means they will borrow up to 60% of the value of the property. Actually I just got alow doc  loan through ANZ with a 60% LVR  and your right I did not have to prove my income . The rate was 6.7%, just as good as any full doc loan. It's going to be a flip so 60% LVR no LMI was fine with me. But the BEST thing was not going through all the…[Read more]

I've just got  refi documents with me now and I am signing the declaration that I can afford to make the payments. The refi is with RAMS. Also, I do have a history with Rams, maybe that's why.

I have Companies, unit trusts, discretionary trusts & a SMSF but my last 3 IP purchases have been made in my own personal name. In my experience it's sooooo much more difficult to borrow  under a Trust structure as there is limited Banks who will do it. All plain sailing when borrowing in my own name.

But you have'nt taken into account that the large deposit you put in could be sitting in a bank account earning 6% interest. $342K @ 6.8% = $447pw + levies + water & council rates + management fees + land tax (if you own it in a Trust).

I bought a 2 b/r unit in Coogee NSW right on the beach for $840K, did some reno's and it has been rented for $1500pw fully furn for the past 3 years. He just signed another 2 year lease. BUT, this was just plain LUCKY. Captial growth is AWESOME, just got valued at $1.3mil. But I have a place in Drummoyne NSW valued at $1.5mil and I'm only getting…[Read more]

$342K PP, Rent $370pw, negative cashflow!!!!I would NEVER, NEVER put wooden floors in a rental. As Lesia pointed out, tenants won't fix damage as they consider it normal wear & tear.  If you were to flip the property then wood floors look great. I put cheap carpet in my rentals. If and when I decide to sell then I will put wooden floors in.  

I admit that I asked a mortgage broker who works out of Melb (Acceptance Finance) and he advised post code of Moranbah was no good to borrow for lo doc. Maybe because he is in Melb the banks are different down there!!!!!Marisa  – do you know what LVR CBA will do for lo docs in mining towns?I ended up buying in Biggera Waters instead of mining…[Read more]

Mate I hear you, my valuations are all over the place. I had one value (ANZ Bank) at $1,150,000, a month later Westpac did it at $1,450,000 and I managed to refi with Rams – finally after waiting 18 mths to get finance. Tis is a financing nightmare at the moment, but it will all change – one day and the Banks will be cralling for our business again.

2 years is not a long time for your equity to grow, unless you did a reno. Don't believe everything you read and hear about property increasing in value every year. it's not as simple as that. On a wage of $70K, surely you could save at least $20K pa. Eat baked beans everyday if you have to. I remember when I rented a house for $20pw (it was under…[Read more]

I was very impressed with the conference, thank u Steve. It was a chance for me to meet with other like minded investor's and exchange stories and experiences. I did'nt buy any products as I felt I was not there for that. I just wanted to be whacked over the head by someone to help me feel that i am doing the right things in my life of property…[Read more]

Apply for a low doc loan to finance it!

I say buy LOCATION, LOCATION, LOCATION. I have never cared about cash flow positive and I have been buying properties for over 20 years. Prime waterfront, harbourfront &  beachfronts are what I call Location. The best value at the moment is in Maroubra. Prime beachfront 2 b/r units still selling under $600K, suburb next door, Coogee 2 b/r sell…[Read more]

NSW has been flatline since 2004.It is due for a huge increase in properties (Sydney that is). I reckon properties will increase 15-20% in the next 2-3 years. 7% interest is still very very cheap money.

My dad worked his butt off all his life for the Government (Dept of main roads) and retired at 60 with $232K payment. He went on a 3 mth overseas holiday,  came home and got cancer. Died 15 mths later. No wonder people want to retire at 40!

My ultimate goal was to retire at 40 — since retiring I now have 2.5 children age 3, 1 and another one on the way. I use to work 80-100 hours a week on my own business. Luckily I managed to buy 12 Investment properties that I purchased over the past 20 years. Only 3 of my IP are positive cash flow, the others are prime beachfront and harbour fro…[Read more]

Why not go for a low doc loan