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I think this is a really good topic.. I am no expert but my business partner and I just purchased our first ever multi unit site.
We were looking for at least two months before we made our first purchase:
I thought it might be a good idea to provide you with some points on why we bought this property and not others, I am sure there are other people who might be able to provide some more information.
1) We where not going to pay more then what the actual block / house was worth: We are trying to make an X amount of margin at the end of the project.
– Some developers may pay a bit more if they need projects or you may find the complete opposite.
2) We had a certain criteria to meet: A developer may say does this land suit what there trying to do….
But since this is a real estate person calling: I would be asking her straight out, how much do you think you are going to get? + if i had a section 32 ready are you prepared to put a offer in writing subject to no conidtions…
A few clients of mine live in wallan
I thought I would ask them some questions for you…
1) insurance premiums are flying through the roof.
2) council rates have been increasing
But in saying that the demand in the area for both rental and purchase is going strong.
If you need anything please let me know
It all depends on a few factors and by the way good question.
Setting up your portfolio to meet your goals is essential.
Have you talked to your broker yet about what you want to achieve?
You might be doing more damage then good, applying with a different lender again.
I strongly recommended getting in touch with a mortgage broker you fill comfortable with and don’t waste time or damage your credit score more by hitting banks.
Jacm has pointed out some very god points…..
Firstly: Depending on how your IP is set up, you may want to look at shifting the loan to interest only.
I think its essential you look at the right structure not just from a taxation point of view but also from a loan point of view.
More then happy to help if needed :)….
Great question yulie,
I think that any person has the right to ask any question at anytime.
Our business is not about making a quick sale its about being each other business partner
I have heard of a few people who have this program or attended the seminar
To be honest in my optionin
Any venture takes time to grow and allot of planning needs to take place
If your looking to make extra cash ask your self this:
1) how much time do you have
2) there has to be something more to drive you apart from the extra money
Also there is no quick way!!
Hi Tom 123.
Really good Question…
Like anything there is always pros and cons… and it also comes down to what you are comfortable with.
For me personally, I only like to borrow up to 80%… at a time..
Give you a bit of room if things get tight out there.
What area are you looking at buying in?
Interesting but have a think of this…
This is already happening know but if you look at demographics there also changing.
More and more people are moving out into a home by them selves.
But in all essence, investing is never easy and only a few handful make real money!!!
I bought a i settled on a property which was bought way under market value.
Fantastic the two areas you are looking at are fantastic.
There is some good material on this forum… I have done a couple if these projects in the past.
The way I made some coin was by buying the property under market value.
The renovations helped me attract more buyers but still money was made from buying undervale.
if you want to have a further chat I can private message you my email ask any questions you like
G day warren
First thing first what part of the world you living in???
I would look at getting advice from a lawyer and an accountant and also look at working with a mortgage broker to see what your options are