All Topics / Finance / how to borrow more / unlimted finance

Viewing 20 posts - 21 through 40 (of 66 total)
  • CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    and what is that fixed fee?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    most I seen around were 1% to 3% of the purchase price.
    okay I found this online at http://yourpropertyhound.com.au/brisbane_buyers_agents_fees_cost/

    Purchase Price Full service – Brisbane (+GST)
    Up to $700,000 = $8,000
    $700,000-1,200,000 = $11,000
    $1,200,000-2,000,000 = $14,000
    >$2,000,000 = $17,000

    Purchase Price Full Service – Regional QLD (+GST)
    Up to $700,000 = $9,000
    $700,000-1,200,000 = $12,000
    $1,200,000-2,000,000 = $15,000
    $>2,000,000 = $18,000

    so as a buyer’s agent, if the price is at $800k why would you want to negotiate it down to $700k?

    • This reply was modified 5 years, 4 months ago by  CharlieX.
    • This reply was modified 5 years, 4 months ago by  CharlieX.
    Profile photo of Jacqui MiddletonJacqui Middleton
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    @jacm
    Join Date: 2009
    Post Count: 2,539

    Just to put some clarity around the capital growth versus cashflow debate.

    Head to the supermarket tomorrow and suggest that you’ll pay for your groceries with forecasted capital growth. See how that goes. I suspect you’ll leave without the groceries. This should help make he bank’s position clearer in why they too are uncomfortable with lending against assumptions that don’t pay their way.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
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    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of DeanCollinsDeanCollins
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    @deancollins
    Join Date: 2015
    Post Count: 376

    @jacm sure but cashflow+ properties could also have rental issues…..saying that cashflow- properties cant be relied on for capital growth is the same thing.

    The issue I have with Steves book is that when doing the sums there is a total willful ignorance of inflation, yes deflation can and does happen…..but odds are over time inflation is the way governments of the world today tend to lean….

    Profile photo of Jacqui MiddletonJacqui Middleton
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    @jacm
    Join Date: 2009
    Post Count: 2,539

    Hi Dean

    (There’s a few characters missing from words in your post that makes it tough to read first/second time around – might be worth editing.)

    Regarding the rental issue matter – no property is immune from possible rental issues, not even capital growth properties.

    You are correct that there is a necessity to incorporate inflation into forecasts. All the financial modelling I do factors inflation into the equation and tracks it week on week against the assets in the portfolio. I use a more realistic inflation figure though – not the low inflation figure that is advertised.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
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    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of blackhotelblackhotel
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    @blackhotel
    Join Date: 2010
    Post Count: 140

    Coogee126,
    Check out this guy “Chris Gray”, Just Google him. Watch his video at the CPA convention. He invests in Coogee & Bondi. I love his attitude towards finance & the Banks. He will turn your head around with a different way of thinking. He has turned me into an investor madman (in a good way). I have some other very creative ways of getting the banks to approve your loans, but I cannot write on the forum, but PM me and I’ll explain.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Coogee126,
    Check out this guy “Chris Gray”, Just Google him. Watch his video at the CPA convention. He invests in Coogee & Bondi. I love his attitude towards finance & the Banks. He will turn your head around with a different way of thinking. He has turned me into an investor madman (in a good way). I have some other very creative ways of getting the banks to approve your loans, but I cannot write on the forum, but PM me and I’ll explain.

    your concept is interesting, but don’t know if many people out there have the nerves or the ethics to do it
    then again Australia’s historical foundation was started by criminals? :D

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Charlie

    Yes it is caused Mortgage Fraud and has nothing to do with nerves.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Hi Charlie

    Yes it is caused Mortgage Fraud and has nothing to do with nerves.

    Cheers

    Yours in Finance

    one person’s bad guy is another person’s good guy.

    what do the general public do with predatory lending by the lender?
    why does lender discriminate by charging high interest rate for investment property than for owner-occupy property?

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    one person’s bad guy is another person’s good guy.

    why does lender discriminate by charging high interest rate for investment property than for owner-occupy property?

    Interest rates are the same for owner occupied and investment properties. I cannot think of any lender that ‘discriminates’.

    I thought you were trying to become a broker?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    I thought you were trying to become a broker?

    connect the dots for me, i’m trying to understand this relationship

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Wanting to be a broker I though you may already know the basics?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 338

    so as a buyer’s agent, if the price is at $800k why would you want to negotiate it down to $700k?

    I can’t spreak for anyone else but majority of my business comes from referrals. So my motivation to get each client the very best price is based on a desire for then to be so totally happy with the outcome that they will spontaneously tell their friends, cousins, workmates etc about the service.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I am with knightm there is a point in life where doing the right thing by the client is better than trying to make the maximum dollar out of every client.

    In the 26 years i have been running businesses i have never formally advertised and like an earlier poster stated referral business in my opinion is the best form of business.

    Back to the original post CharlieX made if you can’t see how lodging an application with false information is wrong then i don’t see you lasting more than 5 minutes in this industry.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    I am with knightm there is a point in life where doing the right thing by the client is better than trying to make the maximum dollar out of every client.

    In the 26 years i have been running businesses i have never formally advertised and like an earlier poster stated referral business in my opinion is the best form of business.

    Back to the original post CharlieX made if you can’t see how lodging an application with false information is wrong then i don’t see you lasting more than 5 minutes in this industry.

    Cheers

    Yours in Finance

    maybe I was sleeping during Cert IV and Diploma classes when the instructors mentioned about lie detector test to all the clients before we brokers could go to the next step. I would say most finance brokers are not psychics enough to know whether a client is lying or truthful. as a broker I will do my role base on the information presented to me from the client, until a lie detector test is a requirement will I be using that as another assessment tool. to simply discriminate and profile a client base on his/her look, race, gender, etc is far more a dis-service to the industry as a broker. lately I’ve been wondering does the term “white collar crime” has some relationships to the fact that most of these criminal acts are committed by white people?

    any person who is a professional knows that creditability and reputation goes a long way in his/her profession.

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Charlie X – what would you do if you suspected a client was attempting to fraudulently borrow money from a lender?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Regretfully ‘solely relying on information provided by the client’ is insufficient in the eyes of ASIC when it involves Mortgage Broking.

    You cannot merely say oh the client never told me so I didn’t ask questions.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of ClintClint
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    @clinth
    Join Date: 2014
    Post Count: 6

    I wanted to throw another aspect to Coogee’s opinion on +VE cashflow property. I have sold property with a 33% increase in capital based on a buying price vs my end selling price within 15 months(ownership) due to cashflow not due solely to capital growth. There is a strong demand in market for properties that yield high so if you can build in the yield from creative ideas you can unlock capital due to the demand for +VE cashflow properties. I have done this and I use rental yields to determine the value of my properties and the market demand for my properties. I think this is a strong way (not the only way) to build capital if you are willing to sell because I know that in this current market you can sell 7% rental yield properties all day long almost with complete disregard to the quality of the property.

    If you can build value into a property to create a 8-9% yield you will be able to cash in on the value difference between a 6.5-7% and 8-9% yielding property upon sale in market. Valuers will never accept this formula for identifying bank valuations but market values seem to support the sale of a 6.5-7% rental yield on the basis the property is in a low risk area ie; cities and surrounding suburbs.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Charlie X – what would you do if you suspected a client was attempting to fraudulently borrow money from a lender?

    I won’t be a party to the crime

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Regretfully ‘solely relying on information provided by the client’ is insufficient in the eyes of ASIC when it involves Mortgage Broking.

    You cannot merely say oh the client never told me so I didn’t ask questions.

    Cheers

    Yours in Finance

    I thought there are sets of questions to ask during the assessment stage?
    if it sounds too good to be true, then it probably is?

Viewing 20 posts - 21 through 40 (of 66 total)

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