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[Michael Kyp]

From: Michael Kyp


Hi Forum Members,

I'm new to the IP game and looking for advice if anyone out there has a minute.

My current situation:

Completely own 1 property (Gold Coast)
purchase price $178,000
RENTED AT $210 P/W

Second Property (Gold Coast)
PURCHASE PRICE $182,500
RENTED AT $230 P/W
LOAN ATTACHED $190,000 (FIXED FOR 3 YEARS to MAY 2004 @ 6.4%)- FIRST 3 YEARS INTEREST ONLY.
25 YEARS

How and when would be the time for me to buy my next property?

How would I structure the loan?

Thank you,

Michael.

 

[IanF]

Reply: 1
From: Ian Findlay


Hi Michael,

You give insufficient information for people to give you much help at all..
Can I suggest you talk to a independent mortgage broker and see what they
say.
Rolf, are you listening?

The rental you are getting on you Gold Coast properties seems rather low for
the price - but the major advantage is that you have a lot of equity in it
if you want to use it to buy something else. How did you manage to but two
without knowing a bit about borrowing money?

Ian

> From: "Michael Kyp" <[email protected]>
>
> Hi Forum Members,
>
> I'm new to the IP game and looking for advice if anyone out there has a
minute.
>
> My current situation:
>
> Completely own 1 property (Gold Coast)
> purchase price $178,000
> RENTED AT $210 P/W
>
> Second Property (Gold Coast)
> PURCHASE PRICE $182,500
> RENTED AT $230 P/W
> LOAN ATTACHED $190,000 (FIXED FOR 3 YEARS to MAY 2004 @ 6.4%)- FIRST 3
YEARS INTEREST ONLY.
> 25 YEARS
>
> How and when would be the time for me to buy my next property?
>
> How would I structure the loan?
>
> Thank you,
>
> Michael.
>
>
>
> To reply: mailto[email protected]
> To start a new topic: mailto[email protected]
> To login: http://bne003w.webcentral.com.au:80/~wb013
>
>

 

[Michael Kyp]

Where to?

Reply: 1.1
From: Michael Kyp


Thank you Ian,

What information would actually be helpful to others in order to know my situation well enough to give advice?

I must do my Tax return now. I noticed in earlier posts Richard Clarke was recommended to you, have you used him? What was the outcome?

I thought my rentals were quite good, really, what's a good rental for the purchase price I paid.

Another thing I don't understand, hope this doesn't sound too stupid!. I'm paying of the interest only now for 3 more years, I'm not building anymore equity in the property for that whole time, so how do I build more equity to purchase more?

You said it...I do only know "a bit" about borrowing money,

Regards,

Michael.

On 10/12/01 4:11:02 AM, Ian Findlay wrote:
>Hi Michael,
>
>You give insufficient
>information for people to give
>you much help at all..
>Can I suggest you talk to a
>independent mortgage broker
>and see what they
>say.
>Rolf, are you listening?
>
>The rental you are getting on
>you Gold Coast properties
>seems rather low for
>the price - but the major
>advantage is that you have a
>lot of equity in it
>if you want to use it to buy
>something else. How did you
>manage to but two
>without knowing a bit about
>borrowing money?
>
>Ian
>
>> From: "Michael Kyp"
>>
>> Hi Forum Members,
>>
>> I'm new to the IP game and looking for advice if anyone out there has a
>minute.
>>
>> My current situation:
>>
>> Completely own 1 property (Gold Coast)
>> purchase price $178,000
>> RENTED AT $210 P/W
>>
>> Second Property (Gold Coast)
>> PURCHASE PRICE $182,500
>> RENTED AT $230 P/W
>> LOAN ATTACHED $190,000 (FIXED FOR 3 YEARS to MAY 2004 @ 6.4%)- FIRST 3
>YEARS INTEREST ONLY.
>> 25 YEARS
>>
>> How and when would be the time for me to buy my next property?
>>
>> How would I structure the loan?
>>
>> Thank you,
>>
>> Michael.
>>
>>
>>
>> To reply: mailto[email protected]
>> To start a new topic: mailto[email protected]
>> To login: http://bne003w.webcentral.com.au:80/~wb013
>>
>>

 

[WebBoard]

Where to?

Reply: 1.1.1
From: W W


Michael

You can build up more equity by just waiting for prices to go up, or you could speed it up by adding value to your property. eg garden, paint job, etc etc.

You also could use a 100% offset account to park spare cash so this will reduce your interest bill as well.