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2019 Money Magnet Symposium - Discover how to make, and keep, more money and achieve a financially empowered future
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  • Profile photo of jonoharris66jonoharris66
    Participant
    @jonoharris66
    Join Date: 2003
    Post Count: 13

    I have found what seems to be a great storage deal. The only downside really is the 30% deposit that is needed for commercial.
    Is there anything that I need to watch out before I sign the Contract for exchange? I have listed the ability to advertise to fill it up before settlement, the buiding and pest inspections, finance approval and to make it in my Trust’s name and the nominee…to allow me to on-sell it if I want.
    What should i watch out for? It is getting about 12% return, but all my cash is now going to be tied up in it.
    cheers,
    New Chum- Jono

    Profile photo of Fast LaneFast Lane
    Member
    @fast-lane
    Join Date: 2004
    Post Count: 527

    Speak to a competent Mortgage Broker. 70% LVR on commercial properties might have been the norm in the bad old days, but finance is now a commodity and everyone can get it and the rules have changed significantly.
    Congrats on finding a good deal and good luck with the endeavour…FL

    Profile photo of jonoharris66jonoharris66
    Participant
    @jonoharris66
    Join Date: 2003
    Post Count: 13

    Thanks for the input; that builds my confidence.

    Jono

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