Hi Richard,Please could you expand on this?  Which one would you have at 60% and which one at 80%?And if currently we arn't currently able to get a loan at 80%, why would we be able to in what your proposing?thanks for the feedback:)RgdsWayne

Hi Richard,I assume you were meant to say "why you wouldn't" get finance…?The issue at the moment is that using the 60% rule, the banks will only lend us $665,000.However, we also need an extra $75,000 to pay off the LOC and $31,000 for stamp duty and fees.This leaves us $106,000 short.cheersWayne

yes – the building side of things is something I've been looking at.  Again, within metro my problem here is that the holding costs just for the land itself wouldn't be viable and time to build the property is also an issue.One thing I have been looking at is building a kit home on a cheap block of land in regional country areas.  This way the h…[Read more]

Cheers Richard!Terry, i see where your coming from though in my scenario I'm trying to structure an income based portfolio that will allow me to increase my income.  With this increase in income I then plan to migrate from working as a roof plumber to investing/renovating/developing property on a full-time basis – hence requiring such a yield.

Hi Guys,Thanks for your detailed responses. Great to hear that loans with 80% LVR are available.TerryW – what you are saying seems to make a lot of sense.  I guess this is what Richard has touched on by saying to avoid "cross collateralisation".  If I structure it how you've mentioned then this would be easy for me to sell my PPOR and not have t…[Read more]

Hi Spiro,Thanks for your feedback.1. Serviceability – yes, i thought this would be a problem.  As I'm a sub-contractor and run my own business I've heard that banks aren't comfortable lending over 60%.  If you keep your LVR under 60% do banks even look at your income?  I've heard that if you go for a Low Doc that you sign a declaration or so…[Read more]

Hi Guys,Thanks for your replies.  My friend is moving to Queensland soon and we will be mostly communicating via email.  As he's doing it as more of a favour for us we wanted to provide him with my detail as possible so he doesn't have to do too much work.Steve -the smartdraw looks pretty good – I'll download a trial version and see how we g…[Read more]

Hi guys,Thanks for the replies.  Yeah – I spoke with the council and any structural additions you need to get council approval for.  If you are replacing existing walls that's fine – you don’t need approval for this.You also only need a license if the cost of the work carried out is above $20,000 (eg, your owner builder license).rgdsWayne

Hi Guys,Thank you for your feedback – much appreciated.Yes – I'm currently earning an average wage of $800 p/w and have been writing tax invoices for all my work so I will be claiming this at the end of the financial year – which I guess I can then use as proof of income.  In the meantime I assume it's good to keep a full record of accounting e…[Read more]

Hi Crj and Geoff,Crj – thanks for the detailed reply – much appreciated!Now I have a better understanding I'm just filling out the online ATO forms to apply for an ABN and register for GST:)As there is myself, my partner and my parents involved I was told we should setup a family partnership then just get one ABN for the parthership rather than…[Read more]

hi guys,thanks for the feedback.  CRJ – so your saying that if we have a tenant the buyer wouldn't have to pay the GST, and if we don't have a tentant they would have to pay it? If we go down this path of finding a tenant first, do you think we would be narrowing our market to "investors only" rather than "owner occupiers"?And in this case if we h…[Read more]

Hi Elka & hallg,Hallg – Looks like your doing alrite out of yours! a 9.6% return is fantastic.Elka, cheers for those links.  I'll have a read through them tonight.Yes, its a its a factory unit/showroom approximately 90sqm, with a 20sqm office on the 2nd level.Unfortunately now the agent has the the O&A signed he hasn't been to helpful with the…[Read more]

Hi Elkam & Hallg,Thanks for the replies.  I have contacted a Commercial PM and am waiting for him to return my call.  If you don't mind me asking, what yields are you getting on your properties?Also, I've heard it's common for rents to be worked out on a sqm basis.  Do you think this would apply more to offices, rather than units?  Here's a pic…[Read more]

Hi Hallg,Thanks for the reply.  Yes, the unit is actually located one street away from residential housing, therefore I suspect this is why such a restriction has been put on them.  I'll give the City of Wanneroo a call to see if they can give me more details.I've actually just come across a map of the p…[Read more]

Hi Hallg, Thanks for that.  I will ring around and get some feedback.  One thing I'm a little concerned about is a few special conditions in the contract.  There are as follows;  This offer is subject to the buyers approval of the Sellers Special Conditions.This offer is subject to the buyers approval of restrictions of used issued by both the…[Read more]

hhmmm – this is an interesting post.  I've been looking at Cairns and compared to Perth it's quite attractive – though i guess you could say that about most other states!  The rent returns seemed quite reasonable, though I guess this is because Cairns is more of a "volatile" region/city.

Hi Dazza,I agree with what you are saying though most of the action amongst the lower end of the market has died down.  I've had a house on the market for 3 months in Merriwa and not a sniff!  At the moment there are tenants in the property so it will help once they are out (in a couple of weeks) and I can have weekly home opens – though the t…[Read more]

Hi Guys,

Thanks all for the replies:) I manage to find some forms at http://www.propertydivas.com.au and also for WA specific at
http://www.docep.wa.gov.au/default_cp.asp?id=cp/dev_publications/forms&menu=menu_cp#bonds

cheers

wayne

Wayne Leech

http://www.WaynesGuide.com.au – Accommodation in Western Australia.
List your holiday home for FREE!

cheers calvin;)

Good to hear from you! it’s been a while! Yeah I’ve started up a company on the side called OpenTravel (http://www.opentravel.com.au) I’ve moved away from Real estate in general as this is too competitive. I’m now focusing on holiday homes – eg, go to http://www.waynesguide.com.au and you’ll see hundreds of holiday homes in…[Read more]

btw, if anyone wants to know what somerley looks like – there ya go:) our house was finished bout 2 months ago – as you can see there is still alot more construction going on in our street!

Wayne Leech

http://www.WaynesGuide.com.au – Accommodation in Western Australia.
List your holiday home for FREE!