I bet your grandpa gave you a big bowl of rabbit stew as a thank you!
I agree, 10% is way too low. 30% minimum.

Hi Richard and Scott. The commercial property will be a factory approx 300m2 in size. Around the $400k mark. Have about $400k in usable equity. I would be renting out the factory for the first 5 years and then moving in.
I’ve also heard commercial loans are much shorter then residential. Is this true?

This proves the point that a good mortgage broker is worth their weight in gold. I’d never talk to the banks alone, too hard and scary.

With that kind of savings have you considered purchasing something? With a large deposit you would find your repayments wouldn’t be much more then your rent.

Which suburbs / area are you looking for your next ip? I think last time you were talking about buying something in Chile?

offset account. Saves you interest.

Your snide remarks probably saved you big time!! Goodbye!

I’m pretty sure I’ve read somewhere Terryw is also a broker.

Doing major renovations with a tenant in the house could be tricky and they might not like the constant interruptions.

Scott No Mates wrote:
Just get the timing right so that settlement and your BAS return are only weeks apart.

My accountant told me the same thing today. Don’t see the point in paying a tax and receiving it back a week later.

Gees 41, time to give someone else a go. But in all seriousness my old broker is and now was a moron. Which I joined this forum years ago.

Why is it HR block have such a bad name? Everyone I talk to say they’re no good.

Dunno about Richard, only got 40 properties. Don’t think that’s enough experience! Only joking, I’ll be contacting him mid next year.

Thanks for clearing that up. I think It’s just safer to pay the GST.

Thanks Terry, the advice this guy gave me was that if you find a factory that you like and it's vacant negotiate with the vendor to lease it before signing of the contracts. Of course the lease will be under the vendors name but would then transfer to my name once everything is settled. 

Paying the GST doesn't really worry me as i'll get it back…[Read more]

Just make sure It’s done right. Peeling paint on tiles looks horrible.

Probably best to check the “herbs” first before mentioning anything. Someone could have mistaken them for “herbs” but could be something totally different.

Defiantly shower screen. Told the tenants today. She liked the idea of having a bathtub but didn’t like the shower over bath idea.

Good point Tom, people forget the several other exit fees. Not that simple as Wayne thinks it is.

TheFinanceShop wrote:
We have a 7 month old and have no bath tub (its one of those portable ones) and its a nightmare. My wife is now saying we need to build a house because of this. Not a good outcome.

You can’t renovate the bathroom?