You are unrealistic in your expectations in what you want from a property. $70,000 will buy diddley. Your deposit won’t go far because mortgage insurance probably won’t cover your property – if you find one. However, one option might be to go for a 105LVR loan but the bank will make you dive through hoops to get it though.

I agree with you PB. Having 100 properties at $20 a week each isn’t worth it and can bring more headaches than anything. I would rather chase the bigger fish. There are plenty more opportunities in Sydney to expand your wealth.

Im not comparing postive cashflow properties to Sydney in general, I’m comparing them to decent properties in the eastern suburbs. Purchasing 100 studios in Bondi is not going to put you on the Rich 200 list for example. I purchased a property in Vaucluse in ’99 for $2,300,000 and had it rented for $2,000 a week. This time last year I was paid…[Read more]

Yvonne, I am only putting the point across that buy purchasing a parcel of positively geared dirt at Cobar is going to bring you more headaches than dollars in the long run. Positive gear brings more risk. I’ll give you 1 example. In Trundle NSW, there is a house for sale $50,000. It is getting $100 a week. The house is rented by a cook who is not…[Read more]

Yvonne,

great idea but what about those vendors with unrealistic expectations. I know vendors don’t like dealing with agents, however, agents in their own way, regulate the real sellers from the dreamers.

It depends on your perception of wealth. By the sounds of your noveau riche attidue your perception and actual wealth would be a lot lower than mine. However, thank you for the job offer but my answer is NO. I don’t work for anybody and never will. From what I have done in property, my kids and my grandchildren can turn your job offers down too…[Read more]

It its the property with the garage, I drove past it on the weekend. Cobar is not too crash hot. Although the mines are eventually closing, they have streamlined the mines and the miners and drillers alike have been transfered to other mines. I would be very careful.

Banks are becoming increasingly aware of the risks of lending to trusts and companies as it brings in the element of a “3rd person”. HOMESIDE advises against lending and other banks use similar guidelines.

I am currently a mortgage broker. You don’t really need the Securities institute course to become a mortgage broker. However, on interview, they will ask you if you have completed the UCCC course through the MIAA. Most employers will tell you to complete this before, as it shows them that you generally have an interest and will stick it out in the…[Read more]

[xx(] Its distgusting that people have to “fraud” their families to make a dollar. If he is aware that “fraud” is a criminal offence and you have the facts, be upfront and tell them that you do not provide advice and if they ask why, just tell them why. If you don’t, morally it is on your head.

For 300k you have to decide whether you want capital growth or a decent rental return in Sydney as it doesn’t buy you much. You have to also decide on an area that a bank is willing to finance you in. There is no point finding a studio under 40 squares for $200,000 in Darlinghurst if the bank requires a much larger deposit as extra security.

It might be possible depending on the facility that you have arranged with your financial institution. If you have what they call a pseudo line of credit, this may be possible. If not, a penalty payment may occur.

If you need any questions answered email me at george.fermanis@mortgagemaker.com.au

[] With some of my clientele, some institutions will lend 100% of the value of the owner occupied/investment home, however mortgage insurance will apply. Generally, institutions will finance on contract price even if the contract price is lower than the valuation.