Hi PC, I thought it was time to give back after using this sensational tool for the last 18 months. We have officially become investors buying our first IP in Keperra QLD this June. We structured our loan/s by using the equity in our PPOR in NSW to pay the 20% deposit + Legals and SD , avoiding LMI on a 5 YR IO loan and a Second loan against the IP for the remaining 80% also on a 5YR IO Loan with Mortgage Choice. Mortgage choice branch were great to deal with but Macquarie Bank who issue the loan where painful. We had to extend cooling off 3 times due to “system issues” which was appalling and stressful. We inspected 15 properties over a weekend in person as well as online for 6 months in that suburb alone. We made an offer on the property below the Median of the area and allowing for improvements ie 10K to increase serviceability for the rental market (paint/blinds/fans/Floorboards/Flyscreens etc). We only put myself on the title for the ownership of the property so all tax deductabilty will be against my income. After 1 open home we have got tenants moving in giving us approx a 3.7% yield which overtime will hopefully increase. So all in all, in 8 weeks we went from looking at properties to owning one and having it tenanted. Thanks to all @ PC for your experience and knowledge. Regards, The Novice
Congratulations - it's an exhausting and nerve wracking time, but hopefully it will all now start to pay off.
Yep, and your tenants, and your PM....... (I hope that both of them are good - it can save you a lot of stress and time).
@The Novice That is great commitment flying up and purchasing. Congratulations. Good work on sticking to your criteria and monitoring the suburb. The more clarity on what you are after, the quicker the decision making process.