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.

Good Luck!

Brendon
Onyx Finance

What would you like to know. Have you got a splitter block there?

Brendon
Onyx Finance

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.

Good…[Read more]

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]

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]

If this is your last option, offer the developer 1% per month. From their position, they sell their property, and get some cashflow for a period after.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

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]

The weather is terrible here in QLD!

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

I bet you’re only coming up for the glorious amber XXXX nectar Gatsby? NOT! Still tastes like cat’s p..s every weekend!

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Just make sure you get a quote on the bank’s legal costs as in some cases it will be extra to review the trust deeds.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

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?

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Do you find it a pain in the ass to text to make a call though?

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

not sure of the web but they are a cool group. I have just moved to…[Read more]

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]

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.

Brendon

Acute…[Read more]

3 in a week is a bit much isn’t it?

Would you like a free home-loan checkup? Just kidding!!

I suspect now that finance for property is dropping the big banks are now starting to increase their marketing, forgetting that basic decent customer service is the best marketing tool, something the big banks have been missing for a while…[Read more]

my examples have been in the 350 – 450k purchase price area – i think the pressure is definately on for higher value properties

brendon your example was probably well above this pricing bracket being 3.5k’s from city/city views etc?

brahms

Hi Brahms

Around 400k Camp Hill, very well presented property. Probably…[Read more]

Just did a deal where an NZ couple had finance approved to buy a property here in Brisbane.

Then we found out after that they had a few bad debts in NZ so I guess it’s a question of whether you would want to declare it or not.

From their point of view it was an honest mistake because the application form asks for Assets and…[Read more]

The Mortgage Adviser
robert@mortgagepackaging.com.au
Ph: 0414 347 771

Comments made are of a general nature and should not be construed as advice to any particular individual.

Yes thanks Rob. The thread is about Aus residents…[Read more]

As soon as you can show 20% equity in the property, will this lender reduce the interest rate to the 80% LVR rates?

Good to see a lender over there actually going to 90% for a change though.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Great to see a few Brisveganites on the forum. I don’t know of any groups besides the Somersoft group that meets once a month on the southside in Salisbury.

Besides that, we have just moved into our new premises in Park Rd Milton which is pretty central, and have a conference room in which we will shortly hold info and networking…[Read more]

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

The benefit of interest only is that if things go wrong, you are not stuck with the higher P&I repayments. You can pay more than the interest only so you…[Read more]

Don’t take Kids or dogs when property hunting. 4 hours of toilet-breaks and Mcdonald’s and only 2 properties seen is not a productive day!

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

ME!!!

[grad][grad][grad][grad]

Not HK in disguise then are you Rob?

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Regarding 1 Cellnet, their calls are cheap but they sell through multi-level marketing. Another Amercian internet scam if you ask me. Calls are cheap,…[Read more]

Have a look at this thread on somersoft.com

http://www.somersoft.com/forums/showthread.php?t=14497

As option contracts need to be tailored to a specific deal, I reckon the best info to get is from a good solicitor who has experience with option contracts.

Then again if you don’t want to pay $300 an hour probably best to look for a book,…[Read more]

Banks are in the business of making money for themselves and their shareholders(sometimes). Unfortunately they have forgotten the little people who helped them get there.

They have no reason to offer the discounted packages straight up unless asked for. Better to keep it in the vault for when the customer is thinking of…[Read more]

Can you give an example of how much you spent on your mobile before, and what you may spend now?

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

The reason I say this is the people I was able to meet and network with along the way. I have met some great like-minded people who have…[Read more]

The reason I say this is the people I was able to meet and network with along the way. I have met some great like-minded people who have become great friends and business partners.

Unfortunately…[Read more]

I have done this myself from the UK and it was a nightmare due to docs getting lost in the mail, time differences, useless lender etc etc.

Make it easier and less stressful for yourself and get a POA to sign the mortgage docs with your solicitor.

Sure you may get lucky and all will go smoothly, but if things go pear-shaped,…[Read more]

…[biggrin][biggrin]just stirring u all….hahahaha….[biggrin][biggrin]

“If You never never ask, you’ll never…[Read more]

I lived at home till mid twenties, spent 2-3 yrs living in a shoe box in London with a household full of kiwis and aussies. On my return home rented for 18 months then decided I wanted my own pad.

Ah yes Yack, the good old days! I did 2 years in London in a 3 bed shoebox with 7 other Aussies and Kiwis. Now wonder…[Read more]

renting is a bargain – not many other things in life are funded by the taxman!

True John

And don’t you find it funny that you need the biggest room in the house for the home office?

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

What we’re talking about then is a JV scenario as apposed to Mez finance.

The difference lies in the security provided for the funds invested.

The problem I have is that they are advertising as Mez funds with great returns etc. And my concern there is that a novice investor may easily get burned by not being able to ascertain the…[Read more]

Thanks Mel, I understand how Mez deals work.

What I’m saying is, they can get 70% from a senior lender ie bank and 30% from Mez paying 13% interest without using any of their own funds. There is no reason to offer more.

Michael

Have investigated the group mentioned a few months back when they started, and all I…[Read more]

Actually got a call from them yesterday saying they’re changing their fair use policy, and now the $99 deal has a limit of $500 so it’s coming down.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

You you still use your own phone and service provider I think, so you can still SMS the usual way, but just use 1 cellnet for the calls and cheap rates.

I think the only extra hassle is phoning into them first and then being connected through.

Might look further into it actually as my mobile phone bill will be huge in a few…[Read more]

Have already gone through this with you, 75% is max, unless I’m missing something here and another broker can get more than 75% for that postcode and an overseas application on your servicibility?

Simon is very experienced here, use him.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Typically the larger experienced development companies who can provide a capital guarentee will offer around 12% with a small bonus on completion.

Any company offering 30% or 70% as you mentioned, it will more than likely be a JV scenario where you would profit-share but at the same time, the risk would be shared too.

Generally most…[Read more]

Just because you have an IO loan doesn’t mean you cannot pay off the principle, you are only obliged to pay the interest component each month.

Hence more flexiblity if you need a few months of reduced payments. This goes for PPOR loans too, with P&I you are reducing the available limit you can redraw back up to so why not keep your…[Read more]

I have to agree with Michael here and say that you will probably find it difficult to raise funds for projects without a track record and the necessary experience.

I would recommend looking for a mentor instead to learn the ropes first, and if you can find one you can trust there will be deals there for you to do.

I am also here…[Read more]

Derek’s advice is spot on, as you should be having a chat to the valuer yourself who will give you a good idea of whether you’re paying too much or not.

Don’t trust your bank to let you know if you’re paying too much for the property, as they will allow you to do it if you have good servicibility.

In other words, take…[Read more]

I think while myself and a few others may get your dry sense of humour, it is sometimes very difficult to tell on the forum what is actually meant.

Perhaps a little less ambiguety may make it easier for us to understand your posts.

While not an expert on forum etiquette, I also think your posts are sometimes a bit too much on the…[Read more]