[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

March 1, 2017 - 8:58 pm

I assume you wrote the loan directly with the bank? You may be able get a broker on your team by providing written advice to the bank that they are going to represent you. Not sure they can do much in this case though.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

February 23, 2017 - 11:44 am

You can trim the fat wherever you want on paper to make your deal work, it means nothing in real life. I’ve only done one reno and I can tell you it will never go to plan.

A good friend of mine is a property mogul, he says if you can’t make a deal work on the back of a napkin using rainy day numbers then don’t do it.

The next question, you’ve factored in a profit of $5k…you’re taking on $275k plus of risk, time and effort to make $5k. Do you think the benefits outweigh the risk here? What if it goes terribly wrong, all for $5k which you could probably save in the time it takes you to execute this deal.

I’m not trying to rain on your parade, manage the risk, i.e. enough buffer, and you will be ok. The point being don’t cut costs in your feasibility because that will cause pain in the real world.

• This reply was modified 7 years, 2 months ago by  Tom.
• This reply was modified 7 years, 2 months ago by  Tom.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

February 10, 2017 - 11:28 am

Definitely speak to a broker. It sounds like your dad is om deep with company X, I assume they have their own finance arm or recommended broker.

It always worth getting a second opinion and mortgage brokers have a cheap hourly rate!

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

February 3, 2017 - 1:04 am

Hi Krish

I have a friend in Perth with a tonne of cash but no serviceability super intent on doing the same as you. You two may be a good fit, if you’re happy for me to I’ll pass on your details. I don’t think he’s looking to build a portfolio together, more so leverage off each other to each build their own portfolio.

PM me your phone number and email address if you’re interested.

Regards,
Tom.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

January 24, 2017 - 1:29 am

I know some of the brokers at Crown and at it’s a very good product.

I’ve seen people pay down their OO loans incredibly fast, it’s definitely worth a look if paying down debt is important to you. It’s not just the lower interest rate though, there’s also a component of money management in there which is beneficial for people who require that sort of assistance.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

January 12, 2017 - 8:41 pm

Does your partner live in Japan as well? Provided you’re both on the application there are a number of lenders who will consider this deal on the strength of your partner’s citizenship.

Lending policy around overseas borrowing tightened up significantly late last year but I know of a couple of lenders that will still go to high LVRs for overseas citizens. The next challenge is income as they will generally shade it to 80% of your foreign income.

• This reply was modified 7 years, 3 months ago by  Tom.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

January 6, 2017 - 3:28 pm

Jamie Moore wrote:

I’m not a fan of OTP at all.
You generally pay a premium – and have to keep your fingers crossed that the valuation will actually match the purchase price upon completion.
I can’t speak for the Perth market – I haven’t seen a great deal of OTP from the west coast. However – Melb OTP gave us headaches in 2016. Had a few valuations come in much lower than purchase price :-( We were able to implement a Plan B on each occasion but it was quite a stressful time for all involved.
Cheers
Jamie

Yes, Perth we definitely had a few headaches with OTP last year :-/ definitely not my favoured investment choice.

2019 is a long way off though, we could all be citizens of New Trumpetonia by then.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

January 4, 2017 - 6:51 pm

Tricky I’m sure.

I think Nahn Nguyen does this sort of stuff although I’m not 100% sure. A friend of mine is a client of Nahn’s and speaks very highly of him.

My advice, keep it simple particularly if you’re a novice. Unnecessary complications complicate matters unnecessarily.

This is general advice only.

• This reply was modified 7 years, 4 months ago by  Tom.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance

[TomParticipant@thebeardedbrokerJoin Date: 2016Post Count: 10]

December 13, 2016 - 11:16 am

Agreed about the Jv, it’s fraught with danger. A developer I know put it this way: you need to care more about the relationship than the money if you go into a jv, because if/when it hits the fan the money will probably evaporate and the relationship will be strained. Of course, if everything goes well then hallelujah, but you need to prepare for the worst and hope for the best. Not a good way to do business if you only have one chunk of cash.

Why don’t you have any borrowing power?

A piece of advice my folks always gave me was to lock any windfall cash such as you have into some sort of 3-12 month deposit so that a) I wouldn’t be tempted to spend it on frivolous things and b) I would have time to properly explore my options without the pressure of “what do I do with all this cash? It’s not earning anything so I’d better do something…anything…”

Speak to a broker, speak to anyone in your life who is successful and speak to a financial adviser (of sorts). Just be wary that any advice you receive will be coming from someone likely with a vested interest in a particular asset class.

This is general advice only, not financial advice. Speak to your specialist before taking action.

Tom | Voyage Wealth
http://thebeardedbrokerwa.com
Email Me | Phone Me

The Bearded Broker for Voyage Wealth - all things finance