I’m particularly looking for someone that can remove an internal wall

Someone that is experienced and can hopefully look after moving of power points etc..

In the North Shore of Sydney

Thanks for all your responses.

I tried calling the strata manager but they said they cannot answer any of my questions. They can only answer questions from the sales agent with permission from the vendor. Is this correct?

Thanks for that Jamie.

Would you say in a block of 10 lots, $20,000 is enough in the sinking fund?

What are your thoughts on the Admin fund being in debt of $6,000?

Thanks for your reply Catalyst.

The Admin fund is in debt of $6,000, not $600

Sinking fund has about $20,000

What are your thoughts?

Hi all,

Thanks for your helpful tips. Appreciate it.

The place has been on the market for about 6 weeks. Went to auction last weekend and there were no bids.
The agent said this week they got an offer at 390,000 but vendor rejected (I think the agent might have made this up, what do think?)

There are a few negatives to the property so I’m only…[Read more]

I want to make an initial lower offer but the agent already said they received an offer below asking price and it got knocked back.

Don’t know if they’re telling the truth or not…maybe trying to make me offer asking price/test where my bottom line is?

Your advice is greatly appreciated Richard.

So when I have 2 IP’s each with their own offset account and one with a Loc…should all rent and other income go into just ONE of the offset accounts(1st IP) to then pay monthly repayments on original loan and LoC

What happens to the 2nd IP’s offset account? Should any income be going into that…[Read more]

Ok if I move forward with that plan, what happens to the offset account and repayments on the original loan?

Does the LoC account and repayments on original loan consolidate or are they 2 different things?

Should be salary still go into the offset account or LoC now?

Thanks for that. So because I’m treating this 1st property as an IP, would it be advisable to switch the loan to a IO loan with a 100% offset facility?

Then draw a LoC to use for deposit on 2nd IP

Cheers

The original loan is a owner occupied property loan with 30k of principal repayments in it.

What hard data do you need to advise further?

If I take out a LoC, will the interest be deductible on it?

Could you explain why it isn’t tax deductible?

What could I have done if the 30k was in an offset account?

So if I’m going to purchase a 2nd IP, I shouldn’t redraw the 30k rather I should set up a LoC leaving the 30k in the loan?

Sorry I don’t really understand this.

Thanks Richard!

Thanks for you’re reply.

I have about $30k in total that I’ve paid down on the Principal. Would it be more advisable to take this out and put it into an offset account?

Hi,

Thanks Richard.

So for clarification….. lets say I draw a LOC of $200K on the first property which I lets say I have $300K owing still, this brings my total loan on the first property to $500K yes?

Does this then mean I make my monthly payments on $500K?