Forum Replies Created
Ok, just in similar situation to you, and just need some direction to investigate some areas. would like to try areas that are close enough from here(Bris) to drive to have a look. Not confident enough to buy “sight unseen”. Don’t want to buy in Bris per-se, as would like to spread out our investments. Happy to go regional. Thanks for that. Any other areas you know of would be appreciated.
Cheers
Any thoughts on areas northern NSW or in QLD? Good areas to purchase under $200k
Terry W – Amen to that.
Cama20- yes very worthwhile looking at because often people want to do it and think they can just re-do the loan and it’s all fine (i had a mortgage broker tell me that we could do this, but thankfully i knew better!). i think it can be done, but you have to sell it back to yourself, pay stamp duty and not sure what else, not just simply re-finance.
so the idea would be to aim to have a huge amount in offset, (requires discipline, I agree) but make interest only payments into the loan.Q1 – PPOR is Principle place of residence, or where you live
Q2 – Yes less tempting in the home loan, i agree, but for longer term planning you may want to keep the actual loan on the PPOR higher, say in case you ever wanted to move out and turn it into a renter. then you can (much more easily) take your equity, or your offset money with you. this is one reason I know of.
Q3 – CF+ is cash flow positive (means your cash flow (income less expenses, but after tax deductions are taken, is positive) ie not negative gearingYes Ninh, Offset accounts are great, a really good tool for saving interest on your PPOR (you should listen to Richard!). We are same as Cama above, currently searching for a CF+ property, or something very close to that. This way we hopefully can continue to increase our borrowing power, rather than “hit the wall” after 2nd IP.
hope we are helping.Hi Ninh
One goal we have with our investing is to accelerate our payments into our offset account for our PPOR using all money coming in from our investments. That is the first thing. I would have thought you would have SOME money you could be putting into your PPOR, otherwise, what margin or cushion do you have if interest rates continue to rise?Maybe look into CF+ property for your next investment, rather than something that drains your cash flow.
You may need to have a look at your structure to see if you are set up right with your loans, before you go ahead to another investment.There are good and experienced people on these forums who can help you with this ( i am not one of them !). Maybe they are all just busy today, so you got me instead.
Good luck!
hmmm – a bit off topic Star? or did i miss your point?
I agree with G, I have been watching the forum for a few months, so still a newbie, but I’m neither swayed or afraid of contributors with business details attached. I have used one of the mortgage brokers who helps people on this forum and found him to be very knowledgeable and helpful.
Occasionally it is obvious the someone is trying to use the site to get business, but others seem to be here to help and be helped.Cheers
SnoopyIISonya, have these been cf+ since you first bought them?
ThanksThanks for that info, the REIQ report has plenty of stats to look at. I guess we are pretty much outer northern suburbs at Strathpine/Lawnton area? I would much rather “meet the market” than have an empty house. I see there is a thread before my post, which I could benefit from, seems a few people are having problems like this and looking at their options to get their properties rented.
I didn’t hear back from Veronique, above, re her options. I did send her an email though.
ThanksSnoopy II
Hi Veronique
Ok, interesting. This is a 3 br with open kitchen/ living area, so only really suited to couple and one or 2 children at the max.would this suit?
ok, yes, let me know how you go with that. I think we will see if the weekend brings any renters our way and if not, then drop our price to $295.00.
Happy for any other input.
Cheers
SnoopyIIThis is true, we will consider lowering the rent in order to get a tenant, rather than holding out for more money. Don’t like the idea of paying the interest out of our own pocket for very long!!
one good thing is we have had time to give the property a GOOD clean up, put in some more ceiling fans, curtains, the agents will put new pics on the internet today (i hope). That might help.For us, when the tenants decided to move on, the agents told us that we could up the rent to $310 from 300, to keep up with the market, now we are looking at back to 300 or worse. But this seems to have come upon the agents quickly, they seem perplexed. so wondering if there has been a change in the market recently. So along with FHOG, what about NRAS, will that have an effect on properties not in the scheme? I would think it might?
Hmm ok. What is this due to do you think? We have had this (our only one so far) for 6 years and the first time it has been a bit slow .
Hi Briduff
Just read your post re Destiny and interested to know if you went ahead with any of the destiny packages? We also recently met with Destiny (January). I have been absorbing information from this site for a couple of months, and found it very helpful.
I too am concerned about cross collateralising, and also have heard/read negatives about St George, which they tend to use for the financing.
Ta
SnoopyII.
Hi
160…….. Certainly a bit of work to do, but we are onto it, wanting to increase our investments in the coming months. Enjoying reading the various threads and gleaning information.Thanks
S
