alex is a she?
$450 - $700 K Mt Lawley or Inglewood PPOR
- Thread starter Alex P Keaton
- Start date
This should never have passed the OP's smell test. A figure like that should have made the OP run some quick figures, realise that she couldn't afford a 700k loan, and seriously question the MB.
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I must've just got confused. Next time I'll take some notes
I'm on $59 k pa
Im pretty sure it was a gross figure Fifth. The MB was just filling her full of confidence I'd say. Don't worry, she's changed her mind another 3 times since then
Lol cheeky thing...
yeah but alex p keaton is a boy, see the confusion ... hmm????
Like sands through the hourglass, these are the days of our lives.....
Stay tuned!
Stay tuned!
Alex loves money, I love money. I love the show family ties. I think it's a clever nickname
. Loved m j fox in back to the future too. My favourite movies. 
A very common question (besides what is the rate?) is how much will the bank loan to me?
Based on the figures provided by Fith above, assuming no other debts, Alex P could in fact borrow up to $792,000 according to NABs serviceability calculator (granted one of the more generous on the spectrum) so could purchase a property at $700,000 and is likely limited by available equity/cash for a decent deposit?
Living at home and collecting rent on two existing IPs plus rent for the potential 700k purchase with a conservative rental income of $600/week or 4.45% gross yield this is possible.
My mentors, who's licence I operate under are very clear that as an MB, in no way am I to advise on what to buy, how much for and where (amongst other things) but simply to present the facts, as requested by the client and a recommend finance structure/strategy.
Wether it is wise or advisable will depend on the OPs strategy, future goals, plans, risk profile etc and something they must satisfy themselves and not an MBs place to say yay or neigh imo as this type of advice is not covered by the PI insurance of an MB from my understanding.
I have clients earning less than the OP with more properties who are doing very well and woe unto me if I told them they are out of their depth and cant borrow what the bank says they can. Not my place to be a financial counselor (nor any other MBs) as it is not my business nor am I qualified in this field but at the same time more than happy to give my opinion/perspective ONLY if asked!
But hey that's what these forums are for, unbiased, accurate and unassuming advice, isn't it???
Based on the figures provided by Fith above, assuming no other debts, Alex P could in fact borrow up to $792,000 according to NABs serviceability calculator (granted one of the more generous on the spectrum) so could purchase a property at $700,000 and is likely limited by available equity/cash for a decent deposit?
Living at home and collecting rent on two existing IPs plus rent for the potential 700k purchase with a conservative rental income of $600/week or 4.45% gross yield this is possible.
My mentors, who's licence I operate under are very clear that as an MB, in no way am I to advise on what to buy, how much for and where (amongst other things) but simply to present the facts, as requested by the client and a recommend finance structure/strategy.
Wether it is wise or advisable will depend on the OPs strategy, future goals, plans, risk profile etc and something they must satisfy themselves and not an MBs place to say yay or neigh imo as this type of advice is not covered by the PI insurance of an MB from my understanding.
I have clients earning less than the OP with more properties who are doing very well and woe unto me if I told them they are out of their depth and cant borrow what the bank says they can. Not my place to be a financial counselor (nor any other MBs) as it is not my business nor am I qualified in this field but at the same time more than happy to give my opinion/perspective ONLY if asked!
But hey that's what these forums are for, unbiased, accurate and unassuming advice, isn't it
???
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Gross income is still 92k inclusive of rents ($123k+ including potential rent from a 700k purchase) and can be used in the banks calculator but taxable income will shift downwards once interest costs etc are factored into the equation.
update - my valuations came in
So I've decided to sell Dianella and sooner rather than later. I'll make around $20 or $30 k profit after taking into account capital gains tax and agent fees. Its just too much of a drain on the finances with ongoing repairs and maintenance issues and it will only get worse in the years to come as the complex was built in the 60's. I'm going to sell it and re-invest.
The valuations are in.
Highgate property came back at $275 K (55 k lower than id hoped)
Dianella came back at $235 K.
Currently my LVR is 74%
When I sell Dianella my LVR will be 275/177 = 64%
After Dianella is sold (by the latest middle of the year) I will start putting offers down for my next IP. I'll be looking for either an older style duplex or triplex or a villa with large land component (not older than the 1990's) in the Inglewood, Dianella, Bedford area.
Selling Dianella would also benefit me as well because I had to uprade my car today so I need to rebuild my savings buffer. That is not the main reason though why i'm selling. I think I can use the equity and invest in something that will achieve better CG, and something newer so there wont be as many issues with repairs that you get with a 1960's building complex. I'll be fixing the loan for 3 at 4.8 or 5 years at 5.8. and buying something between $370 K - 450 K
Oh and I did well on the car front. I wanted a sportswagon so I could put my bike in the back. I picked up a 2012 hyundai i30 wagon for $17,700 with just 23,000 km on it. Not a bad deal! I saw a lot of cars (looking australia wide on drive.com) where hyundai wagons that had done 70,000 km's were costing $16,000. Well mine was only $2 k more with very low km's. I'd rather pay the extra 2 grand for way less km's
So I've decided to sell Dianella and sooner rather than later. I'll make around $20 or $30 k profit after taking into account capital gains tax and agent fees. Its just too much of a drain on the finances with ongoing repairs and maintenance issues and it will only get worse in the years to come as the complex was built in the 60's. I'm going to sell it and re-invest.
The valuations are in.
Highgate property came back at $275 K (55 k lower than id hoped)
Dianella came back at $235 K.
Currently my LVR is 74%
When I sell Dianella my LVR will be 275/177 = 64%
After Dianella is sold (by the latest middle of the year) I will start putting offers down for my next IP. I'll be looking for either an older style duplex or triplex or a villa with large land component (not older than the 1990's) in the Inglewood, Dianella, Bedford area.
Selling Dianella would also benefit me as well because I had to uprade my car today so I need to rebuild my savings buffer. That is not the main reason though why i'm selling. I think I can use the equity and invest in something that will achieve better CG, and something newer so there wont be as many issues with repairs that you get with a 1960's building complex. I'll be fixing the loan for 3 at 4.8 or 5 years at 5.8. and buying something between $370 K - 450 K
Oh and I did well on the car front. I wanted a sportswagon so I could put my bike in the back. I picked up a 2012 hyundai i30 wagon for $17,700 with just 23,000 km on it. Not a bad deal! I saw a lot of cars (looking australia wide on drive.com) where hyundai wagons that had done 70,000 km's were costing $16,000. Well mine was only $2 k more with very low km's. I'd rather pay the extra 2 grand for way less km's
Well there's a plan for this afternoon ... am sure you will change your mind by sun down, I've already gone off on at least four different tangents after the meet up and arrived back at where I started ... scratching my head and wondering what to do!
maybe something like this duplex
http://www.realestate.com.au/property-duplex+semi+detached-wa-dianella-115651711
http://www.realestate.com.au/property-duplex+semi+detached-wa-dianella-115651711
Looks good.
Love Dianella, great spot.
Things are moving ahead with me now and I will be buying within the next few months!!
I dont want to reveal too much at this stage. I'll start a brand new thread in a couple of weeks time and journal my experience I'm really excited !! hehe
I dont want to reveal too much at this stage. I'll start a brand new thread in a couple of weeks time and journal my experience
I'm really excited !! heheI'm on Allens waiting list. 2 - 4 weeks wait. I'm also talking with property pursuit. I'm waiting for my tenant to sign the latest lease renewal and then ANZ will process my application.
I hope I have saved enough money for my buffer. I paid $18 k cash for my car and have $17 k now left in my bank. So i'm thinking it might not be such a bad idea to wait for a few months first before investing but I dont want to leave it too late that i miss any growth! I'm saving $1000 a month. Mum is getting more and more used to and comfortable with this idea by the day. So that is good. As I said in another topic. She is keen to do renos with me in a few years time in Perth
I'm really excited about the future.At first she though WHAT BRISBANE your not investng in Brisbane. She can now see the benefits and is asking me questions. We have started having discussions but I dont say to much so as to frighten her.
