Ask your friend to talk to the managing agent. I don’t see any issue to replace the tenancy agreement with your friend’s name on it, provided all the other term & conditions remain the same. the agent might impose a new one week letting fee? But negotiate to get it free.

Cheers,

Unles you follow Jenny1’s advice, to take on US or NZ markets, I’m afraid you still have to do a lot of legworks in OZ property market. And no short cut unfortunatley.

cheers,

Welcome home. Job well done for sure. Hope you don’t mind sharing with us your 3 month experience. We might learn something out of it. And Merry Christmas.

Cheers,

It sounds to me that you have had a fully unencumbered home already. Congratulations.

Secondly, what is your main objective in the first investment. If you are after income, then put in as much saving as you could to make it positive cash flow. and do principal & interest repayment. And use the built up equity to purchase the next one.

If you…[Read more]

Yes, I am bit surprise that Dazzling is not as dicisive as normally he is on more complicated situation?

I am not sure why to rent the other half become so concerned that need a gurantee. Judging the duplex is in Perth, and one of the duplex has produced $205/week, a guarantee of a year should be ok to me.

Are the two duplex in the same…[Read more]

Hi Steve,

Yes, I personally prefer the previous format to be frank. But thanks for the effort to make it better.

cheers,
herman

If you have any extra equity of residential property as additional security, surely you might be able to increase the LVR. If purely commercial security, I think 75% would have been quite good indeed.

Cheers,

Hi Liz,

don’t you think it’d be better if you contact your BDM of the lender, and re-check the truth. Just to prevent further uncertainty or pitfall.

I vaguely remember, more than one year ago, a major lender’s BDM gave a presentation to our group members. He gave us a warning tip about a refinancing and re-structuring case from another lender…[Read more]

What kind of property is it. acrerage, farm? What’s the post code. Do you still have mortgage on it. Who’s the previous lender? Have you talked to any other lenders.

cheers,

Yes, shop around. Always does it good than harm.

cheers,

I think LOC is good if you would like to build up your equity. And the fund is availbale at call. If used for an investment purpose, as long as the money or a lump sum in is purely to reduce the mortgage (nothing else), then the unused balance can be used to fund nother investment purchase. some products in the market will also allow you to split…[Read more]

I guess most of you have been aware that Martin is conducting a one day workshop in Melbourne on Sunday, 5th march 2006. If interested, please give 03 8892 3800 a call for booking, if there are still some spare seats available.

Cheers,

Hi Giddo,

that’s quite a saving at 16. Good on you. keep up the good work.

When you reach 18, and provided you have a stable job and descent income (say $30k/year), you might be able to buy an investment property of around $150 to $200k. your current saving of $10k has represented a 5% of $200k, which is the minimum saving most of the current…[Read more]

it comes down to your experience, and the level of risk you dare to take (and still sleep well). By experience I mean what sort of questions and check points you can establish to excercise your due deligence. The more experience someone is the more often & comfortable someone would buy properties unseen, That’s my thought.

Cheers,

Apart from the due deligence that people normally do when buy a property, I’ll be asking all the outgoings and figures. And records of their tenancy for the last 12 months. Those are the basis for your number crunching to see whether the bottom line stacks up.

cheers

Hi Theo,

have you tried a private lender, e.g. a solicitor or accountant? Could be of higher interest rate though. But if your number crunching still stacks up, worth trying I think. Any other options….. any one?

Cheers,
herman

most lenders will give you a pre-approval, even for acution properties, as long as you know the max price you want to go. And you could arrange a deposit bond for an acution, if your pre-approval/conditonal approval is of 80% borrowing only.

cheers,
herman

Hi Theo,

a student accomodation with 21.5 m2. Looks like a tough one. How much is the mortgae balance on your current rental property? I beleive you could use it as an additional security. Who was your current lender? Perhaps Mortgage Hunter or Mobile Mortgage Market can lend you a hand with your case.

herman

I’m using the software. In my opinion,
* it’s easy to use.
* can do budgeting when you are considering a purchase. Allow you to do ‘what if’ situations. And compare budget and reality.
* gives, among others, CoCr (CAsh-on-cash-return), gross rental return, and net profit as bottom line indicators.

All in all it’s value for money.

I hope this…[Read more]

Hi Richard,

Citybank can offer lo-doc 80%, without LMI, up to $500k at present. Please check with your BDM. And please let me know if it does not.

Cheers,
herman