Geronimo replied to the topic Where to find private investors / money partners.. in the forum Finance 14 years, 10 months ago
I agree that brokers/finaciers are some of the best sources to find money partners, as they may have clients with available equity/cash looking for deals.
Yes, and get some independant rental appraisals too as you can be pretty confidant the rent they pay you will be far more than the market rent.
So in a nutshell, the potential risk you’re facing is that you have an overvalued property in 2 years and the rent will drop dramatically when you have to rent it on the open market.
Originally posted by Michael R:
I am not referring to your subdivision, rather the importance of using qualified legal counsel in general before executing any purchase agreement.
Absolutely, paying for a top lawyer is essential. Like most things in life you get what you pay for, so it’s always worth paying top dollar for the best.
In our…[Read more]
Yes in the ideal world that would be great. The problem is no matter how good your lawyer is, there is no guarentee you will win the case so it is a punt, and you could potentially waste large amounts on legal bills and still lose.
There were many other buyers in this subdivision who attempted to sue the developer and all pulled out…[Read more]
Michael / Derek
This has actually happened to me. We found out too late that our lawyer was not good enough, and the developer did indeed slow down the earthworks on the land subdivision to pass the sunset clause date.
We purchased 10 lots off the plan and they increased in value 30k each in that time.
There doesn’t seem to be much you can do…[Read more]
If you want an honest agent’s opinion(is there such a thing?) of Russell Island speak to Tetka Rhu at Raine & Horne Bay islands.
Not sure of the no. but an old friend of the family who has been over there for years and knows the islands inside and out.
Best thing to do is take a trip up and speak to some of the locals who (being on a nice…[Read more]
I hav not dealt with them but have had a look at their designs before and wasn’t impressed. They are certainly at the cheaper end of the market for building homes but I found their deisgns lacked any open-plan areas and were too compartamentalised (is that spelt right??).
Have you checked that they will build out in your area as I would…[Read more]
Just skimmed over the article, but the point you highlighted is significant.
A senior lender (usually a bank) wouldn’t give a rat’s ass about selling the site for maximum dollar to leave something in for the 2nd mortgage investors.
Their concern is to recover the outstanding debt, so as a 2nd mortgage lender/investor you are entirely at…[Read more]
Have you tried approaching the developer first? Ask them to leave 15% in the property until your cash comes through.
Depending on where the property is, developers are generally not as quick to can the deal at the moment and onsell the property.
Short term lending can be expensive, and Yorker’s offer of 30% is not bad compared to some…[Read more]
First of all, I would recommend changing to Interest only. It will initially ease your cashflow and P&I is pointless in my opinion if you are looking to invest again in the future.
As for costs, don’t forget to budget for Council rates, landlords and building insurance (which I hope you have already, if not, GET SOME!), maintenance,…[Read more]
And many lenders will take permanent part-time into account.Casual may be a little more difficult.
Have you thought about renting out the property initially, as then you can use the rental income to increase your servicibility?
Originally posted by DD:
Great news guys the Wealth creator magazine has monthly meetings in brizzy one month, gold coast the next for the networking and “lets get inspired” group amongst us. They meet on a saturday morning once a month with a millionaire speaker each month.
not sure of the web but they are a cool group. I have just moved to…[Read more]
Originally posted by MJT:
Hi Guys – picked up a business card in a Brisbane Coffee club recently.
Springwood Coffee Club 7:15am – 8:15am
or ph 0407030518 for details.
I haven’t been to one – I live in Boyne Island – I just thought it was interesting. It looks as though its more of a samll business owners networking sort of meeting. Still might…[Read more]
Alright guys I’ll take more inititative.
What i would also like to do is setup a regular meeting for games of cashflow 101.
I realise there are some clubs around but apon contacting them, I haven’t recieved a reply.
If I organise a time and place how many would be interested? I find groups of 4 are best to keep the game flowing.
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