Hello all,
Firstly congrats to Steve on his own property success and a wondeful RE forum. What a positive nourishing RE learning environment this is.
This is a short query as to information on alternative financing for my first property. Although not an IP, I feel I need to secure a roof over my head in which I call my own before I wrap or become a landlord. Ive just begun with the ‘6 month saving record – 3-5% deposit’ to secure a loan from my mortgage broker. Im eligible for FHOG. Maybe I could be a potential wrap customer to someone in my area? I am a full time student with a moderate steady income. Ive been doing my RE homework for the last 12 months and are excited about what lies ahead for a young keen investor.
Any suggestions on strategies for initial purchase of an owner/occupier for a person in my situation would be greatly appreciated.
Thankyou and continued success to you all.
Nicholas Donovan
Gold CoastHi Nick,
Thanks for your feedback and thanks for making your first post… I hope to ‘see’ more off you on the forum…
I think that you make a fantastic offer… anybody in Queensland looking for a wrap lead? Perhaps you’d like to leave your e-mail address in a post too.
To protect people’s privacy / e-mail addresses we have recently taken away the ability for people to e-mail directly.
Regards,
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Would love to bounce a few ideas off any RE investors in the Gold Coast – Brisbaane region. Cheers.
Nicholas Donovan
P.S sounds like I missed a ‘damn fine’ seminar last weekend. Steve expect to see my smiling face front and centre next time around. [
]Hi Nick,
My name is Jason and I might be able to help you. When you are looking for a home get the seller to do a “head to head agreement” (general written agreement) with you that the seller will vendor finance the deposit (15% – 20%) to you over say 7 – 10 years period. Then get your broker to find you a financial institution to fund you the rest. The FHOG pays for your legals, loan costs and any thing left over can go towards your deposit.
With a wrap you will normal pay over the market rate on a house, with the type of transaction that I am suggesting you will pay the market rate or a little below.
A good friend of mine who is a real estate agent sets these deals up all the time.
I hope this helps,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hey Nick,
I am in Brisbane and always open for a chat. Looking to do my first wrap real soon (top level procrastinator). Always open for a chat.
Jason,
Met you at the Vendor Finance meeting glad to hear you are powering along look forward to our next meeting.
Enjoy
AD
Andrew DeeringStumbling blocks are merely stepping stones for the successful.
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