Forum Replies Created
Hi Ripa
How can this give an investor a distinct advantedge in the market if the price of the land and building is overpriced in the first place.
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Yours in Finance
Richard Taylor | Australia's leading private lender
A couple of well place advertisements in the Property Investment section of the Courier Mail.
Followed by Open for inspection for a 3 hours time slot.
I have 2 other blocks and will do the same with these.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Maddy
Welcome to the forum and I hope you enjoy your time with us.
Just be careful if your not sure what you are doing don’t rush in.
The Hunter Valley is an excellent place to invest but as Corey mentioned ensure you assemble your team upfront.
In the 13 years I have been involved with the forum I would say the biggest mistake I see from new investors is not getting the right loan structure or choice of lender.
Many young investors have a good income to enable them to buy a couple of IP’s but lack deposit due to their age.
There are many ways to ensure you stretch your savings to enable to you kick start your portfolio but if you have to get it right from the start otherwise you grind to a very quick halt.
If you need a good conveyancer let me know and be happy to review you to the firm we deal with.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Bla
Jacqui (JacM) is my partner and runs the property sourcing side of our business.
She is based in Melbourne and whilst i look after the financing and loan structuring for clients she owns more than a dozen properties personally so knows more than most Brokers about lending etc.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Ramki I sold one my blocks of 18 which settled 2 weeks ago.
I sold it myself. 2 open inspections with access to one of the 2 bedders and 1 of the 1 bedders.
Them closed Tender with no finance or B & P conditions accepted – 90 day settlement.
Had 2 buyers both fairly close in price but one offered 200k deposit released to me the Seller from day 1.
Market for blocks is good at the moment so these are the sorts of terms you need to come up with to play on this arena.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Wouldn’t be buying in Morayfield in a month of Sundays.
Depending on your budget i can think of a 101 areas i would invest in Brisbane even if means buying a Unit in a inner city suburb.
Whilst most of my properties are in Brissie we are starting to buy interstate in larger regional towns as certainly seeing opportunity.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Stevie 90% lvr less LMI is doable for an Australian Citizen who is working and living abroad so that issue can be overcome.
Must admit your question has confused me but in essence the equity loan would approved and funds available to drawn when you needed them.
You would probably draw down the deposit and initial costs upfront and the balance on settlement.
Loan secured against the new IP would be drawn on the same settlement date.
You are right in Brissie at the moment you don’t get much for 320-350K it is crazy out there.
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Yours in Finance
Richard Taylor | Australia's leading private lender
We have just received a valuation back for a forum member who was going thru MA. It came in 65k under the purchase price.
I think that tells you the sort if stock they sell….. Overpriced.
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Richard Taylor | Australia's leading private lender
Block of units.
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Richard Taylor | Australia's leading private lender
And if so how much?
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Richard Taylor | Australia's leading private lender
LMI is deductible over 5 years or the term of the loan whichever is the shorter.
Stamp Duty on LMI can be upto 11% I hate to say if your living on SA.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Why Perth this day and age most deals are done by phone/ email.
I have just finished processing a deal for forum clients living and working in Germany who are buy 2 IP’S in WA and Qld.
Certainly didn’t see them face to face lol.
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Richard Taylor | Australia's leading private lender
I wound never be paying more than the registered valuation for any property irrespective ef whether I was keeping the property for 1 year or 10.
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Richard Taylor | Australia's leading private lender
Yes gumblepie both lodoc and full doc loans can come with an offset account.
Don’t see a problem financing a deal the way you want to.
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Richard Taylor | Australia's leading private lender
Did you not have a special condition inside the contract allowing the property to be advertised for rent prior to settlement ?
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Richard Taylor | Australia's leading private lender
Which State are you looking in Waydo?
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Richard Taylor | Australia's leading private lender
As i say might be some options if the property is owned jointly.
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Richard Taylor | Australia's leading private lender
Said, “”Serviced”‘ means the way that Anz calculate how much you can borrow applying their own internal calculation.
There is no issue with Cash out but taking it to 90% requires is most cases a Stat Dec confirming what the funds are to be used for.
I have a couple going thru the Bank at the moment for Forum members and no issue with them.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Shanus wow my friend stop right there.
Do that and you run the risk of contaminating the interest on the entire loan.
Your 50K redraw has gone and you can’t refinance it back into the loan and claim the interest.
I do hope your Broker / Banker hasn’t suggest such strategy as if they have i would be switching Broker tomorrow.
All you can claim is the interest on the current loan balance of 185K.
Is the property is your sole name or in joint names ? (reason i ask is you mentioned “we are still living in it”)
If it is in joint names then there is an option but would need further information first.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Might be able to do it a full doc name in the Company name being sub 80% lvr.
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Yours in Finance
Richard Taylor | Australia's leading private lender
