Forum Replies Created
I didn't think anyone would post in my thread for a while there!
Goodluck with it all. I like your checklist!
There is a thread in the 'Heads Up' section that has book reviews. Check that out if you want to get some books on Property Investing. I have looked up that section numerous times to see what books are helpful or not.
Mike,
Thankyou very much! The information was great,
Thanks Again,
Andrew.I think at this current time, I will leave everything as is. It's all running smoothly at the moment and I want to focus on learning alot more about property, investing and so on. Our property is basically maintenance free at the moment so better off not disturbing the peace!
I would really like to thank everyone so far for helping us out, it's all new to me and I'm coming to understand it all thanks to you guys and Steve's Book.
Cheers.
I just did a check, and it seems that our current rate is actually just under 5.5% Per annum. (Works out to be about 5.49%)
When we originally decided to buy the house the home loan was set up so that the first 5 years was interest only, after that it went into P&I. I was pretty happy with our home loan but if our rate is are the highest end of the scale, it makes me wonder whether we have chosen the wrong lender to go with.
Our monthly repayments at this current time is $1,340.67 ($16,088.04 per annum). Our rent payments bring in $16,900.00 per annum. Are we paying too much in terms of our loan, would it be wise to look at another lender and suffering a penalty?
Thanks everyone for the reply.
My partner and I are currently living at her parents house, so this property is essentially a IP at the moment and the offset account is directly linked to the IP. We will be moving into it in coming months for the 6 month period, then moving back out and putting it up for rent again.
I'll have to double check the interest rate but I know its in the low 5's at the moment, I thought 5.5% will at least give myself a rough estimate. What is the going rate these days for interest only loans?
Cheers,
Andrew.StumpCam, you say that I would only be effectively saving 3.3275%. Does this mean I might be better off leaving the cash in a term deposit with a higher rate, or am I leading myself off track?
Just curious, what does CPI stand for?
I have had a few cars over the last couple of years, a Nissan 180sx Type X and a Ford XR6 Turbo. Was quite a car nut and spent a little bit of money on them. Worst decision I made, after realising I could have the chance of purchasing a property with the missus I sold up my cars and everything I had for them.
Glad to say now, I have been car free for 10 months and the missus car is great. It's a little Holden Astra TS and we have had no problems with it at all, cheap to run around and love not owing money on a car! Makes it's hard sometimes getting around without 2 cars but it's well worth the benefits in the end!
Thanks for your comments Nicole.
I have been waiting and waiting for the copy of the book to arrival in the mail, I feel like its christmas I want to read it that much!
It won't be for a while until my partner and I are able to get another property so luckily I have all this time to research the in's and out of everything and make sure I know exactly what needs to be done. Getting our first property was bit of a whirlwind and so I am looking forward to our next one.
Also, I must say that looking at houses and researching all to do with investments is actually a bit exciting – can't wait to see whats to come!
Cheers,
AndrewThanks Trent, I will send off a PM this afternoon once I get back from work. You've been a great help.
Cheers,
AndrewThankyou Trent for the reply, it is much appreciated.
Currently we have saved around 10k for renovations if we end up going that way with plans to spend around 15k.
The property is in a good location so one other thought was to live in the property for 6 months so we can take advantage of the FHBG, fix up some minor things rather then renovating the property and put it back onto the market for rent at $350 per/week.
Meanwhile (living at the partners olds place as we are at this current time), continue saving up for our deposit for our 2nd house. Once we secure a 2nd property we could either rent it out and go in to renovate the first property or move into the 2nd house and keep the 1st up for rent.
One thing that I always get confused about is the financial side of things, I suppose its a matter of research and experience.
Thankyou again Trent, you have been very helpful!
Cheers,
Andrew.Recently purchased a house that was receiving $250 a week rent, well below the market rate in the area. Once we bought the house we were able to negotiate a price with the tennants to $330 a week. Since they had already been in there for 8 years and took care of the house so well, we wanted to keep them in so we settled a bit less then what we were after.
If in which case they declined, the house is in a well located area and we are confident we could have got other tenants in for $350. In fact the Real Estate told us they had alot of people on their database waiting to get into a rental property in the area (could have been a lie though).
Maybe talk to the real estate again and see if they have many people interested in the area for renting?
