Forum Replies Created
Hi Terry,
thanks for the reply. Yeah thats sort of what i thought would be the case.
I do have other assets although most of these properties already have equity borrowed against them. My PPR is a new purchase and I have only been it for 9 months so I cannot see any money available in that.
If I sell the properties and just pay back what ever amount I receive for them it will still greatly reduce the amount of money I owe to the bank. I dont really know what else I can do? Even if I convince the bank to lend me the money to pay out the mortgage I still have to pay interest on the new amount and the interst rate would most likely be higher than the mortgage rate.
Corie
A friend of mine did Steves apprenticeship course and he said it was great. I think if I was going to invest that amount of time into a course these days I would look at the Results property mentoring. I have met a lot of results students over the years and they are all successful investors.
Yeah I would like to know if propnewbi ended up pulling out or stayed with Casflow Capital. and if he did stay with them what has happened since then?
As for 2Plan….it is one thing to go along to a seminar and have fun. It is another thing entirely, to pay money to someone to provide expertise and a service and receive nothing but lies and bad advice which in the end costs you tens of thousands of dollars.
Yes we all deserve to be paid for our work, but you have to perform your work to a level that deserves payment. Would you be disappointed if you payed top dollar for a car that has a claimed top speed of 300km but it cant even reach 200km and cannot be sold for anywhere near the price that you payed?Has anyone heard of a probate valuation?
What is a probate valuation?
One of the primary duties of an executor (or administrator) of a will is to value the entire estate, including the deceased’s property. An executor will be required to provide an estimate of the total value of all the assets (property/chattels etc), so that tax liabilities can be correctly assessed. A probate property valuation report is also commonly used to help identify the fair market value of a deceased estate on behalf of the beneficiaries.
Can these be used for finance valuations? Has anyone heard of this being done?Corie
Yeah that is fine jamie but it seems all they seem to do is look online these days. I went onto the APM website to perform valuation and their records didn’t even have the address correct. The property I am looking at shows up as last being sold as vacant land 10 years ago. This is the property next door.
Latex I don’t think It wasn’t official application. My broker was having discussions with a lender.
I agree with daza, and I should know I have already wasted my money.
Get your money back if you still have time!
Just a respect thing. I just dont like turning somebody elses post into my own personal Q&A session.
I knew you were going to shoot me down in flames Richard….but thats ok. I should learn to pick my fights with less qualified people.
Sent you PM
Your Probably right Richard, Im sure the banks dont want you paying off the loan early.
At the end of the day its really only a rent to buy scheme and the title remains with the original owner until the buyers refinance and purchase the property which is normally after 4-5 years.
I am living in bali at the moment and I have thought long and hard about whether to invest here or not.
Tourism will be here for a long time, probably for ever. And the thing to realise is its not just aussies who are doing are frequent visitors to Bali. There are people from all over the world. Lots of americans, french, uk, scandies, all sorts. And at the moment its the javanese who are the major investors in Bali. There are a lot of rich people in Indonesia as a whole, but most of them are from Java and they are buying up in Bali.
All that is well and good but the thing that has turned me off the most is the quality of the construction. There are no building codes or standards, there are no tradesman so to speak, only people who have some experience in a certain field because somebody else once showed them how to wire up a house. Everything is built dodgy to put it lightly. And the thing is that its not dodgy in the eyes of balinese or indonesians. Thats just how things are done. You make it up as you go. Improvise.
From what I can tell there are probably some goods deals to be done with land but if your just looking at apartments or villas I would be cautious. You really need to be on the ground overseeing every part of construction.
And there is always the money part. If you dont have the cash you are going to struggle. Commonwealth have set themselves up over here and I have heard that they are offering finance to foreign investors(aussies), but your looking at 13% on any finance so you would wanting to be getting those magical 20% figures that some people are talking about.In my opinion I would not consider it if I was not on the ground over here with a good understanding of the system and the way things get done…or dont get done. You need really good contacts, you need someone you can rely on completely, who is indonesian and speaks english very well. Language is huge barrier. If you are thinking about doing from your desk in australia you are asking for trouble.
Hi Daniel,
One way to get a higher sale price is to sell it through a vendor finance deal. The other benefit of doing this is if the deal is structured right it shouldnt cost you any more money from your own pocket until the buyers refinance. No paying rates or maintenance or property managements fee’s and your interest repaymentIts a great way to get rid of any duds in your portfolio.
If you like I can give you the number of a guy I have been working with who will do all the hard yards for you?
Hi JJ10,
I have a IP in Roma and I use MAA livestock& Property. My Agent is Joanne Logan. She is great and has done a great job getting me tenants considering the market up there. How long has it taken to complete construction of the property? Mine took around 1 year and in that time the market up there has changed dramatically. Did someone suggest you buy up there or was that your choice? If your like me, it was a suburb recommended by so called experts. Dont know if you are aware but there are currently around 400 homes for sale and 200 homes for rent in Roma, a town of around 8000 people. Competition for tenants is fierce. I am going to take a guess and say you are building a 4×2. Currently there are dozens of listing for 4×2 homes all advertising “price reduced”. The average asking rent is around 380-390 pw. A far cry from the 450-480+ people were getting less than 12 months ago.
The problem with Roma is that is was booming 2 years ago due to the all the gas wells being drilled for the gladstone gas plants and the fact the town was still recovering from the big floods in QLD 2010-2011. There was a huge shortage of rentals. Then all the developers started moving in and started building houses. The town recovered from the floods and and then the gas line construction and well drilling began to slow down but the developers were going full steam ahead. Some of which are still going now, so basically there is now an over supply.
I dont have any crystal ball and hopefully you know something that I do not, but as far as Im concerned the ship has sailed in Roma. A lot of these experts recommending roma as a hot spot or advertising positive cashflow with big yeilds have a lot to answer for. Dont get me wrong its not another Moranbah, the town is not going to die. They have other industries there, mostly Beef. It is actually considered the beef capital of Australia but the big rental yields are gone and I think it is going to be some time before the town sees any real capital growth because of the growth it has experienced over the last few years.
As I mentioned at the beginning I use Joanne Logan at MAA live stock and property. She did a great job of finding me some tenants without having to reduce the price too much. I highly recommend her.
Let me know if you want to know anything more.
Hi Dj,
To be honest I cant remember if it has the legal docs. I know there are a heap of templates in there and it comes with the detailed feasibility calculator but I cant remember exactly whats in there. Tons of DVD’s with real life deals being made and step by step details from subject matter experts on setting up your own development company.
I paid $1500 for it but would sell it for $1000.
But like I said its in storage and I cant guarantee if I will be able to get it out but if your interested I will see what I can organise.
Corie
Hi DJ,
I actually have the Carly Crutchfield Elite development kit. but its in storage. I am heading back to Oz next month and there may be a chance I can get access to it.
Are you still interested?
Corie
Thanks guys,
I think I have worked it out. I wa logging on from o/s. I had done it a few weeks ago no probs but I think they have done something at their end because it gets blocked everytime, but if I turn my VPN on, it goes straight in!
Thanks again
Hi Terry,
Thanks for clarifying that. I thought it was a long shot but I was just curious as to whether anybody else was doing something like this. Legally of course. I know it sounds dodgy but I know of guys who buy and sell 18k of car parts each year under a business name and then run a race team at the expense of that business, often at a loss, and do it legally.
And as I mentioned in my first post farmers who buy $18k worth of cows under an ABN at the start of the financial year and sell them for 18k a year later, sometimes even at a loss. But this allows them to write off expenses from their farm including vehicles and fuel, repairs, fencing, etc.
Can you explain the difference between the examples above and what I am proposing. Is it because they are purchasing a product?
Corie
Hi Catalyst,,Yes I hearing what you are saying. I think rewording my opening line to “Im interested to know”….. may have sparked a little more interest.
I dont think I explained my business idea very well and its not really a business….in traditional term. I am talking about properties that I already own and using the rent money as income and the interest and any other expenses as outgoings.So I have expenses and income like any normal business. I then want to deduct any other expenses I encounter with running this business like cars, fuel, tools etc.
I actually posted the same post in the legal and accounting section and Terryw has posted a reply
“Having an ABN won’t change anything. You cannot contract with yourself and even if you could the income would cancel out the deductions. Nor could you claim more expenses just by having an ABN. If you are contracting with others you could claim expenses associated with the production of this income.”
I think that basically sums it up.
Is there seriously nobody on here willing to add their point of view, either to shoot me down or add some form of input???
Is there seriously nobody on here willing to add their point of view, either to shoot me down or add some form of input???
I think if you want to look at putting a vendor finance deal together you really need local people on the ground that can generate leads, and show people through. I have some people who live in Victoria and they are structuring a vendor finance deal for me in Hunter Valley and with the help of local people the house has just been sold. The deal has taken about 8-10 weeks to put together.
