Forum Replies Created
Investec don't give 100% LVR although they say that they do. I went down that path and struggled big time trying to get the 100% situation but they pushed back. Perhaps in the right situation but I was pretty clean when I went for the loan – $2k credit card only, $100k + earnings although I am feeding 4 mouths which may have counted against me.
Eventually I received 98% LVR with no LMI, however they only lend to Doctors and Accountants so I don't think Engineers fit the bill…
I would like to renovate and sell my ppor, make $50k profit then source a second ppor with similar potential and move in well before next Christmas.
Law is something that has always interested me however the study period is what scares me away. I studied 3 years part time post grad dip and that was bad enough, imagine having to complete a juris doctor part time?!
I’m chasing a 6 month secondment atm into a contracts specialist position so we’ll see how that pans out before I make any rash decisions.
Thanks for everyone’s input.
I believe I have found the solution to this quandary. The second toilet backs onto one of the smaller bedrooms and it is only a gyprock wall. I’m pretty sure we’ll keep the main bathroom and create a room with an en suite: toilet, shower and small vanity.
WA has a plan to increase density by infill something like 30% over the next few decades. There’s plenty of councils rezoning here. City of wanneroo for example has about 4 suburbs to be rezoned over the next 5 or so years.
Forgive me, I don’t think these numbers are correct but they are ballpark.
Hi
It's a 3×1 plus the toilet. 500sqm block with probably 110sqm house in a working class family suburb.
i spoke to a friend of mine today who suggested bricking the second toilet shut , opening the wall between the two rooms and turning the second toilet into a shower recess. If we do it this was it'll be one of those corner units I mentioned earlier as it will definitely require a bath. We can then extend the vanity and sink along the wall where the current shower is.
I'll post some photos of the whole place once I get some time and figure out how to put them on here.
regards,
Tom.
It's mostly to do with a) getting the construction items out there and b) the shortage of labour right?
Get a kit home. Some of them have free delivery, if not negotiate a reasonable price. Then find yourself a handy man or two, hire them for 2 weeks, fly them out there yourself and get it setup. You'll obviously need all of the usual gas, water and power connections to be performed by the local authorities, however I imagine by doing the above yourself you could save some coin.
Bear in mind I have no idea if this is feasible, it's just the first thing that came to my head!
Sounds like poor investment selection to me.
If they have significant funds they should do what the American super funds are doing and collateralise residential rents. I've no idea if this is legal in Australia but I hope to hell that it isn't. I don't think large scale investors should be allowed into the residential markets as it would have too great an impact on prices.
No experience here but it sounds like a winning strategy to have up your sleeve.
I know the area Colin, top end right? I have a mate in there, plush as anything. We'll actually be moving in about 1 or 2 clicks south of there.
I'm quite sure moving the wall would require a fair amount of effort and cost but I've no idea on the impact to price though. I couldn't imagine it being huge though. More bang for buck is going to happen in the kitchen and bathroom me thinks.
Hi
Yes, you're all correct and I was thinking about the FHOG not CGT.
I don't think this bank would have been very accommodating for an LOC. it's been a mission as is because I think they double as the brokers for one of the second tier banks and then throw in their own cash on top.
The reno will be lipstick and bubbles. Upgrade the kitchen and bathroom, new paint job, landscaping, end of discussion.
It's settled then; I'll begin a loan application in the coming days. Is a broker a good idea for a personal loan or should I just go straight to a major?
Cheers everyone,
Tom.
Sounds like a plan!
Nigel, you're dead on. I liken books and courses such as this to a weekend basketball camp with an NBA player: you'd probably get some swell tips and become really motivated but you certainly wouldn't be a pro basketball player.
I heard a piece on BBC the other day saying less than 5% of bitcoins are actually used as currency, the rest is all speculative. People buying it because it is finite and waiting for it to increase in value.
I had a mate tell me about it when they were listed at $28 a share or something like that. I hope he bought some because I didn't lol.
Have you looked at key start loans? You've got more than enough for a deposit presently, they only require 2% and stamp duty. So we're talking $20-30k including FHOG.
Wanneroo, WA. Working class family suburb.
Most of them at that price don't include the fit out but I've come across a few that do.
I'm thinking it's a good way to start a portfolio. For example if I buy a place for $400k then renovate, pay the $100k to subdivide and put up the kit home, sell the original and keep the new place with $100-150k debt. I certainly wouldn't be able to keep a $400k IP presently and buy a ppor, however I could probably hold a $150k IP and still aford a ppor.
Food for thought anyway.
Really, Bunnings?
I'm definitely going DIY for now to save some bucks on my ppor. My father in law is a sparky so that'll be useful. I'll likely only need a tiler for the bathroom and I'm hoping I'll be able to do the rest myself or with a bit of help from some mates.
There's a place called Blackwater? Awesome. Blackwater Park is one of my favourite albums.
Thanks Jimmy I'll take a look
