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  • Profile photo of jacliftjaclift
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    @jaclift
    Join Date: 2006
    Post Count: 29
    January 28, 2007 - 4:03 am

    Thank you to all for your replies. It would be great if we could get the loan on my partner’s alone but somehow I don’t think so considering our other investment loans.

    My partner is on $75k and myself about $40k. We want to keep affordability and hopefully not have to sell any in order to do next purchase which we would like to do as reno-sell or reno-subdivide-sell. Borrowing range would be up to max $400,000 which would include house price, purchase costs and reno costs.

    We currently have LVR of 70% – loans of $848,000, MV of properties conservative at $1,205,000. 5 properties all up, 2 positively geared, 2 negative geared and 1 PPOR. Interest only loans on all. To date we have separate loans, non cross-coll and we are considering a LOC for the deposit and holding costs of reno project. Do you think a bank might consider us too highly geared?

    Other option is permanent job and wait 3-6mths to apply for loan…

    I have looked around and could not find anything not requiring an abn and also speaking to a few mortgage brokers in Perth i have come up with the same. Are these products available for WA, and what sort of interest rate would we be looking at?

    Thanks,
    Julie

    Profile photo of jacliftjaclift
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    January 21, 2007 - 9:32 am

    Property Wizards can also help with finding good commercial property deals for you. If you have read property investor magazine you will find that the directors of PW are very active in conducting property research and they know the Perth markets very well.

    You may not have seen them advertise the commercial buying service since most of their clients demand is for residential investments however I know that they have strong knowledge of the commercial market as well.

    In fact my experience with them has made me consider using a buyers agent to purchase in interstate markets. I believe if they (buyer’s agents) are passionate about what they do and service their clients honestly (like I believe PW do) then the fee for a good buyers agent is well worth it.

    Hope that helps.
    J

    Profile photo of jacliftjaclift
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    @jaclift
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    January 19, 2007 - 4:09 am

    Well done Wayne!

    I’m in a similar position to you, i have equity from the WA boom but cautious about my next step since the market has turned here. I’m thinking about checking out opportunities over east for better rental yields.

    If you are thinking of using a buyers agent and want to continue investing in Perth, I recommend ‘Property Wizards’ in Subiaco. I have worked with them for a short time and the agents all have a lot of personal and professional experience in property investing and particularly in finding good subdivisible property deals.

    If you want to check out their website – http://www.propertywizards.com.au

    Good luck
    Julie

    Profile photo of jacliftjaclift
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    June 10, 2006 - 2:17 am

    Taffy,

    What is the average time to build a duplex in the current market in Perth?

    Profile photo of jacliftjaclift
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    May 30, 2006 - 2:22 am

    Hi All,

    Any tips on what to cover off in a clause to allow early access?

    J

    Profile photo of jacliftjaclift
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    May 29, 2006 - 1:24 am

    Hi Peter,

    I wanted to reno and sell to take advantage of the market at the moment but taking notes from your comments, I think I will need to build into this strategy the possibility of holding if the Perth market reaches it peak and slows before I come to sell.

    Like you say, if i dont overcapitalise I should benefit through increased rental yield and/or value. Thanks for your view, it makes sense! [exhappy]

    As an experienced renovator, any advice on top tips or traps?

    J

    Profile photo of jacliftjaclift
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    May 24, 2006 - 6:18 am

    Thanks, I will definately speak to them when i buy something in Brisbane.

    I agree with quality over price!

    Profile photo of jacliftjaclift
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    May 22, 2006 - 12:51 pm

    Its hard to tell if Perth is reaching its peak. 3 mths ago i passed up properties that i thought were overpriced (they sold at full asking within couple of weeks). And now those price ranges are long gone with people paying much more for the same type of property and they are selling within hours/days!!

    Will keep an eye on what comes up in Perth but in the meantime I am exploring options in Brisbane.

    Profile photo of jacliftjaclift
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    May 22, 2006 - 12:35 pm

    Thanks Stuart. Can you recommend a good solicitor in Brisbane?

    Also what is the average cost for their conveyancing services?

    Profile photo of jacliftjaclift
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    May 15, 2006 - 3:06 am

    Hi,

    Double check this before you make any decisions but last time i checked a few months ago, if you have the property for less than 12mths (from contract purch. date, ie not settlement), you pay CGT on the full gain made.

    If you sell after 12mths you can get a 50% reduction on the portion of capital gain that is taxed.

    Hope that helps.

    Profile photo of jacliftjaclift
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    May 7, 2006 - 11:24 am

    I would like to buy for anticipated capital growth. I have a few areas in mind and the location of the land release estate and surrounding amenities are all acceptable. What im not sure of is choosing the actual site. Things like:

    * Site elevation
    * facing position
    * elevation/views etc

    What sort of things should i look out for and/or avoid?

    Also is it expected that you pay the exact asking price on land or is it open to negotiation? What sort of things can you negotiate – terms? (sorry, total novice here…)

    Profile photo of jacliftjaclift
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    May 6, 2006 - 4:27 am

    Any recommendations/suggestions of good ‘no doc’ or ‘lo doc’ (without needing abn) products in WA?

    Iam in a similar situation to earlybird2.

    Profile photo of jacliftjaclift
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    May 6, 2006 - 4:19 am

    Thanks k.

    I think that will be the best. Im being extra cautious as iam not going to travel to see the property – regional, so im really relying on photos, reports etc. I will push for the report as well before making an offer.

    After all they are the strata managers so they should have the report handy to just send straight away – which makes me a bit wary since they haven’t done so.

    Anyways, if someone else makes an offer earlier – so be it, there will be others!

    Profile photo of jacliftjaclift
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    April 27, 2006 - 2:16 pm

    Thanks PK.

    [what i should have put into my original post] –
    I have a duplex in Rangeway (one of the lower socio-economic areas too) and have had it for over a year – no probs with tenant so far. I am looking to invest there again and this time possibly do a renovation to increase expected rental yield, or potential re-sell, and looking to Rangeway again because of the affordability.

    However i wasn’t sure if i should invest in the suburb again since lately agents i have been speaking to give it a bad rap. (not that i believe everything agents say…)

    Which area have you bought in?

    Im tossing between beachside suburb or cheaper low socio-ec areas.

    Profile photo of jacliftjaclift
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    April 20, 2006 - 8:40 am

    I bought 2 investment properties (post July 2000) and was still able to apply for the FHOG for my third ppr purchase. I read the fine print and found out that a few years after they introduced the scheme they changed the wording to ” applicants must not have previously purchased and occupied residential property in Australia, as a place of residence on or after July 2000.”

    It should still be the same now. I purchased in WA but should be the same for all other states. Check with your office of state revenue.

    Profile photo of jacliftjaclift
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    April 20, 2006 - 6:24 am

    Im actually working up the courage now, and will be discussing it with my boss tomorrow!

    I agree with ‘what is the worst that could happen’ comment which brings it more into perspective.

    Thanks for everyone’s useful opinions, it has helped me hearing them from other property investors rather than my negative friends.

    Will keep you updated!

    Profile photo of jacliftjaclift
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    April 20, 2006 - 1:23 am

    Well im the future wife and the one who will be having the babies! :)
    We are actually planning a baby within the next couple of years. My partner (fiance) has absolutely no problems with me going part time, he supports me and believes in me. He does not like anything to do with property and i am the one who manages our current properties.

    Im the one that is hesitant due to fear of failure etc plus i must admit part due to peers negative attitude to it. (i have to learn to ignore or get over that!)

    I would not have any problems with getting my job back full time if i could just get them to approve me to work part time here. But im not sure that they will. I guess that the other part of my dilemma is that i am in the early stages of my professional career and fear is if i dont make it in PI i will have stalled my career or jeopardised its progress.

    Jules
    (worry wort)

    Profile photo of jacliftjaclift
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    April 19, 2006 - 1:00 pm

    I dont know much about the Somerley Clarkson area but the north just seems to get bigger and better and just as you say with the train line and other pros like coast plus amenities it could have future potential.

    I haven’t read through all the threads of this discussion but does anyone have any opinions on Geraldton. I bought up there over a year ago and was lucky enough to easily get a +ve cf property. Wish i had more confidence back then and and bought more as prices now have eroded the rental yield.

    Lots is happening up there. They are redeveloping the marina and foreshore as well as a port upgrade.

    With Bunbury, Mandurah and up and coming Albany prices increasing rapidly, Geraldton is still affordable for a beachside location.

    Im considering making another purchase there soon before prices go too high.

    Profile photo of jacliftjaclift
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    April 19, 2006 - 5:44 am

    Thanks for your comments everyone.

    It is not an easy question to answer and all i can do is prepare myself properly. Thanks for the finance advice Richard, some things i need to consider there.

    The perth market IS a tough one at the moment but my feeling is that in a hot market (if i can manage to buy well), there is a bit of a buffer for any cost blowouts since the high growth factor is there. It gives false profits i know but i figure that it is a good time to learn from first go mistakes etc. If that at all makes sense?

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