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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 19, 2013 - 7:38 am
Matagascar wrote:
Thanks guys for all of the information! The consensus seems to be that I should really look at getting an income for both a safety net and to help with the loan – I'll definitely be doing this. Something that I forgot to ask is the possibility of doing what I originally asked about though with a parent cosigning the loan. I don't think I'd ever do this but would that help possibly getting a loan and overcoming the income issue?
It's rarely a good idea to involve the folks with investing. In any case, you still need to be able to show that you have the ability to repay the liability.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 19, 2013 - 5:11 am
Hi Reggie
Might be time to look beyond Newcastle – there's plenty of options in Sydney.
Nick Moustacas is a good accountant.
House of Wealth also has an office in Sydney.
What sort of advice are you after? A buyer agent type service or more of a mentoring type service?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 18, 2013 - 10:09 am
fantomas wrote:
sorry to ask a stupid question but can someone tell me how i can do my 1st post? i have been looking for 20 minutes here and am frustrated
Hiya
Just go to https://www.propertyinvesting.com/forums
Choose the sub forum you'd like to post in.
Press the orange "post new forum topic" button.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 18, 2013 - 10:07 am
Personally, I wouldn't be too keen on it.
What sort of windows does it have?
How big a development is it?
The noise/lights from cars coming/going would deter me from buying/living in it.
No harm in using it as a point of negotiating.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 18, 2013 - 10:05 am
alfrescodining wrote:
Hi Jamie
When you built your retaining wall with besser blocks, how much did it end up costing per metre?
Cheers
Ahh geeze – that's going way back. From memory, they were about $3 a block from bunnings. The wall is about half a metre high and runs for about 6 – 8 metres. The end cost was around the $600 mark from memory – but it's going way back and there were bags of concrete, render mix, paint and cartons of beer as well
The wall looks great still – and it's not going anywhere anytime soon.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
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Post Count: 5,069
February 18, 2013 - 10:00 am
I haven't used them personally but a long term forum member named Derek is affiliated with them – he makes some excellent contributions to this forum on a regular basis. He knows his stuff.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 18, 2013 - 9:57 am
http://www.nearmap.com/ is amazing as well – not sure if it's still free or not though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
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February 18, 2013 - 12:07 am
ok – well make sure that you point that out to your broker/banker when taking out your loan.
Also – an offset account could be another option for you to explore – you can place the funds in the offset and withdraw back out as needed. If the loan is securing an IP – then an offset is likely to be a better option.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 17, 2013 - 11:05 pm
Hi Koolharley
Some do and some don't.
What is the reason behind the question?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 17, 2013 - 10:42 pm
Hi Sabina
Maybe start a new thread asking if anyone can recommend some good building and pest inspectors in the areas where you're looking to purchase.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
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February 17, 2013 - 10:39 pm
Yes, good old ACT – the downside is that we have to pay land tax on each IP though which can quickly erode the benefits of the stamp duty deduction.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 17, 2013 - 10:38 pm
Hi Amanda
Seems like some legal advice is required here. Terry above is in Sydney – wouldn't hurt to call him.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 17, 2013 - 10:36 pm
Yep sounds like a good option.
Even if you're living costs are low – banks will still assign a minimum living cost which they believe is suitable for a single adult (despite your costs possibly being lower).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 17, 2013 - 8:00 am
Matagascar wrote:
So you don't think not having an income at the time of application would be an issue?
Hi Mat
Welcome aboard.
I can't speak for other brokers but I would have an issue with it.
We need to assess your situation and ensure that you can service the debt – if you're not generating an income, then it would be irresponsible to place you in debt.
I know that the property you're looking to purchase will generate rent – but there are other living costs that need to be considered as well. You might also have other liabilities that need to be met.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 16, 2013 - 11:24 pm
I ran into max at Madam Tussauds yesterday in Sydney.
If Mel won't help – then easy solution is to get Richard to sort it out for you Max – he clearly knows his stuff.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 16, 2013 - 11:22 pm
Hi there
Have you taken into consideration all of the costs of holding the property? Including but not limited to – PM fees, insurance, maintenance, strata fees if applicable, etc.
Are your cashflow projections based on todays rates?
What are you aiming to get out of property investing?
If there's no growth (or ability to manufacture it) – then I personally wouldn't buy a property for a return of $2k per year. You could have a HWS blow and there goes that years profits.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 16, 2013 - 10:07 pm
Hi Isiah
Chances are your loan will have both a redraw facility and an offset – it's just a matter of utlising one and not the other.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 15, 2013 - 12:22 am
Try James from House of Wealth http://houseofwealth.com.au/
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 14, 2013 - 11:22 pm
Hi Helin
Welcome aboard.
Where are you located?
Not that you have to be in the same location as your accountant – but it's a good start in providing recommendations.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 14, 2013 - 9:28 pm
What are the vacancy rates like in the area?
Like Derek said, the main factor that keeps a property vacant is usually the price. Perhaps reducing it will speed up the process of getting a tenant.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]