[sjh_85Member@sjh_85Join Date: 2009Post Count: 12]

August 20, 2009 - 8:53 am

Hahaha ok mate, you need a muzzle. Later!
P.S relax you’ll end up with carpal tunnel and by the way soMersoft is spelt with one M.

[sjh_85Member@sjh_85Join Date: 2009Post Count: 12]

August 20, 2009 - 4:04 am

Hehe yeh, I know! Most investors are familiar with this strategy which is why I posted it here! For help with that not finance. People who have done it etc not for an opinionator to argue. Anyway all good now! Found my answer elsewhere!

[sjh_85Member@sjh_85Join Date: 2009Post Count: 12]

August 19, 2009 - 11:38 pm

Thanks Andrew, its good to here from someone positive thats in the know about these things. I’ve actually found someone willing yesterday. They will lend the money in a separate vendor agreement where I pay interest to them etc. I get the money I have a PRE- approval from the bank, as, if you have 20% they don’t really care too much about making sure its there on a pre approval especially since lo docs and non conforming loans can be done this way also. The bank doesn’t know about the vendor finance only the solicitors which deal with it at settlement. I learnt this from someone who bought a first home like this and know has heaps of investment properties and is doing well.
So QLD007 if you want to rain on someones parade perhaps don’t post in a HELP forum. I know how it all works, my question was for someone willing to do it. And as for banks they are crooks so as long as everyone gets paid and gets their needs met WHO CARES! You need to think outside the box to become successful, which is what I’m trying to do. If it was a year or 2 a go I would of read your posts got negative and given up! It seems the only reason your on here is to bignote yourself in what you know!
The thing about this also Andrew is that I only approach people who have had their house on the market way way too long so its in their best interest to get rid of, I make the offer of my needs and how it would work and they either take it or leave it, I’m not attached to the outcome. As long as everyone has benefits.
So thanks Andrew definately post how it all goes.

[sjh_85Member@sjh_85Join Date: 2009Post Count: 12]

August 18, 2009 - 10:05 pm

Yeh true, wasn’t going to let them know! Will get someone to “gift” it. Thanks for your help though!

[sjh_85Member@sjh_85Join Date: 2009Post Count: 12]

August 18, 2009 - 6:28 am

Lack of savings basically, have good jobs earn good money. My partner has a dodgy boss which made it hard at first with pay slips etc. But we have since fixed all that. But have been told that unless we have genuwin savings of at least 3percent and 5% deposit. Also my partner had a PAID default with was $30 over the $500 limit, and the mortgage insurer said no.Other than that there should be no reason a bank wont lend to us. I’m familiar with loans etc as I’ve been a mortgage manager myself.

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August 18, 2009 - 5:30 am

Check your town plan, but as a general rule you need to allow 250m2 per townhouse. Also 10% of the entire block must be left for community space. So 60m2 for community space. For an under roof 135m2 average 3 bed would be around $145,000

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August 18, 2009 - 5:23 am

You would need to ring a few builders and ask for an estimate of cost per m2, then work out how big each dwelling will be and work out building costs. If it is only an 800m2 block I’d assume you could put a duplex or units on here as 400m2 block is fairly small especially when you’ll need to make room for driveways etc. Costs and profit will also depend on how much you pay for the land. You may need to pay council headworks also

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August 18, 2009 - 4:46 am

First of all it takes a week to become a mortgage broker today. I know because I have done it. If your planning to invest in multiple properties I would stick to one bank if possible and have a plan, every investor will hit a wall where the bank will lend no more money, that is unless you have good cash flow as well. They will always try to cross securitise all of your loans. NEVER do this. If something happens to one property, or you want to sell one it makes it extemely difficult as it messes up your LVR and even sometimes the bank can make you sell all the properties. This isn’t advice but I would be making all my investments interest only purely for tax purposes. You can still have line of credits that pay down. Then you pull money from these to buy your next property and so on.

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August 18, 2009 - 4:39 am

I guess you have to think about how much the property’s value is to you. Someone may pay a higher price because they want to live in it and are emotionally attached. Doesn’t mean that it’s actually worth what they paid. There will always be people like this and is what makes it hard in buying property.

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August 18, 2009 - 4:35 am

See if you can find any comparable sales in the area. Same amount of bedooms, car accomodation, any renos etc. The value should be the purchase price not loan amount.

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August 18, 2009 - 4:30 am

I agree with Scott No Mates, you should always keep to age/character of a home, its still possible to modernise without structural changes. With the effort and cost of doing so I doubt it will increase the value anyway. If its for your own purpose go for it by all means but if it is for investment and your getting a valuer in – they come past sit out the front look for fences, landscape paint etc. Come in walk through yep it has 2 bedrooms, compare to others in the area on prices etc and leave. I’d be sticking to cosmetic renos only, if anything perhaps a 3rd bedroom.