Forum Replies Created
Hi There…. I have secured property for a packet of chewing gum … that is all I had of value (rummaging around in my clovebox of the car) after being embarrassed about not having a one dollar coin in my wallet. …. but hey if they say it take money to secure property… then who am I to pipe up ;o)
Cheers
Kiwia possible suggestion is to ask what price adjust will the vendor make to accomodate the 20 day settlement?…… if no dice then give them 60 days settlement and go back to the $300….. wait for the comeback and make sure you say to the agent that $300K is all you have in the kitty and cannot get any more than that. and that you relly want the house too of course! – only my suggestions of course.
Cheers
Kiwiyou can also think about getting hte seller to cover the closing costs on condition that you increase the purchase price…… as long as the whole thing still values up (ligitimately of course)…… should be a sizzler. – due diligence and check comps on comparable props to make sure the 20% vendors funds are not just profit sharing. :o)
only unseeded investers would take the deal based on the income generated without doing due diligence on comparable rental returns and then asking the questions of justificatoin to weed out the sour part of the transaction….. a bit like some of there ebayers…. do not check the prices and than go stir crazy once they start bidding and over pay on the item. – Due Care and Due Dilligence Always…. unless you like throwing hard earnt cash away? :o)
Ed,
Where did you wish to invest?
Cheers [baaa]“I don’t think LOC loans would be allowable for wraps (installment contracts) as these would allow you to redraw repayments, or capitalise interest etc. Not good for the wrappee. If you mean taking a LOC secured by another property, then there would be no probs.”
this would be easily fixed via contractual agreement between Wrapper and wrappee that LOC shall never exceed ammount Wrapee discharge amount.you could always put on a couple of homer simpson wheel locks for security. :o)
Hi There,
I would suggest getting at least two or three more independant opinions of advice and look for a specialist entity and taxation specialist rather than an accountant (Accountants generally -although not all – tend to push the managed funds and super funds).
Food for thought anyway! [biggrin]
Cheers
KiwiHi all if you have no or little capital… I think rick otton is running a one day Lease Option workshop this month in Sydney. anyone going to it … take a look if you are interested at
http://www.rickotton.comI might see you there.
Cheers,
Kiwi[biggrin]I know that Rick otton is giving a one day lease option workshop this month… I think it is on the 22nd of May…. anybody going? I think it might be on http://www.rickotton.com
Cheers,
KiwiHi all…. at the end of the day it is really the market that determines what they will and will not pay.
If you are asking too much the market will let you know… how? nobody will take the opportunity you are offering.
Cheers,
Kiwias all states have different laws and regulations …. it is suggested to work with your team of advisors to get the latest version of the truth. Teh packs are designed to give in depth solutions and show you the whats, hows, whys and wheres!
Cheers
kiwiYou could always get a reval done on the property and see if you can squeeze an extra dime or two of equity…. then open a 24hour Pizza shop over the road from the pub…. ya gotta eat when you roll out the door right??…. naa seriously… a suggestion would be to get out as much equity and go for broke on the +CF props… but as they say ….. commercial property can really have some good returns although the capitial needed to put transactions together can sometimes be something short of a nightmare.
-or stick with what you know and go for broke….. as the kiwi saying goes!!!
” Come on Cuz – stick with wot you know bro!”
Cheers,
Kiwi[biggrin]I’ve always found lease options interesting but haven’t found much info about it but I am going to rick otton’s one day event on it……..anybody else going?
Cheers,
Kiwi[specool]- Make sure you win on the transaction going onto it rather than hoping the govt or the market place will make your dreams come true
- put in none or as little of your won funding as you possibly can to make the return much more attractive
- Get a whole heap of opportunities on the table at once… this way you will not be tempted to make a deal out of thin air and try to make it happen… you are better off weighing up 3 or more properties at once and decide to push back on the least attractive keep the emotion at bay!
Cheers
Kiwi!
[biggrin]No difference… as COCR or IRR is not considered when going processing the 11 Second rule…
Tis merely a guide to short list you with … interesting opportunities… further investigation required though.
Demographics, economy sustainability, employment, development, transport access and population migration considerations must also be a factor to consider (Non Exhaustive list of course)![baaa]
Cheers
Kiwi
[specool]Originally posted by Lucifer_au:We don’t like to structure our deals with buyers being tennants (unless doing LO’s and we are forced too). Mainly because of non-payment issues. If people stop paying we don’t want to have to wait long periods of time to take back the house (and where we have to pay for it with a non performing buyer).
Rgds.
Lucifer_auI agree to a point …. however, if you are doing this as a full time job then you will have people queing up at the door for the opportunity!
Cheers
Kiwi
[biggrin]Hey Shane1,
You could always go for a Negative Gearing rescue solution.
There are many options to go for and I am sure you will come up with one if get really creative…
Cheers
Kiwi[biggrin]Great Point Kay :o)…. This would mean that it is: 122,000 people compared to 68,000… still a big jump from the dablers to the seasoned professionals don’t you think?
However I think my point is across… look a the difference between those that have 1 property and those that have 3 (Investments)…. where do you think a lot of those extra properties came from???? – More to the point …who do you think obtain a lot of the properties that come up in the market place at bargain prices?- well I know that lots come from the dabblers that lose money hand over fist … because they got it wrong… how did they get it wrong you might ask???? well this is a myriad of issues:
1. Paid too much on a falling market.
2. Paid too much in a flat market.
3. did not plan for interest rate rises?
4. Did not plan on the government changing the tax law?
5. Stamp duty and land tax issues?
6. Overextended financially (do you think the bank really cares?)
7. Did not make the money on the way into the deal?
8. Bought in a war zone and can not insure the property?
9. House getting vandalised?
10. High vacancy rate (Vendor has to carry holding costs?)
11. High rent default rate?
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Many others of which I will not go into …or perhaps you all may be able to share your experiences here…. the key point I am trying to establish is that all or most of the above could have been avoided or at least minimised on the risk side….. How you might ask? Education!
Intellegent people learn off intellegent people and that means if you need to learn, would it not make sense to do so in the most efficient manner possible? Sure you have to take the plunge … but at least it is not into the unknown… learn mistakes off those who have already done the school of hard knocks … and by doing so shorten the learning curve .. and save time… with more time … we have more time to realise our goals and aspirations.Hope this helps someone!
Cheers
Kiwi[grad]Just click on the Fmaily first post email button to get through to them
Cheers
Kiwi
