Elvis, my suggestion is that that property isn’t any good.

The return doesn’t look good enough, you haven’t mentioned any potential to improve the return, haven’t mentioned whether the location is very good, and having to rely on just the one property is risky.

If you must buy just the one commercial property look for something that you can use…[Read more]

Yes Simon, NAB were allright when they were lending 85% without mortgage insurance.

That LVR together with a credit card or overdraft plus driveby valuations did get many clients over the doorstep.

Pisces

>>Hey Pisces you got some spare cash…hmmmmn i’ll share it with you<<

Single Elves ? If so, too bad.

Married ? Perhaps. A married woman may not be quite as demanding as a single one.

Anyway I don’t think it would work for two good reasons.

Firstly, it isn’t that you are too young for me so much as that I am too old for you.

Secondly, it is…[Read more]

HHH, someone mentioned about appointing the valuer yourself and of course that isn’t acceptable to most lenders as they want to instruct the valuer themselves.

Their instructions may be a little bit different to yours, thus a lower valuation.

Pisces

Wallflower, you are paying say $ 200 per week
instead of say $ 150-00.

The difference is partly paying a higher interest rate and partly a bit of repaying the principle.

If I were you I would be more concerned about myself. Is it worth it, what difference does it make to YOU if you stay put or if you make an arrangement to eventually own your…[Read more]

>>Do you think this is fudging the system ?<<

In what way Wallflower ?

Pisces

Stuart said : ‘I agree with Julian. Brokers should not be allowed to use the words “independent” and “unbiased”.’

The word ‘independent’ means in my book ‘not tied down to the one lender (or a small number of lenders if you like).

The word ‘unbiased’ has got nothing to do with
being independent and merely means that the broker is using his best…[Read more]

On the surface I cannot see why not.

However, this brings up another question i.e.
on exchange of contract (not an option) with a delayed settlement can one have the $ 7.000 government grant released on exchange of contracts ?

If so , in which states ?

Pisces

Lozza, if you are concerned about the insurance plop a mattress in the house and stay overnight for at least one or two days.

Does anyone disagree with the above ?

Aslo one can have a light switched on (and off) by a timer so anyone passing by will think the house is occupied.

Pisces

Lozza, it sounds as if the property is worth somewhere between $ 220 k to $ 230 K judging by the rent.

If you are paying 7% interest yourself it would cost you about $ 300 a week.

So why the need to collect $ 470 per week ?

Pisces

Do a search on Google for ‘investor dictionary’ and you will at least see a couple on the first page.

Pisces

Hi Danny,

I have no idea about prices on the Goldcoast.

Are you able to give everyone any idea what a unit, a townhouse and a house sells for in the preferred area ?

It appears as if you’ve got a good and well established record as a renter.

It would help if you had been able to get some money together as some sort of a (part) deposit.
I know…[Read more]

>>Merely making a point about Wrapping. Hopefully he will realise this is an extreme case but could possibly happen.

Is that not what wrappers do? Charge a price above market value and charge 2-3% above variable interest rate.<<

Sure, your explanation makes a lot of sense, I don’t think.

Is that why you asked for $ 400 per week whilst the would…[Read more]

Yeh, bad luck, Chefman, that you bought in a pocket which didn’t go up in value.

As it happens I’ve got some spare cash at the moment and I am happy to take the properties off your hands if you like. [biggrin] [biggrin]

Pisces

Let us be clear about one thing i.e. that if you deal with a bank direct you, sure as anything, are only going to be offered their product.

Furthermore it is quite possible that you will be gently pushed into a particular product because that happens to be to the bank’s advantage.

In addition to this there are many other good reasons why it is…[Read more]

>>Pisces, don’t be angry its just my opinion<<

Fjficm, what makes you think I am angry ? I am merely putting forward my way of looking at things and you even have the right of reply. [biggrin]

You even have the right to tell me I am wrong and, if I see the light, I will acknowledge my mistake.

>>…… but at the end of the day it boils down…[Read more]

>>Bringing this back to property – or at least investments – knowing more than the other party is a key point in many negotiations. If you know you can redevelop the land for a profit then you don’t tell the seller about this.<<

Aceyducey, so many people go on about the vendor not receiving the right kind of price.

Let us look at a farmer who…[Read more]

>>Firstly, why are you refinancing? Break costs on fixed interest will be huge, and savings will be nowhere near what you are told.<<

Wrappack, I think that what you said about the breakcosts is incorrect.

Presumably the fixed rate loan was taken out before the recent increase in rates.

Therefore the present fixed loan rate would likely be…[Read more]

>>You could just get a couple of valuations done (and average them), and add your margin to this (20%) for the tenants purchase price.<<

I would have thought from all the reading I’ve done that usually the wrapper endeavours to buy the property below what the market value is and thence add a margin on. !!??

I do realise of course that in this…[Read more]

Hi Danny,

It may be helpful if you would provide a bit more detail.

For example, what, if any, deposit do you have towards a purchase, how many bedrooms you are looking for, whether you are eligible for the First Home Owners Grant, even what your gross income is and whether you have any defaults noted on your credit file.

As you appear to have…[Read more]