Forum Replies Created
I manage a local property with 5 tenants – I gave them all my BSB and Account Number. No problems to date,
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 heard this was happening in rural Australia during the boom. Houses were let to mates at inflated rates then sold to Investors on yield….
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 live in Newcastle at present whilst my wife studies medicine here. She is nearly finished but we like it so much we will stay for a while.
My strategy dictates that I buy where I have well researched – to date this is my backyard and there is no shortage of deals here.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
It varies depending upon the LVR.
Ask your lender to check it for you.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Is there an option to leave it as it is and take the rent each week and use the equity to buy other IP’s?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
One person can get it.
If all three people are on title then the other two lose it forever.
Without knowing what you wish to achieve I can make no suggestions.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Did you mean 0% Steve?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 know of anyone who has had this happen to them.
I think it might be one of those really unlikely issues that really isn’t worth wasting concern on.
Perhaps your landlords insurance can pick up the slack?
I am sure your world won’t come crashing down after a few weeks lost rent – if it might then I suggest you are sailing too close to the wind [blush2]
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Originally posted by Cata:I recently found a managed fund that paid 13.5% in August.
Yes 13.5% in one month.I might stick my million there.
CATA
Asset Protection Specialist
[email protected]That MF pays a distribution every month?
Or was it an annual distribution paid in August?
Which one is it?
Even if the return is 13% every 12 months then it would be incredibly speculative and noone could believe that could be kept up!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Dr X,
How do you know they are not reading and posting in here?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Speak to a broker who specialises in this sort of lending.
I am sorry but there is not enough info on your post for anything more concrete than that.
If you approach banks for your development project you may find it quite discouraging – this is where a good commercial broker will come into his own.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Never heard of them – do you have more info.
Invariably these buying groups make their money from fees for the buyer or loading prices for property paid by the buyer. Either way you are paying for their service.
You need to ascertain whether the value they bring to the table is worth it to you. If you are very inexperienced or busy then they may save you time and money with selecting a property – as long as their selections are unbiased – some groups sell whatever they can get at a wholesale price regardless of quality.
Cheers,.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Because part of your home is now income producing – it means you have to proportionally pay CGT as well.
Do a search on the ATO site and you will see it all in black and white (or whatever colours they use!).
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 can treat the home similar to an IP except only claiming a % of costs according to the % use of the house is for your business.
Think hard before doing it as it also compromises your CGT exemption when it is time to sell.
I suggest you speak to your accountant before making a decision.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 know a terrific one – has looked after friends of mine very well.
Please drop me an email and I can forward to him if you like.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
It really depends on your deposit.
If you can settle with a 70% loan then anything is possible.
Alternatively can you source some money elsewhere? Family or friends?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Don’t get a Real Estate Agents appraisal.
Their main agenda will be to get the listing – even better if you are the buyer – they get paid for nothing.
They will attempt to convince the sellers that they are better selling it on the open market.
Their appraisals are also not valuations – just an opinion of what they think they can sell the property for.
Why don’t you look at every open house in the suburb next weekend – you should be able to come up with a figure that seems fair after that. Remeber in todays market that asking price and selling price are not the same.
Don’t let the agents get a whiff that this is a property likely to be on the market soon!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 would suggest IO with an Offset.
This allows you to “pay down” the loan into the offset thus creating a deposit for the next property along with CG. CG can be speeded up by adding value and by using a lender that actively seeks favourable valuations in order to win your best loan – most brokers will have a lender like this up their sleeve!
Best of all it frees up the extra principal for you to use for any purpose. If you had a financial disaster, job loss, illness etc you can access your equity for personal use and still allow the total loan to be tax deductible.
If you have a spouse that doesn’t work then I suggest IO with your “Principal repayments” going into an account such as IngDirect’s great product. This is even more tax effective as it allows the deductions in the higher tax payers name and the interest in the lower taxpayers name.
I think that paying P&I on an IP (when your goal is to buy multiple IP’s) is purely a comfort decision. Comfort decisions are important when you first start out but please understand the difference between a practical and emotional decision.
I hope this provides some food for thought.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Your rates will be higher if you split.
However your vals will be higher thus equity higher too.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 yaffect it in a negative way.
Would you buy it as your home? Would you pay the same as another identical home further from the noise?
Remember that if you buy it that you need to negotiate appropriately – you will find people doing the same with you when you decide to sell.
I have heard that proximity to transport is seen as a positive by tenants who are often happy to live near busy roads.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
