[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

October 17, 2003 - 9:40 am

Hi ye all

Looks like I have to beg and borrow funds from family/friends and pay int of 10-20%, billfromoz your rite my plan is to on sell as the time nears to completion 2006 and yes this is to pay for deposit bond. Got no credit card, not very good credit history at the mo, paying off debts one more year to go, doesn’t sound very good does it? But I’m positive I can achieve my goal for the future. Hey fatboy, as for long service dont you have to be at your current job for 10 years or more before you can cash in? only been employed with same company for four and half years.
Got a car still paying that off, got a house in NZ but got no boats etc. I’m really happy to hear all your comments and advice, keep them rollin in

Clownsta.

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

October 14, 2003 - 9:03 am

Thank you mel your so helpful and yes I prefer to sell than have to settle, sorry if I sound dumb but are u able to borrow against an OTP unit say 6 months or a year before completion????.

clownsta

When you onsell the property before completion, be aware that you will not see any of your profit until settlement!! We have one that we put on the market at least 6 months before completion to make sure it gets sold prior to. Failing that, we will have to put in a loan app just in case. Thankfully, this one has appreciated by $120K in the year and a half, so that shouldn’t be a problem, but I would prefer to sell than have to settle.

Cheers
Mel

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[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

October 12, 2003 - 8:47 am

Thanks for your replies much appreciated.

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

October 11, 2003 - 11:04 am

bribie

Thanks for sharing your experience and knowledge unfortunately I dont have Steves book to read and I’m sorry I don’t know what u mean by the 11 sec rule???, dont have a credit card to purchase book on line, does anyone know if it is on sale at the bookstores? I live in Sydney.

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 9, 2003 - 9:22 am

Mortage Hunter

Just sent you an email, and thanks to all for your help………….. and so glad to read your comments

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 7, 2003 - 10:04 am

Scremin, yep found it will send for personal credit file.[?][?][?]

Cheers!

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 7, 2003 - 9:34 am

Scremin, yep found it will send for personal credit file.[?][?][?]

Cheers!

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 7, 2003 - 9:13 am

Thanks for your views, can you recommend any brokers to contact, I live in Parramatta Sydney.

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 2, 2003 - 9:13 am

Harold thanks for your reply, and yes they do have glossy brochures and slick advertising, with sky rise 400 units and very unique balcony structure etc, massive views, but can explain what fat margins are? cheers.

I take it this is a MUD. Multi Unit development

You really need to think of how infact this thing will appreciate in capital gain.

How many units in the building? How many building of a similar kind nearby? How easy is it for future MUDS to be built in that area? How unique is the building, absolute river front??

What I’m talking about is scarcity value?

How do you justify the high body corps (gyms, pools,…)

Sorry to be a skeptic, but I’d love to live in a MUD, I would never buy one though. The only consistant money makers in them are the developers with their glossy brochers, slick advertising and fat margins.

Be careful
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[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 2, 2003 - 9:10 am

Harold, thanks for your reply, and yes the developers do have glossy brochures and slick advertising can you explain what fat margins are? please.

I take it this is a MUD. Multi Unit development

You really need to think of how infact this thing will appreciate in capital gain.

How many units in the building? How many building of a similar kind nearby? How easy is it for future MUDS to be built in that area? How unique is the building, absolute river front??

What I’m talking about is scarcity value?

How do you justify the high body corps (gyms, pools,…)

Sorry to be a skeptic, but I’d love to live in a MUD, I would never buy one though. The only consistant money makers in them are the developers with their glossy brochers, slick advertising and fat margins.

Be careful
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[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 1, 2003 - 7:40 am

quote:

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terryw, thanks for your thoughts, good advice, dunno any accountant here who knows me long enough, i from kiwi land, oh now i know what deposit bond is, derr, still learning and watching tho, yeah three years of positive thinking is a long time, and who knows what will happen, this is the risk i suppose, and would like to onsell dont mind waiting for settlement if i can do this, but if i dont well thats another risk i will be taking, aye?, but would have enough equity by then what do a reckon?, look forward to ideas of acquiring funds will be much appreciated. cheers mate!
clownsta
To get a deposit bond these days is just as hard as getting finance. You will basically have to have a pre approval in place or to show the deposit bond company that you will qualify for a loan (now). There are low doc type depsoit bonds, but still hard to get. You will need a letter from you accountant saying you a a client of theirs for x number of years, and you can afford this property. Not many accountants will put themselves on the line for something like this unless they really know you.

And, depending on the location, most banks (the the 2 mortgage insurers) are vary wary of certain areas at the moment, so you may need at least 20% deposit to get a loan at compeltion (if you can’t sell).

3 years is a long time, but who knows what will happen to the property market (terrorism, wars etc are unpredictable).

But if you can secure it and onsell, you won’t actually get access to your profit until settlement.

Terryw
[email protected]

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[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

September 1, 2003 - 7:29 am

calron, thanks for your reply, and yes its hard for me to get the ten percent, or twenty percent deposit, at the mo,dunno where or who to see rite now, havent much time……….or some good advice tho, points taken.

well all you need then is the deposit 10%, be it in the form cash, deposit bond (insurance company) or bank guarantee (bank).

You aren’t going to settle if you flick on, you are going to resell it b4 it officially settles.

If you flick on then you will have to wait until the real final settlement happens i.e. the last person to buy the property settles the sale with they’re bank. Then everyone who has bought and sold that off the plan lot has a simultaneous settlement and receives they’re money.

Cheers

Calron the Alcamist
Turning things into gold is fun.
[email protected][]
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[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

August 31, 2003 - 12:28 pm

Hey Calron

Got no assets here renting at the mo, would like some ideas on how to put “long term settlement” plan from bank in place, I think thats what you call it, hoping to buy to flick and reinvest in some other propertys, any suggestions are welcome,

Clownsta

[clownstaParticipant@clownstaJoin Date: 2003Post Count: 16]

August 31, 2003 - 11:55 am

Gidday Richmond

This off the plan is to be launched this Saturday, apartments being built in Queensland, lowest purchase price 223,000.00 plus??? completion date 2006, need 1 percent to secure, this is refundable, 10 per cent dep due within 14 days from launch, looking for capital gains with this investment, hope to sell before settlement date two years time maybe, would like to make money and reinvest.

Cheers!