Total Members: 156,241

rtsapstead

  • rtsapstead replied to the topic Deposit Question in the forum Finance 11 years, 6 months ago

    Hi All,wow, been a while since i've been on the forum, been over in the US and Canada.just thought i'd update you all on how this one eventually went down.managed to squeeze the vendor down to $395,000 purchase, bank did value at sale price, which is fine.Loan organised @85% including closing costs, the property is currently rented out @ $400…[Read more]

  • Hi YI and Danny,just spoke to the r/e agent, it is the current owners' bank that has done the valuation and they have used and external valuer, was valued 9 days ago.  I'm quiet aware that the banks will use the lower of the purchase/valuation (well my bank will anyway) which is why the question was raised. I couldn't get my head around how I cou…[Read more]

  • Thanks Ryan,Didn't think it would technically be a 100% loan based on the valuation, and yes that is a bank valuation.So if i go through and do the $400k would that mean the $50k i have as the current deposit just sits in the offset acct till we are ready??

  • HAHAHAHAHABen I feel for  you, I had a similar experience 2 years ago when my wife and i bought our house. Now the place was almost 30 yr old by the time we bought it, and the kitchen and bathroom where still original, great spaces just bad orange and brown tiles and paint with mostly white cupboards. And don't get me started on the carpet in the…[Read more]

  • Hi EvaCA,I actually live very close to Liverpool,  as spos has said, I'd avoid being close to either the station or westfields, but try searching a km or 2 from these. Liverpool isn't a bad area as most people think and if you have a good place (reno'd) within walking distance or a short drive to the station and westfields you should have no…[Read more]

  • Hi Paul,Thanks for that info,Yeah well that was my thinking as well, because one of the trusts is trading if the trustee gets sued both trusts would be open for attack, well that's my logic to it.Can anyone else shed some light??

  • Thanks Richard,You reply has helped a lot!! Just one more thought, on a "shared equity" as you've mentioned, you say this is done in the initial contracts? Im guessing a good solicitor would be needed to put that in there?  Further, I'm in Sydney, can anyone reckomend a good solicitor that can do rent to own deals???

  • eddiec wrote:
    There may be a way to achieve negative gearing by way of a "gift and loan back" arrangement even if the trust does not have any income.  It involves buying the property in an individual's name but having the trust take a second mortgage over the equity in the property.  You need to talk to an accountant and/or a lawyer to i…[Read more]

rtsapstead

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