Liam wrote:

I am repeatedly faced by scoffs and warnings and head shaking. IT DRIVES ME NUTS.

Hey Liam

Best to surround yourself with like minded people (such as those on this forum) rather than discussing with family/friends.

Cheers

Jamie

You don’t need a preapproval – just make sure your offer is subject to finance.

Cheers

Jamie

Somewhere between 4.5 and 5 would be right. All depends on the LVR and loan amount.

For longer term planning I’d use a rate of 7 percent

Cheers

Jamie

I’m not a solicitor but pulling out of an unconditional contract generally results in you forfeiting a deposit plus possibly paying some form of compensation to the vendors.

What makes you think you’ve made a bad purchase?

Cheers

Jamie

Hiya

It depends on your strategy and demographics for the area. In certain areas – apartments/townhouses are the norm. Likewise with detached houses in certain areas.

If you’re look to develop/extend then a house is the way to go. If you’re looking for less maintenance – an apartment is generally better.

There’s heaps to consider. Personally for me – I stick with houses. You can do more to them (develop, extend, etc) and you’re not dealing with body corps.

Cheers

Jamie

Hiya

You can stick with the same bank or approach another – just make sure the loans aren’t cross collaterised and it’s all set up correctly.

If unsure how to approach it – perhaps seek pro advice from a decent broker.

Cheers

Jamie

Keith wrote:

Thanks Richard can u please explain how I do reimburse myself as that was what I had planned to do But I am also planning on purchasing another I/p once I have this one tenanted so funds left over can go to the deposit on the next

Hi keith

I don’t think you can reimburse yourself – admittedly I’m not an accountant though.

I’d assume that 10% cash deposit you’ve paid is gone and can’t be reimbursed. It’s not the end of the world though -like you said, you’re looking to purchase another so you can use the remaining funds for that.

In a perfect world – you would have either a) used your equity release to cover the initial 10% deposit/costs or b) used a deposit bond.

Cheers

Jamie

Hiya Steve

Best bet is to get professional advice from a good accountant/solicitor regarding your individual circumstances. I’m not an accountant/solicitor – but IMO, rarely is it a good idea to purchase under a company structure. However – seek pro advice and see what they say.

Cheers

Jamie

Corey Batt wrote:

I once won a prize for a finger painting I did in pre-school, is that creative enough?

Pffft – I was sculpting play dough statues by that stage.

Hi Matt

I can’t comment on the companies offering because I don’t know anything about them.

If you’ve got the time, patience and ability to learn – then you can teach yourself heaps about property investing by picking up books and frequenting forums like this.

Agree with Richard re using a BA – that could be a better use of your money.

Cheers

Jamie