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  • Profile photo of Real-NewbyReal-Newby
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    @tuff-et
    Join Date: 2006
    Post Count: 11

    Thanks for that John, sounds like we are looking at going down the right track.
    Really appreciate it

    Profile photo of Real-NewbyReal-Newby
    Participant
    @tuff-et
    Join Date: 2006
    Post Count: 11

    Thank you for the reply Ethan.
    That definitely makes sense and is good to know that I am not ploughing down a path that seems odd.
    The main reason for the outright purchase as you say is for the borrowing power, as my wage isn’t really that great I had spoken to a broker who pretty much said they won’t lend anything over $225K, so my thinking was if I own one outright and have rent coming in from that it will help with providing a higher disposable income to help with repayments for 1-2 additional properties (on top of the one I will purchase outright).

    Thanks again.

    Profile photo of Real-NewbyReal-Newby
    Participant
    @tuff-et
    Join Date: 2006
    Post Count: 11

    Hi Duckster,
            Thanks for the response. Amature, Amateur- I am too lazy to use spell check. Funny – since I have been in IT my English has gone doooooooown hill.

    I have had a bit of experience in commercial propery from when I ran my business. I learn't that commercial real estate agents really play hard ball which is why I asked about the eviction/rates.

    Thanks again for the response.

    Cheers

    Profile photo of Real-NewbyReal-Newby
    Participant
    @tuff-et
    Join Date: 2006
    Post Count: 11

    Hi Cazzie,
             I will not claim to be a professional or give that advice as I am only starting out in investing myself and still needing to take the big step, I can however offer some ideas.

    First of all, good on you for being amicable about it, there is nothing worse for kids than seeing your dad moving away on not good terms. It is important for your daughter that you remain as friendly as possible, especially if she is young.

    What concerns me is that amicability is a great thing but it doesn't cover the rent or give you a guarentee. Have you thought about getting some kind of contract written up to specify that the property is half yours? You both need to look after your own interests now as well as providing for your daughter.

    Do you currently work?

    You have 250k equity in your home which is no small amount. That means you both have 125k each which is a fairly sizeable deposit for a new place should you decide to sell. Seeing as your credit is not the best you could always speak to someone about doing a wrap deal for you. Your interest will be higher but it is an alternative.

    The other thought I had would be considering the size of your property is to put a granny flat at the back so that you and your daughter can live in it and rent the front house out or vice versa.
    This would be a cheap alternative and will take minimal amount of planning and time.

    I don't know if this helps but it might give you some ideas.

    Cheers

    Profile photo of Real-NewbyReal-Newby
    Participant
    @tuff-et
    Join Date: 2006
    Post Count: 11

    Ok well that is a good thing then. My bank told me that if you don't get it first time up you are ineligble and from what i read on the State revenew office site this is the way it is.

    But if what you say is true then I am a happy man.
    Cheers

    Profile photo of Real-NewbyReal-Newby
    Participant
    @tuff-et
    Join Date: 2006
    Post Count: 11

    Hi Ediot123,
     I am in the same situation as you. I am looking to buy my first propert/investment property.

    The way I understand it is that if you buy a property with the sole intention of it being an investment from day 1 you will forfeit your right to recieve the grant in the future. Your first even though it's not your first 'home' you will not recieve the grant when you do buy a house to live in.

    So that being said I think what I will do is buy the house as PPOR live in it for 6 months do some work on it, recieve the grant and then rent it out. I give enough money to the govt each year so I think that it's only fair to take some back.

    At the end of the day I don't think you will get a property that earns you $12k in 6 months like you will if you go with the grant.

    Hopefully this makes sense?!?!

    Cheers

    Profile photo of Real-NewbyReal-Newby
    Participant
    @tuff-et
    Join Date: 2006
    Post Count: 11

    Thanks for the reply Gary,
                                         the info you advised is pretty much exactly what I was after. Savings wise I have always been not to bad at saving, in 4 months I have managed to scrape togethere about 5-6k in that time whilst having to pay for a fair few major expenses. The only other issue that I will be facing is the fact that I will be moving back to Japan with my girfriend by the end of the year so this will limit the amount of time I can actually spend getting out and checking out houses at actions and what not. After buying an investment I will be getting an agent to manage the day to day but how much input does it require in a physical/face-to-face sense.
    This is probably a how long is a piece of string question but even just a general idea.

    Thanks again

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