Could be a long one but here goes! Already had a NegI property at Sutherland before and then we settled on first PI July last year and have spent a total of $723,500 on PI’s since.(Funded by equity)We are about to settle on another at $120,000.Making total of $843,500. Positive net cash of xs of $14000.and 9 PI’s and 1 Neg Geared.(This is costing us gross abt $10000 per year, which will just about negate the Positive income.That’s fine at present and am considering selling this but this will still yield only abt $45000 clear. My ambition is bigger than this.
Have Deeds under our control for properties purchased for $350,000.The remainder at the bank.
Am halfway thru Steve’s 2nd book and find it frustrating reading insofar as feeling that buying the properties is the easy part, am unsure where to go from here.Should I be more bold ,should I study other finance options, wraps,onselling, or D’eh ????Our holidays are spent property hunting but I wonder where I can go from here ?? eg I wonder why anybody would sell on a 12 month settlement date on so little deposit!!!. Am I afraid to ask because I cannot justify it to myself??.I still work to try to fund deposit and it is a slow process.Need things to go quicker. It is such a buzz. I want to keep going .I realise that there will be the comments that we should Equitise(new investment word ther I just threw in) the properties for which we have the deeds but I wonder if there is another way. Any comments or hell I can even take abuse and/or criticism if it will help us . Cheers for now LenHi Camder,
Have you thought about lease options or flips or joint ventures? This will get you buying properties without waiting to build your deposit through your job.
Like you, I also wondered why people would consider long settlements or the above options, but as soon as I advertised for these, I had plenty of phone calls. People have their reasons.
You can leverage using OPM much more effectively than doing deals with the banks.
Hi Camder…. Well what can I say …. you are kicking ass out there! Good one you.
There are a million things you can do and frustration is a key part as it usually forces change. Just to answer one of your questions about why would someone do the 12 month settlement scenario? I have done this a few times successfully and usually the reasons are they are either investors that are currently selling off a portion of thier portfolio and are developing a new deal… thus need to know the property is presold and can work around the 12 month time line to comlete thier new project…. some just want to get rid of the property or have purchased a new property and need the deposit funds to renovate etc!… there are a heap of reasons…. you only need to ask and if it does not work for you then you obviously know what ot do if it doesn’t…. Exactly, walk away and look for another transaction. Education is useless without action and vice versa to some extent…. best of luck.
Kiwi[headphone]Looking for Positive cashflow solutions?
Look no further
Wraps-Lease Options & JV’s
http://www.kiwilogic.biz
We are investing in NZ so if you are looking for + cashflow properties…contact: [email protected] to join our database.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
