Hi there, i feel what you are proposing is terrific, i have been mulling over the same thing as my tenants birthday is coming up which almost coincides with new lease time.

having read posts on this thread, i’m quite happy to post a b’day card with 2 movie tickets – i’m really not going to say too much, but i do want to foster a pro active…[Read more]

Hi guys, appreciate your feedback.

cheers

brahms

If you don’t ask, the answer is no!!

Pisces,

i’m sure the ‘bigger wrap operators are busy’ – a logical conclusion on wrapping from your reply to this post is to place poorly appreciating properties with your ‘financial partners’ at an inflated rate of interest, and possibly calculated on an inflated end value.

mmmm….’financial partners?’

cheers

brahms

If you don’t ask,…[Read more]

interesting program, lucky it replays tuesday midday…

what would be the larger risk – consumers defaulting on $60k of credit card debt squandered on frivolous past times and tiddly winks (as graphically displayed on 4 cnrs program), or defaulting on existing equity (and $$$ hurt money) held in an appreciating asset ie. property.

as for…[Read more]

chuckle, when you know your area, it probably is that straight forward – yes i’m being factitious.

cheers

brahms

If you don’t ask, the answer is no!!

Direct sales comparisons will be the most likely and possibly the only valuation method used for residential property.

Armed with confirmed sales evidence you can be fairly accurate, although most likely you won’t have internal access to many sales (valuers work specific areas and over time, build a significant data base of properties internally…[Read more]

Hi Marisa, lots of replies for you, not much meat on the bone unfortunately. I just had a look on Resi webpage, easy to find, ran their calculator agains GE’s (mortgage insurer) and came up with Resi being able to loan only 82% of GE’s max loan amount, same scenario (ie. incomes, credit card limit and dependant children).

As there are many…[Read more]

Marisa – check out if they mortgage insure all loans whether <80% or not – the likes of other mortgage originators also do this, ie. Wizard, Aussie, Macquarie etc etc.

I don’t know for certain if this is the case with Resi, but i’d be more surprised if they didn’t than if they did.

If you aren’t aware of the implications of the mortgage insurers…[Read more]

Hi Misty1

A val will almost certainly be required – it will either require a top up on existing mortgage insurance, or new premium to be calculated if the loan is not currently or was initially mortgage insured.

Whats the ‘hsssle’ of a new valuation, takes all of 15 minutes and shouldn’t pose a problem – unless you’ve knocked out the walls and…[Read more]

shudder…..shudder……
why do i always get the shakes when i hear the words ‘creative financing’……

shudder again…..

cheers

brahms

If you don’t ask, the answer is no!!

Thanks guys – we’ve been able to supply full details, notes on circumstances, and as its 4 yrs ago and not too long to fall off cra – bank has approved and docs prepared.

Oh, and had the audacity to complain about the lost days and inconvenience!!!!

Better not get a claw back or i’ll really go off..

Boy oh boy, thank god for the good…[Read more]

rob, re that highlighted post in melbears post – won’t the mortgage insurer and the funder be united in what they lend against.

(obviously the MI isn’t funding anything, i’m sure you know what i mean)

cheers

brahms

If you don’t ask, the answer is no!!

hi Melbear

i’ve found the mortgage insurer will take contract price even if valuation is higher (heck, they have to make SOME money).

this has occured in successful off the plan purchases (yes, inner city warehouse conversion). Say 10 – 12 months from signing contract to completion – val from which bank’s valuer exceeded contract price, funding…[Read more]

I know this is a tad off topic – this is a little ironic – a country located property aged 50yrs will val at $10k land value, and $130k improvements – the same aged property in city will val at $130k land value, $10k improvements!!!

Hmmmmm, amazing how the ‘market price’ is explained for valuation purposes – if the country improvements were…[Read more]

yeah, depending on how ‘rural’ it is, safer to say 20% deposit will apply – hey, and it saves you mortgage insurance – so if the equity is there, you’ve got a good broker

cheers

brahms

If you don’t ask, the answer is no!!

marisa

financing will still come down to deposit, income and expected/existing rental return.

if the return is stronger then it will be a stronger deal.

case by case – post some math to work with and i’m sure some other answers will be forthcoming from the forum punters.

cheers

brahms

If you don’t ask, the answer is no!!

Hi Rob – The Mortgage Adviser – plus forum readers

i think any valuer worth his PI insurance will have Cadet Valuers working in the office collating recent sales, confirming settlements and maintaining their own database of recent sales (every time they do a val, it stays on their system, so the next time they are in that street, even if it isn’t…[Read more]

bashiba, probably no polite way to ask this, did you inherit the 4 investment properties?

cheers

brahms

If you don’t ask, the answer is no!!

Hi Minmogul

re: “What ever happened to buying in an area you know v.well ”

If I limited myself to that (i.e. London, Sydney, Melbourne, Auckland, wellington, LA) I simply wouldn’t be in the market now! I just made it my business to get to know other areas which had properties which fit my investment criteria.

Totally agree, if you make your…[Read more]

Felicity, thats a handy differentiation you’ve made – yes it can be a definate prob when GE and PMI are ‘maxed’ or close to it – you know the drill pretty well. There are options that remain, at approx 70 – 75% self cert.

cheers

brahms

If you don’t ask, the answer is no!!