I guess it depends on the lender at the time – I had a Westpac deal go unconditional within four days just last week.

I’m hearing what you’re saying though. Rate is only one aspect of a loan when it comes to investing – there are other factors that are just as (and I’d argue – are more important) when investing – the ability to access cash with little hassle and quick turnarounds are a couple that spring to mind.

Cheers

Jamie

Hi Monopoly

I actually prefer the older units as there’s generally more potential to add value. There’s not a whole lot that can be done to a new one bedroom unit – therefore, you really just have to sit back and let the growth kick in.

On the flipside – an older unit that can be tarted up could result in instant equity, enabling you to move on to your next purchase quicker.

Cheers

Jamie

Find another REA.

Also, is there a chance of contacting the potential buyer who placed the offer in November? Perhaps you could knock-out the middle man and reduce your selling costs.

Cheers

Jamie

Hi Batgirl

As Richard mentioned above, it’s not the lender that carried out the valuation but rather a company on their panel of valuers.

My thought was that, depending on the size of the town, you may have a chance with using a different lender (who possibly has different valuers on their panel). Therefore, the valuation might be carried out by a different valuer – and could possibly provide a different (hopefully a better) result than the other valuation.

In any case, this option wouldn’t be viable until that fixed loan period has expired (the break fees will be too high).

Cheers

Jamie

My understanding is that some charge a fixed rate whilst others base it on a percentage of the sale price – so it may come down to how much you’re looking to spend.

All the best with it

Jamie

Hi Eric

Basically, by putting up property 1 to secure property 2 – you’re providing more security to the bank than required and it can also be a pain later on when trying to access equity.

To avoid this, you can (depending on your lender) “top-up” your current loan to access enough cash for a deposit and purchasing costs (stamp duty, etc) for your next property. You then establish another loan for the remaining portion.

This way, you’ve kept the two properties separate – which is in your best interest (not the banks).

Hope that helps

Jamie

Hi jcb123

I can’t speak for either of them (I’ve never dealt with them) but I have read posts about the Investors Club on either this forum or Somersoft. It would be worthwhile doing a search for these threads and having a read.

Cheers

Jamie

Hi JCB123

Is it really free? Are they suggesting your buy properties that they’re selling? Look at what their motivations are.

Which particular club is it?

Cheers

Jamie

That’s a really good point. Ebay is full of lots of cheap second hand IP books. A couple of years back I managed to pick up 5 IP books for $10! I thought I was only bidding on a Lomas book (that was the photo used in the description). A week later, a parcel with the Lomas book and 4 others arrived

Cheers

Jamie

Hi Corie

Yep, I can understand your frustration. Crazy scenarios like that leave us shaking our head all the time.

Cheers

Jamie