Forum Replies Created
Chriss
Subject to the number of units on the block 90% of land and 90% of ongoing construction cost.
Cheers
Yours in Finance0-40 Properties in a decade. Ask me how.Hi
Looking to start small 2/3 units maybe , only every Hurd of 70% construction loans what banks do 90% ?
ThanksSorry i have to disagree 90% lend on $1M on 3 Townhouses would be doable subject to a few other considerations.
The previous posters have commented on GR lending which is not applicable in this case as you will be working on a percentage of cost price.
In saying this you need to be careful of the land value when you start off as the house will disappear once it is knocked down and you will only be able to lend against the land value.
Few other little hurdles to get over but is certainly doable subject to LMI.
Cheers
Yours in Finance0-40 Properties in a decade. Ask me how.Hi Richard
What you avise as to structure loan to 90% lvr for construction of uints , as I’ll be looking to do this in the near future .
Thanks in advanceHi Kalyan , do you still have pack for sale and what state are you in
Thanks chrisAny one still have pack for sale please
Agree with David Perth will be flat for the next year , so now is the best time to buy and add value by buying under market value or cosmetic Reno for instant equity to replicate with next property . Would also factor in interest rate rises in affordablty over the long term . This is my current strategy as I also live in Perth
Most construction loans will only be up 70% lvr
If the agent is from a big company he/she would have some one above them talk to the boss I say
Hi
Yes your in excellent position , here is my thoughts on what I would do in your position
$90,000 with $100,000 off set , use lazy money to pay down ppor
Working with what you have open offset with 4th property put in cash flow from current rentals , should be about $324 week after holding costs and tax also put in what you would of been paying on ppor $400 week , do so for two years total cash in new offset $75,296
Growth of about 2% year of current investments ($1,330,000 +4%)= $1,383,000 7% yeld -holding and costs = $734 week cash flow
Semi retirement after two years , saving cash flow in to offset for another two years totalling $76,336
2% growth on investments over two years now $1,438,000 with 7% yeld – costs = $764 week cashflow
With $151,632 in new offset account plus current offset of $90,000
So in 4 years time will have aproxamatly $241,632 in offset can spend at any time liquid asset and passive income of aproxamatly $764 week
Just my thoughts hope you enjoy retirement
