If it’s an interstate purchase than I think the right BA would be worth it.

$6k sounds about right. Some are bit dearer.

Ask for some recommendations on the forum for BA’s in the area you’re looking in.

Cheers

Jamie

Hi Ollie

Welcome aboard :-)

It’s a tough question to answer without knowing more about your situation.

I’d take it back a step and begin with educating yourself about property investing. There’s no need to jump straight in – take some time getting clued up on all facets of it. By that point, you’ll have a better understanding of what your goals…[Read more]

Sure thing Louie – looking forward to helping you.

Cheers

Jamie

Hey Louie

Welcome aboard :-)

You’re in a great equity position when it comes to investing – not many new investors are in this position.

Where do you go from here? You need to work out where you want to be 5, 10, 20 years from now and then devise a plan.

If you’ve decided that property investing is your vehicle to get you there – then surround…[Read more]

Looks like there’s been some good improvements today.

The 10 recent threads on the front page is a good addition. The larger text looks great too.

Cheers

Jamie

Terry W is an expert on trusts.

Nick Moustacs (accountant) from Strategic Wealth Management is supposed to be pretty good.

Cheers

Jamie

Hi Jade

It’s a frustrating situation but not that uncommon. That’s why good PM’s are gold.

Simple solution is to provide your written notice and contact a couple more management companies so you have someone lined up to take on the property once the agreement expires with the current PM.

If you start a new post asking for recommendations for…[Read more]

No probs, let us know how you go with the bank.

Cheers

Jamie

Hello

Purchasing a PPOR and using the equity to fund the deposit/costs on an IP is a good strategy – and one that a fair few of my clients adopt. Here’s an article I wrote on the strategy.

If set up correctly, it doesn’t need to involve cross collaterisation at all. You just need to set up a separate loan split which will be used to cover the…[Read more]

Landlord insurance might cover some of these issues. I assume you have it? If so – give them a buzz and see what you’re covered off then work out whether a claim is worth it.

Cheers

Jamie

It’s usually quite easy to mitigate. Just extend the IO term or refinance to another lender.

Cheers

Jamie

Hiya

Different states have different laws but I’d assume that she’d be relinquishing her bond if she’s in arrears with you.

We had this issue with an ACT property, the tenant was kicked out and the rent they owed was approximately the same value as their bond. We simply had the bond paid to us – and the rest is history.

Best of luck with it -…[Read more]

Hi Kieth
Welcome aboard :-)
It’s a very broad concept. Some would consider the outer Western parts of Syd to have a lower socioeconomic standing but values of properties have risen dramatically in the last 12 months or so.
There are opportunities everywhere – it’s all about what fits in with your own strategy.
Cheers
Jamie

Also not an accountant but if the property is an IP (even if it’s being renovated temporarily) then I would have thought you could still claim interest.
Agree with newguy about the improvements vs repairs issue. These sound like improvements.
Cheers
Jamie

Good question yo :-)
I’m not an accountant so seek pro advice. My thought would be that if you’re not living in it – and it’s being rented out at market value, that you should be able to claim interest and other costs.
Best talk to an accountant though.
Nice avatar BTW :-)
Cheers
Jamie

Hi Vinh
Welcome aboard :-)
If your current property is valued higher after the renos than you could potentially access more equity which would be used to cover the deposit/purchase costs on your next property.
The extra $50 p.w rent will help with your borrowing capacity – so will having no rent/boarding expenses. However, it’s hard to give a…[Read more]

They’re VERY different.
Redraw is classed as “new borrowings” and if you’ve redrawn funds for personal use, you may have contaminated your loan and might not be able to claim any interest.
An offset is a transaction account – and moving money in/out doesn’t have the same taxation implications.
Sounds like you need to move onto another lender…[Read more]

Hi Vinh
Usually when you have sufficient equity in other property.
Cheers
Jamie

Hi and welcome aboard :-)
My first comment is to structure your loans correctly – taking out the one large loan will be a nightmare for taxation purposes (some of the loan is deductible whilst some isn’t).
The bank will also try to cross collaterise your properties too – this is a big no no. That’s where they take both properties as security for…[Read more]

No worries :-)
I won’t tell you where to spend your money but $300k provides plenty of scope!
Cheers
Jamie