Forum Replies Created
Hi Angie
The first thing that springs to mind is the one off Mortgage insurance cost and depending on the size of the loan could be several thousand dollars. You would also have to keep an eye out for the right property with regards to price and return so that you are not financially strung when interest rates take a turn for the worst. But apart from that the less of your own money that you have to use the better!Cheers
PaulOS
Hi Nathan
I had a quick look at your spreedsheet and you have done a great job there are a few area’s that need attention in it though
1) the rates of $800 are recurring each year
2) You will need to factor in repairs & property management fees say approx 8% Each of total rent
3) being a unit does the complex have body corp?
4) Is your mortgage repayments based on P&I, I only, what interest rate and over what term did you use? as this figure for a 77950 loan seems low.
5) You will also need insurance yearlyI don’t want to stiffle your enthusiasm but just be aware of the little yearly costs as they usually add up to bite you in the pocket!
Regards
PaulOS
Hi
My advice is to not use a real estate agent, but to find a property manager whose sole business is property management. Most real estate agents have property management as a sideline to their main business of selling. Where as a property manager relies on doing a good job for you to stay in business.As an aside, I have recently returned from a 3 yr stint overseas and used a property manager in Qld for out IPs and had no troubles through out that time.
Cheers
PaulOS
