Forum Replies Created
hi simon,
We are looking at both newly built and second hand houses at the moment. I guess what I need to do now is to get FIRB approval first. is there a limit that they have pay for a residential property ? My gf is currently studying overhere, so she can get approval for a property less thAN 300K, but I am not sure about properties higher than this.
Cheers,
CT
Hi Del,
Would you explain a bit more about TRust structure ? I have not brought any properties and thinking of setting a Trust first ? what are the costs involved ?
Thanks Del,
Chees,
CT
hi Elwood,
Welcome to the forum. I think I have already started your journey into PI by joining this forum. The thing to do now is to set out our plan and following it.
I am a newbie myself here and have been devoted much of my time here reading posts and reply. I admit the information here is very helpful. People are very willing to spare their time to give you advice and opinion. This is great, and I really thanksful for the advices that I get here.
As as newbie, what i have done so far:
1. Participate in this forum to learn more
2. Ask mortgage brokers to discuss about my borrowing capacity (learn a lot of jargon as well)
3 Rearching for properties; done online and through the newspapers
4 Talk to real estate agents, sellers
5 Travel to inspect the properties (if the number does stack up)One thing I forgot to mention is that: Steve’s book and “Rich Dad Poor Dad” really motivated me and got me going. Hope you will enjoy your PI journey.
Cheers,
CT
Thanks Shaun.
I believe that we should get our solicitor to view the contract, contemplating what clauses to put in before signing it. However, in a situation where a quick investment decision to be made and I want a safe withdrawal from the contract, can I just put down : “subject to partner’s approval”
Cheers,
CT
hi all,
If I put in a clause “Subject to finance approval” and later decide not to pursue the purchase despite the fact that there is no problem with my finance. If such clause is to be used, will it be followed up for verfication for its validity ?
Cheers,
CT
Thanks Simon
The problem you face is a NODOC loan needs a 35% deposit plus purchase costs. Rate is only 6.85% which is pretty cool.
So if they can provide the deposit (of 35% or more) plus purchase costs, they can get a NODOC loan ? could you suggest a lender.
Cheers,
CT
Thanks Mel,
[Whose name will the title be in? Maybe you should say that if you take the loan out, you want 50% of any growth. You might be able to get all the tax benefits too.
The title will be under my name since I am taking out the loan. My gf name will also be included on the title as well.At the moment, with the price range of houses we are looking at, the lvr is not greater than 70%. They agreed that I could access to the equity. But I don’t want to do that since I am not the one who will be making the repayment. Rather, I hope they could get a loan for themselve, even in the unconventiional way.
Mel, you mentioned about tax benefits, could you clarify that a bit more thanks.Cheers,
]CT
Thanks Simon.
My gf family is considering purchasing a residential property in Australia. (they are not aussie nor PR). They run a business oversea but don’t want to put on a large amount of cash to purchase outright. I have been told that they are not eligle for loan as their income not being generated here, and lenders do not accept foreign income.
Personally I have no doubt about their servicecibility. Would a NODOC loan be best for them ? Who would lender be ?
Cheers,
CT
CT
Thanks guys for your inputs. I do share the same point of view of yours.
with commercial property, I do believe that the hard parts being getting a loan and tenants or secure tenant for that matters.
I recently came across a commercial prop in rural NSW. It consists of 15 single bed rooms. It is a brick and double story building. The building is left vacant at the moment and the owner asks for 180000 for it. I have personally inspected the property, it seems to be a moderate good condition overall. Some parts need renovation. One part has just been renovated and cost 32000. I read from “Riches in real estate”, dolf de roos estimated how much the property worth by multiply the annual rental income by 10. i would like to find out how to find out how much it is worth in this stage – not leased. Should i get the council or the bank to do the evaluation ? The biggest task at the moment is get a tenant for that property. I am thinking of leasing it to the local council as commission accomodation if that is possible.
CT
Hi Pieces,
Thanks very much for your input.
I think Steve mention (in 2002 newsletter) about he got a 80% LVR loan and and 25 years term for his first commercial property. does this exist anymore ?
CT
