Forum Replies Created
that sounds logical
jl what do you mean about FTB (what is that)
so now i will have to figure out what we can comfortably afford with the new ip and paying rent at the same time until we moveamazing I have tossed this around my head for days and all I had to do was ask
thanks
robinthanks marc
we wouldn't be able to keep our ip and this current ppor and pay a new mortgage on a new ppor
so pretty much
- keep ip
- sell current ppor
- rent or buy new ppor in home town
just been looking on the net at rentals in our home town ( pop. 9000 ) , between 5 real estate agents we have found 11 houses for rent
really don't want to sell ip , just got to work out how to borrow the money for new ppor
once we move our incomes drop and we will be in new jobs, both of which the banks won't likeI didn't mention that our ip only has a mortgage of $100k, so around $90-100k equity.
so what are your thoughts on when to borrowrobin & audrey
hi steve
love thes forums so much knowledge
as you can see im a newbie but what i find i need is how to work out ALL the figures (deprecation tax, CGT,interset etc etc etc)
like I want to buy my irst IP and to find out how to calculate all the sums is a little daunting to to say the least
so maybe some software links to work out ALL the figures, I can find some but their must be something that works out a lot of it
in a perfect world you know
robin
Hi
I only have my own family home and no IPs
but I think that if you are looking at buying property or anything you need to be able to tell the condition of something (roughly).not to say that an expert in their field is not tradesman you can get a pretty good idea yourself of the things you need to look out for
you might have to get dirty crawling under houses etc but at least you can sort out the obvious ones
good luck
well dont i feel silly
it looks like when i do use the calculator offline it dummies up the figures
the new figures are these which doesnt look no where near as attractive plus i corrected the rent11 Second Solution:
Rent = 240
Occupancy rate ‘3 Weeks’ = 94.23 Percent
Solution = $113075.00
Asking price = $216000Closing costs:
Deposit 0 Percent = $0.00
Legal fees = $800
Stamp duty = $6050.00
Mortgage app fees = $475
Mortgage insurance = $0
Valuation fees = $0
Other borrowing costs = $400
Clean up costs = $0
Inspection costs = $300
Other costs = $0
Total closing costs = $8025.00Mortgage details:
Loan Principle and Interest = $216000.00
Interest rate = 7.5 Percent
Term = 25 Years
Weekly mortgage repayments = $311.54
Total repayments for life of loan = $405000.00Annual costs:
Management fees 7 Percent = $823.19
Letting and advertising = $0
Body corp fees = $0
Rates = $800
Utility rates and fees = $0
Insurance = $350
Miscalanious costs = $0
Land tax = $300
Maintenance 5 Percent = $587.99
Other ownership costs = $0
Total annual costs = $2861.18Summary:
Total annual rent = $11759.80
Total annual mortgage = $16200.00
Total annual costs = $2861.18
Total annual cashflow = $-7301.38
Total funded costs = $8025.00
Risk free return = $321.00 Bank interest rate of 4 Percent.
Annual Cash On Cash Return = -90.98 Percent
Cashflow Positive Weekly = $-140.41oh well
robinHi,
We lived there for 2 years (99-01). We enjoyed the town, but it definitely appears that it’s ruled and habited by the fruit picking season.
It has a new hospital (with maternity), a coles, woolworths, pubs and even a night club!! There is definitely money in the town, due to the cane producers, etc., but it’s hard to see it. There are no ditinct good or bad areas. Each street comprises of both cheap and expensive properties. If you have flats, unless there are very high standard, you will probably end up with backpackers, who generally like to party and are not too concerned with house maintenance (I should know, I married one!!). My husband, Robin, lived in one of these places and we got to know quite a bit about the locals and travellers. My advice is to market your prooperty at professionals, such as teachers. There are lots of transient, temp teachers, nurses, etc., needing somewhere to stay in Ayr/Homehill. It is 15kms from Alma beach. Pretty unspoiled bit of coast. Good luck. We thoroughly enjoyed our time there (the place where an Irish Nurse, met an Aussie!)
AudreyHi
We are currently living in Ireland, lovely spot great views across the bay at the mountains.
We are moving back to oz early November, as far as the prices of property here goes they are dear and just gone through a boom (still in it), but It looks to be very close to peaking. I think.So maybe were not looking hard enough. interest rates are 3% though. a lot of new houses are going up and being either built for rentals or first home owners.
Also we have thought about interstate but are a little worried …………
Finding a good property manager(I know the locals)
Renovation costs(I can do most things but distance would make it hard & expensive)
Are these issues to worry about?
If I cant find anything that would only cost me $50 or so a week in my local area when i return then I better start looking
Do i just start e-mailing interstate realestate agents or somhow find a ‘birddog’
Thanks
RobinRobo
lots of people drown because they have not learnt to be comfotable in the water.
dont want to put a downer on your pool idea….but
Get your kids to enjoy being in the water as a young an age as possible. I was in the water before i remember 3-4 yrs old? and even though i’m not a great swimmer, from an early age I knew that if i went under the water i would hold my breath and just swim back up to the top.so basically what i am saying is get your kids in the water…..they’ll love it…and you
A hard fact to swallow(no disrepect intented) is that kids that drown can’t swim.
robin
Hi everyone
we are looking at buying our first IP
motgage 57000
value 180?
IP value 175
wanted borrowings 200
so the bank said that they would lend us 80% of the combined properties values
thats our 123 = 175 / 80%
not just the 80% of the property that you currently own
so if i’m right you are probably able to borrow more than you think, depending on income i s’pose
robinHi again
looks like I’ve got a lot to learn…….quickly!!!!!!!!!yes roy our house is CF+ rented at the moment but we will be moving back to australia in november and living in it
we were going to buy a IP in the same town and put in an extra $100-150 a week we can afford it, but after reading some of these forums it doesn’t make sense if we can get something CF+ or close.
like sharon says perhaps we need to look at increasing the equity for as little as possible
views please?
thanks robin
