Definitely want everything done above board and I don’t want to hurt anyone as a result of the transaction. Just looking for a creative solution, as I can’t afford to pay a lump sum up front and I’m not sure if the bank would lend me more money. Also, it could set me apart from other interested buyers. Note that I’m confident that I could…[Read more]
Just to fill evryone in.
I spoke to my accountant and he didn’t like any of the 3 options. The third could work out OK financially but could cause unnecessary concern for an 82 year old mum.
His suggestion was along the lines of one from my 84 year old father-in-law. That is, renovate the house to make it more lively and modern, hire new…[Read more]
I will investigate three options (neither of them are my original one):
1. I purchase mum’s house at a fair market price and rent it out and she purchases a new villa, thus avoiding real estate commission and some legal fees.
2. Mum borrows money on the equity in her house and I find someone to lease purchase the house from her,…[Read more]
My mum owns outright a 3 bedroom house in Boronia West (about 2km from the Boronia and Bayswater train stations and 1km from Knox City). She is 82, has no transport and the house she lives in is old and bigger than she needs. Thus, I was wanting to propose that she moves to a smaller more modern house closer to public transport…[Read more]
I hope its a win win situation, but the primary purpose is to help my mum.
In terms of the $1 rent OK I take your advice, I didn’t realise the implications.
In terms of similar rent for her existing property I meant market value. Still have to research it, but I suspect about $250-300/wk for a 3 bedroom house in Boronia West,…[Read more]
I recently signed up to do an RG Allen/Mark Victor Hansen real estate course through US, not knowing that he was in town. I didn’t attend the seminars.
I’ve actually had 4 weeks of training and found it OK. I found Steve’s book afterwards and wish I had found it earlier. Steve’s approach is more straight forward, his book is very easy to read…[Read more]
You’ll probably find it in the sticks; Steve found them in Ballarat. Alternatively, look for duplexes, dual occupancies or multi-occupancy sites.
Good luck. I’m still looking too and tentatively thinking about NSW rural towns.
Maybe its best to stick to capital gain using buy and hold techniques. I’ve doubled my money in the past 2.5 years…[Read more]
Sound like you want to start a group. For this group to be successful we need someone with a reasonable amount of experience in the private investor real estate business. That’s not me. Do we have anyone that fits this category that’s interested in getting together a group in Canberra?
In terms of location, it could be at someones house…[Read more]