Forum Replies Created
Hi Joey
Firstly welcome to the forum and i hope you enjoy your time with us.
Sure subject to serviceability and the ability to come up with suitable deposits you can certainly buy 20 properties or more in a year (Trust me i have done it) but the number of properties is not the main aim as the quality and net equity is more important..
We focus on working with clients who want to build a long term rental stream to replace their PAYG income and not clients who randomly want to acquire multiple properties for the sake of it.
Stick with your fundamentals and use experts in their fields to get ahead.
Preferably someone who has been there and done it rather than someone who has to make money selling you some product or coourse.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Have to say would avoid Sunshine like the plague.
Think it had it day in the sun some years ago.
Also have to say there are a few legal inaccuracies in Ryan's 7 step check list so seek professional advice before proceeding.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Unfortunately the article is over 28 months old so hardly upto date.
Ramki couple of suburbs i don't mind but a couple I would avoid like the plague.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Wilko however you will also have to carefully consider the implications for your grandmother when it comes to pension and also nursing home funding matters.
Ensure she gets proper advice before doing anything.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Matt
If the first property was set up as a Family Guarantee loan and the Guarantors are happy for the loan to maintain in some form or shape i would certainly have it switched to interest only. Alternatively split the loan and have the Guarantors be the borrowers instead and in turn onlend the funds to you..
With a 70K P & I loan linked to an offset account and 80K in the offset account this is not effective. This would need to be changed.
Hard to advise more unless we know what your ultimate goals are.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Dan
Before you throw good money after old away you might want to do a forum search on the Company as there has been a number of posts written.
Remember these organisation are not registered charities and certainly won't show you how to do No money down deals.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Benny we are starting to get a mountain of forum clients ask us to source investment property for them in Brisbane and the requirements of each investor is totally different when it comes to price, market demographics, unit or house, etc etc.
I certainly know where i am putting my money in Brisbane but that is not to say it is for every client.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Personally i would never buy a property that is loosing money from day 1 and rely on the fact that it might grow in value as i prefer some guarantee on return.
By following your strategy with each new purchase you are reducing your borrowing capacity accordingly and this will of course limit your wealth accumullation.
Also unless i own the whole block i personally don't buy property that has a body corporarate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You will not be able to finance a construction loan component without the existing owners being a party to the new loan and that they may not wish to do.
Couple of considerations but can be done with care.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Benny
No sorry i can't say i have because i haven't read Steve's new book.
Word of warning though remember anything more than 10% deposit could make the purchase an installment contract and this has consequences for both sides.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
DM remember just because the unit may not have gone up in value you may still be liable for CGT.
Reason your lender has asked for a cash injection is because the loans are cross collateralised and is this is an investors nightmare.
As JacM has mentioned we have a lot of forum clients with less cash / equity than you so absolutely no reason why you can't go again.
With the right lender you may even squeeze a couple of deals out of your equity structured correctly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
CGT not triggered until subdivided land under contract.
Few good articles on Ban Tac Accountants website which are worth a read. http://www.bantacs.com.au/
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Rather meaningless post as too many variables.
I personally receive 1.3% discount off the SVR with Anz however my portfolio has a value of > $26M and a loan exposure of 776K all on a P & I basis.
As this is not the average investor course it is immaterial.
Interest rates are fairly low down on the pecking order of features for successful investors.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry Hari I have to disagree with a lot if you comments and can only assume you are a fairly in experienced investor.
Lenders never protect the Buyer they protect themselves and their own risk.
In the majority of cases the lender appoints a third party agency to instruct and co-ordinate the valuation so the Broker gas no contact with the Bank on regards to the valuation.
The report is returned to the broker and is them submitted to the lender together with the balance of the credit submission.
Tom,
Yes a decent Broker can provide you with a RP data report or similar on the property as well as order an upfront valuation for you. We certainly do it for all of our forum clients.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Surely your Solicitor would have reviewed the Contract before you had signed it anyway.
Your Broker won't ( hopefully) provide legal advice but should be able to tell you whether the loan will proceed or not fairly quickly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If it is the Aussie branded / funded Advantedge product then Yes you will certainly be able to have the monthly interest repaid from your CBA transaction account.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Colin said via your Aggregator.
Personally I am with FAST so get charged a fee per deal but understand AFG charge 20%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ardmore if you structure the first loan correctly you should be able to buy again fairly quickly even with limited savings.
Some lenders will allow you to borrow 95% + LMI plus offer a further secured line of credit to cover renovation costs or funds for future deposit etc etc.
The cheapest interest rate is not necessarily the best move in the long run for ongoing acquisitions.
Flexibility is always key for investing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Will
Have to agree with with Colin I would never take a fee merely for access to a particular lender or 4.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Duckster,
I believe the poster is referring to Depreciating the internal fixtures and fittings under the Div 40 legislation and not the Capital Allowance claim under Div 41.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
