Hi Paul,
Couple of quick ideas.
1. find out how much your current home would rent for and get a capacity test done to see how much a lender will allow you to borrow against.

2. Rent your house out and secure a property like you are looking for with a lease option.

Thanks
Kiwi

Hi Chris…. if you are looking to go to uni….. you could secure a lease option and get some flat mates in to cover the outgoings so you can secure the property later when you have some stable work/credit history. – or assign it to get some quick cash to give you deposit for a better deal.

I am teakhing my 14 year old Daughter how to do this so…[Read more]

Hi Brizza,
Also, I have put down $1000, the 5%/10% deposit, when is that usually expected to be put down?

If you have negotiated correctly then the $1,000 is all you pay…. however if you have agreed to pay the 5% then this is payable at exchange (signing of contracts) BTW you have every right to change terms and renegotiate prior to signing…[Read more]

Rent Divide by 2 X 1000 = house price.
eg
Rent: $200 divide by 2 = $100
multiply by 1000 = $100,000

Remember… this is a preliminary ” is this property interesting enough for further investigation?” technique. If you are getting the house/unit/land for less than that figure then all is good….. however sometimes soft settlemnt terms make all…[Read more]

I personally started out with sitting down and working out what I really needed and what was what “Robert Kiyosaki” terms as DOODADS – Once those were all listed I followed John Burleys Debt Terminator plan and then invested in an AIP (automatic investment plan) Once that was all in place and ticking along I started to work on personal education…[Read more]

Also depends on what type of renovations you are intending to make and what hte perceived value increase will be. – sometimes both the budget and timeline blows out on renovations and the return semms not worth the effort.

I have an idea or two … however I need to clear up a couple of things first … could I ask a couple of questions?
1. what would the rental be if rented out?
2. When you state the loans will be called in on in a couple of months are you meaning if the payments were not serviced?

If the house did not sell…. but your friend did not have to…[Read more]

I have had vendors agree to pay my stamp duty out of dispersment funds at settlement…. This can be done two ways…..
1. Straight out contract notation
2. increase sales price (as long as it will value up) + contract notation that vendor will pay my stamps @ settlement.

“always seek legal advice”

If the contract gives you enough time to realise the capital gain….. then it sometimes is a good opportunity… even if you are currently over paying (within reason) for the property.

“Better to have something on the go than to have nothing at all”
Cheers
Kiwi

Hi Ricksta,

Here is an idea…
Get a property on a lease option for 36 – 48 months. These are the following benefits (if you negotiate the contracts correctly):

1. Some of what you pay will come off the house price if you buy the property.

2. You get control of the property

3. You get the capital gain if you buy (but pay the old agreed…[Read more]

Hi there, 2 You can advise the original vendor that you wish to have the option rescinded as you have found another purchaser. The new purchaser then goes straight to contract with the original vendor and pays the full price (original purchase price plus option price) and stamp duty on this amount. You don’t get your part of the money until…[Read more]

I am not sure on other states…. but if in NSW you can just secure the property on an option and then appoint an agent to sell the property… if there is profit in the deal then you should sell this quickly and you do not have to wear the stamps and capital gains taxes…. however you will have to add the profit to your income statement at the…[Read more]

You could possibly secure the property on an option and then go and find a buyer. This way you get control but not the risk and it is a good learning curve also. I did this and made $4K profit (minus $1.00 option fee) for 45minutes work.
Cheers,
Kiwi

I do not arrange the deal with the agent. I make the business arrangement with the Principal of the business -(The Big Kahuna )
The Big Kahuna… generally has a wider scope of vision than an agent and can still see business growth through both sales and property management.
… and let them (together with me of course) explain and go through the…[Read more]

Robert,
Firstly I am not your MATE! as mates respect one another… and secondly:

Take it however you like. If you want to live in your little fantasy world of judgement…. then so be it….as long as you are happy.

I am not getting into a childish discussion of mine is bigger than yours. – peace… and leave the judgment to the…[Read more]

That is fine… I am sure you have a profitable business as a real estate agent.
moving right along…. there are thousands of agents out there and I have built ongoing business relationships with a lot from remaining loyal and giving them re-occuring business.

If they are making a dollar managing the day to day property management services and I…[Read more]

It is all about integrity my co investors…
I do not let any person sign a contract without there own solicitor…. If they are not able to ‘afford’ one…. then they are not ready to own a home as it is one of the biggest moves they have ever generally made & solicitor costs are very minimal in comparison.

I do not wish to ever end up on Today…[Read more]

Originally posted by The Mortgage Adviser:
Kiwi,

Out of interest, how many properties do you own and how many do you control under lease options?

Robert,
What is the point of the question??? to get me to prove my credibility perhaps….. I would have thought other readers would ascertain whether I am full of it or not by what ideas and…[Read more]

I have never heard such a thing.
If they had of had a solitior acting on thier behalf … none of this would have happened (at leaset they would have been made aware of the issues.[baaa]
my contracts allow fair and reasonable terms… 30days late and a late payment notice is served, penalty interest is payable after 14 days…. and if not…[Read more]

I just work on educating them and offer to pay 0.25% of sales price and remaining 1.25% if option is excercised. (of course the 1.25% is paid buy the vendor as a condition of the sale. also just give the agent the management percentage… once they realise that this is an ongoing relationship… they come around. – But that is just one of my strategies.