Recent content by bradwilks80

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    Buying unit from Brother...

    Thanks everyone for your input - especially Kristine for your great reply... There is a lot of info to work through. This will be my second IP. So no First home owners $$$ and I will be using equity from IP1 (IP1 Value $210000 - owe $90000) as a deposit on IP2. I also have $30000...
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    Buying unit from Brother...

    Thanks PT_Bear, The property is in a good beach suburb that has rented well over the last 10 years or so. In 1999 the rent was $160. In 2003 it was $210. Today is $250. As I stated the purchase price is ~$300000. The rent is $250 p/week rent ($13000 p/annum). Costs last year were approx...
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    Buying unit from Brother...

    Hi All, I have a few questions. I am considering purchasing a 2BR unit in NSW that my older brother is considering selling - He is selling to finance another venture. My questions are: 1. Is there any way of transferring ownership without incurring stamp duty and other taxes? Possibly via...
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    What's to know about Duplex's?

    Hi all, As many already know I' am currently searching for a second IP... I have been looking at a duplex purchase. I am only looking to buy 1 of the 2 units in the development. It is a standard 'side-by-side' standard dev. What laws are there to ensure both owners maintain their...
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    SMH- Rent law revamp to lure investors

    water costs. "Many renters will also find they have to pay water charges currently borne by their landlords, Fair Trading Minister Linda Burney has told Fairfax newspapers." My tenant currently pays for water usage and I pay for the actual service/infrastructure charges etc. Will this...
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    Reason for not using funds for deposit?

    All, I am considering buying a 2nd IP. I will be using equity on IP1 as a deposit. I also have the required $12000 in cash savings for Legal/Govt costs. I have contacted my bank and they advised that as the property being purchased is an investment I would be better off borrowing the full...
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    Am I ready for Second IP?

    Alex, Thanks for your comments. My Fortnightly after tax income is $1500. I have been paying $500 p/week off current IP mortgage but want to slow these payments down before it becomes positively geared and use some of my $$ on another place. I have been saving a fair bit of $$$ additionally...
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    Am I ready for Second IP?

    Les, Thanks for your comments. Yes - I will ask about a tax variation to keep the money in my pocket and make it easier to pay the loans off week by week. Yes - I got a depreciation report completed on IP1 and have received some good cash returns from this process. At this stage I...
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    Am I ready for Second IP?

    Hi all, I would like your opinions if you think I am ready/able to purchase my 2nd IP... Details: IP1 valued at ~$210000 - currently owe $95000. Looking at IP2 for ~$250000. Have pre-approval for $300000 using 20% deposit from IP1 equity. Monthly repayments for the 3 loans would be a...
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    Is this too high for strata costs?

    Hi all, I am looking at a 2br unit for sale in a complex of 4 units. The strata fees are $450 p/quarter, and council rates are approximately $600 per year. Is this too much to pay to strata? My current IP I own is $330 p/quarter. What questions should I be asking as to why it is this...
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    Is this deal any good?

    Graeme, My only reason for considering the property was: 1. Possible Capital growth in coming years after lease expires with DHA. Surrounding houses in the steet are selling for >$370000. 2. Returns may get better once I rent using an agent. 3. 3 bed Units on shared land cost ~$280000...
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    Is this deal any good?

    Steve, The property is being sold via an agent - not DHA. It has been on the market for some time... Would I better off letting the DHA lease finish in 2008 and going to a normal agent for private rental? Anyone else's comments also welcome... Thanks again
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    Is this deal any good?

    Hi all, I am looking at purchasing my second IP. I would like some comments on a property I am considering. The purchase price is $315000, but I would like to only buy for ~$295000. I have pre approval for the loan, using a deposit of $72000 for 20% deposit and purchase costs - using...
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    Whats my best option?

    Hi all, My last question was not really answered: I have just had a look at my lenders website. I am not sure I qualify to have an offset account... A 100% offset is only an option on their 'premium loan' products. But there is mention of a partial offset for other accounts. How...
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    Whats my best option?

    Thanks for the advice, I have just had a look at my lenders website. I am not sure I qualify to have an offset account... A 100% offset is only an option on their 'premium loan' products. But there is mention of a partial offset for other accounts. How does a partial option work? My...
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