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TheFinanceShop
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January 29, 2013 - 9:06 pm
Hi Flynn,
There is plenty of information at your finger tips via this site. Stick around for a few weeks and you will pick up on a lot of good and specific information.
Are you a builder or carpenter?
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Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 12:30 pm
What do you specific want to find out? The strategy side? Finance side? Or something else?
Regards
Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 12:22 pm
This is a very common strategy – make sure you have spoken to an accountant re all the tax implications.
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Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 12:15 pm
This already falls under the Sepp and everyone is doing it so I am surprised if the State government puts out a further incentive.
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Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 12:10 pm
Most lenders offer upfront valuations so check with your banker or broker.
You need to sit down and give some thought on how much equity you going to draw from your existing property.
Also make sure that the loans are structured and set up correctly for each of the properties.
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Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 12:01 pm
Have you tried ascertain an upfront val via another lender?
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Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 11:58 am
Can you list all the things you are including in your cashflow analysis?
For starters have you included the following:
1. Building insurance (if its a house)
2. Strata (if its a unit)
3. Landlord Insurance
4. Property Management Fees
5. Loan Interest
6. Water rates (if its a unit)
Regards
Shahin
TheFinanceShop | Elite Property Finance
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TheFinanceShop
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January 29, 2013 - 11:56 am
$80k is a good size deposit that will give you a range of options. Depending on the state due to stamp duty charges, you will be able to pick up a property for approx $720k with a $80k deposit.
A strategy could be to perhaps purchase one now with a smaller deposit and another property later. Just make sure you think about your long term strategy when you purchase your first property. This is so you can decide on how much deposit to use.
Re finding a property – perhaps you could do with a good Buyers Agent? They charge but finding a good one is certainly worth it.
Also look at getting your finance approval sooner than later you you exactly how much you can borrow and in turn what amount of deposit you will need to use.
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Shahin
TheFinanceShop | Elite Property Finance
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January 29, 2013 - 11:47 am
Also option 2 would be a definite no go for me as it carries massive risks.
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Shahin
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January 29, 2013 - 11:45 am
Can you rent some of the rooms out?
Can you downgrade to something very 'modest' or better yet move in with family and rent out the property?
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Shahin
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January 28, 2013 - 12:29 pm
Which lender is it?
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Shahin
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January 28, 2013 - 9:05 am
Ok then you need to compare using cash vs going for a higher LVR ratio. You may find that the higher LVR ratio is the better option that using all/most of your cash/deposit upfront.
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Shahin
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January 28, 2013 - 8:30 am
Some banks will not allow you to go to 95% on existing loans whereas some lenders will if you are refinancing.
If you are taking out say $40k against your existing property and the existing loan is $284k then you need 2 loan accounts. One for $284k and the other for $40k. Then you will have the third loan which is for the 2nd property.
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Shahin
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January 28, 2013 - 8:12 am
Ok so at an 80% lend you have $20k in equity to use and at a 90% lend you have $58k (minus the LMI payable) in equity. Don't forget to set up the facility as a standalone facility instead of topping the existing loan.
Who did the valuation?
Regards
Shahin
TheFinanceShop | Elite Property Finance
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January 28, 2013 - 7:59 am
How are you calculating equity? i.e what's the loan amount and the value of the property?
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Shahin
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January 28, 2013 - 7:52 am
Yes this is very true – I lot of people do not realise that campbelltown has a close proximity to beaches.
Regards
Shahin
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TheFinanceShop
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January 28, 2013 - 7:05 am
Have you or your banker/broker done any cashflow analysis? Start from here. Measure the total net loss you are incurring per year and weigh this against the projected CG. You should be doing this for every purchase.
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Shahin
TheFinanceShop | Elite Property Finance
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January 28, 2013 - 5:11 am
I would find another broker – you should be able to find a good one in Perth.
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Shahin
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January 28, 2013 - 5:01 am
Are you talking about a unit or house? What is average net loss per year for the next 5 years?
Regards
Shahin
TheFinanceShop | Elite Property Finance
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January 28, 2013 - 12:42 am
Good Engelo. Im working on a 2 dwelling development but like anything its a matter of finding the time to do even more!
Keep the forum updated with your progress.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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