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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    September 11, 2013 - 6:55 am

    I have asked dad and he said their 2 separate loans with the one bank. But he also mentioned that the equity or our PPOR is used for our IP. I'm starting to get confused as to whether our accounts are cross collateralised or not?

    Dad does declare the normal rental income for our area on his tax return.

    We haven't submitted any applications so far and they have just been talks…The most important thing isn't who's name it goes under but rather getting the property as of now…We still can't manage to find anything…sad

    Regards

    Dan

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    September 6, 2013 - 2:05 pm

    Thanks for the reply Jamie.

    I was thinking of adding my income to dads if it would help. We haven't put in any applications yet but brokers have crunched the numbers for us and It seems like dads chances are now very slim….

    The next step i was thinking was putting a joint application with my partner and having dad as our guarantor.

    The investment property is next door and will go to auction next week. We have future plans for it and hence the rush with finding finance. I'm assuming it will go for roughly $650,000 and we were hoping to do something similar to our current IP. We have a very good relationship with the agents sending us students and are confident we could achieve rent of roughly $3000 per month.

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    August 8, 2013 - 4:48 am

    We've been looking at areas such as Vermont, Forest Hill & Burwood East since we live around there and familiar with the market. Opinions of going bit more east into the Knox and Wantirna area? 

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    May 21, 2010 - 1:01 pm

    duckster: The relative is now in Australia lol, i just thought if i paid off my PPOR it would make it easier with banks to get a loan.

    blackhotel: The broker i spoke to mentioned nothing about a lo doc loan to me and dad, maybe ill speak to him again. Thanks

    god_of_money: Yes your right, it is always fluctuating. Luckily since we bought the house it's always been full of students and when one leaves, another comes straight away.

    I recently spoke to my friend working in lending with ANZ, he said with lo doc loans u don't have to prove any income, just equity of your properties and something about 60% =S.

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    May 20, 2010 - 5:04 pm

    blackhotel: thanks mate, ill give it a shot.

    number 8: that is so very true.

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    May 20, 2010 - 4:19 am

    Thanks for the reply Nigel and yes I was talking bout financial brokers… Have u done business with Alistair Perry before in Melbourne? Is he a flexible kind of guy? Our situation is pretty tight and we need some really good financial advice.

    Cheers

    Dan

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    November 22, 2009 - 12:28 pm

    Thanks D and Elizabeth for the ideas.

    I've actually been very interested in property for some time, but as a full time student i cant really do anything myself…
    Our first IP was for homestay to maximise rent to BE with the banks. My mum cooks for that house and she won't be able to do it for any other houses as i can see it's tiring her. I went out and got this months property magazines and bought the book "How to grow a multi – million dollar property portfolio" by Michael Yardney hoping I will gain heaps of information from reading it..

    I've got high ambitions so I will definately work hard

    Thanks again

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    November 17, 2009 - 3:50 pm

    Haha yeh…ive been living in Forest Hill for about 21 years now lol…how come u moved?

    I was thinking of buying a property and hoping to renovate it and sell quickly…what are your ideas on this? or would the buy and hold technique be more wiser considering the market?
    The property I'm interested in is around $600,000, its in a good location at land roughly 650 sqm. But the renovation work seems to be a big job. We've got a family friend who does most of the renovation work cheaper for us and I've also looked and ask around the area, some houses can sell from mid to high 700,000's (with similar land size).

    Another question, how do others build up the confidence to invest in areas they don't know? and where to start?

    Profile photo of Dan19Dan19
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    @dan19
    Join Date: 2009
    Post Count: 14
    November 16, 2009 - 7:18 am

    Thanks D and duckster for your comments.

    Cause all the tenants are homestays the rent ranges from 200-250+ per week and we have 4 students. Yes they are overseas students who need to live in homestays. The 4500 is basically just rent from the students, but as they are homestays we have additional expenses such as paying for their food/extra groceries etc.
    I've never read any books on property as we've just sort of started. I do all my research throughout the internet and from personal experience, which is why it is so hard to make decisions and I'm inexperienced. Maybe it would be wise to start with the books lol.

    Duckster i also live in Forest Hill, maybe you can teach me sometime haha..
    I understand what you guys are saying it's just i don't know other areas as well as local markets. Being local and having local friends (local and overseas students), i know what people are willing to pay and what i can get out of a house…
    I will need to do thorough research before starting look and invest in unfamiliar areas.

    Thanks again for your help, keep the comments coming :)

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