Forum Replies Created
I have to say you will be paying a premium in Brisbane at the moment for something new and 10 km's out so i would look at an older unit in the right suburb and renovate.
Not sure whether you saw my last years API article on Brisbane Unit Renovation but more than happy to email it to you.
Admittedly It was on the whole block but might be of benefit.
Whilst buying a single unit you cannot do much about the exterior appearance you do tend to find the older Brisbane units are larger and you can get into a better location.
We have put a number of forum clients in the last 6 months into some excellent older units and with a couple of lenders we use they will also give you an amount to cover the potential renovation cost upfront.
Cheers
Yours in Finance
Richard Taylor I Ph: 07 3720 1888 I [email protected]
Start your investment portfolio with our finance broking / property service.
Want to retire at 40 ? Email me for a copy of my API interview.
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Richard Taylor | Australia's leading private lender
Hi The New Guy
Firstly welcome to the forum and i hope you enjoy your time with us.
Personally i think i would be restructuring your existing IP loan to an interest only loan and then looking at taking out a further equity loan to release more equity for another IP.
You could also look at creating a equity sub loan on your PPOR loan to allow for further access to funds.
LMI is not a bad thing and is a Tax deductible expense where the funds are used for investment so with sufficient serviceability there is no reason why you can't look to increase your overall property portfolio.
You mention that your Superannuation is sufficient but there is no reason why you can't look at setting up your own Self Managed Super Fund and gearing within this.
Make sure your Broker structures it correctly and you should set yourself up for a prosperous 2014.
Cheers
Yours in Finance
Richard Taylor I Ph: 07 3720 1888 I [email protected]
Start your investment portfolio with our finance broking / property service.
Want to retire at 40 ? Email me for a copy of my API interview.
Follow us on Facebook I Increase your monthly return with Vendor Finance
Richard Taylor | Australia's leading private lender
Get your Broker / Banker to switch your loan to IO without delay.
You can then take your time to decide where you want to move to but in the meantime preserve the deductibility of the interest.
Cheers
Yours in Finance
Richard Taylor I Ph: 07 3720 1888 I [email protected]
Start your investment portfolio with our finance broking / property service.
Want to retire at 40 ? Email me for a copy of my API interview.
Follow us on Facebook I Increase your monthly return with Vendor Finance
Richard Taylor | Australia's leading private lender
No problems John that's what the forum is for.
Cheers
Yours in Finance
Richard Taylor I Ph: 07 3720 1888 I [email protected]
Start your investment portfolio with our finance broking / property service.
Want to retire at 40 ? Email me for a copy of my API interview.
Follow us on Facebook I Increase your monthly return with Vendor Finance
Richard Taylor | Australia's leading private lender
A quick call to the Local Authority will answer all of your queries.
Cheers
Yours in Finance
Richard Taylor I Ph: 07 3720 1888 I [email protected]
Start your investment portfolio with our finance broking / property service.
Want to retire at 40 ? Email me for a copy of my API interview.
Follow us on Facebook I Increase your monthly return with Vendor Finance
Richard Taylor | Australia's leading private lender
Having been in real estate for 20 years it is the reason i employ my own personal Property Manager rather use a property agents employed by a real estate agent.
In saying that haven't heard wrong with Run so give Scott's parents a go.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Scott
Good luck with Belle. You are working in a good suburb there and one i have owned IP's in for 15 years +.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Course it boils down to your longer term objective.
I have all of my investment loans on a P & I basis but very rarily recommend that for my clients as they are in a difference phase of wealth creation to me.
Interest only gives you flexibility and allows you to change your mind without disrupting the Tax Deductibility.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I am in the UK at the moment and just met up with a new client of ours.
We don't offer that level of service to every client lol
Happy New Year to you to
Cheers
Yours on Finance
Richard Taylor | Australia's leading private lender
Hi Christine
Thanks for the additional information.
No not at all i think you certainly have options available for equity release.
Whilst ING can be a pain to deal with for an increase loan there are a couple of ways around it.
As long as you have serviceability to move forward i think you have amble opportunity to increase your portfolio.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Matt
Firstly welcome to the forum and i hope you enjoy your time with us.
Congrats on your decision to purchase your property especially at such a young age and with such a good deposit saved up.
Maybe i am slightly biased but i would always suggest using a Broker as most have a wealth of knowledge and can give you a raft of lending choices to suit your circumstances rather than a Bank who can only tell you what they have to offer. No lender is going to tell you that you can do better up the road.
A good broker can listen to what you need in a loan both now and in the future and come back with a suitable recommendation.
Most Brokers (we don't for one) don't charge fees as they are remunerated by the lender and in many cases the Broker can get a better over deal than you could going to the lender directly.
Many of our clients start with a PPOR but know that they really to get into their first IP as soon as possible and need to consider a structure that allows for change of flexibility.
Wishing you a good New Year also.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Christine
I hate to say doing a Cert 4 in MB will be of no benefit to you as an investor as the finance market changes on a daily basis and you will learn nothing that is of use.
It is upto you but i think i would put my energies into forging a team of Professionals to work with rather than trying to do everything yourself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok Paul lol
When i arrived in Brisbane just went from 0-43 properties in 10 years and guess many of my clients look to be aggressive in their wealth creation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes i am also on the verge of completing an investment book on 0-40 properties in a decade as well as one on Superannuation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Paul there is a difference between a Bank Guarantee and a Deposit Bond.
Wouldn't go the BG route as they will want to take security and this could hinder your investments going forward.
Guess it all depends of you want to sit on your hands and wait for the OTP property to settle or intend to be a bit more active and buy a couple more before it is completed.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes i agree i own a block of 6 x 2 units in Toowong and would buy another one tomorrow if i could find them at the right price.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
An alternative is to look at positive cash flow properties.
I have had 2 enquiries today's from purchasers who are looking for investors to buy a property and wrap to them using Vendor Finance Terms.
They have a deposit which will be paid over to the Investor on executing the purchase contract and expect to pay at least 2 percent above the standard bank rate.
Using a combination of strategies can be more profitable than solely just buying a buy and hold property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Benny i will take care of the multiple posts.
In regards to choosing a property sorcerer i think i would use the same approach as i use to choosing any Professional and that is i look to choose someone who has been there and done it rather than someone who talks a good story.
I mean would you have your teeth seen to by someone who has never extracted one before and only read the book on DIY Dentistry?
The other thing is price.
I hate to say you don't get what you pay for in that just because some organisation charges you twice as much as another it doesn't mean that you get twice as good as a property.
We charge between $4950 – $5400 +GST irrespective of the purchase price and get told by many a forum client that we are half the price of most.
Difference is my business partner and I don't run the business as a money making organisation and have no need to fleece clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Good to hear Paul.
Will make a big difference in the long term.
Also look at using a Long term deposit bond rather than using cash or equity to cover the deposit.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Paul
No hate to say she cannot claim the Stamp Duty as a Tax deduction as it is added to the Cost Base for Capital Gains Tax purposes.
Mortgage Stamp Duty is deductible as a loan cost however there is no mortgage stamp duty in Qld.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
