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Bit off topic but isnt Kingston a great area now? The waterfront is awesome...have seen it develop over the last 20 years, only visiting once a year and the change over the last 5-10 has been phenomenal!!!

It rarely is...put together your numbers and make a fair offer...if its not acceptable there will be other properties in the area you can use the same numbers etc on...if there is only 1 property in the area you feel your numbers can work on then you are in the wrong area!

The formula on a structural reno is purchase price x1.9 needs to equal sales price. BUT - if you are adding a bedroom or bathroom at that price point it should be close to achievable...the key is really making sure you stick to your budget or find ways to come in well under budget...I know...

From purely a numbers perspective here is how Cherie Barber does a high level overview of a project. - Review what reno'd properties will go for. - Purchase cost x1.42 needs to be either under or matching the sale price (as per above point) - This is taking into account a reno budget of 10%...

Great idea Rixter - thank you!

Sure - so if you split loan (apologies for using the term "increased" but I meant split) do the extra repayments from your split loan become tax deductible? If the answer is yes (so long as you use them for re-investing) how do we show this to the ato if audited? IE, for my last split loan, I...

How does the ATO measure where those funds are spent??? Also, when you get your interest statement at the end of the year from the bank, how would you break down what is legitimate taxable interest from the original property purchase and what is additional interest that wasnt re-invested?

Good point... Obviously the landlord component isnt relevant until you have tenants in the property but do I need to get other insurance or take out home\landlord insurance to cover all the internals such as fixtures and fittings etc (anything internal and not covered by building insurance)...

Just looking for guidance on when to purchase landlord insurance for a new OTP property that is coming up to practical completion phase shortly and why it's best to purchase at that point? - Practical completion phase - Settlement - Upon placing tenants into the property Any other...

Hi Terry, have I got this wrong somehow? Wouldn't increasing the LVR on the loans result in higher interest which is deductible?

Here are some numbers...lets assume you have $1million worth of property consisting of 4 x $250k properties. Scenario 1: Rental Income = $250 per week = $13000 per year x4 properties = $52,000 per year in total rental income. If your total lending is at 50% LVR you owe $500,000 and at 5%...

Yeah, one of the Mortgage Innovations people...this is where they steer CBA staff for staff loans...he has worked hard for me so far and I've been happy but with the existing two purchases, and process to unlock equity I always intended to use CBA so wasnt looking elsewhere, nor did I have the...

Hey Rolf...fair comment and I don't intend in any way to catch out my existing broker... I will however pose to him the same 'general' questions in terms of what impact the third purchase may have when using cba...as he is a cba broker it will be interesting to see whether he provides all the...

Bumble - What LVR do you have over your existing 4 properties??? Have you considered increasing LVR which will both release equity to allow you to purchase more property etc? This will also increase the amount of deducatable interest you can claim on your existing properties and may help to...

There seems to be a lot of discussion about Sydney in general but lets look at Coogee specifically to identify potential for a short term reno now: - Are the majority of buyers owner occupiers? - Is the demographic in the 30-50 age bracket (highest wage earners)? - Is the demographic made...

Hey Guys, Thought I would provide a quick update on this one. So, property number 2 is coming up for settlement in a few weeks and I've decided to go with CBA and aim for 90-95% LVR. I'll be having a convo with my broker later this week on what is the best strategy for the approval whilst...

If you ever crack a tile and want to replace it it will be a nightmare getting the tile glue off without damaging the heating wires (whatever they are called)... Happened in my mates apartment, he works for a tile company and new what he was doing...unfortunately the person he hired to remove...

Thanks Brady, so total lending above 1Mill and under 90% can be done through CBA banking professionals package without CBA involving Genworth? I'm pretty sure I can actually work the numbers to put myself in this position when settling the third property so this is good to know if I decide to...

Fair enough and yes I've only recently joined the forum...I havent signed up with OWC in any way or purchased property through them. Definitely agree that they are for the passive investor using a buy and hold strategy, no doubt there are people on the forum looking for info on those...

Thanks Rolf...If my total LVR is below 80%, but I am going above 1mill lend with CBA does Genworth even come into the equation or do they only get involved with overall LVR above 80%