I would consider keeping the Penrith property and borrow against it as @terryw suggested.

Speak with a broker who understands property investment loan structuring first up to see whats possible.

Pre royal commission this was a relatively easy fix, now, as @terryw has already stated it will require a full application to assess serviceability under the new repayment schedule. Being self-employed, depending on your scenario can also complicate matters.

Pre royal commission this was a relatively easy fix, now, as @terryw has already stated it will require a full application to asses serviceability under the new repayment schedule.

Thanks @benny & @terryw

I appreciate the help

That’s for the reply guys.
Thats exactly what I was thinking @benny & @terryw .
I thought it may be a quicker process for me to gather a couple of properties in my individual names, but will stop me growing anything substantial fairly quickly.

will you be posting the new information on structures and due diligence on the forum here @stevemcknight…[Read more]

@Benny

@Terryw

Guys, sorry but what am I missing here. I did the numbers on excel but I didn’t get to the $40k that you both did.

I got the final number of $891,289.6. Here is my excel calc (link to the shared file in Dropbox)

https://www.dropbox.com/scl/fi/8un7vrpad40nju0g7ue58/Compound-Calc.xlsx?dl=0&rlkey=a4ccywk2x9e9t8xrp0s640oh3

I’m sure…[Read more]

@Terryw

I was reading a list of must-read thread for beginners that Benny put together, and this article is one of them.

This is great! I have a question please sir. My question is why this option is not available – Refinance the old PPOR and use the cash from that refinancing to pay down the debt in the new PPOR?

Best regards,

Anton

Thanks for your reply @terryw.

I think what he meant by ‘straight forward’ is that there is a general template that list all the usual clauses for simple Trust structure with few family members as beneficiaries.

But if you think there is no such thing as general template for Trust Deed, I will have to find a lawyer/accountant to set this up…[Read more]

Your situation sounds like it it’s in need of specific legal/tax/estate planning advice.

Perhaps get in touch with @terryw from this forum. He specialises in these areas.

https://www.propertyinvesting.com/members/terryw/

Thank you guys for your quick reply @benny @terryw

There were many back and forth emails between me and my solicitor just to trying to chase up with the issue.

My solicitor forwarded the bills, overdue notice and the settlement adjustment agreement to vendor’s solicitor and he replied us saying his client is going to pay.

I am not sure how…[Read more]

Thank you guys for your quick reply @benny @terryw

There were many back and forth emails between me and my solicitor just to trying to chase up with the issue.

My solicitor forwarded the bills, overdue notice and the settlement adjustment agreement to vendor’s solicitor and he replied us saying his client is going to pay.

It seems like my…[Read more]

Hi Brian,

“our vendor did not pay the council rate that we have agreed to the settlement adjustment sheet.”

Now, I am not someone versed in all the ways of property and the legals surrounding them, but I have a bit of experience. Still, if others more wise can offer extra thoughts, please do so.

AFAIK, settlement involves a lot of agreeing…[Read more]

Hi Pascoe82,
Once again, Terryw is “teaching us to fish” rather than giving us one. One super important learning re Offsets (and indeed ANY accounts relating to property – savings, redraw, cheque, etc) is spelled out rather succinctly by @terryw here:-
https://www.propertyinvesting.com/topic/4997918-redraw-from-an-offset/#post-5029521

Have a…[Read more]

Hi Pascoe82,
Once again, Terryw is “teaching us to fish” rather than giving us one. One super important learning re Offsets (and indeed ANY accounts relating to property – savings, redraw, cheque, etc) is speeled out rather succinctly by @terryw here:-
https://www.propertyinvesting.com/topic/4997918-redraw-from-an-offset/#post-5029521

Have…[Read more]

Hi Steven,
On page 1 of the “Big Picture” thread is a post about Offset Accounts. You can find that one here:-

https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/#post-4697973

In the embedded link, there are several useful posts relating to Offsets and how to use them.

Then, on page 2 of the “Big…[Read more]

@Terryw: I’m not ready to make an offer yet… Was just gathering information on how to proceed with the execution. I’ll probably have to contact the agent to find out more information about what the vendor’s needs are and tailor an offer to suit them. All I have is the form behind the property brochure, but it only gives you one option for offer.…[Read more]

Everyone asks it. Not only because this loophole (it really wasnt one, specific lenders had very specific policies permitting it under certain circumstances) has closed and there’s a standardisation of input of data through a third party channel for most institutions – it’s being asked and to not note it is mortgage fraud.

Lenders are digging…[Read more]

@Terryw: Thanks for the clarification. I just didn’t understand how an entity could borrow money without proving any source of income.

@Jaxon: My goal is to make +$500 positive cashflow per week, and I’m thinking maybe this could be achieved by finding 10 properties yield $50 positive cash flow per week. Maybe renovate and increase the rent? I’m…[Read more]

@Terryw: I’m not really sure – that’s why I wanted to learn more about the Sciacci System, and how their strategies can be implemented for renovations… Maybe this is more like an Option to Buy the property for e.g. $300,000, whereby you have early access to the property for the renovation, and then you onsell that option for $400,000? I don’t…[Read more]