Questions for Investing While Traveling

I will be traveling overseas in January and I'm wondering if I can arrange another purchase from another country. If I can then I should make sure I have everything ready before I go I guess.

So I would need to only have someone go and view say about 3 or 4 properties on a short list. Maybe get them to take a few more pictures etc. So I wouldn't need a buyers agent really as I only need someone to check the place out, not find it as I will have plenty of time to do that online. Are there any services for this?

I think I can arrange the finance through a broker but I'm wondering if I need to be here for the finance with the banks etc?

What about the solicitors, do i need to be here to sign the contract etc?
 
Well I'm feeling like I should keep up the momentum, might as well.... :)

Although I'm aware I still have to settle on this current purchase. I'm just worried that when I travel I won't meet my goals as I might not be back for 3-5 months. So to get a purchase arranged in the early stages while I'm away then I could even be back for the 90 day settlement or if I don't need to be then even better.

What I'm thinking is that I do something like this....

Early January start looking at properties available and build up a short list, decide favoured locations, gauge current market prices etc and go and visit a few just before I go in late Jan. I doubt I would have the finance then for deposit in cash. So I would be hoping to get my current PPOR revalued by the bank just before I leave. It would have the renovations finished by then so I could order a full inspection. I would also hope that the current place I'm buying might be worth another 10 or 20k more than I paid and use equity from that and the PPOR for a deposit.

Any finance and banking can be done through my online banking.

As for that thread, not many of my questions are addressed on that. But I have taken note of a "power of attorney", a 90 day settlement.

So my plan is to rent out the PPOR as well as the IP which is already rented for 1 year. I would then have two incomes to pay the IO payments and some extra I think. It would be living quite cheap on a tropical island in Asia and would be saving money by not renting or living in an Australian property. I can work from my laptop so working won't be a problem besides the quite slow internet over there.
 
I can work from my laptop so working won't be a problem besides the quite slow internet over there.

Hi monsoon,

sorry for asking an off topic question but what work do you do from laptop? like do you maintain/develop websites? I am looking to do something similar and would not mind talking to someone about it who is already doing it...

Thanks.
 
Originally Posted by Propertunity
This won't happen for 6 months (generally speaking). Otherwise your strategy seems sound.

Really, so I couldn't ask the bank for 6 months to valuate it again or do you mean the property just won't add that much value in a short time?

If that is the case then I guess I would have to try and get at least 10% of the next IP's price from the new valuation on the PPOR? So for example if I wanted to buy a $200k property I would have to get another 20k equity from the new valuation after reno on the PPOR? I was hoping I could get at least $10k from the IP as well.

Would that be enough generally for the banks to be happy with, 10% in my situation? I guess that is getting into broker territory but maybe you might know anyway.
 
Really, so I couldn't ask the bank for 6 months to valuate it again or do you mean the property just won't add that much value in a short time?
The bank will not do it within 6 months - not in this climate. We are having real issues with some valuers at present - they are marking properties down by 10%. The unit may or may not grow by 10% in 6 months - that is 20%pa - a big ask.

If that is the case then I guess I would have to try and get at least 10% of the next IP's price from the new valuation on the PPOR? So for example if I wanted to buy a $200k property I would have to get another 20k equity from the new valuation after reno on the PPOR?
PLUS stamp duty and other transaction costs.


Would that be enough generally for the banks to be happy with, 10% in my situation? I guess that is getting into broker territory but maybe you might know anyway.
I don't know your financial situation - so broker territory.
 
The bank will not do it within 6 months - not in this climate. We are having real issues with some valuers at present - they are marking properties down by 10%. The unit may or may not grow by 10% in 6 months - that is 20%pa - a big ask.

PLUS stamp duty and other transaction costs.
Ok well that's not such great news so I guess I will just have to work and save hard... My PPOR should be worth a bit more after the reno I hope, if not it has been a good learning experience and I can get a lot higher rent for it now when i turn it into an IP when traveling.
 
Top