Well I did in fact ring the vendor to tell them if they hadn’t signed anything i would be willing to give them $10k more than the offer they’d accepted. But the vendor said the deal had already been signed. I told them that I never got a call back to negotiate and the vendor was a bit confused as to why, but at the same time I think the agent…[Read more]

Propery Passion, i can relate to exactly the same circumstance.

we are currently looking to buy and subdivide, so this will be our first development. We are pretty switched on and have been researching etc and also have people around us that have done this sort of thing before. So, with some hard work we’ll be on our way to more developments in…[Read more]

I am 24 and bought my first property with my partner when we were 22. We spent the first year renting it out to save money for a renovation and lived with parents. We then kicked the tenants out and moved in and have fully renovated the inside which is now a fantastic property to live in which we never could have afforded to buy renovated at the…[Read more]

if you haven’t invested before this may be a bit over the top in terms of budget.

even if you bought the land for $500k, to add 2 units would cost another $500k. that’s $1m in finance. to support even interest only repayments would cost you over $1k a week.

to get the finance you would probably need income of $150-200k p.a.

the only…[Read more]

i’m back – have been on holidays.

the lender came through with the discount finally. I didn’t want them to know I am planning on extending my lendings as I wanted them to give me the discount regardless of that.

i’ve started to look at some of the professional packages around. meeting with a few of the banks to consider what’s available. when…[Read more]

I would have thought that since I have already made LMI on the $253000 purchase to 95% I am able to refinance this to 95% less payments on the mortgage that I would have to have made.

On the $320,000 valuation I would have thought I could borrow 80% of $320 less 253k. so 80% of $67k is $53k.

Is my theory stupid from a banks’ perspective?

this is a tough one. It’s good that you know the direction you want to go and now you just need to figure out how to get there.

The easier and what would seem like the faster option is to forget uni for a while and try and progress the property thing and work somewehre, long hours, maybe two jobs to get some sort of deposit together. thing with…[Read more]

You should have told her maybe if she didn’t waste her time reading such a newspaper you would have grounds to pay her more

[biggrin]

I don’t exactly fit your spend profile of first home buyer because I have actually prucahsed my first home below the 350k you mentioned.

I went to Steve’s book launch in Melbourne and one of the comments he made that has stuck in my head is about instant gratification. These words explain our society to a tee. That is why this is happening -…[Read more]

you say you are building with your girlfriend and then you reference yoru partner as a he!!!

i want to own 15 properties outright with a minimum value of $200k each.

i want a total income of at least $100k before taxes etc.

this is in todays dollars!

how can you pay yourself first without knowing what it costs to live.

i have friends who are deluded in terms of what it costs to live and they think they are saving heaps of money but in fact then the car registration and insurance come in and $1500 goes out the door right there. because they haven’t budgeted all year for these costs their bank…[Read more]

if you only have $13k now and are relying on the FHOG to be able to get all the funds together I am assuming you intend to live in the property. You will need to think about the cost of setting up house if you haven’t done so. the ongoing costs are rates, utilities, bills and upkeep that often add up over teh course of a year whilst still paying…[Read more]

They can only tell you what they can find on a tenant.

for example, I had a tenant who was a major problem – never paid on time, took weeks of small payments to be fully paid up and by that time it would be the next months rent due. In the end after giving them 2 or 3 months notice, whatever was required, we had to get a warrant for the cops to…[Read more]

nope, no chance. the FHOG is a policy driven by enabling people into the property market, but also to drive the property market here.

If you’re only going to sweden for 6 months why not just buy here before you go and rent it out. it will be much easier to manage too.

swedish prices are not cheap.

it depends on your strategy going forward. you are still not in a bad situation.

your monthly outgoing is $600. you haven’t stated the situation on your principle residence – is it rented, owned, has a mortgage etc. the state of this has an affect on what to do.

if you fully own your PPOR then i would say keep the properties. remember, your…[Read more]

depends what the market is like. is it a family home?

pools are a hassle to have. and if something goes wrong, they are expensive to fix.

i had a property with a tenant in it and i had a high rental price on it with pool maintenance included. they took the house and decided to maintain it themselves for a lower price. i did include a…[Read more]

the worst part of all this is that we have done all of the right things. I do have all paperwork etc and my property manager will defend us in that they have been bad tenants – have never once paid the rent on the date due, but I am getting married in 7 weeks and have renovations to do which require a lot of hours from our end – painting and have…[Read more]

yes. they have been pretty good. but that didn’t stop the tenants from staying!

Okay, in doing the revluation do I need to go through who my existing mortgage is with??

Or can I go to another lender, which is really what I would prefer to do as I don’t want to have both with the same lender?

The property in question is in the eastern suburbs of Melbourne and I know of one other property in the street that has sold and…[Read more]