Aren`t brokers dealing with banks!!! this profit mashines?[strum]

I don’t really understand what you are saying?

Perhaps you should just follow your friends advice – is he in a place you aspire to being?

Richard mentioned the MI issue with securitised lenders and suggested that with these lenders you will run out of steam earlier.

Places…[Read more]

All offers must be communicated to the vendor unless he has instructed otherwise. ie “Don’t give me any offers under $X”.

Of course there is no point having your offer presented unless the agent is trying to sell it to the vendor.

“we have just got an offer for $150K. I reckon this guy is just making low offers and it is an insult. I hope to…[Read more]

Not good and not bad. The question is really as to whether they are suitable for your situation.

As for trustworthy there should be no problems – this is a tightly regulated industry.

Why don’t you focus on what to buy and have a broker source your finance. He can bring an awful lot of experience to you at no charge.

All the best

Simon…[Read more]

Rather than speculating whether or not you might be able to get a loan I suggest you call a broker and sit down with him/her and find out exactly where you stand.

I can give generic advice via this forum or email but am a poor substitute for a local expert sitting in front of you.

Cheers,

Simon Macks
Residential and Commercial Finance…[Read more]

Why don’t you offer to buy the project from him.

If you can find a price that will make sense for you and also bail him out of trouble?

With family it might be wiser not to make too big a profit from him tho as this might cause lasting resentment?

I think you need to seek some professional advice and temper it with compassion and common sense -…[Read more]

Probably not the answer you want to hear – but if he is very well informed and has access to the right info he can probably do it himself.

I wouldn’t though…

I reckon it was $600 well spent and my last one was for a house built in 1960 with minor renovations done since.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @…[Read more]

Originally posted by v8ghia:
Hi Matt. I agree with the other reply. [exhappy]

Matt,

Don’t get me wrong – I am not suggesting any course of action – just asking you some questions to try to help clarify your reasons in your mind.

Cheers

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

Go to the Police.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

The title of this thread is sensationalist and offers no alternative but to state the there is a bubble and it will burst.

Not really much point arguing someone who sets a question like this.

Is like me asking my mate if he has stopped beating his wife yet [blink]

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

It means that someone hasn’t kept up with their payments and the Mortgagee (Bank) has instructed the property to be sold.

Agents love it because it makes people think that it is a distressed vendor who will accept a low price – thus getting more people to the auction.

In reality – if the market is hot – these properties can sell for even higher…[Read more]

OK Matt – lets see if we can get this clearer in your mind.

My first question is why?

Why sell a property, pay costs and CGT and then buy another one – paying costs and stamp duty?

Why not just buy another property as well?

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

The ATO looks at the purpose of each loan you take out when determining whether you can claim the interest.

So if you raised the loan on your IP and sent the money into your PPOR the ATO will see this as a new loan and the purpose is for your PPOR – so not deductible and you have also made it more complex for no reason.

The only way to legally…[Read more]

Originally posted by DLPP:
Do you believe that he is right because if he is only 5% of people on this site are actual investors and my caculations make that 2100 people leaving 39900 people who are lookers

Interested thread – not sure what the numbers would translate to but the idea that alot of people do not participe in property investing must…[Read more]

Originally posted by wealth4life:
Sorry Simon i disagree with you that the average loan was 80k when interest rates were 17%+ – we had a 240k debt when the rates started going crazy, i don’t know how old you are or what experience you have in going through this type of situation but it was not pleasent for us and our friends.

D

I am wrong…[Read more]

It is a product that starts at 4% and increases over a few years to a higher rate.

The theory is that it grows as rents and valuations do.

I think it is a pure asset lend as well.

I don’t know much more than that.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228…[Read more]

Fourteen days is no problem for a preapproval – most decent brokers will get one in a day or two.

PM or email me your contact details and I can get someone in Melb to call you tomorrow if you like.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may…[Read more]

The $220K sounded like a good deal but it may be too late if he has listed it as he will still have to pay the agent a comission regardless. So his original offer is probably looking even less attractive.

Shame you couldn’t take his original offer without needing to complicate it for him – I can certainly see his viewpoint. He may not even be…[Read more]

Originally posted by Tizzy:
Another way. We couldn’t give our teens / early twenties kids the money to help them get a start in R/E, but, we had equity in the family home. So with that as security and the combined earning capacity of all of us
(Mum Dad and 3 adult kids -2 studying full time) we borrowed to buy land, build and sell on. Works well…[Read more]

You can buy an investment property secured by the home quite easily – assuming sufficient income and a clean credit record.

He should speak to a lender or a broker and get an idea of where he stands exactly and how much he can borrow.

All the best to him and yourself,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to…[Read more]

Interesting point.

When rates were 17%+ the average loan was about $80K.

So whilst wages have increased somewhat the major difference today is that the average loan in larger cities is approaching $300K. Many people in Sydney have borrowed $500K+.

So a rate rise doesn’t have to be as it was in the late 80s or early 90s to really hurt.

Simon…[Read more]