I’ve also heard some great stories about Woodridge properties increasing in value, good on you for investing there despite it’s bad reputation. I think the whole south-side along the railway line is going up and up at the moment.

[]
Mel
melanie@homeloanconnexion.com.au

My fave – “Just do it”

I also firmly believe in the karma fairy – smile & the world smile’s with you, give and you’ll receive, and all that jazz!

[]
Mel
melanie@homeloanconnexion.com.au

Hmmm …. from the finances side I think a bit more research would be in order for this one before you leapt either way, starting with a broker to get an idea of your borrowing capacity under both scenarios, and an accountant to tell you the impacts. I know NZ is capital gains tax free (lucky for you!) but there may be issues because you earn and…[Read more]

Hi David, welcome aboard! []

I’m a mortgage broker not an accountant, but from what I’ve learnt, if you guys are serious about buying many many properties I’d probably recommend setting up a discretionary trust with your co. as trustee and buying all new property in the name of the trust. You would sign for the loans as director of the trustee…[Read more]

Manos,

If you can buy this outright it might be a very good addition to your investment portfolio if it’s in a booming holiday town. On the flip side be wary of the size of 1 bedroom units. Ask the agent what the ‘living area’ is – ie excluding balconies, exterior storage areas etc as these don’t count in lenders eye’s and if you wanted to use…[Read more]

Hi,

I agree that this forum is a bunch of volunteers here to learn from each other and people expecting forumites to spoon feed them is a bit unrealistic.[|)]

The truth is of course that there are plenty of people who are money rich and time poor and/or happy to admit that analysing and negotiating individual property deals is a bit outside…[Read more]

Hi Granny/Mark – welcome to the forum []

There are many ways to rearrange finances and loans to continue investing, but sometimes the banks say no because you are genuinely unable to support your loans if they are negatively geared and you simply can’t cover the difference with income. Have you thought about selling something (eg the very…[Read more]

Hi Comdom,

Sounds like you are storming ahead, good work! In order to help you with loan options I need to know three more things:

Q1 What gross rental income do you get from your three IP’s?
Q2 What interest rates approx are you on for your different loans?
Q3 How recent is your valuation of $820K and where did this figure come from ie you or…[Read more]

NO!! (sorry previously said yes thinking I was supporting steve – got it back to front!)

Let me think about all those great tips and philosophies a bit more … hmmm … still NO!! []

Now enough of the whining martinw and let’s get on with it. [] Under ying yang philosophy I’m expecting several Constructive comments from you in the very near…[Read more]

Welcome aboard Bassett []

Good first post – and one with lots of curly questions attached most of which can only be answered by how close are you and your brother? From a brokers perspective for lending purposes – if you are joint applicants the banks will want to see joint ‘benefit’ from the deal ie splitting rental income, but it’s not too…[Read more]

Do semi-circles count?

[]
Mel

That Einstein joke was Fab Fun – had to put it aside until about 10pm then felt pleased as punch when I solved it almost an hour later …. took another hour to wind down enough to get to sleep, much to my partners disgust!

This new one’s got me stumped though, sending me dotty!

TGIF

[]
Mel

Hi Jay,

There are many ways to skin this cat, but assuming that you have minimal other debts and plan to use the money for investment, then yes I think one option is a line of credit where you can draw out the funds as deposits for other IP loans that are independent of your current loan, giving you flexibility for tax, buying and selling…[Read more]

Hi Sandrar,

Shame you are having trouble – if you really want to keep both and still have time have you thought about or tried a different property manager … surely if the one you are with is not performing you are quite at liberty to find another. Also did you have landlords insurance? They cover vacancy periods too. Maybe someone else in…[Read more]

Lawry I think we get your point, no lectures or name calling on either side really needed, and yes more of this on forum fun would be a great idea too. On the flip side these are clearly marked as riddles only and 3 out of 2000+ threads isn’t that upsetting surely. Several thousand people float through this site and don’t all read every thread…[Read more]

2nd?

Mel

I’m booked in for the Brisbane seminar too, should be a hoot, and educational of course.

[]
Mel
melanie@homeloanconnexion.com.au

Hi Pebbles,

Sorry to hear about your break-up but looks like you are keen to get on with it. You could go to your current bank and ask them whether they would give you a construction loan for the subdivision and do not worry if you are knocked back – as long as you can explain why to the next lender you approach (ie it was outside their lending…[Read more]

Mike Mabey is one of our broker gurus in Sydney who does commercial and residential lends – his contact details are:

mike@homeloanconnexion.com.au

[]
Mel
melanie@homeloanconnexion.com.au

Hi Bear,

Any lenders who use GE as an insurer should be able to lend to these postcodes up to 80% at least. I do note they are fairly small towns so as Simon recommends I’d stick to the big lenders to kick off – pick big banks which have branches in these towns.

Sub-prime lenders may be an option but it costs, I’d try all the big guys…[Read more]