Forums / Property Investing / Creative Investing / my current situation advice needed

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  • Profile photo of wilkie0611wilkie0611
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    @wilkie0611
    Join Date: 2013
    Post Count: 33

    Hi all i have a situation and i would like it if someone could give me some advice…

    Ok ive been looking at a property in mandurah wa i know the area quite well as i live here… The place that im looking at is 730 sqm it has a house on which needs to be demolished but is currently tenanted for 270 pw could possibly get 280 – 285 pw for it as similar places in area are renting for that, tenants would like to stay on for as long as possible… Land is zoned r30 so is good to be devoped with three units the block is 5 minute walk from town 10 min walk to major grossery chain and transport bus station just down road … Units have been built on same street and are being snaped up, area has a ten year growth rate of 9.2 %

    My plan is to get da and ba on land and sell off a that stage… My problem is my finances are tied up atm as im building another investment but will be good in a year or so, wat i am wondering is if anybody has a stratergy or can suggest one which could help me get this property???

    Regards,
    Ben.

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    What do you mean by your finances are tied up somewhere else? Do you mean deposit wise or serviceability or something else?

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of wilkie0611wilkie0611
    Member
    @wilkie0611
    Join Date: 2013
    Post Count: 33

    No money for deposit used paying for house im building and paying interest payments and progress payments building the property… finances arent tied up us such just have alot of payments atm :/

    Profile photo of wilkie0611wilkie0611
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    @wilkie0611
    Join Date: 2013
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    i will have my borrowing power back with the bank in a year or so once this house is rented out and paying for itself…

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
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    Strategy

    1. wait

    or

    2. find someone to go in with you.

    or

    3. find someone to do the deal themselves.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
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    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
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    Firstly your plan is good especially in that area. There are a couple of good places for develop in WA.

    Back to your question – one answer says deposit and the other is servicing. You can somewhat get around servicing but not deposit. Only thing I can think of is to do a delayed settlement on the new purchase but you are saying that you are not going to be ready for another year and that is far too long for a delayed settlement.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of alfrescodiningalfrescodining
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    @alfrescodining
    Join Date: 2012
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    Just out of interest Wilkie, what are you currently building?

    Profile photo of wilkie0611wilkie0611
    Member
    @wilkie0611
    Join Date: 2013
    Post Count: 33

    Shahin i was thinking about getting in contact with the owner and asking if i can do a ba da approval on there land and go 50/50 with them on any extra that i make them, as i dont have the funds for a deposit but will beable to fund a da/ba and improve the value of the property… good idea or do you think its not even worth wastong my time ?

    Profile photo of wilkie0611wilkie0611
    Member
    @wilkie0611
    Join Date: 2013
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    I have also found another good block with the same potential but thos block is 1500 sqm on a corner corner block oldhouse out front… Zoned r100 multi purpose use ideal for subdivision or da/ba

    Profile photo of wilkie0611wilkie0611
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    @wilkie0611
    Join Date: 2013
    Post Count: 33

    Alfresco dining im currently building a 4x2x2 in meadow springs

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
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    Its a need in a haystack solution. So many things can go wrong. Good out of the box thinking but I don't think its a realistic option.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of fragarcolinfragarcolin
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    @fragarcolin
    Join Date: 2013
    Post Count: 16

    To find someone to do the deal themselves would a good option.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 11,992

    Alternatives could also include

    1. Taking on Option on the site.

    2. Taking out a 100% loan .

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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