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Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    August 22, 2007 - 4:33 am

    HI RL,
        I am with AAMI and have found they are able to cover everything i need, and be on the cheaper side as well. im getting building and landlord insurance for a bit under 180 for two of my properties and 330 for the other. I had someone fall over in my house last year and fall through a glass panel. they apparently got some scares and tried to sue me. i sent the solicitors letter to AAMI and they handled it all for me. a few weeks after AAMI got involved it was dropped :) but they were very good during the whole ordeal, my premiums have not gone up as a consequence of the work they did for me.  my loan broker also said he wouldnt be able to get me a better deal than what I'm getting through them.

    Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    July 18, 2007 - 7:15 am

    KRISTIN SANDERSON
    Registered Conveyancer

    Phone: +61 8 82271331
    Fax:     +61 8 82271332
    Email:   [email protected]

    105g Balcony Level
    Gays Arcade
    ADELAIDE SA 5000

     

     

    I use her for my stuff and she is very thorough.

    Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    March 20, 2007 - 6:19 am

    I think it will add value on paper i.e for the banks valuation but will detract from tenants wanting to live there. I know i wouldnt want to live in a house where my front door was used as a parking space for others. if it was my parking space that would be a different story.

    Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    March 19, 2007 - 7:06 am

    yes you can do that but the point my other forumities are making is that you cannot then claim the interest on that portion as tax deductible because you have used it to purchase your PPOR. the opposite applies if you use your PPOR to buy IP’s. i.e if you have 100K of equity in you PPOR and you take this spare cash and use it to buy an IP you can then claim the interest you pay on the 100K as a tax deduction. A simple way to think about it is ‘if i use the money for income generating purposes i.e IP’s, Shares, then it is tax deductible’.

    the advantage of making all your IP loans IO is that you can focus more cash on paying off your debts which are not tax deductible i.e PPOR, or you have more cash to buy more IP’s . i.e by not having to pay principle as well as interest you have more money in your pocket to spend (your serviceability is increased) Most investors are only interested in paying down one loan at a time or never paying them down until they are ready to consolidate their debt (i.e sell properties) for retirement etc

    Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    February 27, 2007 - 9:08 am

    im still confussed with what x’ing is. this is my understanding, if i want to buy an IP and i already have an ip and I borrow 80% of the cost of the new ip from itself and then i use 20% of my equity in my previouse IP to bring it up to 100%, this is bad? and is what we are talking about?

    instead i should set up a LOC on the first IP and then take the 20% needed for the second ip out as cash. and put it on the second IP as a cash deposit? that way even though i know the first ip was used to fund the second ip’s 20%, the banks dont. for all they know i pulled the 20% out of the first IP and bought a lot of beer?

    Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    February 23, 2007 - 4:25 am

    I have terminated the contract. I am still interested in this deal but I wont be persuing them. If they want to get themselves sorted and approach me again I will be open to it. but I am a lot wiser now than when i started so it has been a very worthwhile experience, altough costly with building inspection, conveyancing fees etc.

    Profile photo of spladesplade
    Participant
    @splade
    Join Date: 2007
    Post Count: 8
    February 21, 2007 - 8:42 am

    cash flow positive

Viewing 7 posts - 1 through 7 (of 7 total)