I have spoken with Dino. Can't remember how I got his contact but I do get occasional motivational emails from him. He quickly assessed my income situation over the phone one night after I asked for IP advice and said that he couldn't really help me as I was self employed and didn't have enough income. I think it was more the fact that I didn't…[Read more]

Gav H wrote:
Hi.Only been a business owner for 6 months and would like to know the best way to get finance for IP's, specifically building on a block of land we have. I've been told that we can get a no-doc loan at 70% LVR but would prefer lo-doc. Is this acheivable?Regards,Gav H

Hi Gav,I have an acquaintance who was able to backdate an ABN for…[Read more]

Thanks Trakka,That puts my mind at ease. Thanks for the link. It is very informative.Kind regards, Ian  

Hi Lucky,There may be a market for such a course but their are so many different strategies that the course would be very general in nature. Like Marc says, get in their and do it. If you have read 10 books then you don't need any more academic stuff to confuse you. Just pick a strategy and go for it. Procrastination can be a real wealth stopper.Ian 

Swany wrote:
Hi Ian,No redraw fees….all my income goes direct into the loan and at the end of the month withdraw to cover credit card living expences. Cheers

Leave it as it is Swany. It's acting like a LOC anyway so there is not really any difference than an offset ac. Once it becomes an IP then, as you say, look at running it to suit your…[Read more]

What is the name of the investment firm in Sydney Eddie? Might be good to mention and get some feedback from forumites who may have had some experience with them.Good Luck, Ian

I am no solicitor but the contract price has always been the final price in my experience. You don't have to pay gst on top of that.

Hi Swany,If it's your PPOR then I don't see why having an offset account would make much difference unless you are being charged to redraw. It's been a while since I have operated an account like this but I remember we used to get charged to redraw but not to deposit funds. Can you redraw and deposit money into the loan account without any bank…[Read more]

In 1992 we purchased our first IP. I don't know how we got the loan. We were on the dole! I guess it was a CF+ property so they – Metway Bank – thought it was safe territory.  A brand new shop in a block of about 5 on the sunny Sunshine Coast. Well the sun didn't shine for too long. Yes there was a lease in place – with a beautifully presented…[Read more]

xpine73 wrote:
to Ian: I wish I had that opportunity. Do you have any idea how I can contact them?/quote]Won't the selling agent tell you? How about RP Data? I guess it's easier for me cause I live in a coastal community and know my local agents quite well so it wouldn't be difficult to find out who the past owners were.Good luck,…

Hi Trance,Most managers provide a glossy folder of comprehensive information that sets out their responsibilities. If you go through someone like Hookers or PRD they usually come as a standard. If you haven't done it yet, get them out there to the house to give you a rental appraisal with the follow up gloss. Then you can decide which one suits…[Read more]

Have you any hope of contacting the owners of the units that sold to ask them why they're moving?

Qlds007 wrote:
I am still wondering why you cant go Full Doc as the days of being 'Too Rent relient" have been and gone.My personal portfolio is a little larger than yours and I still go full doc with each new loan application.And hopefully i am not "one of those mortgage brokers"

Hey Richard, (or anyone else)Can you use equity gains in a…[Read more]

Linar wrote:
My husband and I started out 4 years ago buying cashflow positive properties in Darwin. CheersK

Hi K. Sorry, I think I referred to you as a "he" in the "Ethical Dilemma" post! My apologies.Why can't you go no doc? This is the solution that I had in mind when the time came when serviceability became a major issue.Regards, Ian…

I think this one would test many people who are ethically inclined under normal circumstances which I am sure Linar is one. That's why he is undecided as to which path to take. We all have our moral dilemmas in life and have to live with the results of our decisions. I usually try to evaluate if my action is creating unfairness or harming someone…[Read more]

Qlds007 wrote:
Unfortunately the CBA Misa loan is not quiet a true 100% offset.

Hi Richard,I have an IP loan with CBA and have a Misa alongside. I was always sure that it was 100% offset? Can you explain your above statement please?Regards, Ian

Linar wrote:
Hi Ian and trakkaYou make very valid points and I am inclined to agree with you. However, I do think there is a difference between a small property investor and a large scale developer. One is clearly a business dealing by an experienced person who knows the world of business and the other (elderly parents) are just people who…[Read more]

Trance wrote:
hey Ian,where abouts is your property in SE QLD?cheers mate

I have a few in Ocean Shores which is actually in NSW. About 30 min south of the border. The new API magazine shows an ad on the inside front cover for positive cashflow properties at  BOOMERA COOMERA. Gives the place a big rave. Hope they're right for your sake!Cheers, Ian

trakka wrote:
I would check what price they intended. Don't say what you thought the agreed price was, perhaps; go back and say that you thought you'd agreed on a different price and see what they come back with, just to make sure that you didn't make a mistake yourself. If they come back immediately and say "oh yes, we intended xxxx" (the…[Read more]

Swany wrote:
Hi Ian,Thanks for the reply. I thought it would be alot easier to reconcile inflows/outflows against each property if there was a seperate account for each. With multiple properties I expect there would be different insurance amounts, repair costs, etc going out whilst varying amounts coming in.Thus a pain to reconcile. I also…[Read more]