Hey all just reading through this. If anyone is interested i did buy this a while back now, halves with a mate 80%LVR. Have done a few things to spruce it up but its pretty much just a get away holiday place.

Heres a link to it on gumtree for rent if anyone is…[Read more]

Great thanks for the replies everyone. I thought this may be the case that i had to go interstate which doesnt really worry me. Where can i read up/look at peoples recommendations then?

I want to select a team now that i dont need to change for many years, do it right the first time!

Cheers
Pagey

Yep i do it now, my tennant is a family friend, all is going well but i will say its hard when they ask for a little extension on the rent, i allowed it knowing they will catch up later. Mutual respect. Plus i can drop by and have a look and a coffee whenever. So far so good!

Just signed up, sounds like a great idea hopefully a meet up can happen soon!

Thanks for your replys guys.

I already have 2 properties in this postcode with 95%LVR so im comfortable i can achieve that again.

My calcs for own funds required is based on buying both as one property so they may be a little on the low side.

Richard, what do you mean by a blended 100% loan?

Cheers
Pagey

Thanks for the reply Catalyst. They are separate titles but in a block of units so have Body Corporate fees, but thats taken into account with the returns above.

Not sure on the vacancy rate ill get onto that thankyou!

The one with the old lady could do with a new kitchen and spruce up. about 5 – 8k worth of work would bring it up good and again…[Read more]

Thats what i thought, thanks guys

This may be a stupid question but on the note of equity. If i have a mortgage of say 100k and borrow an additional 40k (from equity) do my repayments increase to cover the 140k debt or do they remain as the same as if i had 100k debt?

Cheers
Pagey

Awaiting to sign the contract then i will fill you guys in

I like your advice Jamie haha!

I have put in an offer (low ball).

See how i go, thanks for all the help guys.

Cheers
Pagey

Hi Rick,

Im in the same mind, great idea but a bad investment. money could be used better elsewhere but you have got to have a bit of fun and relaxation. Especially if the place is cheap and can still gain you equity. Ive been talking myself into the idea for months!

Cheers
Pagey

Oh ok i didn't realize they varied i thought they would all have a postcode restriction if one had one. Thanks!!

Thanks for the reply guys, Richard, if i give you the postcode can you tell me if it is an area where 20% deposit is required?

Why do i need the right lender? Do i need to ensure they will acknowledge the equity in the shack at a later date?

Cheers
Pagey

The 'Shack' is a tiny asbestos 3 bedroom open fire place on the west coast of tassie. Perfect for fishing, riding bikes and sipping on ales! My circumstances are ive spent all my money on my IP which is now 99% complete with available equity. Tenant moving in next week.

Ive been talking to a finance broker and its looking like we may need to put…[Read more]

I work in Gladstone, in the past 2 years the rents have dropped from 1000pw or more to around 600pw for a 3 bed house. And there are still houses going up everywere. I thought about investing here but the boom has gone.

Bummer, but thanks very much for the replys guys. Ill get onto my accountant

cheers

Thanks for the reply Richard,

So are you saying you can claim 100% of the interest, whether it be a mortgage at 6% or a credit card at 20%?

Cheers
Pagey

http://www.allhomes.com.au/

I have heard this works. I use thelist in Tasmania. Not sure about WA sorry