Forum Replies Created
Hi Tracey
The software looks great – Very handy..
Thanks for the heads-up.
Regards
Ananda
Dream Catcher FinanceHi Perry
My immediate question will be –
what's happening to the Bodycorp fees that the owners are paying – as the complex is not being maintained very well??
Ask that question to the agent..My personal opinion is that – this investment will be considered as a student accom – from an investors point of view – and hence maybe the price that you have aggreed upon is a bit high.
Also, as you correctly said, propety bought in 2004 should have gone up a lot more – considering how close it is to Bris CBD.
Have you done an analysis (such as PIA) on this deal?
Well the above is my 2c worth!
Good luck!
Ananda
Dream Catcher Finance
1300 424 453Hi Happy,
I am always interested in looking at Joint Venture Opportunities.
Please give me a call – so that we can discuss further.
Regards
Ananda
Dream Catcher Finance
1300 424 453Hi Pirate
I will give you my view (albeit a biased one!):1. Needs to be independent – Understand who they are associated with (as in banks, non-banks, etc)
2. Has the industry experience & qualifications – most brokers will need to be members of the MFAA or FBAA (industry bodies), have indemnity insurances and dispute resolution processes. Now there are quite a few traditional bankers who have become brokers and there are people with no financial industry background whatsoever. There are good ones and not so good ones – Their industry background has little to do with how good they are (I think so anyways) – its all about thier attitude towards their clients and their work.
3. Ideally has done the kind of stuff that you are looking to do – If you are looking for a broker to do some work on buying an IP – ask if he / her have bought an IP and if so how many do they have – under what structure, etc. Most good ones are more than happy to talk about it (without going into too much detail) This will help you understand if they can be really helpful..
4. Ideally referred by a friend or someone from the Forum – I think this is probably the best decider – especially from this forum as most of the readers / posters are active investors – who use brokers – so I am sure they/we will be more than happy to recommend a broker in your area.I hope this helps..
Good luck.
RegardsAnanda
Dream Catcher Finance
1300 424 453Hi Sharvonie
First – find out the max you can borrow in NZ – ie. 90 – 95% ++, depending on the shortfall you can pull the money from Aus.
Another thing to think about is the Tax component – pls have a chat with an accountant who has experience in these kind of matters.
Well done & good luck.
regardsAnanda
The information given is fantastic!!
Thank you so much!
The main reason I went the 10% vendor finance way so that I will get the price I wanted –
The story behind it:
The Property was listed with an Agent and I had the rights to sell it on my own as well (Sole Agency V Exclusive Agency)
Property listed at $279,000 – after having it on the market for 2 weeks the agent started asking me to bring the price down – as the market was slow – 3 reductions & 2 months later – the listed price was down to $259,000 – and she was bringing offers around $240,000!The vendor finance is still happening at $279,000 – so even after keeping 10% into the deal I am still better off this way – rather than go via the agent – and then pay her $10,000 as an agents commission.
Saying that – she’s fantastic at what she does, ie. selling – however possible..
So I will do the following:
1) get a quote from my lawyer to do the lien / 2nd mortgage –
2) Do credit and employment checks
3) Give the buyer with options on paying the balance back in 12 months to 24 months – the longer the term the higher the interest rates
4) Advice him of the cost (lawyers, stamp duty, etc)
5) If this is a bit too high – ask him to take on a personal loan to pay my side off – I think HSBC is giving unsecured debt at 9.95% over 5 years- which is definitely cheaper than my 15% over 18 months.
PS: he is working in the mines and his apparent income is around $2,500 pw. – Most of them spent on ‘doodads’ (from Rich Dad) – nice cars, plasma tvs, etc. etc.Any views on that?
Thanks
Ananda
