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She did put down a 20% deposit, the $230,000 she will pay to the original vendors at the end of the 5 year term = 20% of $1.2m. By structuring it this way she has avoided LMI as she was only required to borrow 80% of the purchase price which was $1.2m. Am I correct Angel?
Good deal by the way, thanks for sharing. Helps inexperienced noob’s like me continue building the confidence to eventually jump into the property investment pool.
At this stage we will be keeping all three. Though that will be continually evaluated as time goes by. I do understand that ideally we would sell both, pay down PPOR as much as possible and then re-draw to re-purchase more IPs making the majority of interest deductible, however at this stage we are just going to rent both IP's out for 6 months or so and then make a decision.
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Meanwhile, anyone have any advice for property managers in these areas?Hi, we've considered it, though given both of the IP's should be pretty close to neautrally geared, why would we?
buymore wrote:Hi there,sounds you know Liverpool quite well…
I heard people say there are two parts of liverpool. should avoid speed st and near by. Northern liverpool is much better
area. is this right? there are many units for sale on speed st. your thoughts?Hi, I'm only a beginner in the property game but spent 5 years working in Liverpool and have a pretty good knowledge of the socio-economic layout etc there. The area bordered by Terminus St, Speed St, Hume Hwy and Atkinson St is predominately made up of housing commission/unemployed residents. That particular area is also a crime hot spot with a high rate of break and enters, drug crime, motor vehicle theft etc. A LOT of the units are in a terrible state of disrepair, the garages are all unuseable (or at the very least unsecurable) Having said that there are also a mixture of decent units with decent hardworking tenants in the area. The majority of residents seem to of NESB. There is also nothing to say that the crime committed in this area is committed by the persons living in the area, a lot of it is probably from drug users catching the train into Liverpool and then venturing into this area due to its proximity to the station.
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The northern side of Liverpool, ie north of Memorial Ave and in particular around Campbell St are modern units and as such are more secure then the older type found in the southern end, this is probably the reason why from a crime point of view there isn't as much of a problem around them.
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Having said that there never seemed to be that many vacant units in either end. Warwick Farm is also a reasonable area and is probably a mixture of the above.
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What I have stated above is purely my personal opinion from working in the area for 5 years and from my continuing relationship with people still working in that area. Its not based on stats or reports or anything else.Hi, hijacking this thread slightly, but I purchased a PPOR in April 2009 for $308k, lived in it until January 2010 when I moved into my fiancee's PPOR which she purchased for $365 about 3 years ago. I am renting out my place now to mates whilst I'm renovating it. It's negative geared, and I may decide to sell it in the future to release funds for another investment purchase. (this may or may not be a good idea, however discussing this isn't the object of this hijack)
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In the event that I do sell in the future should I obtain a valuation backdated to January 2010 when I moved out and it became an IP? The bank revalued it around December for $340 (from reading above I realised this means nothing).
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ThanksHi, I was also wondering if the buyer beware package will be available again soon?
thanks,
Nathanhi guys thanks for your responses so far,
after reading about the 1st home owners grant it looks like we are only eligible for one, being we will be classed as DeFacto and all. If thats the case we may as well both apply for the loan, no matter which loan we go for?
What I was planning on doing is if we only applied for the $200k loan only I would get the loan in my name, that way her name is clear as far as owning property goes for whatever place we got next. But according to the F.H.O.G info she wouldn’t be eligible anyway, having lived with me who got the grant…. am I reading into that correctly?
Might have to go get some advise I think, if I want to sit down and discuss my options with a professional who would I talk to and how much would I expect to pay?
thanks. [withstupid]
