Hi Guys,
I'm looking to buy by the end of this year. This is the situation:
Price range: 290k – 320k
I've got about 40k deposit
This week I'll be arranging my loan with the help of my accountant to maximise future buys and minimize tax.I'm looking at 3 suburbs for my 1st IP. I'll have a buy-hold strategy and, according to my finances and my low weekly expenses and relatively good income,. I'm looking at negatively gearing with (hopefully) positive cash flow in the long term. My strategy does not include selling any of my properties (this may change of course).
What I need help guys is my with my numbers. I know all the things I have to consider (closing costs, stamp duty, solicitor, etc, etc) when buying (not only my deposit!), and my accountant is helping me with that as well. I'm wondering if anyone has sort of a spreadsheet/website that I can just feed it with my numbers and provide me with yield(this is relatively easy to calculate), but also with a ROI for a time-frame period, how much would cost me to keep the property, including many factors such as depreciation and other costs?
Thanks
Welcome, aegcp – enjoy your stay!
Whilst I'm sure someone here will have a spreadhseet, perhaps it may be worth your while purchasing a property investment analisys program – I use one from Somersoft and love it but there are plenty around. Expect to pay for it but it'll be worth it in the long run.
Great, if it's going to save me thousands in the future, I don't mind paying for it… I'll have a look at Somersoft.. if anyone has other sites they used please let me know. thanks!
Hi Aegcp
Welcome to the forum and I hope you enjoy your stay with us.
One thing I would certainly suggest is that you do not put all of your deposit (less of course acqusition costs) into the deal and on the basis that you have $40K only would strong suggest that you look at a 95 or even 100% IP loan and then utilse a 100% offset account to give you a combination of interest savings but more importantly flexibility.
Certainly at this level you will incur LMI or similar (Remember any premium is Tax deductible) but in most cases this can be added to the loan (with the exception of a 100% advance) and will give you choices that you will not have if you utilise all of your cash savings as deposit.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
