Jilly wrote:
Hi thereI was wondering how mortgagee auctions work.  Do the bank set the reserve or will they take what they can get?  In this climate could you potentially grab a bargain?CheersJilly

Arguably, a mortgagee in possession has greater obligations to obtain a reasonable price on behalf of the property owner than a RE agent has in an o…[Read more]

Pay back your parent's money and don't borrow from your in-laws.It's what a grown-up would do.

Badgers_R_Us wrote:

CHIS wrote:
It's the time of championsThis is the market to make money

Scamp wrote:
Stay out of the property market at all costs. Getting in now will ruin you for life. End of story.

There is no right or wrong time to invest because the right time can only be based upon your own specific circumstances.  At the moment…[Read more]

harb wrote:
Sorry to burst your bubble unmester but the fact is that interest is coming down and we won't see 9% for a very long time. If the crash did not happen with rates going up then there is FA chance of a crash with rates falling. (yes I know, the banks will not pass them on. )

Interest rates are on their way down because of legitimate…[Read more]

Linar wrote:
I don't understand what the benefit is of having your name on the mortgage without being on the title.  Wouldn't that mean that you were liable for the mortgage without having any equity in the property? 

Which is why a prudent bank that didn't want to get in to bunfight with a regulator if things go pearshaped wouldn't want you o…[Read more]

vucko84 wrote:
Hey all,I have an IP but want another off-the-plan IP that's due to complete mid-2011.I don't want to invest 10% for deposit in cash as I have some short term plans for that money (reno, etc).I wouldn't be able to afford the settlement price now but I could easily pay off a deposit loan amount (10%) or a premium cost for a bond.…[Read more]

The ATO only cares about the loan purpose ,not the use of the property it is secured against.  Your "good debt" is that used to purchase an income producing asset which in your case is the remaining amount on the property to become the IP.So, in the absence of borrowing against your IP (or whatever) to buy additional income-producing assets, your…[Read more]

Linar wrote:
As a solicitor I can confirm that unless is it specifically noted in the contract it is fraudulent.  The intent is for the bank to be misled so that the purchaser can obtain a benefit (extra finance).  That clearly makes out the elements of fraud in every state and territory.As for putting a solicitor on a retainer for being ho…[Read more]

Yossarian wrote:

ErikH wrote:
– and I don't know where you do your research, but your comments on immigration are way off the mark. NETT migration has increased from around 60,000 on average during the 70s to over 200,000 on average between 2003-2007 and there has been a very steady trend in that increase. To paraphrase yourself… "it's…[Read more]

midri wrote:
Hello, we have received an offer for our property, but the buyer wants to do put a "price apportionment clause" on it. He will pay one amount to us, which we are ok with, but he wants to put in the sale price or contract price a much higher amount as he says that will cover the stamp duty, fees and other improvement he wants to do…[Read more]

ErikH wrote:
– and I don't know where you do your research, but your comments on immigration are way off the mark. NETT migration has increased from around 60,000 on average during the 70s to over 200,000 on average between 2003-2007 and there has been a very steady trend in that increase. To paraphrase yourself… "it's simple, just do the…[Read more]

AimHigher wrote:
Hi AllDoes anyone have any idea where or ho I can obtain lisitngs of foreclosure properties?…Or is that a really stupid question?

Interestingly, speaking to a mate the other day and the current theory around some of the banks is to ensure the properties are advertised as mortgagee sales as it has been creating greater…[Read more]

I'd be careful….the buyer or their agent is endeavouring to commit a fraud. If they are prepared to lie to the bank (they are clearly going to hide the "rebate") or subsequent purchasers, I would be taking any of there other respresentations with a pinch of salt.To  each their own, but I don't think it is ethical to facilitate someone else c…[Read more]

Also worth remembering that a rental gaurantee is only as good as the financial stability of the company providing them. Unless you would be prepared to invest money with said company fo 5 years, best to think of the gaurantee as something other than a…you know…gaurantee.

Iratus wrote:
To WadsofatHope your post seminar experience of Empowernet is better than this………..http://cathwood.blogspot.com/

Seminar junkie. Needs an intervention!

Hindsight is always interesting.One wonders what advice Kaus would have received on this forum in 2003 if he/she had asked the question then? I suspect someone asking whether they should take a punt on a 100% loan for their first IP with a negative ROI on purchase would have got a bunch of "you go girl/boy!", "you're on your way!" high…[Read more]

harb wrote:
When I bought my first IP for 45k back in 1985 CBA and NAB knocked me back because based on my 10k gross earnings I couldn't even come close to affording it. They were probably right but I managed to score a loan with T&C anyway and struggled to make repayments for the first 2 years before the wage and rental increases caught up with…[Read more]

michaelparis wrote:

trustieone wrote:
Hi FolksThe bank has valued my IP property for loan purposes and agrees to lend me the funds but wont tell me or the previous vendor what that value is, i remember back some time reading that this is a regular occurence with lending institutions, can someone tell me why this is such a secret with the ba…[Read more]

If you have the $ and details of the work you've done over time, a valuer can create a retrospective val. of the pre-reno worth.

Do you have an income beyond the rent from the IP?