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Hi, noob alert

Discussion in 'Introductions' started by Deemo, 1st Jun, 2016.

  1. Deemo

    Deemo Member

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    Hi from Sydney, total noob to ip so I am here to educate myself.

    ill be posting some questions soon, cheers
     
  2. House

    House Well-Known Member Premium Member

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    Welcome :) The knowledge you seek is all to be found right here, for free!

    What piqued your interest in property investing?
     
  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    Hi Deemo
    Welcome to our community X
     
  4. Deemo

    Deemo Member

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    Thank you, well due to certain circumstances we are looking to move to Out of Syd but I would love to keep the property.
    I'm just unsure how difficult it might be as the house is close to 60y old double brick with a fairly old inground concrete pool. Crunched some numbers, 2k/m for repayments should get more than 630/wk. added expenses, maintenance and the rest am I looking to be In neg or pos?
     
  5. Azazel

    Azazel Well-Known Member

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    Hi Deemo, welcome aboard.
     
  6. MsAli

    MsAli Well-Known Member Premium Member

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    Hi @Deemo

    Is that 2k including principal repayments? Or is that interest only. I would think given the rent and some tax benefits it would be neutral to positive. Happy to share our cashflow spreadsheet. Look at income less all expenses on a weekly, monthly, yearly basis to determine the accurate end cashflow numbers.

    What did you pay for it? What is it worth? Given the rental return you suggest against repayments sounds to me you have decent amount of equity in there.
     
  7. Deemo

    Deemo Member

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    That's 2k interest only, paid 700 would probably sell for 950 today but borrowed 500. Where do I find the spreadsheet play?
     
  8. Deemo

    Deemo Member

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    When I switch my loan from owner occupier to ip at the bank, is it essentially same as refinancing? Is there anything holding me back from shopping around for better rate? I do have neg .9 of current rate
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    usually it's just a form, but there's so many good refi deals at the moment it may pay to look into it anyways. Lots of rebates being offered make it pretty much free to change lenders.
     
  10. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Depends on the lender. If you're converting repayments to interest only they may require a whole new application.

    Agree with Jess - some good options out there to check out at the moment if your current lender proves difficult to deal with and/or is no longer competitive.

    Cheers

    Jamie
     
    DiligentPM likes this.
  11. Deemo

    Deemo Member

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    I will have to talk to my bank I guess, do some research with competition and see how they stack up.
    What is everyone's experience with ip with inground pools, is it going to be a money pit or asset worth having? I guess in Sydney market is so competitive that I can't possibly loose either way
     
  12. DiligentPM

    DiligentPM Well-Known Member Business Member

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    Welcome aboard Deemo!