Total Members: 158,521

gafama

  • gafama replied to the topic Pretty proud of this one in the forum Creative Investing 18 years, 8 months ago

    Congrats!!!!

    Yes, anything is possible – and you went about it the right way – trying to find out what the vendor wants.

    I find it so important to get past the agent and directly to the vendor in order to create win-win situations – so often the agent jinxes a deal that could be great for all parties.

    Well done – with that attitude it’s all up…[Read more]

  • gafama replied to the topic Setting up a business in the forum Help Needed! 18 years, 8 months ago

    There are a number of “build it yourself” site support systems around – all are terrific and v. easy to use (you don’t have to be a techie). In the time it takes you to brief a designer, you could have your site up and running and change it as often as you want.

    Email me at contact@propertyhub.net for details and I’ll give you the names of the…[Read more]

  • gafama replied to the topic My first time – Family Trusts in the forum Legal & Accounting 18 years, 8 months ago

    Dianne

    You can lend money to the Trust to get started and pay back the loan from profit. As well, as suggested, you can distribute profits to beneficiaries.

    I’d recommend you talk to an expert – see our site, we have links and info re structuring.

    Hope this helps.

    Megan

    http://www.propertyhub.net
    Your Investing, Structuring and Developing…[Read more]

  • gafama replied to the topic help on 2nd morgages(vendor finance) in the forum Help Needed! 18 years, 8 months ago

    Hi Mukta

    Just did a transaction like this. Got 1st mtge from major bank, vendor left in balance of 20%. Bank did’nt have a problem so long as vendor didn’t ask for “Letter of Priority”.

    Shop around with brokers, if you have no luck with the bank. It amazing what’ll they’ll do if you just ask. Ask “how can we do this” not “will you”.

    Brokers…[Read more]

  • gafama replied to the topic Accessing Equity in the forum Finance 18 years, 8 months ago

    Burlboy

    My suggestion is talk to a good mortgage broker. With that kind of equity, you should be able to access it through a NODOC loan and even, if you weren’t borrowing all the equity, capitalise the interest.

    A good broker should be able to set up a Line of Credit that would allow you to do this.

    Hope this…[Read more]

  • gafama replied to the topic Advice buying Units Gold Coast in the forum Help Needed! 18 years, 8 months ago

    Hi

    I agree with Roy – you really need to consider the costs – strata levies are usually high because of facilities, lifts etc and maintenance on these types of blocks.

    As with any investment the things to check are re-sales in the area, real values (not what the agent says, vacancy rates as well as outgoings. Then there’s your rental return…[Read more]

  • gafama replied to the topic syndicate? in the forum Help Needed! 18 years, 8 months ago

    Hi

    Syndicates can work really well but you need to abide by the rules (as outlined above).

    If it’s small and with colleagues or family etc, not so much a problem but I would still have everything checked by a solicitor – is well worth the cost.

    Regards

    Megan

    http://www.propertyhub.net
    Your Investing, Structuring and Developing Information Hub.

  • gafama replied to the topic Company, trust or both??? in the forum Help Needed! 18 years, 8 months ago

    The whole Trust/Company issue can be very complicated and depends very much on what you’re trying to achieve.

    Trusts will certainly give you some asset protection but there a number of different types of trusts and the ones you use depends on your circumstances, what you’re trying to achieve and, even which state you live there (there are…[Read more]

  • gafama replied to the topic property development in the forum Help Needed! 18 years, 8 months ago

    Hi Ron

    Welcome to the wonderful world of developing!

    As mentioned above, you will have lots of homework to do. First and foremost, do a comprehensive feasibility on your project. I know that software has been recommended but a spreadsheet will do the same thing. You will need to take into consideration the following (and more) – design costs…[Read more]

  • gafama replied to the topic Online property valuation reports – how accurate? in the forum Help Needed! 18 years, 8 months ago

    Vernon

    Without knowing what service it is it’s difficult to comment however I would hazard a guess that it’s very difficult to give an accurate valuation without actually seeing the property (and it sounds like they don’t).

    Depending on what you’re aiming to do (buy, sell, refinance etc) a low (or high) val might be advantageous however overall,…[Read more]

  • gafama replied to the topic BUYING vs RENTING in the forum Help Needed! 18 years, 9 months ago

    Can you clarify what you mean by “tax free”? Do you mean stamp duty free?

    In relation to which way to go, it really doesn’t matter. It’s the deal itself you need to analyse. Whatever you buy, you’ll make more money (increase equity) if you buy below market. Also, you need to weigh in rental return.

    Overall, you need to compare deal vs. deal…[Read more]

  • gafama replied to the topic I bought my first Property,where do i go from here in the forum Help Needed! 18 years, 9 months ago

    Psyduck

    Congrats on taking the big step on your first property. You’re on your way now!

    Sounds like a great return for capital city. You’ve made a good choice.

    All sounds advice above.

    Can i add – you can’t claim depn until it’s a rental property. Chan & Naylor (Dave Austin) at Oatlands (Dundas) are great accountants and understand property…[Read more]

  • gafama replied to the topic whats the current price on mobile home site in the forum No Subject 18 years, 9 months ago

    GR

    I assume you’re talking about manufactured home sites. In my experience, depending on location, (obviously) site costs vary however, as a guide, existing sites typically start around the $90K mark and go up to around $200K (including the relocatable home). Weekly returns start around $80 and go up to around $130 pw.

    Hope this…[Read more]

  • gafama replied to the topic Advise on Custodian in the forum Help Needed! 18 years, 9 months ago

    Haven’t heard anything negative – and they seem to have ok info – but it’s all a bit “bland” to me – nothing too specific.

    There’s nothing like doing it yourself to really get a handle on how it all works.

    Megan

    Megan

    http://www.propertyhub.net
    Your Investing and Developing Information Hub.

  • gafama replied to the topic Help? in the forum Help Needed! 18 years, 9 months ago

    MissK

    It can be daunting starting off. I might be able to help – or point you in the right direction for a chat. Send me an email and we can exchange details.

    I agree that you need to read as much as you can however there comes a time when (as it seems you know) it’s information overload. If I can answer any questions for you, I’m happy to…[Read more]

  • gafama replied to the topic Basic Newbie Development Question in the forum No Subject 18 years, 9 months ago

    You’ll probably get a better response from a broker who does construction finance than a bank (unless you have a previous track record.)

    100% construction finance is not unusual but most lenders will look at Gross realisation (end value) of the development before working out what they’ll lend.

    Hope this…[Read more]

  • gafama replied to the topic Basic Newbie Development Question in the forum No Subject 18 years, 9 months ago

    You’ll probably get a better response from a broker who does construction finance than a bank (unless you have a previous track record.)

    100% construction finance is not unusual but most lenders will look at Gross realisation (end value) of the development before working out what they’ll lend.

    Hope this…[Read more]

  • gafama replied to the topic Attn Developers – What PROFIT margin is a goer?l in the forum Value Adding 18 years, 9 months ago

    20% is considered minimum by most developers. If you can get 30% you’re doing better than most.

    Hope this helps.

    Megan

    http://www.propertyhub.net
    Your Investing and Developing Information Hub.

  • gafama replied to the topic Degree in property? in the forum Value Adding 18 years, 9 months ago

    There are a few courses around but, like most uni courses, you only get general info. Nothing beats experience.

    Megan

    http://www.propertyhub.net
    Your Investing and Developing Information Hub.

  • gafama replied to the topic Whats it take to be a developer? in the forum No Subject 18 years, 9 months ago

    As well as all of the personal characteristics (willingness to learn, enthusiasm, passion etc) you need to be really detail oriented. An understanding of numbers is really crucial as your deal will live or die by whether or not it is profitable. You need to know how to do a full feasibility (allowing for as many contingencies as you can think…[Read more]

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