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Hi Dazz .. from one of your earlier posts .." Come on in .. the water's fine". In fact, we've just today signed all the re-financing paperwork with one of our lenders. Went great. Val's all come in OK. LOC's increased. We're "flushed" and ready to play. Hope the cruze went well .
LL
Are lenders happy to lend to LOE people these days.
Are you using conventional finance or low docs.
Are you using low LVRs to avoid scrutiny by the lenders?
Originally Posted by Dazzling
The houses have literally been a fantastic stepping stone onto bigger and better things, but have relegated themselves to be a cashflow millstone around our necks. As I mentioned in a previous post, our longest held ressy prop just finally ticked over to be +CF by $ 13 p.w. before tax....after 10 years of propping it up. The others are grossly negative and frankly I can't see them ever paying their way.
For example, one of our costs $ 1,700 per week to own....and rents for $ 400 p.w. As you can appreciate, it's gonna be a while before it's off my back. When do you think someone will pay me $ 1,700 per week to live in an old 1950's 3 bed house ??? Hmmm.
Congrats Dazz,
How are you guys going with getting the finance these days? Being rent reliant? ( No. interest plus costs plus living exceeds rents)
Is sub prime making it difficult? ( No, doesn't seem to come up.)
Are any of you refinancing while you dont have a PAYE job or business (yes) or is the idea to get the big loan before you quit? ( also a good idea, but just a step along the LOE path.)
Are lenders happy to lend to LOE people these days. ( Mine seem to be, but the loans are "substantial". )
Are you using conventional finance or low docs. ( conventional ..I think..we just give 'em whatever they want to see..open book).
Are you using low LVRs to avoid scrutiny by the lenders? ( avaliable LVR on one facility is 80%, another is 60% ...but we don't use anywhere near those limits. )
MJK
She never turned up....I can't be much of a prospect huh !!
She re-scheduled for next week, so I'll know more then, but it sounded like it was going to take a while (read months) to set up.
Jeez, did you explain much about your situation Daz? If I was a MB and got a call from the likes of yourself, I'd be salavting and knocking your door down!
Just read an article on the 2007 Top 100 MB's in Australia... Lists a few from WA in the top 30...Anyway, if anyone knows of a crackingly good Perth MB, givvus a hoy.
... Back from the rig? Checked the deodorant?She never turned up....I can't be much of a prospect huh !!
You are entering rarified atmosphere. Yes .. allow for months.... (read months) to set up.??
Yep..they are incredibly "systemised". While you're working you have "income" and "tax returns" ...which fits "one" of their systems.... In terms of the salary, the MB definitely mentioned that it would be best to set all of this nonsense up before I leave paid work.
... get used to that one !... keep on mentioning things like "When are we going to get paid the loan funds back ?"
"When are we going to get paid the loan funds back ?"