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some very valid points here and most of them require further education on what can be done in this desert land, even now it still holds many treasures, but if you do wnt to buy in dubai there is a somewhat simple rule, buy first hand property from the developer, so better do the financial homework first, come to dubai and purchase the property.
and no you dont require to have a job or business in dubai to live, they will give you a residence visa upon purchasing a property, thereafter give the property to century 21/remax/colliers to manage the property.
its easier to write but its very much possible.
camel_81
Hi,
I had been reading steves book, even as uni student and was hell bent in staying in perth, getting a job as an engineer and working on acquiring properties.
well what did happen its 2008, i did graduate as an engineer, and working quite well, but not exactly in perth, im in the middle east.
This is where the problem starts, no banks lend to any australian citizen working outside the same they do to ptential borrower within australia…hence I signed up for the RESULTS course and hopefully prove to the other australians in the sam boat thats its very well possible to buy properties and still maintain your work abroad.
I do hope thats a positive attitude from my side.
camel_81
Hi,
Ok Ive been thiking about this and have the guys at MCCA, although it was public holiday, i still managed.
Anyhow, to my understanding, I like a house for $200,000, I take the proposal to MCCA, they agree to purchasing on my behalf, but I need to come up with 20% deposit, which is $40,000, and they use their own funds of 80%($120,00 from $200,000)Once they have the property under their name, they sell it on to you for any amount they wish, for arguments sake say $300,000 over 15 years(they do a maximum of 15 years).
Meaning $300,000-$40,000=$260,000 over 15 years, which turns out to be $333.33/week.
Suppose I could manage a $500,000 property with $100,000 deposit and weekly repayment of $512.82/week.
Now the only problem is where would I get such a deposit.If anyone can resell their house to me with a lesser deposit and on set weekly terms, I would glad to proceed.
As Im not directly paying intrest, both buyer and seller have agreed to a set price and set weekly terms at which both are accepting is fine.The weekly payments I give to the vendor is upto them, as to with them, as to pay for their loan or whatever, as I would not be involved in that.
I hope you understand my point.
Also I do apolgise for Melbourne’s shine problem, but whatg can i do first impressions last, the time I went, was a nice summer day, which ended with heavy rain.
Regards
Camel_81
Hi again,
If vendor finance is something along the lines of the following link, its appropriate:
http://www.mcca.com.au/housing_finance.htmlPlease read the housing finance section to it.
Basically these guys, buy the house, and resell it to you, for x amount of dollars as weekly repayments, the buyer is not affected by the rising of falling intrest rates.
For example you own a house which you bought(whichever method and at whatever intrest rate you are or have paid) for $200,000, then suppose on a nice sunny melbourne morning(as if they get that much sunshine), I come to you wanting to purchase that house over 25 years.
You would say sure camel, you can this house $250,000 over 25 years with weekly repayment of $193/week.
Regards
Camel_81
