I would sign and take the money. It is jsut a signature. Nothing could be legally added above, nor could the signature be used otherwise. Nothing to fear.

I think I went to a seminar years ago where the presenter offered a $50 note to someone. The person refused thinking there must be a catch. No one would give away $50. Then someone in the audience jumped up and said ‘give it to me’ and he got it without any strings (he was probably a plant). I guess the whole point was that not all things are too good to be true.

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There are some lenders out there that will lend based on end value. around 60-65% LVR at around 12%. No financials usually needed.

Terryw
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Mkc

Probably the major issue would be deposits. Many would not be able to come up with 5%+ needed. If they also have bad credit, this would mean a much larger %.

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Not namy solutions. Possibly the only one is to pay cash.

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If you want to resell before settlement, just approach an agent and put it on the market – do quickly before time runs out.

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I was watching some Peter Spann videos over the break and he made a good point on this. It doesn’t really matter if you pay for LMI if your property is growing – the amount becomes insignificant. eg. if you pay $8,000 LMI on a $400,000 property that is growing at 5% ($20,000 pa).

It is tax deductible and the left over money will allow you to buy the next one quicker too.

If you only have a pre-approval now for $400,000, you may still qualify for more as the potential rents for the future property will be able to be taken into account too.

Best to get a 100% offset account for the left over money too.

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Firstly, you would probably need to be licenced. This may depend on what you actually do, how you do it and what state you are in. I’ve put some links regarding this (for NSW) before.

Terryw
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What about the tables in the back of the Australian Property Investor Magazine?

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I’ve used a buyers agent before and have purchased many properties interstate without ever seeing them. It can work well if you can find someone you can trust. (i’ve found out now that mine was not so trustworthy!)

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Capital gain would also largely depend on the area.

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