Forum Replies Created
Get a new accountant.
If you took a Line Of Credit over your property and they offered you 80% loan to value ratio.
So based on your property $260k the Line of Credit of 80% would total $208k.
From what you said, you already owe more than that so I don’t think you would have much luck obtaining a line of credit.You would have to either increase the value of your home to be able to receive further funds, or sell it.
Just my opinion by the way.
If you are offering good security, let me know the deals, my mates and I are always into lending money with good returns.
But solicitors are the only way to go, protect both parties with a contract and security documentation.
We never lend unsecured. NEVER!!!
Or you can find a very cheap property to purchase.
I use a surveyor that also is a development consultant. He surveys my blocks and quotes what all costs will be. Very cost effective and works for me.
IN SA there is no lease letting fee, I had agents in NSW and they used to charge that fee to the tenant. AS for the agents fee 8.8% including GST doesn’t sound steep provided most things are incorporated in that. The only other fee I usually pee other than a management fee is one week letting fee when they get me a new tenant, and advertising at cost for that tenant.
I also sign all my agreements 12 months at a time. If I am not happy with their service I have been released from the contract without any dramas with only a few weeks notice.
HI Poch Poch,
All I can say is from your statement are you trying to tell us that a positive geared property doesn’t increase in value and hence has no capital gain value?
If I was earning 2000 extra a year instead of losing 2000 a year on a property I would be using that to take my next step. The funds can be used to either pay down your loan giving you a little more equity, or saving up towards a deposit for your next property.
I would offer 15-20% less and take a risk, but only after I have checked rental returns in the area and asked a few other agents in the area about that property. They may have had it on their books prior and know what the problem is.
Goodluck
I use the following
Corporate trustee being a Pty Ltd company that you are the director of.
Family or Discretionary Trust
Beneficiaries would be you , your kids and another company that you are also director of.
