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Jamie Moore
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@jamie-m
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October 30, 2011 - 6:51 am
Paullie wrote:
Jamie, do you mind if I contact you for some advice?
No worries at all. All my details are below – call or email, whichever is easiest for you.
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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October 30, 2011 - 6:45 am
crusty wrote:
YOU HAVE TO FIND OUT WHAT THEY WANT and why they are selling.
Totally agree and it's a really good point.
It's not always about the price. The first thing to do is find out what their motivation is for selling and base your negotiations around that.
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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October 28, 2011 - 9:46 pm
Good IP accountant in Melbourne = Jame's from House of Wealth http://www.houseofwealth.com.au/
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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October 28, 2011 - 9:43 pm
Hi Paullie
No need to use the WHOLE property as security for the next. You just need to tap into enough equity that will cover the 20% deposit plus costs.
This blog entry (while not directly applying to your situation) might help – "how to use equity in your home to purchase an IP"
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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October 28, 2011 - 11:10 am
Hi Paullie
Sounds like a messy structure to me – this will sound bias but your best bet is to touch base with a decent broker to work through this.
From the info provided, I can’t see why any security needs to be crossed.
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
October 28, 2011 - 6:06 am
Qlds007 wrote:
Yes guess their daily slot on Channel 7 in the morning has been put on hold.
Cheers
Yours in Finance
Prob won't see them helping out any more little battlers on Today Tonight either….
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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October 27, 2011 - 10:48 am
ummester wrote:
sapphire101 wrote:
Just remember, being a landlord ain't easy. You have to manage the manager and it's very proactive when they don't get things right.
So why not just manage it yourself? Save money and get things done the way you like.
Totally agree – that's the main reason we started doing it ourselves.
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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October 27, 2011 - 10:47 am
Hi Jonesy
What makes you believe that the properties they are selling will make for a good investment?
Have you done any due diligence on the area? Have you sussed out comparable sales? Are they building and selling or are you dealing with a middle man who stands to make a commission on the purchase? Did you contact them or did they contact you?
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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October 27, 2011 - 10:07 am
Ben of Brisbane – maybe it's best to get Richard of Brisbane (above) to sort this out for you. At least you won't have to worry about the structure being buggered up.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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October 27, 2011 - 3:03 am
FYI – your broker can send the request into CBA pricing for the rate discount mentioned above.
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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October 27, 2011 - 3:02 am
Hi Ben
If total borrowing is greater than $750k and LVR is sub 80% then hit them up for a variable rate of at least 6.8% sighting ANZ's current breakfree offer.
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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October 26, 2011 - 12:48 pm
jenny mills wrote:
I couldnt see an appropriate topic to share this little story.
Several years ago I remember seeing Steve on TV sharing his success. I bought the book – 350 properties in 3 1/2 years. I was dead keen to implement this way of investing, but my husband didnt have the confidence. Now I'm divorced and single, and financially secure having just sold a business, I couldnt rememeber Steve's name nor the title of the book. I then searched the house down and finally found the book in the back shed. I was so excited, I dropped what I was doing and started reading. I knew he did seminars, but wasnt sure if that was still happening. I then found the website and notice that he was going to be here in Perth next week. How's that for an airy story.
Of course I booked immediately. Im so looking forward to it to start my new venture
Jenny.
Hi Jenny
Welcome aboard! It's funny how things pan out sometimes.
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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October 26, 2011 - 12:46 pm
JacM wrote:
I've implemented this strategy. The vendor was so blinded by an obsession with wanting a particular price, the offer was immediately accepted with little attention paid to the fact there was a 6mth settlement attached
I said I'll give you $x in 90 days or $z in 180 days,….. in both cases "subject to finance, building and pest and all the rest of it". I didn't even bother to clarify what I meant by "and all the rest of it". It was a verbal offer and was accepted verbally, and my solicitor and I then rammed a heap of clauses into the written contract. The vendor signed it. Done.
Gold. Perfect example of how it's not always about price when negotiating:)
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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October 25, 2011 - 10:18 pm
Hi Marmel
Thanks for your question.
I'm a little confused about the first sentence which mentions your PPOR also being your IP?
How I like to structure things is have every loan set up as IO (PPOR and IP loans) with an offset account against the PPOR loan. Any spare cash then gets parked in the offset.
When it comes time to buy your next IP, you can either look at tapping into equity (if available), using some funds from the offset or a combination of both for the deposit. It just depends on the available equity at the time (and a few other factors).
Does that help?
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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October 24, 2011 - 12:08 pm
True
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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October 24, 2011 - 12:07 pm
Hi Godiver
It's not that simple.
You can re-gear debt but it will involve selling the assets to a new entity or a spousal sale.
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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October 24, 2011 - 12:04 pm
EPI_Den wrote:
I'm with Commonwealth Bank and I recently negotiated a further decrease on my loan. I'm now on 6.61% which I think is 1.14% below their standard variable rates. I'm happy with this but it's not out of the question to fix part of it if I see a really good deal! Den
That's a very decent discount.
We negotiated a 1.06% discount with WBC the other day – $700k+ sub 80%
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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October 24, 2011 - 12:00 pm
Tarli wrote:
Hi all
new to this forum, wondering if anyone has experience similar to share.
My husband and I are mid-50's, own outright one IP bought 22 years ago
(I know, why did we stop???) valued at $800k, rented for $430/week ($22,400pa)
We don't want to sell it just yet, even though yield is not good, growth prospects are great,and we'd have a huge capital gains tax if we did. So instead we're thinking of extracting some equity and using it to buy 2 x $500k units,
possibly in Melbourne where we live, but also interested in Qld opportunities.
But what worries me is I don't work but do have sm income from shares of $10k pa, husband earns a good salary but I want him to scale back sometime in next 2 – 3 years to part-time. Are we mad to be thinking this would be a good idea?
Anyone out there in a similar boat?
thanks
Tarli
Hi Tarli
Welcome to the forum.
Property is a long-term asset.
With that in mind – I would start with working out your end goal and work back from that.
What do you want to achieve from property investing? What do you need to do to make this happen? Is this likely to happen within the timeframe that you've set?
These are the questions I'd be asking myself.
In terms of financing IPs – providing there's income coming in and sufficient assets elsewhere, it's certainly possible.
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
October 23, 2011 - 12:31 pm
Grab a few quotes – Terry Scheer, Onepath (ING) and Real Insurance are generally quite competitive.
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
October 23, 2011 - 12:30 pm
QM wrote:
Buy now or hold off? No one knows of course but am hearing so many so hold off for 6 months as prices will REALLY drop. Then I hear forcasted interest rates cuts which would push home prices up?? Am looking at unit in Collaroy in the northern beaches but still feel better value as a purchaser may be lying ahead yet you don' want to miss out either. It seems nowadays anyone wanting to invest – whether property or shares, faces a turmoil of frightening decisions! What's left? Term deposits???
Hi QM
Property (in my opinion) should be viewed as a long term asset. If you've decided that you want to invest in property – then perhaps get yourself in a position whereby you're ready to purchase and if you do decide to jump in – you'll be in a position to do so.
No one can predict the future – but some good due diligence goes a long way when looking to purchase an IP.
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]