Forum Replies Created
Hi Tim
Must admit I was lucky enough to have retired in 2004 at age 40 from my rental income on over 40 unencumbered properties.
10 year later the same properties had doubled in capital growth and the rents risen again but you have do the hard yards to start with.
In 2017 the market is different again and you need to use creative strategies to pay down debt and increase yield.
Many of our clients are now using a combination of property / investment in mortgage trusts to pay down the debt to mix the asset base as well as increase the over returns.
Direct property has both an upfront entry cost as well as ongoing costs which other asset classes dont have.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Matt
Not sure why you think red flags would be raised for a lvr over 80%.
Loan would be Principal & interest (IP > 80%) but there are some fairly decent rates around.
As long as you can service then no reason why you wouldn’t go that route.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If the loan is in your Company name then a Nodoc loan is possible but you will paying a few hundred bps above your standard home loan.
No Income declaration required.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If the Taxable income is reflected in your last 2 years Tax Returns then i believe a lender would consider it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Anthony many agents use such form (which is not legally binding) as a way of saying to you that they are presenting offer’s all at the same time and leaving it with the seller to decide which one to accept.
Do up your own template and conditions and merely change the address, price etc for each offer.
Give them a time frame to come back to you after which your offer expires.
Sure you might throw a offers out there without success but you will find out who is prepared to haggle and who isn’t.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Because you need to be Licensed to take a few for service.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yep great in theory until the valuer sees the Seller is covering your acquisition costs and then deducts these from the valuation.
Lender then agrees to lend against purchase price of valuation whichever is the lower.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You can still get sub 4% on P & I investment loan at 80% lvr.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok Scott certainly opens up a opportunity to go some way towards what you are wanting to achieve.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Who is the property owned by Scott ?
If jointly with a spouse then a couple of things you can do.
Probably the question most asked over all 15 years i have been involved with the forum so you are not alone.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Citrus
As Corey says.
If you get resistance from either the Broker or lender it will be a combination of lack of knowledge / experience or pure laziness.Alternative is to try another broker / banker.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi David
I am assuming the Units are all in good order and require No updating.
Yours costs seem very light on as there is no provision for acquisition cost, Body corporate set up, legal and surveying, Finance (I assume you will be looking at around 65% max but will considered Commercial so extra app fees, valuation, legals etc), possible GST and 101 provisions.
To me even at 120K gross there is no money it.
I have Strata Titled over 60 blocks in Brisbane and still own 3 blocks outright but from initial numbers think our deal is far too skinny for me.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi ken
Drop me an email with the security address details and I can see whether we would look at under our Private lending Fund.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi there
A rental assessment from a real estate agent or valuer is not uncommon so you should have a plenty of choice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Depends on the deal itself but could be upto 80% on a residential property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hey Anthony
Yes there sure are and we do a lot of these types of loans.
In saying this there are a numbers of restrictions so will depend not only on your profession but also your income level, type of loan product you are after etc etc.
Did 2 deals this week funnily enough for Forum members who were both dentists and neither will pay LMI.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Chantel
Firstly welcome to the forum and I hope you enjoy your time with us.
My wife is a Novacastrian being born and bred in Merewether so i know the City well.
Congratulations on deciding to take the plunge and start to build a property portfolio.
Certainly a different market place to when I started buying property in the 1980’s but the concepts are the same.
Whilst I don’t believe in self promotion on this forum as far as what my Company does we are Professional Mortgage Brokers. I am lucky enough to have an excellent team who work with clients from start to finish in helping them navigate the finance maze.
If you ever feeling like a chat, what to drop us a line with investment questions or even read my API interview shout out.
Looking forward to hearing how your investment journey progresses.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Anthony
Firstly welcome to the forum and I hope you enjoy your time with us.
Congrats on making the move to purchase your first property. I remember buying my property back in the UK in the 80’s so very exciting.
Loan Market are the finance arm of Ray White so I am assuming you are looking at buying thru them.
What you have to understand with a franchise is they are as good as the individual operator.
Personally i would prefer to use someone who can walk the walk as well talk the talk.With what your intensions for the property are I would normally suggest you looked at an interest only loan with 100% offset account however with a high lvr the rate of charged will be high (assuming you can even get an interest only loan at the lvr you are after).
You would probably better off trying to look at longer term loan on an a principal & interest repayment with a considerably lower rate. Sub 4% is still doable even at 95% lvr + LMI.
Given the market as it is at the moment I would probably suggest you consider a pre-approval as approval time might get away from you if you find the right property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Colin
We do them thru my Mortgage Trust arm Australian Secure Capital Fund.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Michael
Tony is so right. Imagine using a Dentist who had read the theory books but never removed a tooth before and was pleased to tell you that he was going to “give it a go with you”.
No seriously whilst many lenders have ramped up their investment rates their are some good sub 4% fixed rates around if you are happy to go P & I.
Might not immediately aid your hip pocket will some start to create some equity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
