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  • Profile photo of PropertyPadowanPropertyPadowan
    Member
    @propertypadowan
    Join Date: 2004
    Post Count: 9

    Thanks Westan… I certainly wasn’t thinking at the time of posting.

    I live east of Melbourne. Well, south east actually, but am willing to travel..
    Thanks.
    PropertyPadowan

    Money is just something we’ve made up so I want to make some of the made up stuff!!!

    Profile photo of PropertyPadowanPropertyPadowan
    Member
    @propertypadowan
    Join Date: 2004
    Post Count: 9

    DD

    Just curious.. If I was to do that, although the monthly repayments would be smaller, if I didn’t have the presence of an offset account, would that mean that I would be paying 100% Interest on the balance, even though the balance would be $80K smaller…

    As opposed to Offset Account, although the Repayments are higher, technically more is coming off the principal???

    Matt

    Money is just something we’ve made up so I want to make some of the made up stuff!!!

    Profile photo of PropertyPadowanPropertyPadowan
    Member
    @propertypadowan
    Join Date: 2004
    Post Count: 9

    Just considering what has been said and delving into Offset Accounts.. If a loan balance was say $100K and my Offset Account Balance was then $80K, would I be paying in effect interest and repayments on a mortgage of only $20K??

    Money is just something we’ve made up so I want to make some of the made up stuff!!!

    Profile photo of PropertyPadowanPropertyPadowan
    Member
    @propertypadowan
    Join Date: 2004
    Post Count: 9

    to further explain… I would like to turn my day-time full time job into property management; my property…

    So although I am only saving 6-8% of a property managers fee, I was hoping to establish a business that I was to run that 100% managed my own properties…

    Is this a thought/approach that anyone else takes? or do people just go with the ‘Employ a Property Manager’ approach???

    Matt.

Viewing 4 posts - 1 through 4 (of 4 total)