As a first time investor, this looks like a great opportunity not to be ignored, completion date 2006, need financial assistance and good advice from anyone experienced, please.
Howdy Clownsta,
As a lady named Hanson once said, “please explain”… need more details, location (city at least), price, likely rent, “rental guarantees” etc etc
Cheers
rGidday Richmond
This off the plan is to be launched this Saturday, apartments being built in Queensland, lowest purchase price 223,000.00 plus??? completion date 2006, need 1 percent to secure, this is refundable, 10 per cent dep due within 14 days from launch, looking for capital gains with this investment, hope to sell before settlement date two years time maybe, would like to make money and reinvest.
Cheers!
Where abouts is the Dev???
I live on the Gold coast and have gone into to a couple of off the plan for 700k each..Are you going to buy to flick or buy and hold??
try to get hold of at least 2 bed + study… These are easier to sell and rent…Can you use a deposit bond?? will developers accept one? If so thats going to allow you to keep the major part of your deposit liquid and put to use somewhere else.
Anyway thats my 2 cents worth..
Cheers
Calron the Alcamist
Turning things into gold is fun.
[email protected][
]Hey Calron
Got no assets here renting at the mo, would like some ideas on how to put “long term settlement” plan from bank in place, I think thats what you call it, hoping to buy to flick and reinvest in some other propertys, any suggestions are welcome,
Clownsta
well all you need then is the deposit 10%, be it in the form cash, deposit bond (insurance company) or bank guarantee (bank).
You aren’t going to settle if you flick on, you are going to resell it b4 it officially settles.
If you flick on then you will have to wait until the real final settlement happens i.e. the last person to buy the property settles the sale with they’re bank. Then everyone who has bought and sold that off the plan lot has a simultaneous settlement and receives they’re money.
Cheers
Calron the Alcamist
Turning things into gold is fun.
[email protected][]clownsta
To get a deposit bond these days is just as hard as getting finance. You will basically have to have a pre approval in place or to show the deposit bond company that you will qualify for a loan (now). There are low doc type depsoit bonds, but still hard to get. You will need a letter from you accountant saying you a a client of theirs for x number of years, and you can afford this property. Not many accountants will put themselves on the line for something like this unless they really know you.And, depending on the location, most banks (the the 2 mortgage insurers) are vary wary of certain areas at the moment, so you may need at least 20% deposit to get a loan at compeltion (if you can’t sell).
3 years is a long time, but who knows what will happen to the property market (terrorism, wars etc are unpredictable).
But if you can secure it and onsell, you won’t actually get access to your profit until settlement.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
calron, thanks for your reply, and yes its hard for me to get the ten percent, or twenty percent deposit, at the mo,dunno where or who to see rite now, havent much time……….or some good advice tho, points taken.
well all you need then is the deposit 10%, be it in the form cash, deposit bond (insurance company) or bank guarantee (bank).
You aren’t going to settle if you flick on, you are going to resell it b4 it officially settles.
If you flick on then you will have to wait until the real final settlement happens i.e. the last person to buy the property settles the sale with they’re bank. Then everyone who has bought and sold that off the plan lot has a simultaneous settlement and receives they’re money.
Cheers
Calron the Alcamist
Turning things into gold is fun.
[email protected][]
[/quote]
terryw, thanks for your thoughts, good advice, dunno any accountant here who knows me long enough, i from kiwi land, oh now i know what deposit bond is, derr, still learning and watching tho, yeah three years of positive thinking is a long time, and who knows what will happen, this is the risk i suppose, and would like to onsell dont mind waiting for settlement if i can do this, but if i dont well thats another risk i will be taking, aye?, but would have enough equity by then what do a reckon?, look forward to ideas of acquiring funds will be much appreciated. cheers mate!
clownsta
To get a deposit bond these days is just as hard as getting finance. You will basically have to have a pre approval in place or to show the deposit bond company that you will qualify for a loan (now). There are low doc type depsoit bonds, but still hard to get. You will need a letter from you accountant saying you a a client of theirs for x number of years, and you can afford this property. Not many accountants will put themselves on the line for something like this unless they really know you.And, depending on the location, most banks (the the 2 mortgage insurers) are vary wary of certain areas at the moment, so you may need at least 20% deposit to get a loan at compeltion (if you can’t sell).
3 years is a long time, but who knows what will happen to the property market (terrorism, wars etc are unpredictable).
But if you can secure it and onsell, you won’t actually get access to your profit until settlement.
Terryw
[email protected]I take it this is a MUD. Multi Unit development
You really need to think of how infact this thing will appreciate in capital gain.
How many units in the building? How many building of a similar kind nearby? How easy is it for future MUDS to be built in that area? How unique is the building, absolute river front??
What I’m talking about is scarcity value?
How do you justify the high body corps (gyms, pools,…)
Sorry to be a skeptic, but I’d love to live in a MUD, I would never buy one though. The only consistant money makers in them are the developers with their glossy brochers, slick advertising and fat margins.
Be careful
Harold, thanks for your reply, and yes the developers do have glossy brochures and slick advertising can you explain what fat margins are? please.
I take it this is a MUD. Multi Unit development
You really need to think of how infact this thing will appreciate in capital gain.
How many units in the building? How many building of a similar kind nearby? How easy is it for future MUDS to be built in that area? How unique is the building, absolute river front??
What I’m talking about is scarcity value?
How do you justify the high body corps (gyms, pools,…)
Sorry to be a skeptic, but I’d love to live in a MUD, I would never buy one though. The only consistant money makers in them are the developers with their glossy brochers, slick advertising and fat margins.
Be careful
[/quote]Harold thanks for your reply, and yes they do have glossy brochures and slick advertising, with sky rise 400 units and very unique balcony structure etc, massive views, but can explain what fat margins are? cheers.
I take it this is a MUD. Multi Unit development
You really need to think of how infact this thing will appreciate in capital gain.
How many units in the building? How many building of a similar kind nearby? How easy is it for future MUDS to be built in that area? How unique is the building, absolute river front??
What I’m talking about is scarcity value?
How do you justify the high body corps (gyms, pools,…)
Sorry to be a skeptic, but I’d love to live in a MUD, I would never buy one though. The only consistant money makers in them are the developers with their glossy brochers, slick advertising and fat margins.
Be careful
[/quote]I would suggest avoid like the plague and don’t be sucked in by glossy brochures, see what’s happening to high rise in Melb or sydney, there is NO money in it for YOU, only for the developer.
I see it as a very high risk strategy, see previous popstings on this issue, agree with all above comments.
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