FergusGartlan replied to the topic 5% deposit + FHOG = none of my money in a wrap? in the forum No Subject 21 years, 9 months ago
Hi Jennt,
Maybe 10% buying costs is a lot on a property of that value.
Remember the stamp duty and transfer fee if you are borrowing 95% will be about $4K (NSW) or $5K (VIC – not happy Jan!), which I am not sure if you have allowed for.
Maybe Steve can give us some direction on this, as I have not bought anything of that value so far.
Can’t wait…[Read more]FergusGartlan replied to the topic Spare ticket for Masters of Property Investment in the forum The Treasure Chest 21 years, 9 months ago
Thanks Mark,
But no thanks
I already have mine – would be crazy to miss it.
But you should have no problem selling the ticket
See you there.
FergusFergusGartlan replied to the topic 5% deposit + FHOG = none of my money in a wrap? in the forum The Treasure Chest 21 years, 9 months ago
Hi Jenny,
If the house cost to you is $140K then if you allow 10% for buying costs, and then 20% on that again for margin, it brings your sell price to $184,800 ($140K + 10% + 20%)
If your prospect can give you the FHOG (which you get only after settlement) and 5% deposit ($7K) that’a total of $14K income.
At this value I would probably be asking…[Read more]FergusGartlan replied to the topic Which approach- buyer 1st or house 1st? in the forum The Treasure Chest 21 years, 9 months ago
Thanks Darren for your help in tghe past.
To answer Wei’s question, I add 10% to the $60K for my buying costs.
I then add 20% to that for the margin, so I sell the house for $79,200.
We subtract the FHOG and $3,000 hurt money deposit from that and get a loan of $69,200, which is what I get paid out if they refinance.
I have been adding 3% to the…[Read more]FergusGartlan replied to the topic Which approach- buyer 1st or house 1st? in the forum The Treasure Chest 21 years, 9 months ago
Hi AD,
To answer you question, I am doing this in the La Trobe Valley.
The value of the houses are ideally $45,000 to $60,000 as that will keep the weekly repayments close to what people are paying in weekly rent.
Today I spoke to a lady who wants to buy the house she is renting from her Dad (he owns it) for $60,000.
She convinced him to loan her…[Read more]FergusGartlan replied to the topic Which approach- buyer 1st or house 1st? in the forum The Treasure Chest 21 years, 9 months ago
Hi Wei,
I have been using the “find the person first” approach by advertising.
Then I check their refs etc.
After investing in Steve’s WSR library, I decided to just place an ad and see what happens, and panic then if anyone called.
Well they did call, and I started to put together info and application forms to send out.
Onr particular couple…[Read more]FergusGartlan replied to the topic How Much deposit? in the forum The Treasure Chest 21 years, 11 months ago
Thanks Darren and Steve,
Have started wrapping my 1st property, and made an offer on the 2nd.
Yeehaa!