Brilliant Nathan…thanks.
Interesting how you can get so much more basic & practical info out of a 3 minute interview than what many of the $0000 seminars that people starting out seem keen to go to. Anyone new to investing should really take note of info like this, and someone not afraid to share real details up front.  (Unlike Mr. rich dd poor dad!)

Cheers

In reading this thread (about 3 x glasses of 'Red Truck Shiraz' worth) the above comment got me thinking about a guy I used to work for many years ago that we made a joke about that brings a smile to my face everytime…..  We'll call him 'FRANK' for the purpose of the joke….

" How to you make Frank into a successful small business person?"

" Give him a large business and let him take over…….."

Interesting info on Kiyosaki too on the website mentioned above…..I've always thought his stuff is full of shallow non specific's……….you read it for some pointers, find nothing other than some semi-sage anecdotes, and end up suicidal!…….. you would learn more from looking at some of the guys/girls here with a large property portfolio, and reading a copy of API in my humble opinion……

Enjoy your entrepreneurial spirit too Engelo……sounds like you're positioning yourself well.

Cheers

Hi Sha,

You cannot claim the FHOG if you have ever lived in a property that you have owned – even if it was originally an IP.
If buying an IP, and you want to claim the FHOG on another place later, do not even think of moving into the IP at anytime in the future or you've lost the opportunity. It is all on the OSR website – osr.gov.au

Cheers

hi Jean,

As mentioned you will find that the banks settlement are will have the exact wording that they require, and usually if they know it is being signed under POA will prepare/stamp the loan docs accordingly. Been a little while now, but from memory it used to refer to a 'Book Number' in NSW. Depending on the lender, some will also want to get your POA reviewed in some way to ensure that it is written to allow you to sign for a property transaction that you will derive benefit from.

Cheers

hi Macca,

Firstly, not sure if you were thinking of buying in Canada based on that post after yours??
Seriously though, it is good to avoid selling an asset that is performing well unless you have to.
You have plenty of borrowing capacity, and of course rental (or proposed rental) you get from the new or proposed property is used as income when assessing your borrowing capacity.
Without running any figures, assuming you are looking at doing something similar to your second property, or a basic buy and hold like your first one, you will not have to sell your first place.
Either via 'releasing equity' via a separate loan (such as a line of credit) or using the collatoral equity in the place with your current lender to allow you to fund the deposit and purchase costs and buy the place you will maximize your tax deductions as well as making the next step for number 3. (Called cross securitisation or cross collatorisation)  Selling is almost as expensive as buying, so avoid unless you have to or need to, or want to 'lock in' some profit.Out of interest, what was the purchase price on your Hobart unit 7 years ago?
You have plenty of options, and I am inclined to think borrowing against this place via a line of credit will give you the best flexibility to move forward.
All the best.

Cheers

Hi Rob,

Get as much protein & carbs into you as you can …..and then run and don't look back.!!!
If you are really cashed up and have some good contacts, as well as a suitable aggregation group to be part of as already mentioned, and you don't think you will need any money for 6 – 12 months it may be worthwhile.
Marty's comment about having to use your time for no reward also is very true. It's great to have a warm fuzzy feeling, and helping others in any way you can is truly a good thing – BUT it does not put food on the table.
Probably the wrong time to enter the industry too. IF it helps, I listened to several 'promises' from aggregation groups, and also from brokers who " wanted finance professionals to earn in excess of $100k per year" (small time ones as it were) several years back, and slashed my net worth by about 80% in the process……..so IF you mus….don't jump in mate without plenty of due diligence and tens of thousands of dollars worth of capital.

Cheers

Hi teds01

A residex report on its own is a bit like a vegetarian being given an uncooked rump steak. Seriously though, why do they want to do anything, what do they want to do, what are they trying to achieve?
Is it rented out with a stable tennant or is it empty? Are they trying to release equity or use it to by another place?
BIt more info and someone will be able to assist.

Cheers

If you are a very busy person, and not prepared to do any research, a good (empahisis on good) broker can definately be a good idea – and it does/should cost you nothing. That said, a broker is simply an intermediary, and unless in the minority that has a special relationship with someone at a major bank, usually via a dedicated Broker manager or business banker, is quite simply put, another link in the chain. To put things in perspective, the two main arguments 'pro broker' are:-
1 – Bank staff will not recommend any product other than their own.
   … Sheesh, what would you think if your CBA guy suggested you get a NAB loan – unless of course they were being very helpful 'off the record' if the CBA had declined your loan.  May I also point out, a broker will never recommend a loan via a provider that does not pay commission, and very frequently the lower paying commission lenders are only recommended as a 'last resort'. AND on that point would a broker continually provide advice & recommendations for no commission, or rebate all their commission as part of their service? Of course not; and why should they. Bank staff, all lenders, and mortgage brokers have to eat.

2- Brokers have access to 'over 10 banks & 50+lenders'……
  ….mmmm how many can you name of each?   Yeah, I thought so. Post GFC these days are well & truly over. Stick to a good major, which is what most good brokers generally recommend anyway as statistics form the MFAA confirm.

And as for the perceived problem of shopping around yourself can result in numerous credit checks being done, I thoroughly dispute this. True, if you sign a home loan application at every bank & lender you go to….yeah, it can & will happen. However, time and time again I see CRA's that show four or five enquiries that customers claim to know nothing about….'but I never went to those banks"….., that a bit of careful questioning reveals were all done via the broker they 'saw recently'. Very frequent occurrence once they sign the all encompassing paperwork the broker has asked them to for blanket consent.

Just adding a bit of balance……without taking anything away from experienced brokers regularly posting here. All the best with whatever you decide.

Cheers

Hi John,

Yep, credit unions simply don't cut the mustard on anything other than bread & butter one or two loans if you're game and you use a bank for all your transactional stuff.
Re packages, absolutely great value for money – assuming you use the lender for the majority or all of your other banking including rewards credit cards in order to maximise the annual fees. Even more value if you have couple of loans, and in the future will be restructuring, or evn buying more property, so as to benefit from no other application or swtich fees.
As already mentioned, NAB is a good one (choice) and the ANZ is ok too, although I can appreciate you would run a mile if that has happened.

Cheers

Please John also be very careful with the building and pest report clauses – many agents insert (to keep purchasers happy) "subject to building inspection" but that is not worth a cracker. You must make these reports "satisfactory to purchaser" or similar. Some agents take the liberty of 'looking after you' by adding 'subject to building inspection with no major structual defects' but that is not much better, and very open to interpretation.
All the best other than that!

Cheers