Hi all,
I am hoping to bid in an auction on Saturday, and will pay up to $250,000 for the house. The vendor is Housing Commision so they are @%$#s for the rules[
!][xx(]Assuming I win the auction, a family member will be gifting me a 20% deposit, but he doesn’t want to do this unless I win.
Here’s my problem. If I win I need a 10% deposit ($25K) as a chq or cash. I have really left this thing to the very last minute and I am panicing to bits about it.[
]Does anyone have any ideas of ways to raise $25K in one day? Within reason, I am willing to pay whatever it takes to do this, as the value of the project is worth it to get this place!!!!!
Help, please….
Victoria
[email protected]Reason can answer questions, but imagination has to ask them. — Ralph Gerard
you could sell one of your children!
just kidding
why is it such a good deal???
try not to get emotionally involved!
you could sell one of your children!just kidding
I don’t have any, I have a cat… anyone interested? He’s a ginger male, 2 years old, housebroken, persian… []
why is it such a good deal???try not to get emotionally involved!
Trust me, the numbers WORKWhen you find out how to raise 25K in a day, please let us all know.
Seriously, you might want to consider a deposit bond. Do a google search for ‘deposit bond’ in australia, there are a few suppliers who can do quick turn around.
take the family member and their cheque book with you!!!
if the cats been fixed ill bid 1 dollar
have you tried the usual ways to raise funds – ie banks, lending institutions??
Send me the numbers (of the property) and your phone number and we will see what we come up with
credit cards?
There are specialist lenders (or sharks?) that lend money short term. rates are around 10% per month and are securred by a caveat on your house. can be done in about 24-48hrs 9maybe too late by now). They advetise in the newspapers (daily tele in Sydney).
Terryw
Discover Home Loans
North Sydney
[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
Thanks for all of your suggestions everyone![:X]
Just a note to let you know that the bank gave us a deposit bond and get this….
We won the auction!!! [
]Our first investment.[^]
Rock on![8D]
Victoria
[email protected]Reason can answer questions, but imagination has to ask them. — Ralph Gerard
Brilliant Victoria!! Congratulations on winning the Auction. Tell us about it the tension, the excitment etc etc. More details!
Steph.Success is 1% inspiration and 99% perspiration.
Brilliant Victoria!! Congratulations on winning the Auction. Tell us about it the tension, the excitment etc etc. More details!
Steph.Success is 1% inspiration and 99% perspiration.
Oh Steph,
It was totally nerve wracking.
My BF and I went. I didn’t think I could bid, so I put him in charge. The bank had given us $277K to spend, but on the day we decided that $250K was our limit.
It started out at $100K and jumped quickly to $200K. The property is zoned for units, and there were a couple of guys who looked like developers who put in a few bids.
They started to call it at $210K and that is when Josh put in a bid. Another lady took this as her queue, but for some reasosn the developers bowed out.
From $240K I took over the bidding, we went back and forth with $1,000 at a time. She thought and though and struggled with each bid, and I jumped back before the auctioneer even had a chance to confirm it. I wanted to look like I had a bottomless pit of money.
It must have worked, when I called $250K she shook her head.
I was shaking like a leaf. I have never bid at an auction before and I knew that if she went $250,500 I had to say no. No emotion. This is an investment after all. No one would fall in love with a Government Bond and pay more than it was worth, just because the wooden floors would look great after a polish!!
When the auctioneer called it, I couldn’t believe we had done it! People all around were shaking our hands, even other bidders, and the next door neighbour too. She is lovely.
Now that we have it, and I have actually seen inside, which I had not done before today, I really like the house and I think that if we put a bit of work into it, it will be great. At this stage, I think we are moving in, and renting out my place (which is where we live now, and is just this side of cashflow positive).
A lot to think about over the next 30 days. Wish us luck!!![
]Victoria
[email protected]Reason can answer questions, but imagination has to ask them. — Ralph Gerard
So had you not seen inside or anything? DId you have a building inspection report done? How did you find out about it? ANd, where was it located?
How much do you think you will have to spend on it to make it what you want it to be?
So many questions, I know, but I am always so curious about auctions and can’t wait for when Cremin and I want to take part in one!
Steph.Success is 1% inspiration and 99% perspiration.
Steph,
Well the real beauty of this is the land. The intension I went with was “the building can fall around my knees, for all I care. That will even save us having to demolish”
As I said, zoned for units. The plan was to knock down and build 3 or 4 or even maybe 5 units and hock it off at a big profit.
Another similar property (a little bigger, but not that much bigger) is being sold for $295K. It is advertised online as “Unit Site”. When I called about it, I found out the vendor is on holiday and there is an offer in, waiting for their return. From the way the real estate guy was speaking it was at least asking price, if not more.
It is located in Zillmere. For those not in the know, that is 20 minutes from Brisbane CBD. In fact it is a 10 minute walk from where we live now, so I know the area well.
As for cost to do it up, I will have to look into that. As I said, we only just thought about it for the first time a few hours ago!!!
Victoria
[email protected]Reason can answer questions, but imagination has to ask them. — Ralph Gerard
oh ok. Well if you live in the area of course you would know whats going on etc etc. Units eh? So do you think you would actually get around to building them at all?
I like the idea of building, it is just the time frame that does my head in. The builders say 6 months and it takes a year. Grr…
Steph.
Success is 1% inspiration and 99% perspiration.
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