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Jamie Moore
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March 31, 2011 - 5:53 am
Matt_Arnold wrote:
Hi Nonnie
It is a common practice for tennants with a bad rental history to offer above market rent in order to secure a rental property.
Please don't let this fool you… An extra $20 – $30 per week ($1000 – $1500 per year) is very little compensation for the effort involved when dealing with a tennant who is constanly behind in rent, causing damage to your property etc.
Totally agree. The additional rent is generally not worth the lack of sleep.
Make sure you add all of those repairs into the contract before purchasing. It doesn’t matter what the tenant says – it’s up to the owner to rectify the issue, they’re the ones selling the property.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:47 am
Dafnny wrote:
Hello Angle,
In Sydney there are many areas that have a high Asian population and also a good investment, Eastwood, Marsfield, Carlingford, Ashfield, Ryde and I am sure there are many other areas that may be great for investment. You will need to research this more before investing.
I hope this is helpful
warm regards
Dafnny
I don’t think Angel was getting at that. She just mentioned that houses with the number “4” in the address within those areas may sell for less.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:40 am
Cattaby wrote:
It seems to me that a lot of the advice people ask for in this forum is 'how much will X' cost (me included!), with the answer being 'talk to a tradie'.
So… does anyone have any tradies, inspectors, agents, etc that they'd like to recommend based on personal service? Or any that should be warned against? It would be ace to develop an online resource for each major city.
Anyone met a good tradie lately?
Excellent idea – I’m surprised that no one has developed it yet.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:36 am
Hi Angel
I haven’t had any experience in purchasing property in Germany.
My understanding is that the majority rent, whist a few own. It could be contributed to high prices coupled with a “different” attitude towards property ownership compared to that of most Australians.
I’d be interested to know about growth figures, etc. Let us know how you get on.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:26 am
Yep, it works a treat
Plus, tenants with pets generally stay longer (because finding an alternative can be troublesome).
I allow pets (within reason) in all my IPs.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:20 am
kelleyhutcho wrote:
It cost us $70 k all up and it rented for $190 per week for years, then when we sold the home, it was an advanatge to have it as it value added to the property.
Hi Kelley
Well done – those figures are impressive.
How much extra do you think your property sold for with the granny flat?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:15 am
Hi Daewoo
Agree with all that’s been said.
YIP and API magazines are a great resource.
Some good authors to look out for are Lomas, Yardney and Somers. Check out your local library or ebay for copies of their books.
Importantly, try and surround yourself with like minded people. Forums like this are a great place to start.
All the best
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 31, 2011 - 5:09 am
Hi Jade Q
Welcome to the forum.
First things first, if this property is going to become an investment – you should convert the loan to interest only. If you leave it as principle and interest, each repayment is reducing the level of deductible debt (which is currently down to $275k).
For financing the next purchase, you could “top-up” your current loan. If the property is worth $382k – you could (depending on your lender) top the loan up to 90% of this value (which will incur some mortgage insurance). By doing this, you could potentially access around $65k which could be used as the deposit and purchasing costs (stamp duty, legal fees, etc) on your next purchase. It’s important that you set-up the $65k as a second split because you want to be able to identify your tax deductible debt ($275k) from the non-tax deductible debt (the $65k used towards your next owner occupied property).
Obviously, the above can only happen if your borrowing capacity facilities it.
I hope that helps.
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 30, 2011 - 5:01 am
Hi Julieanne
Your best bet is to speak with an accountant.
From my understanding (and I’m not an accountant) is that providing accommodation to boarders – who in turn provide some money to go towards utilities, etc it would be deemed a private arrangement and therefore no tax implications should arise.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 30, 2011 - 4:56 am
Qlds007 wrote:
Just make sure you give your MB plenty of time when it comes to approval and settlement and dont waste time on a pre-approval as with Bank West they are not worth the paper they are written
Yep, you can say that again! One of the most frustrating to deal with IMO. Product is fine – the premature greying of hairs when dealing with them is not so fine
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 30, 2011 - 4:49 am
redrooster73 wrote:
gary Zoning broker 0419731944
Bank West combined with stat deck from parent.
They are the best at present.
If you want to get clever start getting gifted deposits from builders etc and dont even have money come across from parents.
BWA will only go to 90% with non-gen.
No need for stat dec.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 25, 2011 - 9:56 pm
Hi Teg
Might be an idea to start a thread on somersoft as well. There's a few Canberran's over there that might help – one of which is a builder who's likely to have these contacts.
How did you go with ACTPLA and the sub-division in Melba?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 22, 2011 - 6:51 am
Hi Jeff
Welcome to the forum.
Check out this one, it might help – http://www.passgo.com.au/pass-go-investment-property-analysis-tool
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 22, 2011 - 12:29 am
Why is the vendor selling?
Asbestos in properties of that age is not uncommon.
You should be able to appoint a new PM if you think you can get a better deal elsewhere. In fact, I’d call the current PM (and a couple of others) and ask them about the area and those units in particular.
If it’s a small town, call the local cop shop and ask questions.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 22, 2011 - 12:21 am
Hi Henerz
Welcome to the forum.
To expedite the investing I’d look to take out a 95% + LMI loan for your first home. Purchase something that you can add value to via affordable, cosmetic renovations. Have the property revalued afterwards – hopefully it’s gone up and you can tap into some of the equity. You can then use this equity as a deposit on your first IP.
Tread carefully with investing in the US – you really need to know what you’re doing.
Best of luck with the investing.
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 21, 2011 - 11:49 am
JPCCM wrote:
Coring into a concrete slab is a lot dearer then most people think. Beware of these drills !
Hmmm….so I’ve been told. JPCCM, would it be best to use a tradie to cut into the slab or are their tools that can be hired from a hardware store to get it done? I don’t mind having a go at most things, but cutting into a slab is slightly out of my comfort zone
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 21, 2011 - 11:15 am
Your friend should try a different lender? Where does he have his LOC? Perhaps he should ask for the limit to be reduced. You’re right – lenders will consider the LOC as fully drawn – just as they’d consider a credit card’s limit (despite how much has been spent on the card).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 21, 2011 - 11:11 am
Terryw wrote:
PeCats
I would suggest you do some research before signing up to such a scheme.
Agreed – if it sounds too good to be true…..you know the rest.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 21, 2011 - 11:08 am
Agree with Scott – most old apartments are going to have some issues.
Also, building reports can often sound a lot worse than they actually are. Put a call into the inspector and speak with them directly about the issues.
I remember reading a pest inspection for an IP I was looking at in Logan, QLD. The report sounded horrible – I then called the inspector and had a chat, his advice over the phone was much more rosier than the standard copy and paste text he inserted in his pest inspection report.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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March 21, 2011 - 11:02 am
I think there was also a write up about it recently in API or YIP mag.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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