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On the flip side many people get pretty boring when they catch the property bug. Seems sometimes at parties there are two crowds – those who just want to talk real estate, property values and renovations and those who don’t.
Perhaps it is like when you have children and your friends change a little to include those who have kids and you drift a little apart from those who aren’t interested in them?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What low interest rates? Investing and owner occ are the same these days.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
There are two ways to go.
Cross collaterising where the bank uses both properties to secure both loans. There is nothing wrong with this however many more sophisticated investors looking at buying multiple properties choose to avoid it.
The second is to raise the current mortgage by enough to cover a 20% deposit and costs and then taking a seperate loa with the same or another bank to buy the new property.
Costs? Will depend on how much but consider.
Borrowing costs, Stamp duty, legals, and Inspections.
hope this makes sense.
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Pos cashflow isn’t the only way to make money.
You have done a fantastic job so far.
Whilst there is any prospect of more remarkable growth then what does $200 pw matter?
Remember that if you hold them for 12 months or more the CGT is halved. This saving will well and truly make up for the cost of holding them that long.
When you do sell you will have enough deposits for many cashflow pos places if that is the strategy you wish for.
Well done!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Have the LOC in two spilts and then pay back whichever you need.
All the more important if you use your LOC for non deductible purchases.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Some more:
Friendly fire – isn’t.
Recoilless rifles – aren’t.
Suppressive fires – won’t.
You are not Superman; Marines and fighter pilots take note.
A sucking chest wound is Nature’s way of telling you to slow down.
If it’s stupid but it works, it isn’t stupid.
Try to look unimportant; the enemy may be low on ammo and not want to waste a bullet on you.
If at first you don’t succeed, call in an airstrike.
If you are forward of your position, your artillery will fall short.
Never share a foxhole with anyone braver than yourself.
Never go to bed with anyone crazier than yourself.
Never forget that your weapon was made by the lowest bidder.
If your attack is going really well, it’s an enemy ambush.
The enemy diversion you’re ignoring is their main attack.
The enemy invariably attacks on two occasions: when they’re ready. & when you’re not.
No OPLAN ever survives initial contact.
There is no such thing as a perfect plan.
Five second fuzes always burn three seconds.
There is no such thing as an atheist in a foxhole.
A retreating enemy is probably just falling back and regrouping.
The important things are always simple; the simple are always hard.
The easy way is always mined.
Teamwork is essential; it gives the enemy other people to shoot at.
Don’t look conspicuous; it draws fire. For this reason, it is not at all uncommon for aircraft carriers to be known as bomb magnets.
Never draw fire; it irritates everyone around you.
If you are short of everything but the enemy, you are in the combat zone.
When you have secured the area, make sure the enemy knows it too.
Incoming fire has the right of way.
No combat ready unit has ever passed inspection.
No inspection ready unit has ever passed combat.
If the enemy is within range, so are you.
The only thing more accurate than incoming enemy fire is incoming friendly fire.
Things which must be shipped together as a set, aren’t.
Things that must work together, can’t be carried to the field that way.
Radios will fail as soon as you need fire support.
Radar tends to fail at night and in bad weather, and especially during both.
Anything you do can get you killed, including nothing.
Make it too tough for the enemy to get in, and you won’t be able to get out.
Tracers work both ways.
If you take more than your fair share of objectives, you will get more than your fair share of objectives to take.
When both sides are convinced they’re about to lose, they’re both right.
Professional soldiers are predictable; the world is full of dangerous amateurs.
Military Intelligence is a contradiction.
Fortify your front; you’ll get your rear shot up.
Weather ain’t neutral.
If you can’t remember, the Claymore is pointed towards you.
Air defense motto: shoot ’em down; sort ’em out on the ground.
‘Flies high, it dies; low and slow, it’ll go.
The Cavalry doesn’t always come to the rescue.
Napalm is an area support weapon.
Mines are equal opportunity weapons.
B-52s are the ultimate close support weapon.
Sniper’s motto: reach out and touch someone.
Killing for peace is like screwing for virginity.
The one item you need is always in short supply.
Interchangeable parts aren’t.
It’s not the bullet with your name on it; it’s the one addressed “to whom it may concern” you’ve got to think about.
When in doubt, empty your magazine.
The side with the simplest uniforms wins.
Combat will occur on the ground between two adjoining maps.
If you can keep your head while those around you are losing theirs, you may have misjudged the situation.
If two things are required to make something work, they will never be shipped together.
Anything you do can get you shot, including nothing.
Whenever you lose contact with the enemy, look behind you.
The most dangerous thing in the combat zone is an officer with a map.
The quartermaster has only two sizes, too large and too small.
If you really need an officer in a hurry, take a nap.
There is nothing more satisfying than having someone take a shot at you, and miss.
If your sergeant can see you, so can the enemy.
You’ll only remember your hand grenades when the sound is too close to use them.
Close only counts in horseshoes and hand grenades.
Well .. It could be worse: It could be raining .. and we could be out in it.
So he said, “Cheer up: it could be worse!” So we cheered up. And it got worse.
The spare batteries for the Radio your troops have been carrying are either nearly dead or for the wrong radio.
The ping you heard was the antenna snapping off at 6 inches above the flexmount, while a fire mission was being called in on a battalion of hostiles who know your position.
Why is it the CO sticks his head in your radio hooch to see if anything has come down from DIV when you are listening to the VOA broadcasting the baseball games?
How come you are on one frequency when everyone else is on another?
Why does your 500-watt VRC-26 (real old) not make it across 200 miles while a ham with 50 watts on the same MARS frequency can be heard from Stateside?
Know why short RTOs have long whips on their radios? So someone can find them when they step in deep water.
The enemy “Alway’s” times his attack, to the second you drop your pant’s in the Latrine!!
The ammo you need “NOW”!! is on the “Next” airdrop!!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You will need to speak to a lender or broker to calculate LMI premiums.
I can give you an indication if you provide me the info.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks mate [
!]It is past 2am and I got to sit up another few hours to read through these [
]Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Just got a quote to lay tiles in a small kitchen area. 10 sqm – straight lay.
The quote was for $550 with me providing tiles, glue and grouting it myself.
Did it with a mate in less than a day for $100 for material inc tools and $40 for a guy to cut 20 tiles to shape for the edges.
Damm good job too.
I learnt a new skill and saved a packet. This tiler I imagine would have been twice as fast as we were so he is on a good wicket I reckon!
So my tip is to have a crack at it yourself. What you learn is great and the money you save makes it worthwhile too!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Jason,
I don’t disagree with much that you are saying at all. Add pensions to your list. Disability and single parent pensions are more secure than most jobs but many banks won’t allow them!
Couple of points though…
A higher credit card does equal a higher monthly comittment to a fully approved LOC. This reasonably affects affordability of repayments.
Some mainstream bank lenders are pretty comfortable with casual income provided some length of time in the same industry can be demonstrated.
There are LODOC loans cheaper than standard variable rates out now.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The first.
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Are you thinking of a LOC?
Is this an Australian product?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Check the legislation and you will find that you don’t need to live there for a year to get the FHOG. I think 6 months will sufffice but check for yourself!
As it is your home you will not pay CGT if you sell while you are living there or up to 6 years after you rent it out.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You will no doubt receive advice on the wisdom of doing a project with friends.
I will mention ownership and finance.
You need to consider whose names it goes into.
All three so you have each a registered interest?
In the lowest income earners name only so that any CGT is calculated at the most favourable rate.
In the name of whomever doesn’t own a home so that he may occupy it and avoid the CGT plus perhaps getting the FHOG?
In the second two options the other parties may register a caveat for a measure of asset protection.
If you can each seperately raise a third of the purchase price then you will not need a loan against the property. ie you each draw $100K from a home loan etc
If you all own the property and the property itself is used as security for a joint loan then understand that you will each be liable for the whole amount. This could leave one or two of you carrying the whole interest load should the partnership fail. It will also mean that should any one of you go for another property loan then you will be assessed as having the entire debt as a liability.
I don’t mean to rain on your parade – just raising some points for your discussion!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I often meet people who are scared out of property investing by these tenant from hell stories. I try to tell them that these are the exception but deep down they know it will happen to them!
I guess it keeps people out of the game who probably haven’t the stomach for it!
cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
http://www.wildlywealthymen.com/
For those blokes feeling left out [
]Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Lets have a think about shares for a second.
We have experts solely employed to calculate the worth of companies and hence by simple division the value of a share. Is this reflected in their real worth?
The real worth of a share is shown in the newspaper daily. There is a buyer sitting there with his money where his mouth is and the buy keyed in at that price he believes to be the true value. A seller is also in the same position. When these two values meet there is a trade and there is the real value for a share.
Some people suggest the share values to be more volatile than property values – are they?
Imagine your house was on the market and every day you had a serious offer. Some days the offer will be higher or lower than others. This offer is a true reflection of what the market believes the house to be worth. How can this value ever remain faithful to a report written perhaps months earlier?
Some food for thought at 8.30 on a Friday morning…
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You generally pay a slight premium for a LOC.
Why not apply for a raise in your home loan with a split so it is seperately itemised.
Draw it as you need it.
If you use a Professional Package then the rate will be under the 6.5% mark. Using a discount lender will see it around 6.35%.
Loss of flexibility I hear?
How flexible do you need it to be. I can write a cheque for a deposit. Fax my lender and have the money in the cheque account in less than 24 hours. If I am taking a day or so to decide on a purchase then the money can be there before I write the cheque.
Just some food for thought.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
James,
They should have been similar.
Email Steven. He is a very capable broker and I am sure he will have the correct figures.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Some people would argue that the only true indicator of value is the actual price achieved on the market.
Following that reasoning whatever the property sells for on the open market sets the valuation.
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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