Forum Replies Created
Hi Jumbo123
I was looking at a property with a Valley Kit home buit on it. I must confess I’m in QLD and I didn’t know they were in Tassie (perhaps it’s another co – not sure)
The home was 4 yrs old and looked ok.Check out the competitors – just so a google search for kit homes.
Cheers
Chad
Thanks Westan and Del for the feedback – my quest continues.
Cheers
Chad
BTW – can anyone expand on the maintenance issues?
Thanks for the post
Cheers
The median growth rates for houses in the Noosa Shire QLD out perform the units over the last 20 yrs.
I guess position is always critcal.
CheersChad
Hi Marky
In QLD the maximum term on an exclusive agency is 60 days. That then reverts to an open listing.
Ofcourse the agent will/should ask for a renewal 2 weeks prior to it expiring.
You can ask the agent to be released from the exclusive, but they have to agree to it ( in writing)[suave2]
If you’re not happy with the agent, don’t be frustrated by the exclusive agency, they do work better. Find a more pro-active agent.
Although the terms on the exclusive agreement are 60 days ( in QLD) you as the vendor can negotiate the duration if you want.
You might only appoint an agent for 30 days if they agree to list.LEt me know if you need further info.
Cheers
Chad
Hi Greg
Had a chat with a Real Estate Principal who has done this for clients and the answer is that you would be the 2nd mortgagee. The 1st mortgagee, being the bank, normally has all rights to their interest in the property until they are paid.
So, as I understand it, if the buyer continued to pay the bank but not you, you can’t access the property, you would need other securities like other assets or business interests he/she has.
If the bank takes possession and auctions the property off because the buyer defaulted, they would recover their debt 1st, then if anything left the 2nd mortgagee (you) would recover yours. etc
You can have 2 or 3 or 4 mortgagees on a property.
Best to get legal council though and get it from the horses mouth.
Cheers
Chad
Hi Greg
Understandable. haven’t yet got the answers to assist – hang in there.
Chad
Hi Greg
Also haven’t done it personally. Was involved in a contract where the vendor was prepared to leave $100K in the deal. It never eventuated.
I’ll check in our office if anyone has done it.Can I be so bold as to ask why you need to leave 30% in the property? I know you mentioned “incentive” What’s wrong with the property that you feel you need to do this?
Cheers
Chad
Thanks Simon
Chad
[biggrin]Hi Mortgagehunter
That’s interesting and seems fair to me.
I was told by a mortgage broker that the grant wouln’t be available if i bought an IP first and then bought a PPOR.Are there any specifs to follow when setting up the IP so as to qualify later?
Cheers
Chad
Hi Swampy30
You can negotiate a long settlement, ofcourse the vendor has to accept this and hopefully you don’t have competition on the property.
I have seen contracts with 6 month settlements.
I would suggest you settle on or before the settlment date, otherwise you’ll get in trouble again.
Hope this helps
Chad
To clarlify the “subject to finance”
You as the purchaser can nominate the time frame on this as part of the negotiations. If the vendor accepts 7, 14, or 21 days finance, you then have the time necessary to get written approval from the bank as they will always send a valuer around. Preapproval means nothing….
the key lies in the property that you’re financing.As the buyer, you have to then give written notice to the agent / solicitor that you eith have the finance or don’t.
I recently got out of a contract on the finance clause (it’s your best friend)
If you want more info on it, drop me an email.
Cheers
Chad
I reckon the TITLE does the trick for most.
Who really cares about the colours, bring on the content.
I think more than incomes, it’s the ratio of income to expenditure that interests me as this affects the borrowing capacity of the investor and also determines how quickly they can save another deposit for the next one.
Can’t wait to read it.
Go you good thing
Chad
Bit HARSH Monopoly
Reality comes from dreams, and age has nothing to do with it.
Secretgnome, you’re on the right track, you have a plan (though basic) The pieces will fall together, but you have continue to put yourself at risk by asking the questions. We learn from our mistakes. You at least have the insight to learn from others’ too.
I’m in RE and and have a few businesses (not all successful) I also had a dream similar to yours.Stay focussed and understand that sales can provide huge reward.
The challenge you’ll have as I’ve always had is the lenders don’t like commission only salespeople and they don’t like self employed people either, until you have a track record.
Stay focussed and reach for the stars, if you land on the moon instead that’s OK. You’re a step closer and you’ll have the courage to continue.
Keep asking the questions, there’s no other way to finds the answers.
Chad
Wayne
As a tennant it’s important for me to hang pictures in the places I want to hang them.
I’ve never undertood why landlords are so reluctant to let tennants hang artwork on the walls.
I see this as allowing the tenants to feel at home and as such will be more reluctant to move out.
When they vacate, a quick once over with filler and touch up paint. Th eplace looks clean again and the new tenant can make themselves at home.
This really FRUSTRATES me.Cheers
Chad
Hi Mike
I’m researching the market there too.
The answer as i understand it is “yes” you will need a local solicitor and also an accountant as you have to submit a tax return in NZ although you may be an Aus citizen.
Also, you will pay an adjusted tax amount to the ATO, and I understand capital gains tax to the ATO if you declare the income and gain.
Hope this helps
Chad [biggrin]
Hi Myydral
Thank you for your response. I did find some threads. I notice capital growth seems to be rater popular as well.
Regards
Chad
