Which bank should be called The Nightmare Bank. Applied for a loan preapproval whilst overseas and get the okay to go ahead and find a suitable property. locate property and negotiate a very nice deal whilst still overseas. contact bank to let them know coming and want to get things started. Bank confirms everything looks good. Take a couple…[Read more]

It’s time to forget what could/should have been done and concentrate on what can be done. It maybe worth while to find out why the place was mortgagee sale. Their situation may have changed from when they lost the place and may be able to meet what you need/want in rent. It is most likely that they want to stay because;

1) it was their home,
2)…[Read more]

Hi there,

you need to work out what type of commission area it is. many people associated commission areas with high crime and low incomes but this is not always the case. Some important factors are 1) who will manage the property and find tenants(2) cost of insuarance for that area/post code (3) what factors may increase the value of the area in…[Read more]

Happily sitting in the conveyancers office 2 hours before settlement when the lending manager rings and explains there is a $22000 shortfall in the figures and can someone transfer some funds to cover this. Politely I ask “when do you need it” and he replies “before settlement”. After a couple of phone calls the bank manager rings and says the…[Read more]

Hi Terry,
I sent you a message earlier. You can ring anytime or reply here.

C2

Hi Tacarroll,

If you contact Trevor Schirpig in Darwin he can probably give you the contact details of a building inspector in Katherine.

I prefer to have my properties with different banks to provide a safe back up in case one bank doesn’t like the deal. I use to rely on one but when the person I was normally dealing with was transferred it was like starting all over again. Also it is good to shop around and see what special packages they are offerring at that moment. It’s also…[Read more]

I will be available to meet any evening after 6pm from August 3rd-6th. Any forum members from Darwin or just visiting Darwin who want to meet and discuss ideas just post here and I will organise a meeting place.

Thanks,
High Flyer.

Hi TMA

Why isn’t loan 2 non- deductible as its on an IP?

IP 1 – 90% LVR
Loan 2: $53,000 (Non-Deductible)
Interest Only Loan
Loan 3: $203,500
Interest Only Loan

Hi Joanne,
It is difficult to make suggestions/ assumptions on the information provided, but here a few.

You will need to supply figures of your equity in both places if there is any to receive better advice. You say you have 30K in personal debt but how long are these loans for? Are you able to combine them in to one and shop around for a…[Read more]

The goverments plan to stop the problems of too many people over 65 is to allow more immigrants in to the country. There will most likely be a shift in policy to allow families with children to migrate to Australia more easily. More children means more demands for goods and services which then equates to more employment to supply these goods.…[Read more]

Hi AXJ,

You might want to find out what she wants out of life and make your investing part of that. For example she may want to live in an outer suburb on a slightly larger block for the kids to play in or may have a favorite little holiday spot. You need to have all the answers to questions she will ask and the figures to back it up. Try not…[Read more]

Hi Dev,

Anywhere within 5-10 minbutes of the CBD is good. Darwin was an experimental city after the Tracy (74) and you will find a mixture of low income households amongst the high income households in most suburbs. Some areas of Nightcliff are very good whilst others are so so. If you look on a map you will find a nice little triangle formed…[Read more]

I have PM for some of my properties and also do it myself for others. Definitely go with some type of PI depending on the value of the property, location and type of tenants the property may attract. I would probably go with a PM first (sorry wylie) and if everything runs smoothly then consider taking it over your self. I would also suggest to…[Read more]

Hi Megapass,

If your small business is providing you with a reasonable income then I would suggest you keep your business. You will gain valuable experience by running your own business. As you move across in to property investing you will be able to use the knowledge you have gained from your current business and apply that to your investing.…[Read more]

Thanks again TMA,

The loan is fixed, but I think that because the rates have gone up since the loan was taken out that may sway them a little.

One of my business asociates(UK) has recently moved into property investing in the US (Texas). The set up is similar to DHA, but with private companies renting the houses and putting their workers in there to live. My understanding is that the US does welcome overseas investors in to the property market but there is a lot of paperwork to get…[Read more]

Thanks TMA,

Do you have any idea on the costs they may impose to do this?

Hi Investor4,

I will be back in Darwin for a couple of weeks at the beginning of August and wouldnt mind catching up with another Darwinite.