Hi Saz

It's difficult to comment on whether it's worth it without knowing the finer details and being able to work out if there's a suitable alternative.

Some valuers are being quite conservative at the moment. Particularly in parts of Syd that are experiencing a bit of a boom at the moment (not sure if that's where you're located). They also tend to be more conservative for non-purchase valuations where they're going off the customers estimate.

All in all, it's a fair bit of LMI to cop – but do you think the investment is going to perform well in the longer term? If so, you probably won't even remember how much LMI you paid 10 years from now. It's a deductible fee too.

Cheers

Jamie

Check out how many listings they have and how many properties they have recently sold – the good ones are usually pretty busy!

Referrals and word of mouth also goes a long way. If you've got friends/family in the area – see if they can recommend anyone.

Cheers

Jamie

1. I wouldn't. Sounds like you'll be mixing investment and personal expenses. Can you set up an offset against the IP loan? Do you have a PPOR loan or other consumer debt that can be paid off first?

2. Can't see why not and it's ultimately your decision. Hold into some cash for a buffer though.

3. There are lenders that go beyond 80% –  all charge LMI unless you're in a certain profession – ie medicos. 

Cheers

Jamie

Hi Daniel

I'd be taking up Darryl on his offer.

Cheers

Jamie

It's crazy – I'm sure they're already making a killing on their current premiums.

Cheers

Jamie

Hi Josh

It was a bit of a hot spot a couple of years ago, as were other areas in New England region – not too sure if things are still on the up for Tamworth.

There's often posts about it – if you do a quick search you should find some info.

Cheers

Jamie

Hi Elegy

Welcome aboard

I'd start with educating yourself about property investing. Learn the fundamentals and the different approaches that investors take.

I wouldn't rush into forking out any cash. Instead spend a few dollars on some good books – here's a list https://www.propertyinvesting.com/forums/community/heads-up/6845

Continue to frequent forums like this one with free up to date information.

In some states there's informal meet ups that are either arranged on here or the other property investment forum, somersoft. Keep an eye out for these – you'll be able to meet some like minded people.

When you're ready to go – surround yourself with a good team that includes an accountant and finance person.

Cheers

Jamie

Hi Webber

Welcome aboard.

Yep, paying it back into the loan and re-borrowing as a separate loan makes sense and is probably the best approach. Just make sure you use this separate loan purely for investment related purposes.

Cheers

Jamie

Catalyst is on the money. You'll meet some great people – all with a common interest and from all stages of investing. At least it won't be a spruik fest either.

Cheers

Jamie

Hi Dave

Wagga is a fairly consistent market when it comes to growth. It doesn't seem to experience big booms and busts but travels along nicely. 

There's two distinct markets in Wagga – the cheap stock in some of the less desirable areas and then there's everything else.

Talk to some local REAs about flipping. I know there's some investors who actively purchase the ex dept. of housing stock, renovate and then on sell. Maybe start with talking to someone at LJ Hooker – I think they pick up most of these listings.

Cheers

Jamie