Hi Rob

Why has it taken 2 months for anything to happen? It should take 5 minutes for them to speak with their boss.

Get on the phone to them tomorrow, ask to speak directly with the manager. Chances are he/she is unaware of the issue and if it's brought to their attention it may be rectified quickly.

If they don't agree to fix the issue than I think it goes without saying – change PMs.

Cheers

Jamie

But at least he has the best signature on the forum – it's amazing.

Cheers

Jamie

Hi Investhut

Without knowing the finer details of your situation I'd tap into the equity against your PPOR by setting up a second interest only loan. This loan will act as the deposit/costs on your IP. I'd then set up another, separate interest only loan to cover the remaining balance of the IP.

So you'd have three loans set up:

Loan 1: Current PPOR loan

Loan 2: Equity release against PPOR to cover 20% deposit plus costs on IP

Loan 3: Remaining 80% for the IP

With loan 2, if you're considering purchasing more than one IP in the future than I'd be inclined to tap into more equity now.

Avoid using the cash in the offset – the borrowed funds will mean the entire IP debt is deductible.

Hope that helps.

Cheers

Jamie

Hi there

I'm no expert in reading strata documents but that negative $28k balance for the admin fund would make me a little uneasy.  The sinking fund doesn't seem too healthy either given there's 88 units.

With the pipe damage – it sounds like it's been sorted so I personally wouldn't worry too much about it. Get a building inspection done though so you can get some independent advice.

Those expenses for electrical, plumbing, ect are normal and don't seem too excessive.

Cheers

Jamie

No worries at all.

In that case, there's no issue with paying down the principle. However, I'd still look to use the equity in your PPOR to fund your IPs though – that way you can maximise your tax deductions.

Cheers

Jamie

There's a swarm of FHB's looking for properties in West Syd at the moment (so I've been told). Depending on your price range, you may find yourself competing in a market that's temporarily inflated.

Cheers

Jamie

Yep, the Dragon just dropped their fixed rates lower too with 1 and 2 year fixed at 5.49% under the advantage package….and they provide a $700 rebate for refinancing to them.

Cheers

Jamie

Maybe look at assigning a new agent. Any property will sell at the right price – maybe your REA isn't being proactive.

Like Derek said – try to declutter the property and maybe put up some mirrors to give the illusion that there's more space, this can work wonders.

Cheers

Jamie

No worries at all.

If you have the time and motivation then there's no reason why you can't educate yourself. There's plenty of investors here who have never paid for property mentoring type advice and are quite successful.

Cheers

Jamie

Hi mick

Welcome the forum and congrats on purchasing your first IP.

Like Nigel above said – it's not about the number of properties. The properties are just a vehicle for reaching your goals.

I'd start by reading widely – check out books by a few different authors and get an idea of the different investment strategies.

Forums like this are also a good free resource.

In terms of professionals to contact – a decent broker will listen to your goals, run scenarios for you and structure your finances correctly. A good accountant will ensure that you're maximising your tax returns. If purchasing interstate, a buyers agent can assist with sourcing a good deal.

Cheers

Jamie