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Jamie Moore
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@jamie-m
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September 5, 2011 - 8:25 am
henry13auckland wrote:
HThe property they buy for you will archieve good capital gain in the middle or long term.
If they can guarantee this then it sounds like a good deal. Unfortunately they can't.
I'm not sure what the going rate is for a BA in Melbourne but I'd make a few more inquiries before signing up.
Hopefully someone on the forum can provide a recommendation or two.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 5, 2011 - 8:19 am
Catalyst wrote:
Cash flow IS king but without Cg you won't go anywhere in a hurry.
How much CF are you talking? I like cash flow too but wouldn't buy in a town where I don't think there will be CG.
I was thinking the same thing. Unless the CF is through the roof – you really need CG (whether it be manufacture via improvements or over-time) to get ahead in this game.
Some numbers would evoke more responses.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 3, 2011 - 11:12 pm
Hi Sha
Welcome aboard.
The guys above are right.
However, if you don’t claim this time you can still claim it later on down the track when you purchase your first PPOR.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 3, 2011 - 11:09 pm
Hi M
Welcome aboard.
I’m going to sound extremely bias but you’ve left out your key finance person – the mortgage broker. An IP savvy broker will be of tremendous assistance – both while starting out and later on when you’ve accumulated a few properties.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 3, 2011 - 6:29 am
Haha – yep, the place has it all. I can go 12 months without stepping foot into one but as soon as we start renovating a property – my life becomes loan writing and trips to bunnings.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 3, 2011 - 6:00 am
Is there a bunnings nearby? If so, that will solve all of your problems.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 3, 2011 - 2:16 am
Catalyst wrote:
What sort of renos are you talking about? $50K is one hell of a reno if there are no structural changes.
We typically spend $12-15K on a full reno. New kitchen, bathroom, paint, carpet, polish floors. But we do a lot of the work ourselves.
Is it near where you live? You could project manage and hire tradies. I can't see that paying for a course would necessarily be of much help. I'll project manage it for $8K.
I agree with Catalyst – $50k spent on cosmetic renos for a $300k IP seems excessive. Depending on whether you carry out most of the work yourself – I would try to limit your expenses to around the $10k – $15k mark. We recently carried out a similar reno to what you’ve described in south Canberra and got away with spending about $7k – this included new carpet throughout (bunnings), new paint throughout, refaced kitchen, new blinds (ordered online from overseas) and a tidy up of the yards. Next month it will be externally rendered which will add about $5k to the bill – so all up, for $12k we’ve transformed the property completely and have added a fair bit of value as well.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 2, 2011 - 11:53 pm
As JacM mentioned above – your local council should be your first point of contact if the primary reason for purchasing this property is for future development potential.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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September 2, 2011 - 11:49 pm
engelo10 wrote:
I would like other peoples opinion as to what they think about having a portfolio of 10or more properties that are pretty much neutrally geared? I have 2 other properties on the cards and am planning to continue investing with this strategy in place. Thanks for your time.
Regards,
Engelo
Providing the properties are also experiencing some form of capital growth – then it’s obviously a good thing. Even without strong CG – if you’re able to increase rents regularly then they should be returning money to you in the near future.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 31, 2011 - 11:16 am
Qlds007 wrote:
Of course providing a rental assessment on the property in order to boost your serviceabiliity when you intend to occupy the property for your own occupation(even for the first 6 months) is actually mortgage fraud so not recommended.
CBA are certainly not on the top of the serviceability list so a second opinion would be the way to go.
Agree with Richard.
As mentioned, CBA aren't one of the highest ranking when it comes to serviceability. It's simply a matter of matching a lender that caters to your situation.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 31, 2011 - 11:12 am
Tommy1 wrote:
Hi all, been away for a while doing other things, time to get back on track. Situation is basically the same as my previous post. Is there a spreedsheet or something that I could throw some numbers at to see if I can afford another property. Something that I could populate with numbers and look at "what if" situations with imputs such as income, expected rent, loan amounts, depreciation values, etc etc. Would really like to purchase another IP but as it has been a while since researching financial/investment info that I seems to have forgotten the basic's ! Would like to know how much I could borrow and how much I would need to personally cover to invest in more property. Thanks in advance Tommy1
Hi Tommy
Do yourself a favor and just contact Richard who has already provided excellent advice.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 31, 2011 - 11:00 am
I'm surprised to see that they're reporting on Canberra growing at that rate. From where I stand, the market seems a bit flat – but I wouldn't be surprised if things pick up within the next few months.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 31, 2011 - 10:56 am
Ildiko wrote:
Hi, i would like to buy an investment property but i really would like to know people doing to buy 1 after each other.
pls give me some advices??
thanks
The ability to purchase and hold multiple properties comes down to your ability to service the debt – which is a combination of your income plus the income generated by your IPs.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 31, 2011 - 10:51 am
Hi Lyon
No such thing as a silly question
You can sell the house – the proceeds will pay off the debt. Anything left over after expenses will be yours.
You will need to contact the lender to find out the fees associated with closing down the loan.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 30, 2011 - 1:48 pm
j260899j wrote:
hi
once i have reached my borrowing limit am i able to approach another lender and borrow more under a different trust. can someone please confirm that.
No. You still need to demonstrate serviceability.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 30, 2011 - 1:46 pm
cathnniv wrote:
how difficult is it to do everything needed with a broker out of town? No good brokers in my town and i prefer to use a broker.
It's not difficult – the majority of my clients are interstate.
As Mick said – phone and email is all you need.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 30, 2011 - 1:36 pm
Terryw wrote:
I think there must be 2 threads on this exact same topic – or deja vu??
That's what 11,000 posts will do to you….you've probably answered the same question 68 times over the last 10 years
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 30, 2011 - 1:34 pm
ryan mclean wrote:
1. Find lenders who take into account 80% of the full market rate for the rent. Not 80% of 4% rental yield. What if your rental yield is 10%?
You can find lenders who will take into account 100% of rental income – providing the application meets certain criteria.
This is particularly good for investors who are approaching the old serviceability wall.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 30, 2011 - 1:32 pm
Ask Terry W – he'll be around shortly to answer your question.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 29, 2011 - 12:26 pm
nguli wrote:
Ash88 wrote:
But what I want to do is buy a small unit a 2bdr around 250k, with 100k deposit and take 30 year loan , and leave the remaining in a offset account and use it later as I want to buy land in the new estate that will be released in 2014 in Maribyrnong and build my PPOR there and put the first property on rent .
Hi Ash88,
In regards to the above, if that is what you are set on doing you are better off only using the least amount possible as a deposit instead of 100K. Approx 50K if you want to avoid LMI. Have an IO loan and have the rest of your money in the offset account. This way when you go to buy your PPOR you can move all your money out of the offset account and into the new loan as this wouldn't be tax deductible. When you rent out your first house the interest you will be charged on this will now be deductible. (200K loan assuming the 50K or less deposit)
Good luck with it all.
Cheers,
Nathan
Good advice from Nathan in my opinion.
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]