I have my own home and use the equity to invest as well. With kids I prefer it this way, even though our investing will take longer than if we rented and investing. IT’s a lifestyle choice we made.

Jetdollars, rather than sell a couple of IP’s, can you not move into one of them?

Regards
PK

We have “early Possession” written into the contract, however, during the time between taking possession and settlement we do all our plaaning, getting quotes etc and don’t do much actually work on the place in case something happens where it falls through.

You should always take insurance out immediately when contracts signed regardless of…[Read more]

You might want to consider changing the securities on your properties when they have enough equity in themselves to cover the LVR that the bank requires, there’s usually a small fee for doing so but then as time goes by you know that you don’t have to worry about things being tied up together if/when you decide to sell.

Regards
Judy

The banks…[Read more]

Aside from doing the figures, I look for the “best shell”. Cosmetic is easier to fix than structural so the best shell usually reduces costs. All depends on the final figures though.

PK

Yes, REdwing is right when he says $66 is usual over here for a property condiditon report. Let us know how you go Redwing.

I’m currenlty disputing an electricity bill with my PM, for starters I’d like to know why I’ve been charged for one. The tnenant left and the property was vacant for 10 weeks and then on my statement there’s an electricity…[Read more]

Is it a brick veneer or fibro house? Does it have a subfloor. Once a house is brick veneer or fibro it will nearly always be lsited as moderate to severe risk as they cannot see what is in the walls.

Were they able to get under the floor? If so they should be able to see if there is termite damage in stumps that lead up to a wall, if this is…[Read more]

landt64,

I’m very surprised that your rents weren’t counted as income. Terry is right in that it depends on what paymetns you were claiming, but I am still surprised.

When we did the form we included all income incluidng rents, however, they also took into account expenses eg. the interest, so the added income wasn’t much anyway. But the forms…[Read more]

Ok, just htinking outside the box a bit here. Could you not refinance the loan to 95%LVR, with the $20,000 pay the mortgage insurance that comes with having less than 80%LVR.

That means mum is released as guarantor.

Then, you’d still have the remaining funds left that you could use as a deposit on something else.

Higher risk, but then it’s…[Read more]

I feel that scratches show up more in full gloss.

Well normally I’d go for the next IP, but if I had a guarantor I’d try and release then ASAP, so as to reduce their risk (plus if you do the right thing and you need her help again then you would most likely get it again).

However, this is all based on emotion and nothing else, would be interesting to see what others say.

Regards
PK

Well Done, you’ve done well, be proud.

There’s some great advsie here and if you don’t speak up your parents may not know how you feel. In fact in the world we live in today they may be afraid of putting too much emphasis on your grades in case it’s puts too much pressure on you.

Let them know how you feel and give them an opportunity to let…[Read more]

It means the bank is tying you to them! Fair enough to use 2 properties as security for one, but when they want to tie up your whole portfolio then it’s simply making it harder for you to go elsewhere if you wish to. Then to untie each property ususlaly costs a fee, my current bank charges $150 to change securities, if you end with 5 or 6 cross…[Read more]

In Wa stamp duty is based ont he value of the house and whetheryou’re a first home buyer, not how much you earn…

Over here in Wa the going rate seems to be 9.35% of rent (that includes the GST) plus other things like, postage, petties, inspection reports etc are all additional charges.

All mine that are managed by PM’s are at this rate.

Regards
PK

Thanks for that, it was an interesting point.

See the thread on “repossessed houses” in this same section.

Turbo,

Can’t hlep with t he plastering, but the roof you mentioned. Does it really need replacing or does it just look bad from the ground? We had one that had rust spots but when we (well, hubby) investigated, they could be brushed off wiht a wirebrush, there were no holes, os we then primed with an antirust-corrosion primer and then painted…[Read more]

Mandy,

Go to “Online Shopping”, it’s on the menu on the left hand side.

PK

Read as many as possible!

I agree wholeheartedly with Mortgage Hunter! As a start I’d read the following 3 and then expand from there:

1) 0-130 properties by Steve MacKnight
2) Creating Wealth through Residential Properties by Jan Somers
3) How you could build a $10 million proerty portfolio in 10 years by Peter Spann.

Everyboldies lifestyle,…[Read more]

1. Don’t allow others to dampen your success (some are just jealous or fearful of what they don’t understand) and will advise you not to go ahead.
2. Do your due diligence, believe in your findings and follow through.
3. Replicate – when you find a deal that works and is still valid in the current market then replicate it.