Sorry, just proof read my post (after posting)… My mate would then drop the offer in the vendor's letterbox so they were actually aware of the offer!

Ahoy hoy"Working"  a real estate agent is definitely an art form.  As for them not presenting your offers to the vendor, it was my understanding that they are obligated to do so?  The first time I tried to offer VF through an agent, he just told me "That won't work for her", when pressed as to whether or not he was even going to tell the vendo…[Read more]

Interesting one this…A few years ago my father went to one of his houses to fix the shower and was greeted at the door by the tenants large dog in the house!  This was a surprise as we had a strict "no dogs" rule.  The tenant apparently thought Dad was just the maintenance guy, and told Dad that the agent said "What the landlord don't know, w…[Read more]

Ahhh, that's great.To be honest, I used to have a lot of fun with fake girls on the internet who told me I was the love of their life, and they were from Russia and just looking for someone like me so they could move to nice country and have better life (sic).I used to let them think they had me hook line and sinker, and kept telling them I was…[Read more]

Hey pullyOk, somewhere on another post we've had like a three thousand word discussion on what happens if the vendor defaults and or goes bankrupt.  Basically, you have some protection, but there is certainly an element of risk there.  If I'm buying a house under one of these arrangements, I make the payments direct to the seller's bank so I k…[Read more]

Hi againLinar, I suspect you found my post confusing because you haven't read everything that I've said.  It IS a long thread at the moment.  I did make it clear that I haven't done one of these yet, and that the information I have presented is the combined suggestions of a whole bunch of people that I have spoken to.  Chances are, I'll go th…[Read more]

Struth people!I turn my back for 24 hours and it's world war three in here!! Ok, links in my signature, got it…Ok, Jaffa is a mod.. got that too! I'll also remember to have someone proof read my posts for spelling, punctuation and grammar so as not to provoke the ire of either of you!  While I'm happy that some people appreciate my posts…[Read more]

Scratch that bit on the stamp duty amount for PPR discount – that figure was just plain wrong.

Hmmmm, I'm looking around for some light to shed….Ok, lets start with this $1000 up front for their solicitor to work out how to do the paperwork.  All of my buyers have to give me $1000 up front, not so my legal guy can work it out, but because he charges in advance and once upon a time I paid for the paperwork to be done myself, and then the…[Read more]

Oh, and Richard, one more thing…The people I know who do these professionally aren't as uptight as you'd think about their second mortgages.  They only ever do the second mortgage from their profit, and never dip into their own capital with the second mortgage, so if it all falls over well they've lost profit, but they haven't lost any money…[Read more]

Hi guysThis second mortgage carry back is something I've been meaning to get into, so I've been talking with lots of people about it, but I haven't done any myself yet.  I have done a bunch of instalment contracts and a couple of rent-buys though, so I've got some idea what's going on. Also, I've got a new mortgage broker who tells me he can put t…[Read more]

Hi allI read an article the other day (sorry, no idea of the reference) but it did say that sticking with variable will beat the fixed rate 83% of the time.  Effectively that means that one out of every six times, fixing your rate is the best way to go.  But when is that one in six exactly??  Stuffed if I know!As people are saying, the spread be…[Read more]

Ahhhh, this has been good reading!I hear on the grapevine how passionate some people are about the evils of vendor finance and rent to buys, but until now I've never seen or heard such things first hand!As for Mr Jenman's complaints that rents in a rent to buy are double market rent, well derr!  You're not really just renting the place, you are…[Read more]

Hi KyanneBooks?  Oh, there are lots of them!  It really all depends on what sort of level you're at.  I do think Steve's first two books are a good read.  Also anything by Jan Somers gives you a good idea of the basics.  I'm also a Hans Jakobi fan, if you can manage to listen to the smart things he has to say without getting swayed around to buyi…[Read more]

Hi BenWhile I applaud you for thinking outside the square on this one, I think you've probably got a snowballs chance in hell of getting this one across the line the way you're thinking about it at the moment.  (Sorry!)Also, you seem a bit confused with your comment "does the vendor get a loan…".  As Richard alluded to, this sort of deal needs a…[Read more]

Unfortunately all too common.Remember if you know he is lying to someone else, why wouldn't he lie to you??However, I'm not at all concerned about the deal with the owner re: commission – I'm quite happy with that idea if it's true.  However, given everything else that's occured that could be crap as well.I'm pretty big on honesty, so I would…[Read more]

Hey Richard,Just a bit confused here…You've said…"One of the major differences is never purchase the property and then try and find a buyer but always let the buyer locate the property and then approach with a view to financing and onselling to them.."One of the major differences to what?  To those "bad eggs" as you referred to them?  A…[Read more]

Hi Terry and everyoneYou're absolutely right about the bankruptcy issue, and I think the purchaser would win out too.  As for being legally messy, I've discovered in the last few years that by and large, there is no such thing as a watertight legal situation, and who wins often comes down to who wants to (or who can) fight the hardest.As for the…[Read more]

Yeah, it is a tricky one.  The first thing you need to realise is that your average mortgage broker makes about 35 grand a year and is in the business for around 2 years.  These are not the people you want, unless they're very very committed to their new vocation.I had one of these brokers a few years ago just as I was transferring all my p…[Read more]

Hi GuysYeah, I would lean towards the idea of you being a little too conservative.  However, we know nothing about your life stage, goals, income or risk tolerance.As you get older, your risk tolerance should definitely decrease, however I think I would have to be about 100 before I dropped below 50% LVR.  The other issue is obviously your a…[Read more]