Forum Replies Created
about offset accounts, most of these will have a monthly fee anywhere from $8-$15 . so it may be necessary to have a minimun of $3000 upwards at all times to make the interest offset larger than the fees.
Hi Shaun you are also going to need a good mortgage broker who understands property investment to help you sort out your finances.
some banks will allow you upto 95%
Thanks Richard for that info
cheers
harryHi Jess ,
I dont know much about tax implications but if the 2nd IP is financed using both you and your husbands income for loan serviceability the banks would require joint title. any of the more experienced investors out there please feel to correct me if i am wrong..
Cheersthank you all for your replies. i greatly appreciate it.
harryhi all
sorry i forgot mention the property is in Vic. melbourne.
what i understand from the above comments is that the buyer uses the contract prepared by the vendor but buyer writes the conditions like finance, building and pest, date of offer lapse etc etc and then hopes the vendor accepts it?
the estate agents we dealt with were quite adamant about the building and pest inspection clause( they wanted their standard format saying " buyer can terminate contract subject to major structural defects/damage etc etc").
how to deal with these kind of agents if you like the property and want to buy it / are convinced that this is a good investment deal?
thankyou everyone for the replies
harryhi terry,
i realised that i should never trust a estate agent. i was trying to be pretty careful but the agent somehow manipulated us into writing the contract and made mistakes?? well its a lesson learnt for me. any ways good news is i just recieved the approval and iam a bit relieved."You will need to get an extension. whatever you do don't exchange contracts in case the finance is knocked back – or you could lose your deposit and be sued."
whats the meaning of exchanging the contracts? am i missing something here? coz the original signed contract is with the agent and we just have copies?
i would be grateful if u could explain this?
thanks
harryhi all,
i have spoken to consumer affairs vic and they advised to get insurance just to protect myself. so i Did.
but the question of land measurement remains?
any suggestions?
thanks
harryhi Mike
i just recieved the report, thank you very much
appreciate your help
harrysorry i forgot to mention, the house is in victoria. i just spoke to the conveyancer and she says
1) i need to have insurance just in case the house gets damaged before settlement and if the vendor didnt have insurance ,i will still have to go ahead with the purchase and will end up with the damaged house?
2) i need to measure the land just to be sure if the fences and boundaries are correct?
also iam a novice in this and i dont know if the house is house Torrens Title or leasehold (eg crown lease). i tried looking in the section32 and COS but i cant find anything.
any advice appreciated,
thanks
harryhi richard,
thank you for your last report it was quite useful( i didnt buy the property coz it was not worth the asking price) iam considering this property 25 barrot avenue hoppers crossing victoria. would you be able to run a residex report for me please, i really appreciate your time and patience .my email is [email protected].
thanks again for your help
harryhi richard ,
would you please send me a report for 16 beverley street st Albans vic 3021. really appreciate your time and effortthanks my email is [email protected]
yes iam eligible for the grant. i wanted to have a IP before PPOR thats why i want to be well informed abt this
paul – would u mind keeping me updated on how it goes for u .thanks much
thanks everyone for the advicesorry i forgot to mention iam in VIC but iam guessing it doesnot make any difference but unsure
hi duckster
thanks for the advice
harryhi steve
can you please elaborate what are the end sales costs other than the actual property price?
thank you
harryhello Event Horizon,
could you please clarify what exactly is –land size and value is important? what means land size should be 50% to 100% of property value ?
thank you for your time and patience
harryhi Lance
i now understand more clearly .The information you gave me is priceless . i feel more confident now and will start to think in the right direction ie positive gearing. i know i have a long way to go but i think it is time i started something..
thank you very much for your time and patience.
Harryhi Lance
just one more question
for a investment property to be considered good what should be the minimum ROI percentage.
i worked out an example for a property costing 95000. with a cash deposit of 20000. rental return of 4640 per year.
the COCR came to be 23 % and ROi came to be 4.88%( i havent calculated other costs for this example )
but is 4.48 % a good ROI?
thank you for your patience
