Forum Replies Created
Also guys and gals
i don’t really see the point in getting an extra LOC all the time, i mean can’t you just use your equity to get a 100% loan for the next property, wouldn’t that be easier?
Fudge111[
]Also guys and gals
i don’t really see the point in getting an extra LOC all the time, i mean can’t you just use your equity to get a 100% loan for the next property, wouldn’t that be easier?
Fudge111[
]Interesting points you all make, I hope all the paperwork doesn’t get too much for me either, considering i will be becoming an accountant so either i’ll be used to it, or i’ll be completly sick of it
Hopefully the first one[
]Fudge111[
]sorry guys,
but the first 13 people have the ss now so you can get it off them
Regards
Fudge111[
]THanks for the offer Bill, but at the moment Broz and I are only 20 and still completing our uni degrees, we haven’t got any investments yet, i guess you could say i’m just learning the ropes.
So basically you go to the bank and because you have had capital appreciation they give you an amount, say 60k that you can exercise whenever you wish, and once exercised, you then have to start paying interest, that sounds right doesn’t it?
Fudge111[
]Thanks C2 and Bill
Geez I’m bad with abbrebiations, can’t remember what LOC stands for[
]It’s interesting Bill that if you don’t use it then you don’t pay any interest, so the bank just holds it for you until or if you want to use it, is that right?
Fudge111[
]Yeh, sounds interesting C2.
I’m just wondering whether that would happen very often, do they change that often?
It seems a little weird that they would suddenly disagree with everything the guy before them has done,
like to hear more
Fudge111[
]Ok everyone,
I have now sent a copy of the complete version to all the people above this post, if u want a copy i’m sure someone above will send it to you, just email them.
Regards
Fudge111[
]C2, great question,
I would also like to know these things as I will no doubt be using refinancing as a major strategy in my property investing plan.
Fudge111[
]Yeh, so like what your saying that refinancing and subsequently putting down a deposit on another house is similar to getting 100% finance from a bank for a property as you have no money down at the beginning.
True[?]
Fudge111[
]So far i have 4 people willing to help out, once i get 10, i will send a copy to all of them and then anyone else who wants a copy can try and get one off one of those 10 people by sending them an email
Regards
Fudge111[
]Hi Chris
Melbear is right, it would be all comparative to the country where you live.
I’m sure there would be some countries out there where the 11 second rule could be maybe less then double the price/1000.
I mean, the 11 second rule is only a very rough guide and you cannot purchase property just from working out the 11 second rule, however, it is extremely useful for as melbear said, filtering out houses you don’t even need to bother with at all.
Thanks
Fudge111[
]Yes Melbear, i understand that you have 64.9k to play with in cash, but this is still a loan of cash isn’t it which you will have to pay back with interst on top of it isn’t it, so it is not really much different than just getting a seperate loan from the bank,
Am I right?
Thanks heaps Melbear!
Fudge111[]Melbear, its good to finally make the century!
In you reply you stated
“Every purchase since I have funded deposits by refinancing the previous properties back up to 80% of val, and using that money.”I musn’t understand refinancing properly, do you actually receive cash when you refinance or revalue your property?
Could you please explain it in a bit more detail for a beginner like me?[
]Regards,
Fudge111[
]Hi Muppet.
To get rid of the stamp duty is extremely simple, just go to were the figure is for the stamp duty and either type 0 or just press backspace and leave nothing in the cell, prob better to type 0, very easy.
Fudge111[
]Hi guys, just a message that i have fixed the stamp duty up by using an IF statement, my spreadsheet now works for properties from 20,000 to 115,000 aswell
if u want to manually fix the stamp duty bit then all you do is copy and paste this formula into your spreadsheet where the stamp duty column is:
for the P&I and the Int only worksheets
=IF(R[-2]C<115000,280+(0.024*(R[-2]C-20000)),2560+(0.06*(R[-2]C-115000)))
and to update all the other worksheets (prop 1 to prop
=IF(R[-2]C<115000,280+(0.024*(R[-2]C-20000)),2560+(0.06*(R[-2]C-115000)))
You should find the stamp duty cell will now work for any property value from
$20,000-$870,000 (if over 870,000 the stamp duty is just 5.5c times the value of the property)
Regards, fudge111[
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