wblack replied to the topic Bank valuations in the forum Help Needed! 12 years, 6 months ago
Thanks Jamie. So in theory, if our contract states we are to borrow $600,000, and based on a bank valuation, the bank is only prepared to lend us $590,000, this would be an 'out', regardless of whether we can raise the additional $10,000 or not.
wblack replied to the topic Property price range in the forum General Property 12 years, 6 months ago
Thanks Jamie, excellent advice.Cheers…
wblack replied to the topic Property price range in the forum General Property 12 years, 6 months ago
Thanks Jamie, does that mean the vendors are likely to sit on the offers and then take the best they have, other than make an 'on-the-fly' decision on the offers as they come in?Warren
wblack replied to the topic Lots of bright ideas in the forum Creative Investing 12 years, 9 months ago
Thanks Michael and Richard for the feedback and advice. The end goal for us at this time is to put ourselves in a position where we are able to borrow to purchase a new home for ourselves to live in. We are thinking the purchase price would be capped at somewhere around 400k. We want to keep our two existing properties somewhere in our portfolio,…[Read more]
wblack replied to the topic Self Managed Super Fund and Investment Properties in the forum Help Needed! 13 years, 6 months ago
Thanks 'No Mates', we'll see what Mr. Swan has for us tonight
wblack replied to the topic Interest in Advance/Interest Only in the forum Help Needed! 13 years, 6 months ago
Thanks for the reply Jamie. Our PPR loan is already 100% offset, so all good there. I'm no rocket scientist when it come to clever accounting and taxation, but I suspect our account is talking Interest Only as a means of gaining maximum tax advantages. I'm just trying to get a better understanding of how Interest Only works, and at what point is…[Read more]
wblack replied to the topic Pre-Settlement Home Insurance in the forum Help Needed! 13 years, 8 months ago
Just for the records, Allianz won't insure in the town we have purchased in. Had to shop around. No problems with GIO.
wblack replied to the topic Pre-Settlement Home Insurance in the forum Help Needed! 13 years, 8 months ago
Yes, advice from our legal people was: Building insurance should be in place from when the matter is unconditionaland your finance has been approved to protect you as Purchaser.
wblack replied to the topic Pre-Settlement Home Insurance in the forum Help Needed! 13 years, 8 months ago
Thank JacM, consider it done!!!
wblack replied to the topic Pre-Settlement Home Insurance in the forum Help Needed! 13 years, 8 months ago
Hmmmm, so it can't hurt to have it. We're in Victoria and no-one seems to know for sure if we should or shouldn't. Maybe better to be safe than sorry.
wblack replied to the topic OK, here we go……. in the forum Help Needed! 13 years, 9 months ago
No.
wblack replied to the topic OK, here we go……. in the forum Help Needed! 13 years, 9 months ago
Catalyst wrote:
OK do tell. How did you overcome your fears? Did you use a buyers agent? I'd love to hear your processes that helped you decide this was the one.Before you said you'd bought I was going to say look at the numbers. That's what counts with IP's. Friends say "I wouldn't buy anything I wouldn't live in myself" which is why they own…[Read more]wblack replied to the topic OK, here we go……. in the forum Help Needed! 13 years, 9 months ago
Finally….today we took the plunge and signed up to our first investment property! Thanks to everyone for their feedback on this discussion and other discussions we've posted, and for the forum overall…..the advice has been invaluable just to get us this far…
wblack replied to the topic Buying units/townhouses in the forum Help Needed! 13 years, 9 months ago
Thanks for all the feedback so far, it's much appreciated. The unit we have in mind is one of 10 that are for sale. No pools, balconies etc, just 10 2 bedroom unit on the one block. They are all owned by the same person and being sold off individually. They are one and half years old and all currently tenanted. Any alarm bells here for anyone? Warren
wblack replied to the topic When can I see the Section 32 Statement? in the forum Help Needed! 13 years, 9 months ago
Thanks JacM……excellent advise that I'm sure will sit well with me for the years, and many investments, to come…. Cheers !
wblack replied to the topic When can I see the Section 32 Statement? in the forum Help Needed! 13 years, 9 months ago
Thanks xdrew, understand that, but am I entitled to view the section 32 at any time,. providing one exists, or do I first need to enter into some type of agreement regarding my intention to purchase the property?
wblack replied to the topic OK, here we go……. in the forum Thanks Amanda, certainly 13 years, 9 months ago
Thanks Amanda, certainly appreciate the feedback. The dinner party scenario is no issue for us. Our only goal is to secure our future, but to not make too many "big" mistakes along the way, so just looking to hear experiences from other first time investors. All our research tells us to go exactly the same way you have, and that is the di…[Read more]
wblack replied to the topic Is our ‘equity’ deposit subject to interest? in the forum Finance 14 years ago
Wow, I might be starting to actually follow this. So, based on all that, if we were to draw $50,000 as a deposit on an investment property from the equity we have in our PPOR, and if the interest paid on the 50k is tax deductable, we would be better to re-draw the 50k, and then dump the 50k cash we are sitting on, back into the PPOR loan, so our…[Read more]
wblack replied to the topic Is our ‘equity’ deposit subject to interest? in the forum Finance 14 years ago
Thank you v8ghia, so it fair to assume that it's better to use our cashas a deposit, rather than our equity?
wblack replied to the topic ROI Formula clarification in the forum Help Needed! 14 years ago
Thanks Thommo, really do appreciate the reply, but I'm thinking maybe it does show that this might all be a bit over my head, as that only confuses me twice as much and I have no idea what all the figures actually mean, or what figures to put where. My question probably wasn't structured quite right in the first place either, but thanks anyway,…[Read more]