I had to check and yes you are right its $395 not $300 per year

To answer your point the advantage, as i see it, going with this loan is that “supposedly” when we want to purchase the next property its supposed to be a simple $100 fee without the need to go through the whole process to apply for “another mortgage”. Like I said we haven’t gone…[Read more]

so what exactly makes the St George Portfolio loan sub par?

started fresh with CBA

That’s the whole reason why we chose St George in the first place so that we didn’t have the hassles/costs involved in setting up a new mortgage each time…..

The St George portfolio loan is supposed to allow us to add additional mortgages for only $100 setup fee. Each sub portfolio loan is separate and NOT cross c…[Read more]

D.T. Why did you move over to CBA from Westpac?

Are you able to add additional properties with your CBA mortgage without “renegotiating” a whole new mortgage and the added expense?

What were the setup costs involved?

Hi Mick,

So about 4.69-4.79 before the 0.25% cut or about 0.25% less than we are paying now with St George (or approximately $2,250 per year better off).

I know the portfolio loan is a “more expensive” option than StGeorges regular mortgage but the reason we went with them is we are intending to purchase 1 apartment per year for the next few…[Read more]

Yes it is less than 80% LTV (about 71%), one property $700k and one property $665k, we actually borrowed $965k but have paid it down to about $885k since we set it up late last year.

We’re probably in a situation hat we are going to be looking to purchase another property in about 3-4 months again around the $600k range which will push to LTV up…[Read more]

The loan is portable (the article doesn’t go into any restrictions around this) but why else wouldn’t people feel comfortable locking this in? the rate doesn’t seem to be that much higher than the market average (eg on par with 3-5 year).

Seems a great way to lock in stability.

BTW good article to understand some of the issues around “good” and “bad” areas – http://www.theguardian.com/cities/2015/feb/05/detroit-city-collapsing-gentrifying

Don’t give Jerry a pat on the back….hire him for some consulting and crunching numbers :)
He’s a very approachable guy – call him and have a chat.

I agree with you about Australian property management being “passive” but disagree with you about correction……..more likely going to be a flatness – I don’t see Aussie investors having the…[Read more]

So the real question now is will the banks pass the savings along…. – https://www.propertyinvesting.com/topic/5000013-0-25-rba-cut-was-your-bank-naughty-or-nice/

And will we see a bump in this weekends auction rates as the mug punters rush in to “push up auctions” when doing their calculator sums to work out how much house they can afford -…[Read more]

Redwood if you want to understand whats happening in Detroit then follow ‎Jerry Paffendorf. I met him here in NY as part of the tech startup space but he relocated to Detroit a few years ago and has been doing amazing stats and information collection as part of his startup Loveland Technologies eg his work on http://WDWOT.com is first class eg – h…[Read more]

Residential is way easier than commercial for novices. Why not buy one less property to start with and then use some of the money as cashflow for outgoings……better still why not buy one property to begin with…go through the process of purchasing and becoming a landlord then decide what to buy next….eg learn before you commit 100% of your…[Read more]

Williamsburg on Beford Ave

Small world, my wife and I live in Brooklyn heights on Cark near the 2/3 subway.

NY is going up a lot year over year, but the problem is city taxes, eg even though our apartment is going up 100k or so a year it costs $24k a year in coop fees (60% city taxes) plus the $40k in mortgage etc plus any kind of renovation…[Read more]

you wont be able to get landlords to push their agents into using a specific app that you’ve developed.

That is true. I agree with you. Unless the app is better and saves the agent money and time. Then you won’t really have to push it.

@SuperAndrew, as a developer I have to disagree there…..better faster cheaper are almost never con…[Read more]

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(a list that took about 60 seconds to google)……like said before…..lots of developers…[Read more]

@PropertySeeker……the good news is that as the sale price is “fixed” and you haven’t been paying the mortgage then you’ve been earning pure capital growth on the vendors dime. eg its not costing you anything…..

For example lets say the property is 13 weeks late exchanging and its worth $1m with capital growth in the area at 6%.

Then the…[Read more]

what does your contract say?

the real question is what happens when your property is purchased by another investor who also hires the agent to manage for them (like we did recently :)

as you’re probably going to hire an agent to sell the property for you…..why not negotiate with the PM that you don’t have to pay the break fee in order to give…[Read more]