Forum Replies Created
Thanks Kum and Mortgage Man…
Yeah it seems a lot of piss farting around but worth it in the long run if it all goes well… we found recently when we spoke to a palnner about a good block of land he was quite keen himself and it appeared he might have been the purchaser at the end with a higher price. We are living in the NT and the block is in Tassie so just a bit more extra work on the phone i suppose… thanks again
tuggerwaugh
G'day Jaz…
yeah I am from tassie but have been living in the NT for the last 3 and a half years… having just spoken to my property manager today she seems to agree with the margate call and has thrown lutana in as another possible suburb to move in the next little while. Might even look at land packages down in Margate and see how that goes…cheers
tuggerwaughsorry missed a question… we have purchased the properties as joint tenants… we are in a defacto relationship with no kids…cheers richard
tuggerwaughWe are with Wizard….. we are living rent free in the NT so we are throwing as much money into the loan as possible… When i enquired about interest only (for when we return to rent paying or a PPOR) I was told that we would have to bring the LVR down to 80%…. i think it was because we wanted a no fuss loan and had no expenses or debt or rent to pay….
tuggerwaugh[
If your mortgage broker structures them correctly you should be able to continue buying and building up an good portfolio and at the same time minimising your tax position.[/quote]
My partner and I have done all of this by ourselves so far but we will definetley be looking to talk to someone about how best to structure everything. In regards to interest only we are just waiting for our LVR to come down below 80% as our mortgage requires this to transfer to interest only. cheers ricjard
tuggerwaugh
G'day Abundance…
thanks for that info…. both IP's are negatively geared at the moment but both are increasing by approx. 10% per annum so the capital gains side we are happy with. I agree with you on the purchasing at the right time though, I think we might wait till the end of the year and see where the interest rates are heading. If I had my time again I may have purchased the two smaller properties instead of the townhouse but things have worked out not too badly over the last 12 months. Thanks again for your info Abundance. Cheers
TuggerWe are living rent free in the NT so the two properties we own are both IP's. When we get our LVR down to 80% then we can pay IO so that will be the plan…cheers terry
G'day PAPS…
thanks for that…not a bad little calculator…cheers
tuggerwaughwell by the sounds of this I might just pack my bags, sell the two IP's and crawl into a hole. In my late 20's and my partner and I own two IP's and live rent free in the NT on combined wages of $140,000 before tax. We pay $600 more than minimum monthly on interest/principle loan and have no children or other expenses… both properties have been tenanted every day of the year (purchased both early this year) at between 4-5% return… could we possibly be safe with all the doom and gloom forcast for the next little while? I bloody hope so…..
cheersThanks for all the good advice…
Yeah are paying principle and interest without offset because our interest rates are quite low….to transfer to an offset account this would push our interest rates up and we are quite happy with the variable rate we have secured so far.
Inregards to another property I am thinking very carefully what to do now with all the bad predictions of interest rate rises going well into the next few years. I am lucky to have a couple of blocks of land that were donated by my parents so that may now be the best move for me….building and then selling one of these blocks and keeping the other as a PPOR when I return to tasmania… thanks again for all your great advice…listen to it all…cheers
tuggerwaugh
Gotcha…..
Well I hope with the latest interest rate rises that getting a nice decking would hopefully improve the value of the property by at least that ratio of 1:3. And maybe even allow me to bump the rent up by 5-10 dollars over the next 6-12 months. Cheers JONCHU
tuggerThanks JONCHU….
What is the 1:3 ratio you are talking about? The property is a 1985 4 bedroom, 3 bathroom property with a 1-2km direct line of sight to the beach….all I can think of now to improve the property would be a good decking… cheers
tuggerwaugh
Thanks Jonchu..
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Well the house is in Tassie but even in winter there is nothing better than rugging up and sitting on the veranda with a nice hot coffee….what would be a rough guide to a 20m2 veranda timber decking? cheers
tuggerG'day Chris…
I am also 28 and with my partner (26) we have two IP and pretty much jumped into it before we had researched a lot. We are both on salaries of $70,000 and although we might not have done the research, we feel we made a few good investments. Having now read a few books, magazines and been reading and writing in these forum topics and researching through the net, I feel that the most important thing was getting into the market. Our rent is paid by the government along with all power and water bills as we are living and teaching in an aboriginal community in the NT, so all our wages pretty much go into paying our mortgage principle and interest. With 2 negative geared properties and a block of land, our next move is to purchase a positive cash flow property in the next 12 months and then build on the block in the next 2-3 years. Onwards and upwards. cheerstuggerwaugh
G'day Pete…
Yeah I would love to get into the land and building aspect of investment but having bought our first 2 IP this year I think I've still got a lot to learn before I venture off down the track of buying land and building units/townhouses. My parents have just given me a 3000m2 block of land in Geilston Bay so hoping to build our PPOR there and maybe down the track look to subdivide or sell off as a potential development block. Like the idea of Sorrel as it is a bit of a gateway to the east coast. cheers
tuggerG'day Terry…
Thats pretty much answered all the questions I was after… Now to look for quotes to build….that should be the fun stage. Yeah would love a spreadsheet from one of the lenders you have that would be great. Cheers terry
chrisG'day Terry…… good advice from you as always…
With drawing down these lump sums for construction I'm under the assumption that the bank or lending agency have a say in when these sums are handed out and need to inspect the property in stages as its developed. Can this hold up construction or are they normally pretty good with getting out and forwarding the next amount of money? Would you also need to give the banks a detailed run down or construction times in order to have $$ available when needed? cheers
tuggerwaughgday joelc…
Nah thats good info. Just getting a bit confused as to how to unlock that equity in the properties but maybe holding off for a few years to increase capital growth would be a good idea. Cheers
tuggerwaugh
gday joelc…
Nah thats good info. Just getting a bit confused as to how to unlock that equity in the properties but maybe holding off for a few years to increase capital growth would be a good idea. Cheers
tuggerwaugh
Good one Pete…. the sandy bay property is in quayle street so it neighbours battery point and the kingston house overlooks the beach and derwent…. where are your investment properties? Are there any other good suburbs that you are prediciting to do well over the next 5-10 years? Those REIT reports are sometimes dodgy because they are based on a minimum of 3 properties being sold so the capital growth can be good on those suburbs… but it is only based on such a small number of properties being sold. cheers
tuggerwaugh
