Hi Danielle

May I suggest you have a look at the Vendor Finance Association's website at:
http://www.vendorfinance.asn.au

There is a link on the site called "Meetings and Membership".  This will give you the list of all VFA meetings throughout Australia for the rest of the year.  These meetings are a great place to get to know other Vendor Financiers and hear their experiences.  Good luck.

Cheers,  Paul

Hi Andrew

It's not always the case but a 3 bed apartment in Newstead, Brisbane springs to mind.  The guy we got it from paid $440K from the developer and 12 months later couldn't sell it for $390K.

It's also worth looking into the case of the Pacific Blue development in Salamander Bay.  A couple of years ago we were offered a dual key apartment for $750K, with $600K down and the developer carrying back $150K.  They got us loan approval as all the lender valuations had been "done".  We pulled out.  Now you can buy one of these apartments for around $350K.

Our caution revolves around an old trick, i.e. sell off the first couple of units to "silent" associates for the developer's price, thereby allowing the valuer to see "comparables" at the developer's price.

Obviously this doesn't always happen but we're just wary of it having happened in the past.  I'll have to join the diplomatic corp

Cheers,  Paul

Hi Kondalilla

One factor that may influence your decision is the future cash flow position of your new purchase.  If you're planning to purchase a cash flow positive property then I'd probably buy it now so I don't miss out on the extra money in my pocket for 1.5 to 2 years.

Of course, if you're planning to purchase a negative cash flow property, then you may take a position with an off the plan purchase, thereby backing the potenial capital gain of the development and the area.

I have both negative and positive cash flow properties but I usually don't buy direct from developers, as I'm always unsure how prices may have been manipulated in the new development.  I normally buy from the person that bought from the developer, as time tends to establish a real price for the property.

Cheers,  Paul

Hi Damo

A lot of people endorse Gatherum Goss at:
http://www.gatherumgoss.com/

Cheers,  Paul

Hi rider

I did a google search for "convert company title to strata title".  The first on the list was:
http://www.cml.com.au/news/2004/020.html
It contains a lot of useful information and there are a lot of other appropriate "hits" in the google list as well.

Cheers,  Paul 

Hi new2da02

Considering the positive cash flow you're currently receiving from your existing IP and my assumption that this $65K property will also generate positive cash flow, I'd go for it.  With one proviso, as Adam mentioned, i.e. the availability of a "good to fantastic" property manager.

Cheers,  Paul

Hi Andrew

We and two friends recently bought a buy & hold property with a unit trust with a corporate trustee.  The units are equally divided and owned by our separate Family Discretionary Trusts.  We feel comfortable with this structure and it also works well in regards to Land Tax (in NSW).

In relation to lending to Unit Trusts, I wouldn't give up yet.  Have a talk with some of the mortgage specialists in the Finance sub forum.  If anyone can find a way, they will.

Cheers,  Paul

Hi Ken

We had exactly the same problem with our unit and the Strata Manager was great and got it fixed quickly.  You certainly seem to be working with a bad Strata Manager.  Have you had a talk with the President of your Strata Committee?

Once your strata president understands the potential structural problem this could cause to the building, I'm sure she/he will be keen to bring the strata manager into line and get the leak fixed.  Possibly even suggest that, if the strata manager doesn't perform satisfactorily, the committee hire a new one.

Cheers,  Paul

Hi propertyboy

Around here, Port Stephens, NSW, we can also buy the full Residential Lease kit from the newsagent.

This may be better than just getting a copy of the Lease agreement because, apart from the Lease agreement,  there's a whole lot of other stuff you've got to do when setting up a residential tenancy in NSW.  The kit contains the Residential Tenancy Booklet and  it's a MUST read.

Cheers,  Paul

Hi Baobaolover

Yes, it is likely that there will be double stamp duty, i.e. both you and the new purchaser will have to pay stamp duty.

I suggest you take your contract to a solicitor or conveyancer and tell them your plan.  Solicitors and conveyancers are doing this every day and it will be very much easier for you to get them to do it, as they know all about the requirement to put deposits into trust accounts, etc, etc.

Cheers.  Paul