Why not try for both? Find an IO loan that allows extra payments. That way you can pay your extra $100 pwk but not be committed to it. You could then access the extra equity when needed.

Or an offset account might work for you – you put the $100 pwk into the offset account and it reduces the interest you pay by deducting the balance of the offset…[Read more]

Hi Anthony

I did the Just Renos course also.

I’m sure you would pick up at least something from the seminar, however you may not feel your money is justified.

I know some people on the forum are opposed to spending money on seminars, and believe they can pick this knowledge up from elsewhere cheaper. I attend an average of 2 seminars a year,…[Read more]

It depends on what you are looking for. They give good general info about property investing, and basics about renovating. However, if you already have experience, or are reasonably knowledgable about investing, you may be a bit disappointed.

I thought there would be more tips and “how to’s” for renovating. For me, it was an enjoyable day, but…[Read more]

What is the vacancy rate in the area? If there is a strong rental demand, and the tenants don’t want to pay market rent, give them the required notice and find a new tenant.

Make sure you increase the rent in accordance with the market from then on, so you keep your investment in line with others. Most tenants expect an increase periodically, and…[Read more]

TFN = Tax file number.

It sounds like you’ll need one, and its easiest to apply for both at the same time – just tick the box.

Wake

Hi Puddlegum

If you have set a goal to retire at 40, you will hopefully have worked out what income you need to be bringing in to live on. Assuming you don’t yet have enough properties to generate that income, then generally, investors that are in the growing/accumulation phase will opt for IO loans, as the principal you might have otherwise paid…[Read more]

Hi

I don’t know how Councils work out values, but your value for building insurance will probably have no connection to this at all ie. the difference between the market value, and Council value of land is not the value of the building for insurance purposes.

Building sum insured should cover the cost to demolish and dispose of the house, all…[Read more]

Hi

Depends what state you are in. If NSW, and the vendor is the owner who strata titled, it s unlikely there will be an owners corp actively set up yet. This has to be arranged once a minimum of one third of the unit entitlements are sold eg if there are 6 units, and they each have the same unit entitlement, then if you sell 2 you need to…[Read more]

Don’t waste time worrying about whether it’s too good to be true. Put your time into checking market rents for similar units/houses to see if the rent is fair, and that market value is also fair (if not already done). In our experience you will usually get a higher rent return on a property that has several dwellings, than if being used just as a…[Read more]

I agree with Kim. If you are looking for nuts and bolts, or are already experienced at renos or investing in general, you might be disappointed. We felt as Kim did, that it was good info and well presented, but very little about the nitty gritty of renovating.

Wake.

Hi Kieran

Assuming you have a strata manager, just a simple letter or fax would be helpful. Tell them the problem, as you did in your post, but a little more detail eg are the rollers on the door past it, or does it rub or jam somewhere? Anything you can identify helps them. Provide contact details for a tradesman to arrange access ie managing…[Read more]

crj has the right idea.

If you bought an IP for $200k and rent was $300 pw, the yield would be 7.8%. If you did well and bought under market value, you might be achieveing that 7.8% in a location where perhaps 6.5% was the standard return, as an example.

If over time, and for whatever reason, the accepted rental yield in that area dropped to 5%…[Read more]

My husband just swapped his 2001 Ford XR8 for an XR6 Turbo FPV Typhoon. Fantastic! Goes like a rocket, handles like a dream, very smooth. We opted for an 18 month old model with minimal mileage, leased through our business.

I drive a 2003 Falcon wagon, which I love. Fits everything, tows the trailer, plenty of power and great to drive.

Wake.

Sam & his website have been discussed before, so a search should reveal more info. They are legitimate, but as with any person/company offering properties for sale, you need to do your own due diligence on the area/type of property/rent/price etc to make sure you are comfortable.

The cheaper properties with higher rents are often in smaller…[Read more]

Hi Grant7

You should check with the local council. I know in some areas if the DA was approved specifically as an over 55’s complex, this is registered with the title, and although anyone can buy, only over 55’s can live there. Many sales agents are ignorant to the fact so their advise is probably next to useless. Having said that, you might get…[Read more]

Hi

I can only advise on the situation in NSW, so if you are buying in another state you should check with the Office of Fair Trading or equivalent to find out the body who can advise you.

The owners corp can resolve to register a by-law/s that gives each unit the right to the exclusive use of certain areas of common property. This can include…[Read more]

Hi

We have had access before settlement on two IPs. One was a deceased estate, and a special condition was put in the contract to allow access for specific purposes ie recarpeting, repair balcony rails and some painting. The second had nothing in writing, but the owner moved out a few weeks before settlement and agreed to let us in to do basic…[Read more]

Hi

We use a solicitor in the state we are buying in. The legalities vary from state to state so we don’t think its likely that a solicitor will be familiar with all state laws.

I could be wrong, but I recall reading that in Qld you have to use a sol. from that state?

Wake

Hi

Strata searches are carried out at the place where the strata records are kept (strata manager’s office or committee member’s home, if self managed), usually by professional searchers. Look up “strata searchers’ in yellow pages. There is not one central location. A report is compiled covering the various facets of the owners corporation, of…[Read more]

Mat

Depending on what state you are buying in there is no requirement for the agent to supply the last two years AGM minutes. Ask your solicitor to arrange for a search of the strata scheme records, and you will receive a report on things such as the financial status of the owners corporation, any pending additional levies, planned major works,…[Read more]