Excellent – sounds like a reasonable approach.

Enjoy your time in the states Please check out a lakers or clippers game at the Staples centre for me.

Cheers

Jamie

Hi again

Without sounding like self promotion – your best bet is to chat with a decent broker about your options. Different lenders will have different policies on what income can be used and what can't. If you were to go direct to a bank – they could only advise on their own policy whereas a broker will have access to dozen of brokers.

If it's…[Read more]

Hi Rob

All sounds pretty good to me. Only comment would be to tread carefully with renting to friends. It has to be treated like a business – which is hard to do when friends/family are in the mix.

Cheers

Jamie

You'd need to cross up another property in order to get the stamps funded too. 

If this is your first home then I guess it would have to be a family guarantee whereby they take the folks property as security.

Personally – I'm not a big fan of family guarantees if the deal can be done without one.

Cheers

Jamie

That's a good point from Catalyst. A simple gesture goes a long way.

Cheers

Jamie

DK is on the money. If you've got someone else that's wanting to purchase with you – that could get you over the serviceability hump.

Cheers

Jamie

The LMI will differ depending on lenders and insurers.

Cheers

Jamie

Hiya

Some centrelink payments are taken as a form of income.

cheers

Jamie

Losing a grand is a pain in the bum but at least it hasn't sent you broke that's good news about the tenants too, at least you won't have to forego any rent because of it.

Cheers

Jamie

Hiya 

Yep its a common approach. The person taking you on needs to cover costs and also benefit in some way. They will have their own running costs and their aggregator will be taking a chunk of their commission too.

Personally, I prefer paying salary and would bring on a new person in a support role with the goal of training them to become a…[Read more]

Hiya Rhettus

How bad is the damage? How expensive will it be to fix?

I doubt you'll be able to make any claim against the inspector – they have lots of fine print in those reports!

On the bright side – at least you found the problem now rather than have the tenants report it. I imagine it would be easier to fix whilst it's vacant. Secondly -…[Read more]

wealthyjvd wrote:
However, the advertisement I found on SEEK seems to spruik $150+ and it just seems a little strange. 

Yeah that seems a bit misleading. By all means – it's possible to make that sort of money and more but not before you've written a loan. 

Cheers

Jamie

Hi guys

Not sure if it helps but I've got quite a few links on my website that might be handy http://passgo.com.au/property-data-websites.html

Cheers

Jamie

Catalyst wrote:
I think you've missed the boat. Western Sydney has had great growth in the last few years.

I tend to agree.

I'm seeing re-valuations for properties that clients bought out west only a year or two ago coming back a fair bit higher without any huge modifications to the property.

Cheers

Jamie

Hi there

In order to achieve a reasonable base plus commission you would have to be bringing in quite a lot of business – and that won't be proven until you've been operating for a couple of years.

It's more than likely you'll either get paid a modest salary at the start or a split of the commission for loans you write. It's like any industry -…[Read more]

I agree with Benny in regards to the minimum deposit – especially for an IP.

I could write a long winded response as to why – but fortunately I wrote an article a couple of years back that explains it. It's available here.

Cheers

Jamie

shelbyduck wrote:

Is mortgage insurance worth having?  I am thinking  that maybe try to avoid it and get a cheaper property ( like 1b apartment/unit instead of 2b or 3b apartment/house)
How do I know the area I want to buy has good rental market or not?  what is the good indication?  
we will need the investment property rented out straight…[Read more]

mattsta wrote:
7 days after your offer, so that it gives them a sense of urgency

I'd shorten that by heaps – probably keep it valid for 48 hours so it really provides a sense of urgency.

Cheers

Jamie

waydo77 wrote:
Hi everyone,

I know its not recommended to convert PPOR to investment purely because of emotional attachment but my reasons are a little more justified than that.

Hi Wade

I don't think it's necessarily a bad idea.

If the property stacks up as a good investment then why not keep it as an IP? Sure if you're emotionally…[Read more]

Hiya and welcome aboard.

Which lender is this with? There aren't many lenders that will link up an offset account against a fixed loan. You can get around that by keeping a portion of the loan variable and linking an offset up to the variable loan.

Are you planning on purchasing an owner occupied property at some point in the future? If so, I…[Read more]