Is it OK to pressure a husband?!!
I think its usually called nagging. I try not to, but my hubby is ultraconservative when it comes to debt.
Yeah, of course it is us Hubbies are used to it which is why we have evolved to have selective hearing
My wife wants to slow down and I want to invest More and more
- Thread starter Dan_p
- Start date
Yeah, of course it is us Hubbies are used to it which is why we have evolved to have selective hearing
Thanks to everyone for all of the responses. It is truly valuable advice. It makes sense to ask for advice from people who live and breath property and get good advice instead of going to friends and family who may have never tried anything, might be jealous and not give the right advice.
We will spend the next two years putting as much money into the ppor as possible and re-assess then our position.
I still want to have 10 properties in 10 years then the following 10 years there should be good capital growth.
Thanks everyone.
We will spend the next two years putting as much money into the ppor as possible and re-assess then our position.
I still want to have 10 properties in 10 years then the following 10 years there should be good capital growth.
Thanks everyone.
Good luck...paying down debt can sometimes have good consequences as you stop worrying about the debt and can solely focus on finding great investments.
Cheers,
Oracle.
Unless I am missing something hear (and unless you have borrowed all stamp duty and other costs as well), the LVR works out to be 83.39% based on these figures?
Debt of $259k+$225k+$450k = $934k, Valuation of $350k+320k+450k = $1.12M.
934k/1.12M = 83.39%?
Not saying that it is time to buy again yet just that LVR not as bad as first indicated?
By chance we purchased ip 3 the other day. I really didn't think we would get it. By this I mean we were not looking and I just walked past the property and enquired how much it would be. I went for finance thinking it wouldn't be approved, nothing to lose sort of thing.
Our ratio is pretty similar to before, around 82%. It is just a number to me though.
A few months earlier we had walk in valuations and each property was valued considerably less then the desk top ones. don't know what to read into this other than the valuers are a bit special or disgruntled about someone questioning their initial judgement and punish those who ask. (This was with another bank and again we had no real interest in whether it succeeded or not)
Anyway the rent covers the motgage, we still have to pay rates and strata though. Small price to pay for what I believe will be good later as Camden is expecting strong growth and this town house is a mere 2 minutes walk to Camden main street, cafes, shopping, beautiful parks. We have a tenant already and exchange will be on Monday.
This forum has been great, really good advice from people on here who have done it before. This is a great place to share as now most people don't want to listen to me talk about property, especially people who are not into it themselves, which is fair enough.
Sometimes I wonder if what I am doing is right. At the moment we have two units, one townhouse and a ppor (which is expensive) I often think if I had of waited a bit longer perhaps we could of bought a house as an ip instead of a townhouse. But then again we could have waited and not be approved for the loan. Maybe we let this mature a bit and in a few years it might be easy to pick up a house or two as ips.
The plan is to own 8 by 2020, I dont care if we are still at 80% leverage at that time. After 2020 concentrate on paying the loans down a bit and work towards having all properties paying me a bit of money each week.
Wife really wants to have a rest now and go to Europe for a well earned holiday.
Buying a house or a unit shouldn't be dependant on how much money you have, its about what is the best property type for that suburb, which is in most demand in that area. House aren't alway better than units...
Each time I plan to purchase another property I look at how much money/equity I have available and how much I want to borrow. Then I look to find the best possible investment property that I can find inside that price range.
If work out that I want to have max purchase price of $300k, no use finding a suburb that houses have good potential growth @ $500k if I can only afford a unit which isn't in demand in that area.
From what you have said, you have purchased in a area that is close to shops, cafes etc a tenant has been found already and rent is looking after the repayments.
So have you done the right thing...? sounds to me like you have purchased in a area thats meet your criteria and is in demand.
Congrats Dan.
Are all your properties in NSW? I've heard that land tax can be a killer on #3 if you are getting over the threshold.
Also make sure you are doing depreciation on all the places to make sure you squeeze every little bit out of it
Are all your properties in NSW? I've heard that land tax can be a killer on #3 if you are getting over the threshold.
Also make sure you are doing depreciation on all the places to make sure you squeeze every little bit out of it
Congrats Dan.
Are all your properties in NSW? I've heard that land tax can be a killer on #3 if you are getting over the threshold.
Also make sure you are doing depreciation on all the places to make sure you squeeze every little bit out of it
Hi, yes all in nsw, and yes we are doing depreciation on all. The first two we bought are close to neutrally geared and we still get some cash back at tax time due to depreciation.