Forum Replies Created
How is it a distressed sale if it is on domain? Serious qs – mere fact it is on there implies the seller has time to go through a. normal marketing process – no?
I am looking for a win/win situation for me as a buyer and seller looking to move quick, where I can take premium for taking on that additional risk and limited buyer market. Must exist in such a big market?
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This reply was modified 3 years, 6 months ago by
propertyboy. -
This reply was modified 3 years, 6 months ago by propertyboy.
Thanks Jaxon, however I don’t believe realestate and domain would be the best way to source these deals.
In my view this is where fair value properties are advertised where the end buyer is able to raise conventional mortgage debt. I am looking to buy properties with problems that need fixing or being sold in distress situations. Sellers looking to move quick outside of a normal marketing period
Where are bank’s listing repossessed properties they enforce on? How do I find cash only purchases with problems not open to the general market?
EG, an apartment that is not habitable, fire damaged etc that must be closed with cash as banks will not lend on this type of property hence significantly reducing end buyer demand
Are there any special auctions for these type of properties where the deal needs to be closed with cash only?
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This reply was modified 3 years, 6 months ago by propertyboy.
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This reply was modified 3 years, 6 months ago by propertyboy.
Thanks Terry.
So I pay $800k into redraw. Then call CBA and ask them to split it based on required amounts then pull out the 800k?
So will have two limits – 1 limit for $800k and the other for $200k?
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This reply was modified 3 years, 8 months ago by propertyboy.
I interpret the 800k would be deductible if put in redraw then drawn out for purpose of buying another income producing asset
What does splitting the loan mean? It is one limit.
Thanks
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This reply was modified 3 years, 8 months ago by propertyboy.
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This reply was modified 3 years, 8 months ago by propertyboy.
So if I move back into the property and it becomes my principle place of residence and put 800k into the redraw then redraw to buy a new property for $1m (80% LVR). Are you saying none of the interest is deductible against the rent of the new property? The ATO tax guidance appears to outline it will be. How much will be tax deductible?
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This reply was modified 3 years, 8 months ago by propertyboy.
The loan limit is $1m (800k relates to the first purchase and 200k top-up).
800k cash sits in the offset ($200k of this was from the top-up that was never spent – just sitting in offset)
If I take the 800k and put in the redraw then take it out to buy a new property, will the full 800k be deductible?
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This reply was modified 3 years, 9 months ago by propertyboy.
I would not be asking to serve a notice to vacate because rent has not been paid rather would be serving a notice to vacate due to the lease ending. Am I still able to do this?
“The laws apply for six months from 29 March 2020. If you have served a notice to vacate on or after 29 March 2020 to a tenant who cannot pay their rent because of financial hardship resulting from the coronavirus, it is not effective.”
I would be serving the notice to vacate not because the tenant hasn’t paid rent but because the lease has expired. Do I still have the right to serve a notice to vacate if the tenant doesnt move out on expiry of the lease? Or can they effectively squat in the property?
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This reply was modified 4 years ago by propertyboy.
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This reply was modified 3 years, 6 months ago by
