Chan, you solve the flood control by not posting quite so quickly. If you wait a minute between posts, you’ll be right.

Cheers
Mel

Go the Brumbies. Just finished whipping the Cats 68-28

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Mel

Congrats SIS. Although I see Chan$ is making a huge attempt to catch you and PG now. Many many jokes I see from him in the last few days.

By the way, I had a piece of cake for you all on my birthday on Wednesday![]

Cheers
Mel

I provided this answer to your other post:

Guys, my understanding of what Steve and Dave did was to buy a place for $50K, with $10K deposit, and then wrap it for say $60K, with the $7K FHOG, plus some of the purchaser’s own money, maybe $3K.

This then gave them their $10K to go and buy another house with.

Cheers
Mel

Peterk, yes, your mum is definitely asset rich, and you could both help each other if you can source the positive cashflow deals. However, before rushing into purchasing, talk to a finance broker, and probably a good accountant to work out your best structure – taking into account the goals that you each have.

Cheers
Mel

Guys, my understanding of what Steve and Dave did was to buy a place for $50K, with $10K deposit, and then wrap it for say $60K, with the $7K FHOG, plus some of the purchaser’s own money, maybe $3K.

This then gave them their $10K to go and buy another house with.

Cheers
Mel

Jack, read my response to your other post where you also had a go at me for having no knowledge of what went on with regards to Henry Kaye’s empire.

Cheers
Mel

Hey Celivia

No I didn’t see it, but I spoke with the guy I’m buying from (with) today, and he mentioned it. I’m actually quite happy with that growth prospect. The figures I had been working off with the ‘syndicate’ that will buy with me has only been a 5% growth per year for the next 5, so anything higher than that just makes our figures look…[Read more]

Absolutely agree with Del here. I cringed when I read that your wife doesn’t want to lose the benefit.

However, I realise you do need to convince her, and show her the benefits. Perhaps see if you can go to the Centrelink office, and discuss with them the effects on that payment if you were to buy an IP – either negative or positive, depending…[Read more]

Semantics I think Pisces.

I guess I was merely ‘restating’ your viewpoint but in terms of using the rule.[]

Cheers
Mel

I agree with what Kaloni said. Although I found the tenant, but I paid a PM to sign them up, do the inventory, and do the initial inspection.

Absolutely worth it.

Also, check out Suzi Bilosh’s book Aust Landlords Handbook – or something similar.

Cheers
Mel

Whenever I’ve asked my bank manager for a copy of the valuation he has happily given it to me. Not ever said a word about it not being usual practice or anything.

My valuer told met that valuations are valid for only 3 months.

Cheers
Mel

Lucifer, it is my understanding that there isn’t mcuh difference these days between investment and owner occupier loans.

Also, the bank should be more than happy to see written down anything about extra income to support the payments. It may help the loan across the line.

Banks still do accept guarantors, but they will assess the income of the…[Read more]

russmarg, if you are really committed to living in the area you are in, and would like to buy there, consider purchasing as in investment first, and getting the tenant and the taxman to help pay for your property. Pay as much as you can into the loan.

Then when the repayments are more reasonable, consider moving into it yourselves.

If you are…[Read more]

That depends on whether or not you guys are compatible in terms of investing. You should probably sit down and talk about your individual goals. If they conflict, then get him to work for you, but if they gel, you could probably come to an arrangement to invest together.

I would look at setting up some sort of trust to invest though, as it will…[Read more]

My goal is to have enough passive income through our trust that my folks can do all the travelling they want while they are young enough. I also want to be able to choose when/where I work. I will work, cos i will go mental doing nothing at all.

I used to have a goal to own 100 houses, but now I don’t really care how many. I will employ…[Read more]

Yes Penguin, you are basically assessed by most deposit bond lenders as if you were applying for the loan. If approved, they will ‘promise’ the vendor that they will pay up if you abscond/default on the contract.

THEN, they come after you to get their money back.

Cheers
Mel

Julia I thought that the ruling was that the property must be ‘available for rent’ – or is that really only relevant for holiday houses?

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Mel

Kenshin, author is Jim McKnight, and yes available at ‘all good bookstores’.

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Mel

What Markpatric said, but definitely get an idea from your mortgage broker of what you can borrow BEFORE you fall in love with a house!

Cheers
Mel