Forum Replies Created
G'day Richard,
Thanks for giving me the chance to clarify the two points you raise. Firstly, I don't (and more importantly, didn't) purport to be a property mentor, I simply have an IP, therefore I'm a property investor (just as if I'd listed Husband and Father there as well).
Secondly, being a life coach is not about what I've done (or about mentoring, instructing, counseling or therapy and so on), but about what I can show you have within yourself to make the changes you deeply desire in your life and move forward towards your highest goals. This is a common misconception about coaching that I'm pleased you've highlighted for me.
Tony Robbins (worlds greatest coach – in case you've been living under a rock ;-p) has never led a country, won a PGA event or made billions of dollars trading currencies, but he nevertheless coaches high achievers to become better in these, and other areas of their lives. Coaching is about strategies for success, personal development and fulfillment that transcend cultures, demographics and level of achievement.
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Cheers,
Brad
I agree, great reno potential! Love decking around pool idea – more user friendly too. Kitchen has potential to be updated with new doors, bench top resin re-spray and handles, etc. Could perhaps modernise columns at front by boxing in with blue-board and rendering along with brickwork. I'm MOST attracted to the dual-living potential though! 1 x 2 bed + 1 x 3 bed units, explore strata titling prior to sale for massive profit or keep as positive cash flow IP (the holy grail imho)! Above all else, style for sale with rented furniture – anyone who sells any vacant property without doing this is potentially giving away tens of thousands in extra profit.
Terry and Richard,
Any tips on “selling” it to the bank? Should my broker make the approach or is there no advantage in that?
Cheers,
Brad
Terry, I’ve re-read your first reply re setting up the LO like a 30yr PI loan and it now makes more sense to me. With ownership not changing, do I need permission from the lender to LO?
Presumably you guys in the finance game will be able to help with these questions:
1. What responsibilities do I have, if any, in terms of disclosure to MY lender when providing vendor finance to a third party?
2. If the wrap virtually constitutes a sale contract for a premium price, can I access that increase in equity?
Xlent – thanks Terry
Hi Richard,
Do you have an equivalent product for NSW transactions?
Cheers,
Brad
G’day Jeff,
Thanks for joining the thread. Sounds like you and I have the same goal – to get a cash sucking negatively geared property off life support and turn it into a lifestyle generating cash cow! If you’re interested in chatting by phone some time to share ideas, fears and the like, I’m keen too.
Email me directly if you’re interested [email protected]
Terryw, thanks for your quick reply and fresh ideas for approaching lease options. (I won’t read too much into your choice of Diamond Joe Quimby for your picture… ;-p) The ensuing back and forth between you, ‘007 and YI has been great reading too.
The more numbers I crunch the more I think I like the idea of wrapping. Potentially better yield and lower outgoings.
Are there any pitfalls a first timer like myself should look out for when setting up a lease option or wrap?
