Hi George

Why not try some local Property Investing groups in your area to network and find others with similar interests?

Also, why not try doing a search for Cashflow(the game) groups in your area too.

Regards
Brendon

Acute Mortgage Reductions
brendon@acutemr.com.au

HI

What about using the funds from the redraw on the IP to invest in something that gives you a return greater that the interest rate on the borrowed funds.

There are investments out there that are pretty secure and return 12-15% p.a.

Then use the surplus cashflow to pay down your PPOR quicker.

Just a thought!

Brendon

Acute Mortgage…[Read more]

Hi Matthew

Thank-you for confirming this info. Much appreciated.

I will certainly be passing on this info to any new clients who wish to take out Lo Doc loans.

I would imagine though that to investigate every LO Doc application would take up huge amounts of ATO manpower and resources, so would I be correct in assuming that the investigations…[Read more]

Hi Mel

Perhaps I should of clarified that this was information passed onto me from Brisbane Solicitor. According to him, it has started already.

If your income declared on your stat dec far exceeds your figures on your tax returns, either you’ve committed mortgage fraud by lying on the stat dec, or you are not declaring all your income and…[Read more]

Hi Boardy

Sounds like you’re on the right track with doing a few buy/sells for cash to reduce your PPOR debt, try adding to that sound mortgage reduction principles (A few books out there on the subject).

You don’t necessarily have to change too much about your spending habits, just the order of flow into and out of your mortgage account.

As…[Read more]

Mustang

All comes back to cashflow and servicibility. Sure you can refinance or ask your current lender for a line increase, in order to access the equity, but can you service any more loans?

If you can find +cashflow properties then sure you can do it.

I would first concentrate on getting rid of your bad debts first before looking at taking…[Read more]

Hi

Then there is also a NO DOC loan(at lower LVR’s). Essentially you do not have to prove your income so to speak and sign a stat dec declaring that you can afford the loan.

The problems will arise where borrowers have ‘fluffed up’ their earnings to get the loan but on their tax returns they are showing minimal earnings.

Brendon

Hi Mustang

Just a word of caution regarding the Lo doc Loans. Heard thru the grapevine that the ATO is looking very closely into applicants on Lo Doc Loans and verifying the info against your tax returns. Could be a few people come unstuck this year.

Have a chat to one of the brokers/originators on this forum about trying to get Full doc status.…[Read more]

Hi

It’s different in each state.Here in QLD there is stamp duty on the option fee as far as I know but if you sell the option you wouldn’t incur stamp duty on the property(as far as i know).

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’

Hi Stingray

Just a matter of expanding your mindset and moving out of your comfort zone I guess.

The more knowledgable you become in property(sounds ike you’re already there) the more comfortable and confidant you will be with your selection of IP’s and thus not worry too much with how much you owe on them.

We must also clarify between…[Read more]

Big Mikey

I like the way you think! Definately thinking outside the square!

Brendon

Acute Mortgage ReduCtions
‘Better Finance for More Homes Sooner’

Hi Alwayslearning

So you’re looking for a DEBT and EQUITY partner? In what entity are these properties held and how do you plan to facilitate the transfer of the 50% share of these properties, as I would imagine there will be stamp duty issues?

And do you have a full due-diligence kit(including valuations) on these…[Read more]

Hi Blondie

Have a chat to one of the brokers on this forum who are experienced with non-conforming/no savings history lending, and who can do some sums for you.

As an example (if you were to be looking round the 200k mark) you could go for a 90% mortgage with 10% from a personal loan (plus FHOG). If the repayments are similar on both loans to…[Read more]

Hi Leigh

I remember listening to a talk from a guy from The Depreciator (do a search, don’t have no.) who are a nationwide QS firm.

I remember him saying that if their fee works out to be more than the depreciation benefits from the QS report, they will not charge you.

Why not give them a go. At least they will let you know if it’s worth…[Read more]

Hi Mel

I did the NII course last year with the exact same sentiments as you, in that if I only learnt one thing from the whole course that made me money it would be worth it. And it has certainly turned out that way.

I found the best reward I got from the course was meeting so many like-minded people who I still keep in contact with.

That’s not…[Read more]

Hi Dan

James has pretty much got it. Be specific though, find higher priced comparable properties of similar land size, no. of bedrooms and bathrooms etc and condition.

You won’t have much credibility if your comparables are far superior to your property so be specific. A map of your suburb highlighting the comparables will make the valuers job…[Read more]

Hi James

Make sure you don’t count too much on the pre-approval though (especially where LMI is involved).

Just had a case this week where the client had pre-approval and went unconditional on that basis, only to have the mortgage insurer knock back the application.

Make sure you still have a finance clause in the contract and in that finance…[Read more]

Hi Dan

On the valuation subject, you need to take more charge of the valuation process.

Personally when I have a property of mine revalued, I compile a full due diligence kit on what I feel the property is worth to hand to the valuer.
You do need to chat to the valuer beforehand to see if he is receptive to your supporting data, otherwise you’re…[Read more]

We tend to disagree with the p&i theory.Just because you have an IO loan does not mean you cannot pay down the principle. It just gives you a choice if you have a flexible mortgage that allows extra repayments.

If you have a PPOR perhaps use the surplus cashflow from the IP to pay down your PPOR first(non tax-deductible debt), then work on the…[Read more]

Hi

I have read John Fitzgerald’s book and he makes some important points. He has become wealthy over the years as a developer and does some great things for homeless kids on the charity side.

However I did go to one of their introductory seminars. They were initially keen to tell me about their properties for sale and take down my details but…[Read more]