Forum Replies Created
Hot Rod
If you know where they are, seek and get your court order now. If that business closes and you cannot serve them, you are wasting time later. You can ONLY send in the sheriff after you have judgment and he will only take goods that are not required for everyday living. Warrants of seizure are generally a waste of time. Once you have that judgment, take out an enforcement hearing order (or examination summons depending where you are in the country). That will make them appear in court and explain their financial position, produce bank statement etc or be arrested.
Works for me!!
cheers
markk
Happy Hunting
http://www.kentscollections.comIf only it was all that simple!!
At the moment there is almost no quick growth areas in fact some are in negative growth mode.I am assuming by quick you are meaning in the short term (eg 12 months)
If you buy well and try and improve the property through redevelopment or capital works you may gain some ground but if you are looking for the quick buck-forget it.
If you are prepared to do the work it is not the area but the actual property that will improve your position financially
markk
Happy Hunting
http://www.kentscollections.comActually I didn’t edit it. In fact I didn’t know you could edit until now-what a handy device!
Anyway thanks for the clarification. It is the way I thought it would be
cheers
markk
Happy Hunting
http://www.kentscollections.comHi Steven
How do you “access the equity” on an unencumbered property without a financial institution wanting security in the form of a mortgage over the $700,000 property?
Are you suggesting that she goes through different institutions for 2 seperate loans (more fees of course) or just tells the bank that she wants separate loans?
interested from my own point of view
Cheers
markk
Happy Hunting
http://www.kentscollections.comto call off the debt dogs..Did I hear my name being mentioned?[snitch]
markk
Happy Hunting
http://www.kentscollections.comAssuming you do not have enough for the deposit (of say 20%), if it was me I would borrow enough for the deposit only against the unenecumbered property (20% of $250,000 = $50000) and use the new property for the balance. That way if there are problems down the track you have not cross collaterilsed and do not put the more valuable property at risk (apart from the $50000.00).
If as you say it is an investment purchase then all of your interest should be tax deductible. I would tend to use as little of my own money as possible and try not to risk the major asset
markk
Happy Hunting
http://www.kentscollections.comHi Renaeg
Welcome to the forum
It is almost always cheaper to sell than buy. Whilst I can’t help you with NSW, in Qld it is very competitive so ring around. Here a solicitor has to do the work but I believe you guys in Mexico have conveyancers as well.
markk
Happy Hunting
http://www.kentscollections.comUnless you are building something that requires a great deal of design, stick to a draftperson as oppossed to an architect. They are much cheaper usually but always ask for a quote.
If you are building using someone else’s plan and you don’t use them to build it, there may be copyright issues so be careful. Obviously you will need some concept as to your design so check out some display homes, make a note of the ideas (or take some digital photos) draw a rough sketch and see the draftsman.
It can be a lot of fun so enjoy it!
markk
Happy Hunting
http://www.kentscollections.comThere are now around 500,000 people living on the Gold and Tweed Costs and sure there isn’t any positive cashflow but plenty of interesting areas to invest and formulate ways to bring on some capital growth.
500,000 people (and growing) have to live somewhere.
markk
Happy Hunting
http://www.kentscollections.comMost debt collection companies break laws when trying to get debtors to pay.As a Commercial Agent I should take offence to this. Those of reputation comply with the legislation to ensure that any collection work is done within the parameteres of the legal requirements. My business and all of those with whom I have had an association work strictly within the guidelines, use the court system to recover the debt and if an individual is bankrupted it is as a result of either their money mismanagement or thier attitude when it comes to trying to solve their problems. EVERY debtor my business talks to is approached on a conciliatory basis. It is only when the debtor refuses or fails to comply that the court system then becomes involved and only on instruction from the client.
They cannot threaten the debtor with bankruptcy or by saying the sheriff wil come around and take all your poccessions etc.
If you have a judgment then of course a creditor or his agent can and SHOULD advise the debtor that Bankruptcy is a possibility and the issue of a warrant of seizure and sale is an option. THAT IS the law
You will find that Debt Collection companies normally buy bad debts from lenders etc for a discountThat is a commercial decison by the lender. I do not know of any agencies that “normally’ do this. In Queensland there are some businesses seperate to collection agents that buy debts but there are varying terms and conditions.
A final note. Laws relating to debt recovery vary state to state. Talk to a reputable Commercial Agent (licensed in most states) and get the facts about debt recovery in your state. Talk to the Office of Fair Trading in your state if you are being unfaily hassled by a collection agent.
Don’t listen to stories-get the facts!!
markk
Happy Hunting
http://www.kentscollections.comA 1% settlement fee I can handle. It’s the interest rates that kill you and the break fees hold the funeral.
Just repeating Maximus here. Whate are the interest rates (and the break costs?)
Love a report when you know
markk
Happy Hunting
http://www.kentscollections.comHi Bird
Not sure where you live but it most states once you sign a contract you will be liable for stamp duty ie it will have to be paid twice.
If the contract is between your vendor and your purchaser then there is only one lot of duty payable but you lose control of the deal (and it is illegal to do so to avoid duty if contracts already exist)
cheers
markk
Happy Hunting
http://www.kentscollections.comMrVIP
There are lenders who will look at you once the default is paid-higher interest rates and tougher conditions but it is still possible to get a loan. I would suggest you clear the debt because it will not get any better by leaving it longer.
PS the horse’s name is friday cheers
markk
Happy Hunting
http://www.kentscollections.comWelcome to the forum Freestone
It probably goes without saying but make sure you get a building and pest inspection. I recently signed a contract for what what I thought was a good deal-turns out the inspection saved me about $30000.00 because of a large crack in the slab.
markk
Happy Hunting
http://www.kentscollections.comHi Tanya
Welcome to the forum
Generally speaking you seem to have the right ideas for purchasing an IP. One bedders can make life a little difficult when it comes to renting or onselling but if you are in a location near a uni or college it may not be too bad.
The only other thing that comes to mind is look at whether the amount you want to spend is a good buy in that building/area. Just because you have 175K to spend doesn’t mean that the unit is worth that. Make sure you carry out your due diligence and see what other units in the building/area have sold for.
Well done for taking the plunge-and have fun!!
markk
Happy Hunting
http://www.kentscollections.comAS far as reducing their commission, wouldn’t they put your home on the bottom of their list and sell the one with full commision?You bet they will! That’s why you don’t make it an issue until you get to the negotiating table after any offers. Up to that point you would probably have signed an agreement accepting the rate anyway- but don’t let that stop you when it comes to the crunch!
markk
Happy Hunting
http://www.kentscollections.comHi Bonnie
Absolutely!! They are negotiable like everything else in this world. Usually the REA has advised you the selling price and usually the best offer you get is less. I have negotiated the commission down on the basis that the REA had told me the property should fetch $xx and I am being offered $yy. To agree to the contract price I have negotiated a lower commission.
You may be told that “we can’t do that”. Untrue. The recommended commission rates are just that-recommended.
Conversley (and before I rise the ire of any REAs here) if you get an offer for around the price you realistically exepect, pay them their fee.The ones that do the job are worth the money.
I agree, commission rates are over the top and with a bouyant market, some of them have really done well.
markk
Happy Hunting
http://www.kentscollections.comjgray
Where do you get Obbie. I googled it and found nothing
cheers
markk
Happy Hunting
http://www.kentscollections.comCheck with the local council. The infrastructure requirements usually dictate the smallest size block allowed. Maybe units or duplexes are possible
markk
Happy Hunting
http://www.kentscollections.comHi Breej and welcome
You certainly can put in a written offer even if there is a prior contract but it will be subject to that contract terminating.
You can usually post a cheque with the signed contract (or incorporate a clause saying the deposit will be paid xxdays after execution) but I would hesiiate sending anything to the vendor directly. If there is no agent involved, ask the vendoe who his solicitor is. They would be stakeholder
markk
Happy Hunting
http://www.kentscollections.com
