Forum Replies Created
Hi Tayrn it depend on where your property is
sydney is around 5-6 %
Canberra is the highest I believe 10-11%
hobart 8-9%the more properties you have with any one agency the more dicount you should get should Im getting 4% in Sydney at the moment
with the equity he has he would have little problem getting that through the CBA
I have less equity than that and got 105% finance (property+LMI+stamp duty) through CBA I just had to come up with legal fees
Hi Daveln,
I highly recommend Matt Geftakis he is an agressive property manager from
Rain & Horne Elizabeth bay
184 victoria st, Potts point NSW 2011
ph 9332 2000
i would be out buying already, seriously alot of buyers will hold off buying now because no one likes making big expenditures leading up to xmas…
i would take a LOC on the Investment property and buy as much growth property in Capital cities as i can using 5% deposits + LMI
thats my strategy ive been using for 3 yrs my fiance and I are sitting on 8 IPs, some would call it a high risk strategy but its working fine for us
actually its cheaper in Sydney for a single property its between 5-6% plus GST if you have 2 properties its around 4% plus GST
usually 1 week rent letting fee, you can get re-letting fee there after for half a weeks rent..
Sydney is one of the cheapest in the country for residential property management
I think Canberra is the most expensive its 10-11% plus GST!!
Hi Madeinitaly,
I think its great you want to retire in around 7 yrs, but I think you will need a more aggressive strategy than some of these post suggest..
Have you thought of using 5% deposits, IO loans and LMI to help you leverage into multiple properties ?
With the cash and income you have you could leverage quickly into 4-5 property using the above tools..
Hi Lukas
http://www.strategicwealth.com.au/
Ive been using strategic wealth management, in hurstville I highly recommend them
Having a family member in it can cause you more problems later
Im just being honest mate… I wouldnt mix family with business..
all the best
Hi, I use these guys based out of Hurstvillle, they have been a great help and specialise in property investment..
I met the owner of this company at a seminar run by the reno kings..Hey guys
Thanks for your advice..
Hey Frosty1, I think now is the time to buy (especially in Sydney)
you said it yourself rising rents, low vacancy rate, low interest rates (which are still dropping)
what more do you want ??
Im still buying Ive just brought 2 more apartments one in December and I exchanged on another one last friday (I now have 7 IPs all brought in the last 2 and half yrs) with Sydney rental yield and these interest rates im cash flow positive, and when interest rates head up again ill lock them all in.. Ive used mostly 5% deposits and Im using a buy and hold strategy
its time in the market, not timing the market..
all the best
Hi Guys, good news
My fiance and I just picked up another 1 bedroom apartment in Sydney (it was a mortgagee sale) its one block from green square train station (3 km from the city)
its 80sqm internally and has a sercure car space the building is only 7 yrs old strata fees are 540pq we got it for 305,000, we are using 95% finance + LMI at 6% (variable) interest through CBA, it will rent for 400pw..all the best guys, happy investing
Im a big fan of inner-city big 1 bedroom (nothing under 50sqm) apartments in Sydney, because of :
-the cheaper entry price into blue chip suburbs
-great rental yields/ good long term growth
-better quality tennants (in my experience)
– the number of single person households is increasing, Ive never had any problems trying to rent them out..
a few rules I live by when looking to buy them,
Buy into the small blocks,
no pools/gyms/concierge (these usual equal high body corp fees)
I never buy ground floor apartments (tennants will pay more rent to be off the ground floor as they feel safer)….
all the best…
Hi Herbpeterson
I wouldnt worry about what that agent said, he has a vested interest in you buying the property (his commission)
and generally speaking if a vendor has reduced the price, its because they werent getting any offers.. I would still start with a lower than asking price, (no vendor expects to get full price) start low and go up slow…
ask why the vendor is selling ?
how long its been on the market for ?
have they had any offers yet ?
these are a good indication of how negotiable the vendor will be..
also I did a quick google search on Kerang, its a small town, population 3775 people (which I think is to small) and only 24% of people rent there, which is below the national average
(not good if you have IPs for rent), the main industry there are rual which can be volitile at times due to the effects of weather eg: drought, floods.. all of which would greatly effect the small economy in that town….you said you wanted suggestions from property investors, in my opinion I would not invest in this town.
all the best..
Hi guys,
good idea mpertile with this thread, with these interest rates
all 6 of my properties are in capital cities and they are all cashflow positive now
my latest one(brought in the last 2 months) is a 1 bedroom 53sqm apartment with sercure carspace in Surry Hills Sydney
I paid $325,000 and its renting for $400pw I borrowed 95% + LMI(IO 315,000) through CBA at 6%..Sydney innercity rental yields are great at the moment..
all the best guys..
Hi Ajay,
I generally keep it above 50sqm so I can get LMI and therefore a higher LVR (95%)
but my fiance and I have one 41sqm apartment(Darlinghurst, Sydney) we got an LVR of 80% (so didnt need LMI)
but recently I was talking to a Loans manager at a branch of the CBA and he said the LMI coy will go a bit under 50sqm (45sqm)… but I havent tried this yet..
I dont think you would have a problem re selling it as long as its inner city and 40sqm minimum..
Hi Paul,
the usual is 20% or $70,000 for a $350,000 property, to avoid paying LMI (lenders mortgage insurance)
Hi Ajay,
my fiance and I havent had any problems yet getting finance, we started buying IPs 2 yrs ago (we have 6 now) and we are highly geared (LVR 87%)
Ive spoken to a mortgage broker (Aussie home loans) and the loans manager at my local CBA branch and I asked them the same question and they both said they were more interested in our ability to service the loans(we both work full time) than the equity we had in our properties.. I guess it would depend on the state of your finances, car/personal loans credit cards ect (of which we have none)
also with the dropping of interest rates this should increase your borrowing capacity..
happy investing
Hi Futzy,
I used Simmons Wolfhagen a yr ago for a place I brought down there
the guy I delt with was Chris Perriman (their senior conveyancer) I highly recommend them.
there Address is: 168 Collins st, Hobart
Ph: (03) 6224 4133happy investing all..
Hi Guys
in Ref to what Terry said about LMI, I have found as long as it is over 50sqm I havent had any problems getting LMI and 95% finance for CBD residential 1 bedroom/studio properties, I always thought there would be less risk in CBD apartments where there is greater demand than apartments in the outter suburbs…?
can you please explain why there is more risk in inner city suburbs Terry ?
happy investing
