- 41419155Participant@41419155Join Date: 2008Post Count: 33
i am going to start investing and need some capital fast so i decided that flips would be a good idea to get cash quick, in order to gain some capital and get my portfolio on the way. however there is still one thing that eludes me when it comes to flips.
Consider the scenario bellow:
you have bought the house and have an agreement to sell the house. the time comes when you must pay the money for the house you bough … but you are still waiting on the person who has bought the house off you to settle the amount. how do you approach a bank in this cases? what is there stance on the issue seeming you have a guaranteed settlement and you are only temporarily short of money.
thanks for any help on this subject. i hope it wasn't to convoluted.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Your standard banking lender will not want to touch it if it is a short term loan however there are specialist lenders who do nothing else but this sort of deal.
Remember in most cases as they do not ask for any income evidence and merely rely on the valuation and your sale contract your LVR will be limited to circa 80% max and your annualised rate will be high.
Richard Taylor | Australia's leading private lenderShaun M SmithMember@shaun-m-smithJoin Date: 2008Post Count: 18
Be careful. Short term funds can be very expensive. Particularly in the current market.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
I can give you the name and contact numbers of a couple of people we use for flips feel free to drop me an email.
Richard Taylor | Australia's leading private lenderScampMember@scampJoin Date: 2008Post Count: 297
A flip… in this market. Please don't resort to crime after you go bankrupt.davidcballMember@davidcballJoin Date: 2008Post Count: 19Scamp wrote:A flip… in this market. Please don't resort to crime after you go bankrupt.
Scamp my theory is that you are actually a very unsuccessful property investor who is envious of other peoples ambition, posing as a knowledgeable investor If i am mistaken and you are actually trying to give genuine advice why don't you use a little more tact than your comments above.Jon ChownMember@jon-chownJoin Date: 2007Post Count: 254
David, Just put it on the ignore list, anyone well intended would at the very least accept messages and post under their real name. Check out the profile.
I'm not suggesting that the comments are right or wrong but wonder if we can expect any messages when the market changes and what they will be.