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No i would go for being a bit more genuine and honest and banging your head against the wall. But i mean there is no point there is hundreds of deal where it can go the other way and make double your 15k back!
I love a line our building teacher run off in classes one day. It was a simple line but it rang true and also made me laugh in class because i sensed the sarcasm in the way it was said.
"Architects think we can build these plans."
Well i have negotiated and know of a development block that i would make in the vicinity of 60% Cash on Cash Return on. That's what i would do with it for starters.
To echo my sisters words. I will never take out a loan with bank west again. I think mainly because with her situation living out on a farm house that they have no branches and any communications was ridiculous.
Linar very sensible. Some council a little perhaps with just one phone call and you could install a timer both for now or if the tenant goes and for future tenants. Also most electrical companies have hardship programs and payment systems and also a $500 once a year Energy Releaf Grant for anyone on Health Care Card or Centrelink.
I'm in process of tenants negotiating out of the lease, i've three people go through today and more inquiries then selected what i think seems like a better tenant. My tenants completely moved out of the building and was still paying up one month in advance.
I'd pay down the credit card and all debt. Opps first burn the credit card. Then look at your personal budget this could include getting rid of the mobile phone or changing to better plans, pre paid etc and look at all areas to save. I'd set a goal for six months to have a deposit. Set a regular savings account. 90k a year is tonnes of money you have already proven to not manage your money well. I'd focus on disciplining my spending!! Because you could not apply for the fhog then that gives more reason to possible wait six months to buy because the entry level i think will have more advantages for buyers then or in less then that's time.
This is rubbish i think that prices will go down particularly in the first home buyer market that i focus by the end of the year and into early next year. Not a lot but a little correction. None of it worries me anything! I think 2010 seems to be a stagnant year. 2011 and 2012 will not be anything sprecial so i think 5-7% each year from the end 2010 would be lucky,… that adds up to 10-15% growth to 2012.
Seems i will be taking this one.
http://nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/2/1/9/2I got the Council letter with a permit approval. Now on onto the stage b). of this to find who wants to put signs up.
hehe… lol i went to McDonald's today to ask the managers, see if i can get some money back for all the McDonlad's burgers i've eaten.
I think the tough part for people putting a sign up (meaning my client) will be the cost to make the sign. I'm going to be $397 per annum for any slot and each sign could cover an area of between 1.5 -2 mtrs wide and 2 mtrs hieght, made of tin to fathen directly to the brick. To create a mosiac of advertisments to fill the wall area of 8 by 4 meters.
Well come auction day Saturday 13th, i rang the pub and it was not on. "There's a note in the window saying post poned" the publicain tells me over the phone.
I went up to someones place to have snoop through the garage sale adds and or any clearance sales (because i wanted to find some things for a current Reno). There was none so i got bored and said "what else can i do today". Someone said, "here's a property go for a drive in the sun to have a look"". So we went over and checked it out and submitted an offer via phone within two hours that was accepted by saturday night at 7PM.
I did the rounds on Monday morning! Phoned my conveyancor, collected the 10% deposit from Westpac and walked over to NAB. Westpac was going to charge $45 to print the statement to take a statement out. The NAB bank manager said i could sit in the bank managers chair in the office and log on to show him statements. I had a discussion and out came some words "that's approved".
I've checked the add for the auction and it says under contract under offer. Ummm hang on wasn't that not allowed to have a contract secured against it. Anyway i walked and moved on and found that fate bought me another.
That's the deal and the deal is done!
Vendor decided to go to Auction. It's game over!
REIV said agent has done everything right. Gave me some stories how this is happening from time to time and how sometimes agents are calling in asking that they are about to go to auction and do not have section 32 prepared because the solicitor has not got one ready. Advised to ask if they have a section 32 for any future deal and just do not even look at it if it hasn't.
I learn something in here and that a new rule should be handed down for all property listings to be with a section 32 from the very day of being listed or not allowed to entice people to try buy. I wasted my teams time!
I will keep an eye on the auction for interest such. Would not have mattered if i had a chance to sign unconditional, there was no contract prepared to sign and no section 32 to sign.
My broker is preparing an application but it could take 21 days for approval then don't know if it will be subject to valuation.
We are also looking to a way to get an approval quickly because the deal could be bought by someone else. We have an appointment for NAB because i know the manager down there.
Thanks for the tip Qsl007 l'l through that one in at the meeting.
Don't worry i will not put you through the pain of submitting one of my application! Just want to pick your brains. Maybe in a few years it might be different.
Thanks. I've already been there and you are left that confused with some many variables, fees and different options that i don't know what an informative decision is. I was hoping a broker might actually know his stuff. It is not my chosen field of expertise.
What information do you need? I want to purchase another property soon (6-12 months) want to access equity. Think i would like the option of locking in rates as i and when i think the economic it turning and that rates will start going up to trap people. Then a lock in rate of 5 years would be good. May need to refinance. Would like to make extra repayment not to payoff the loan but to pay a buffer. How do you know the rate and what the effective rate is?
Only thing that i could make sense of was the portfolio line of credit as i intend to be making more property purchases similar in the next 9 years:
http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Personal_Finance/9/1/?ncID=ZBAHow can there be no lease agreement yet still be able to rent rooms. You could even be in the lease agreement could you as having access and using the property with the people etc?
Thanks gibbo, not having the first loan now enables more of a chance of a loan on this one! But i want a loan on the first property. I just thought i would get a little further down the track before that application would go in. Strategy on the first property is to pull out 25k in cash on a loan using 80% of the newly renovated value. If it was cross collateralized it would defanently end that theory wouldn't it or is their any other way.
The banks might want to use my first property as security. If i let them this is cross collateralize and i know everyone advices not to do that. But if i do not have many choices what will it mean down the road say when the value is up from renovations and or refinance and things and have settled in for a year or two and everything's going well?
Australia wide title stuff here for a cost. I think there is a reason the agent will not go 'subject to finance'. I can walk so i will walk now and or untill they provide a sensable process for buying a property!
http://www.landregistryau.com/services_vic.asp
Also:
https://www.landata.vic.gov.au/tpc/tpc_specify_property.aspxThanks SNM. The only thing that i know of like that is http://services.land.vic.gov.au/landchannel/jsp/map/PlanningMapsIntro.jsp but the most you can get with this is zoning! Not sure of any other ones but that info would get the application process going.
And thanks Terry your post made me certainly not go unconditional.
I've got access to 80% of the purchase price in cash and can make somewhere between $150-$200 +CF per week after all expenses with 20% left in but i need to pull that other 60% money out of it but could leave 25%-30% deposit money after the Reno which is mainly all cosmetic and I'd give myself three months from today to get it all done, maybe less.
Pre-approval is in process but we can not submit a application because the agent can not get the details of the property lot, volume, folio etc. The mortgage will be subject to valuation most probably anyway.
Really just want to leave 20% in the deal!
I can't be under auction rules. There has been no auction terms and conditions read out and or stating a start of an auction. I don't think the agent is making sense according to the action act.
Still a vendor is quiet within there right to object to a subject to finance request.
