Hi CC

Welcome aboard :-)

1. Generally what you can afford – but keeping in mind that the banks have their own way of determining what your maximum borrowing capacity is. Unfortunately $20k won’t stretch too far in Syd when you take into account that 5% is the minimum deposit and then there’s purchase costs too (which usually amount to around…[Read more]

Which lender is the preapproval with?

For some lenders a preapproval can be very meaningful – those are the ones that actually assess deals. With these lenders it’s usually all approved pending the outcome of the valuation.

Cheers

Jamie

Hi Investron

Without sounding biased I’d speak with a decent finance person about your options.

Cheers

Jamie

Hi missyminer

Welcome aboard :-)

Agree with above – take a deep breath! You don’t have to make a decision today :-)

Let’s take it back a step.

What are your goals with property? What are you aiming to achieve?

Cheers

Jamie

Hi and welcome aboard :-)

Why not do both? Purchase a PPOR – renovate, add value, release equity and purchase an IP.

I wrote an article about this a while back. Here’s the link.

Cheers

Jamie

Haha – first time I’ve heard those words….and from a Sydney sider!

Cheers

Jamie

That I can’t answer. Best to speak with an accountant.

I assume you’d be able to claim it over 5 years – but I’m not an accountant.

Cheers

Jamie

The best units are ones that don’t present well internally – but don’t cost a lot to fix.

The very first IP we bought was an old run-down unit where the tenant had fled the place – leaving it in really bad condition.

It was a huge deterrent to any potential buyers – and the owner was so disgruntled he couldn’t be bothered fixing/cleaning it up…[Read more]

Yep, the LMI should be deductible.

Cheers

Jamie

Hi Kev

None in Aus that I know of – but must admit, US investing isn’t my forte.

Cheers

Jamie

No probs – there’s no shortage of excellent professionals on the forum.

Cheers

Jamie

Yep, I was sitting in a German guesthouse working on that one :-)

Cheers

Jamie

Hiya Pagey

I don’t know of anyone I could recommend in Tas – as mentioned above though, you don’t necessarily have to be in the same state as your service professionals. I worked with clients in four different states today – all over email/phone.

Looks like you might have to look outside of Tas for your accountant. There are plenty of…[Read more]

Hi Sachin

Welcome aboard :-)

How are they proposing the loans be structured?

Most banks will cross collaterise your properties – which is a no no. There are better ways to go about it.

Those repayments seem massive too for a loan that size – are they suggesting P&I for the investment property loan?

If in doubt – seek a second opinion with a…[Read more]

Our aggregators provide software – that software is updated daily with current bank products, ect.

Having said that – a good broker won’t usually rely on the software for coming up with a product recommendation.

Cheers

Jamie

Hi Johnny

Welcome aboard :-)

I agree with the idea of not buying another unit in the same suburb – too much concentration risk for my liking?

What would I do? I’d work out where you want to be in the future and devise a plan to get there.

Cheers

Jamie

I know! It’s a frustrating situation.

Cheers

Jamie

This is important.

You want to deal with someone who walks the talk. The best brokers I know are all property investors.

Cheers

Jamie

Hi TRM

If you’re considering purchasing in a different entity you’ll need to consult some professionals who will tailor advice to your specific circumstances. Speak with a good solicitor and accountant about the different entity options.

Agree with Mark though – the majority of clients I deal with purchase under their own name.

Cheers

Jamie