[Pat007Member@pat007Join Date: 2012Post Count: 71]

July 27, 2012 - 6:16 am

Also like alot of times in business you need to remind yourself that a business is made of people, and with a large corporation you may hit a roadblock simply by speaking to someone who is technically correct, but unhelpfull or lacking in knowledge about what they can do for you.

Try getting a meeting with a branch manager, if they are not helpful maybe try another branch.

Find the right person, thats the key.

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July 24, 2012 - 1:17 pm

I am in the same position, but i take the view that while i save i can investigate, read , learn and ask so that when i have the hard cash to put down im not taking a gamble.

depending on your entry level, personal loans, private lenders or credit may be an option.. it will factor heavily against long term profitability but will allow the building of equity that otherwise you may have been locked out of.. but with that goes a higher inherent risk if things go sour.

A deal like that is better for what's known as flipping… put down a deposit, negotiate long settlement and arrange early access to property for rennovations in the contract… have a team you trust ready to go and improve the place as fast as you can in a cost effective / value adding manner.. then while all this is going on line up a buyer .. it is risky, takes skill and planning but from what i read it can rapidly get you into the game.

Another option may be to go for good land at a lower purchase price, have plans drawn up and approved, do a deal with a builder and then sell to a buyer based on the plan..  again needs alot of research into the "how to"  and maybe some official legal advice…
 

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July 24, 2012 - 4:26 am

I lived in Perth for a number of years and can confirm that there is a fairly solid stigma around both of those areas, Armadale at least has a public transport rail link to the city and beyond as well i think ECU (Edith Cowan University) has a uni Campus near there or on the same rail link back to town. so in terms of renting  you should have no shortage of tennants.. as to quality well.. be carefull in that regard.

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July 23, 2012 - 9:36 pm

i have heard that about an 80% vinegar solution kills mould better than straight vinegar… this is because the hyphae absorb more before being killed off so you are getting to the root of the problem. worked for me.

but yeah as they say address the factors that make the place attractive to mould, it does not like direct sunlight, it likes still air and of course moisture, in cases where it keeps re-appearing usually means it is re-growing from either new spores or there is growth behind the surface it's on.

sometimes can be a sign of rising damp in a house or a leaky pipe in addition to climate.

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July 20, 2012 - 4:06 am

be careful to retain proof of fax / postage or email 
if it does go further and they say "what letter ? you never sent us one" .. you have to be able to prove you did otherwise they have a hard copy of an offer vs your word.

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July 10, 2012 - 3:38 am

Treat any and all advice from Centrelink as if it was a beaker of acid: fragile at best and likely to burn you either way.
A lot of their stuff is means tested and they tend to expect you to sell any assetts you have to finance yourself (great way of getting people off welfare yeah ?)

Might be worth looking at setting up an ABN or LLC and get legal aid / accounting advice around transfering the property to them as a seperate legal entity

Then at the least they might class the income as counting but not view the house as something that can be sold at their whim to finance your survival. (short term thinking on their part not long term)

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July 9, 2012 - 11:21 pm

TheFinanceShop wrote:

kateej03 wrote:

Thanks for the replies. I am the same as j21 don't have equity so would need a personal loan. Is there any kind of security required? I have seen a few loans around 15% does this sound about right? Thanks, Kate

Hi Kate, You would need to get an 'unsecured' personal loan. Bendigo Bank have one at 13.49% and ANZ have one at 13.99 %. Make sure you get an pre-approval for the new loan before taking out the personal loan. Regards Shahin Afarin – Property Finance Consultant http://elitepropertyfinance.wordpress.com

The Bendigo Basic Black Credit card has two unusual things going for it, around 12.45% on credit AND cash advances (normally banks sting you on anything they consider a cash transaction up to 22% in some cases) as long as you can get a high enough limit, this would beat even their Personal loans if your looking at that option. in a seperate thread im enquiring about the tax implications of this.

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July 9, 2012 - 11:17 pm

On a related note, if used for an investment type purchase is the debt interest on a credit card claimable against Tax in Australia ?

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June 28, 2012 - 2:40 am

I think unltimately "caveat emptor" rules supreme.

however i do object to many of the hidden additional costs, commissions and kickbacks continually ramping up property prices in Australia while adding very little of value.

And since the practices are wide spread and agents generally price based on what others are selling for and charging. this leads to the whole market heading up and a lack of competition (alternatively priced housing for example)  to this artificial inflationary pressure the bubble just keeps growing faster than wages are rising over time.

Not to mention the socio demographical snowball effect this has as rents rise vs property values.

Where will it end.. will it end ? there is a whole thread on that as it is a completely different rant

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April 19, 2012 - 11:25 pm

Catalyst wrote:

The above information is incorrect I believe. If the tenant is on a fixed lease you cannot make them vacate. They have an agreement (lease) that says they can rent rhe property for the time stated. Its a contract. You could offer compensation if they do agree to terminate the lease.

However as a third party you are not subject to that agreement as you are not yet the property owner as stated in the existing agreement.
the breaking of the lease is a matter of remedy / dispute between the current home owner and the tennant.

It is in your best interests if you want vacant posession to run this past a solicitor so that the correct terms and stipulations can be added to the contract of sale (ensure vacant posession by date xxxx is a TERM and not a condition to give you adequate remedy in case of a breach of contract)  pretty much untill they are out you can have it so that you dont settle and so that the current owner pays damages for your additional expenses arrising from the breach. 

It may depend on your state law, but i think the principle is the same accross the board, pretty much contract law 101 
 

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April 17, 2012 - 7:24 am

Terryw wrote:

Pat007 wrote:

Another option to consider to keep initial costs low and minimise finance borrowed against your family home is this.

Only buy / finance the block of land, get plans drafted and approved by council. Then sell based on the plan, i have heard that banks will lend up to 80% on the value of a signed contract ? (please let me know if this is accurate Richard)

That loan can sit in an offset account that you can draw on as the building progresses, should minimise the costs of borrowing.

well that's the basic theory, although if we have any experienced developers around they may have another angle on this.

Sign both sides of the contract? Builder and client?

If i understand the question correctly, no im not advocating having his company buy the land then having him as a "client" buy "off the plan" then use the contract as leverage for a loan.  Rather im suggesting that similar to flipping a property he get a signed contract from a buyer who is willing to buy from plan, then get a seperate loan against that contract before the settlement date, pay off his loan on the land (if he even needs a lon on the land.. depends on his finances) so it is clear for the settlement. 

So complicated yes… easy.. not really … legal ? the theory says yes, but im not an industry expert, just a well read amature. thought i'd throw it out there for consideration / investigation  

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April 17, 2012 - 5:36 am

Another option to consider to keep initial costs low and minimise finance borrowed against your family home is this.

Only buy / finance the block of land, get plans drafted and approved by council. Then sell based on the plan, i have heard that banks will lend up to 80% on the value of a signed contract ? (please let me know if this is accurate Richard)

That loan can sit in an offset account that you can draw on as the building progresses, should minimise the costs of borrowing.

well that's the basic theory, although if we have any experienced developers around they may have another angle on this.

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April 17, 2012 - 4:36 am

The reason Flippers do this is there is a large element of risk in flipping, time is literally money and you need to find a buyer quickly.
If you can get an almost guarenteed buyer before trying to flip a place why wouldnt you ?

you know what a guy who sells to the realestate agents on a large scale is called… a wholesaler.

If the agent can then sell it for profit then good luck to him, it is after all his profession. (the business process here is called a supply chain and is no different to someone importing goods and then selling them to a store who, then gets to sell them again)

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April 13, 2012 - 4:02 am

There is some hope, look at: https://www.propertyinvesting.com/forums/property-investing/general-property/4344060?
it will affect the town but looks like the area has more going for it.

May even attract some speculative buyers looking out for panic sellers in the wake of that closure announcement.

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April 13, 2012 - 1:49 am

Terryw wrote:

The trustee will be sued and the trustee personally liable. If you are trustee you and your assets are at risk.

Substituting trustees now won't help because the old trustee entered the contract.

Whether they can come after other trusts the answer is yes they can, but it will depend on how it was all set up and transacted. If you go bankruptcy then the trustee in bankruptcy cannot, on the face of it, take assets which you hold on trust for others. But there are lots of exceptions. Since you are the trustee of this trust too there may be a dispute whether you hold these properties in your own right or as trustee.

Your best bet in getting out of the contract is to go thru it with a fine tooth comb and make sure they have given everything or included everything that they are legally required to in the contracts.

If you have a strong stomach you could read this recent QLD case about a purchaser who didn't settle:
South Sky Investments Pty Ltd v Luppi  [2012] QSC 27
http://jade.barnet.com.au/Jade.html#sy=261412

under the link quoted is an option to view the full document, well worth a read.. quite heavy going but interesting all the same.
i'm thinking you should do all you can to meet the settlement (after all if your figures were good beforehand then they still are) you may be able to on sell at a loss that is less than the penalites you may face otherwise… or if you picked well and have time to slap some paint around maybe you can flip it for a profit or rent it out so you can focus on the family chrisis.

depends a heck of a lot on your specific contracts, financial position, Friends, bank and options.. being creative may save your bacon and still turn a profit

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April 4, 2012 - 4:12 am

because your doing most of it yourself and have been doing this stuff by trade for a while now, it isnt like the usual cautionary tales to the home handyman looking to rennovate a place for profit. i am assuming you know your stuff so half the advice out these is not suitable for your position.

Like some guys here have stated, look at rennovations that value add only (get friendly with some of your local real estate agents to learn their criteria for pricing a house) avoid re-doing something that is cosmetic and does not need fixing. Money saved is profit earned.

If your not from the USA and are looking to invest there, look into US specific housing issues that you need to be aware of from a buyers perspective and an OHS perspective (old lead glass windows / lead based paint / asbestos / Chineese Drywall)

Lastly be aware of your limmitations, if there is work your not licenced to do it means getting in a contractor, this should be avoided as it'll eat into your profit… but do your sums !  it can still be worth doing on the odd occasion.
 

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April 3, 2012 - 2:39 am

on google maps you get a fantastic view of a massive substation with many high voltage towers only a stones throw away.
i for one would be relieved if i couldnt purchase it, many more fish in the ocean no need to settle for that.

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April 2, 2012 - 4:51 am

3bedroomhome.com.au – For BuyersIf so, give Nicky a call on 0450 905 807. If you'd prefer something in the north or east of Adelaide, then give Michela a call on 0411 366 661

Information from google searches on web page reveal it no longer exists but cached search data is still present.
info above provided in a sub link down the page on http://radaris.com.au/p/Nicky/A/  (may not be same Nicky) but the link on the related search data (listed above) was definately related.  so we have 2 names and numbers.

I would at this point caution you, their twitter profile was removed, their website was removed… essentially anything online that might be used to track them down was purposfully removed (instead of left to sit there un-updated). it might not be a good idea to do business with someone who has done so, there is always a reason behind this

number is still active see links below
http://www.newsclassifieds.com.au/Property/Adelaide/SA/Wanted/IBuyHousesInAllAreas/1542471
http://www.reverseaustralia.com/lookup/0411366661/  – new business name may be "we buy houses" suburb Gilles Plains
http://www.yellowpages.com.au/sa/gilles-plains/we-buy-houses-13835504-listing.html

possibly related links
http://www.webuyhouses4cash.com.au/
http://www.webuyhouses.com.au/

I would add that in these cases :http://www.asic.gov.au/asic/asic.nsf/byheadline/Registers?openDocument#companies is an invaluable tool, for taxation Australian companies must obtain an ABN, if they dont have one then do not engage with them.

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March 30, 2012 - 3:10 am

well their Twitter account has been removed, used to exist though.
Located a picture of her on the twitter profile, may have more useful info on the site
http://twittercounter.com/NickyMarten

however with the picture you stand a fair chance of finding her on facebook if there is an account
If you have any other info at all , associates, place names, business name / office location, suburb , also misc data including emails from them in the past, additional data can be used to narrow things down.

just ask Engelo on here about my searching skills

http://www.whitepages.com.au/resSearch.do?subscriberName=Marten&givenName=N&location=Adelaide+SA&expandTo=BOOK&refinement=true&refinementType=ResExpandRegion&page=1

No results for an N Marten in the Adelaide region, always possible it was  a pseudonym , cannot locate on facebook either, or they may have moved interstate / gotten Married .. like i said more info required

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March 29, 2012 - 5:05 am

Vivy wrote:

After spending close to $10k, all up, on seminars … I still haven't bought my first IP. After the last "bootcamp" I went to (CCorp, cost $6k … and the lunch was RUBBISH!! I know you dont go there for the lunch but some sustainable brain food wouldve been appreciated. Not tiny crusty sandwiches for 3 days.) well after that, I have finally come to my senses and realised my foolishness. Now I just take all the free info I can get. I won't be spending another $ on any seminars or consultations or so called one-on-one mentoring. I gotta find a way to make it work with the knowledge I've gained so far. They must rake in the money from those seminars. The CCorp bootcamp costing $6k, had to have had 250-300 people attending. Such a rip off! To think you can become a property developer after 3 days training … I feel quite foolish that I believed it.

Quite right, there are a wealth of books in public libraries, video's on youtube, forums for discussion and individuals where all you need to do is ask.