Can someone please tell me how I can access 50% of the equity in this property so I can buy a place on my own?

You will need to lodge a joint application with your friend to access the equity. You would also need to seek legal advice if you are going to be using these funds exclusively for your own use as your friend will be liable (called joint…[Read more]

Can someone please tell me how I can access 50% of the equity in this property so I can buy a place on my own?

You will need to lodge a joint application with your friend to access the equity. You would also need to seek legal advice if you are going to be using these funds exclusively for your own use as your friend will be liable (called joint…

[Read more]

@Rex, let the figures guide you.

What was the previous 10 years growth on the apartments you are considering v the house you are considering purchasing?

I like to look for houses that I can add value to either via a renovation or even better (potentially) retain and subdivide or knock over and replace with multiple properties.

Depends on how…[Read more]

What are my options?

1) Am I able to renegotiate with the developer to redraft the contract to $340,000?
2) Should I walk away and lose 5% of my deposit ($17,5000)?
3) Should I still proceed to purchase property?

@Zen;

1. Yes you can negotiate with the developer.

2. No, its only a small shortfall (10k) so would not be worth forfeiting your…[Read more]

Purchase price was $500k for 4 x units loan for $530. Valuation came in at $475k

@Menunes That sounds like a xcoll loan structure. I would advise getting it restructured before proceeding with any subsequent purchases.

We looked at the rental opportunities and made the decision for purchase from the figures.
Taking up the equity on other…[Read more]

Purchase price was $500k for 4 x units loan for $530. Valuation came in at $475k

@Menunes That sounds like a xcoll loan structure. I would advise getting it restructured before proceeding with any subsequent purchases.

We looked at the rental opportunities and made the decision for purchase from the figures.
Taking up the equity on other…[Read more]

Purchase price was $500k for 4 x units loan for $530. Valuation came in at $475k

@Mununes That sounds like a xcoll loan structure. I would advise getting it restructured before proceeding with any subsequent purchases.

We looked at the rental opportunities and made the decision for purchase from the figures.
Taking up the equity on other…[Read more]

Purchase price was $500k for 4 x units loan for $530. Valuation came in at $475k

@Nununes That sounds like a xcoll loan structure. I would advise getting it restructured before proceeding with any subsequent purchases.

We looked at the rental opportunities and made the decision for purchase from the figures.
Taking up the equity on other…[Read more]

Purchase price was $500k for 4 x units loan for $530. Valuation came in at $475k

That sounds like a xcoll loan structure. I would advise getting it restructured before proceeding with any subsequent purchases.

We looked at the rental opportunities and made the decision for purchase from the figures.
Taking up the equity on other investments has…[Read more]

Purchase price was $500k for 4 x units loan for $530. Valuation came in at $475k

That sounds like a xcoll loan structure. I would advise getting it restructured before proceeding with any subsequent purchases.

We looked at the rental opportunities and made the decision for purchase from the figures.
Taking up the equity on other investments has…

[Read more]

There ya go :)

https://www.propertychat.com.au/community/find-new/1804767/posts

I attend meetings from another forum that are on a semi regular basis at a pub for lunch on the weekends and sometimes in the CBD during the week. There are some active developers and investors in the group as well as newbies.

Im located in Perth so you would have to see what meetings are local to you and get a along and start connecting with…[Read more]

Great spreadsheets @Rick and @Jamie.

Cheers.

So, my naivete is quite prevalent here. How would I go about finding a reputable broker, and what kind of payment/fees do a broker usually have?

After doing some preliminary investigation with my family, we’ve discovered a rough borrowing capacity. But, yes, what steps should I take now?

Thank you so much for your reply!

I personally dont c…[Read more]

Each bank applies there own formula to fixed rate break costs and it is tied in with the current variable rate so not possible to quote a break cost for the future as variable rates may vary come settlement date.

Your assumptions are correct as the break costs should decrease the closer you get to the expiry date of your fixed term and likely…[Read more]

“If you are going through hell, keep going” – Winston Churchill

“If you are going through hell, keep going”

– Winston Churchill

As Benny conotated to above it is of vital importance to engage a team of tried and trusted professionals to assist and guide you on your journey.

A good start would be to engage a broker who is familiar with investment property financing. There are a few on here that can assist you and distance isn’t usually an issue with modern technology these…[Read more]

In regards to the initial deposit, pay as little as possible. Often they ask for 10% of the purchase price. Make sure its refundable if you dont proceed with the purchase. I have held blocks of land for as little as 1k deposit.

The remaining balance will be determined by what LVR you are intending or capable of purchasing at. If a 90% LVR and…[Read more]

Hi guys,

Sorry about the newbie questions in advance!

I am looking to purchase a new block of land for approx. 300k and titles won’t be released until around December 2017. How much cash deposit will I need to pay for the land and when will the remaining balance be due on settlement (when titles are released).

Also, is stamp duty payable a…[Read more]