davidcball replied to the topic Banks lending approach to flips in the forum Help Needed! 16 years, 4 months ago
Scamp wrote:
A flip… in this market. Please don't resort to crime after you go bankrupt.Scamp my theory is that you are actually a very unsuccessful property investor who is envious of other peoples ambition, posing as a knowledgeable investor If i am mistaken and you are actually trying to give genuine advice why don't you use a little m…[Read more]
davidcball replied to the topic Invisible Deed of Option Contract in the forum Legal & Accounting 16 years, 5 months ago
Hi Tylee,What is your email address?Kind Regards,David [email protected]
davidcball replied to the topic on-selling a residential contract in south australia in the forum Help Needed! 16 years, 5 months ago
Hi Tylee,Whoever exercises the call option is liable for stamp duty. You can assign the option to the end purchaser, they exercise the option and pay the stamp duty, with the 20k spread in your example being an assignment fee. This fee is ordinary income as per the ATO and not statutory income (i.e. Capital Gains).Regards,David
davidcball replied to the topic Anyone investing under 20. in the forum Help Needed! 16 years, 6 months ago
Hey Will,I'm 20 as well and have been doing my own research for the past 8 months or so. I just wanted to raise the point that there are some absolutely fantastic real estate investment strategies out there some of which you don't need a huge deposit sitting in the bank. Don't think that the only way to invest in property is buying a house,…[Read more]
davidcball replied to the topic Motivated Seller – No Deposit Required – Sydney in the forum Help Needed! 16 years, 6 months ago
Thanks Daniel you've been really, really helpful! Shame you don't receive commissions from the website, the buyer beware package looks like a must have.Thanks again
davidcball replied to the topic Motivated Seller – No Deposit Required – Sydney in the forum Help Needed! 16 years, 6 months ago
Jaffasoft wrote:
OK, well what's your worst case senario risk here? How much time and money do you stand to loose here if you can not sell the property.And good point about the 'get out clause' absolutely make sure you have a water proof one if you we're to go ahead with it!Ok worst case scenario is that i couldn't place it with a…[Read more]
davidcball replied to the topic Motivated Seller – No Deposit Required – Sydney in the forum Help Needed! 16 years, 6 months ago
bardon wrote:
Its only an opportunity if you were getting it below market value and that is not on offer at the moment.Hi Bardon,What would you do in this situation? I realise that it's naive to think that the vendors would definately accept any below market offers that i made… Chances are they won't. What i'm trying to ascertain is whether…[Read more]
davidcball replied to the topic Motivated Seller – No Deposit Required – Sydney in the forum Help Needed! 16 years, 6 months ago
Hi Daniel,Thanks for your comments. I agree that the situation would be prime if we were talking about a $300,000 house in Suburban Sydney where the chances of a quick on-sell are much higher. I literally would not have to money to be stuck in the same boat as the vendor. If i couldn't find a purchaser to assign to within settlement period i would…[Read more]
davidcball replied to the topic investor advertising in the forum charlie123 wrote:
Hi 16 years, 6 months agocharlie123 wrote:
Hi David,Thank you very much for your reply!! Would it be possible to set up a number of unit trusts for different projects with each containing 20 investors and still be able to apply the S708 section of the corporations act? Best regards,CharlieHey Charlie,If you nominate a company (or more likely a series of differe…[Read more]
davidcball replied to the topic foreclosure deals? in the forum Help Needed! 16 years, 6 months ago
Scamp wrote:
– Risk buying a double-mortgager : You will auction off the first mortgage, then you find out that in order to GET the property you need to pay off a SECOND mortgage. This can be especially painful. As a last tip : Remember that people who are being foreclosed are by definition people without money. They have thus not done ANY…[Read more]davidcball replied to the topic investor advertising in the forum Legal & Accounting 16 years, 6 months ago
Hi Charlie,If you have a look in the back of the Sydney Morning Herald every saturday under the 'Money wanted' section there is a whole list of people who place small ads advertising for investors similarly to what you described above.Are you personally trying to raise funds under your own name or for a company that you control? If your fund…[Read more]
davidcball replied to the topic Northern crest investments based in Sydney originated from New Zealand.. in the forum General Property 16 years, 6 months ago
Northern Crest is the new name for Blue Chip Financial… I can't see into the future and im not a cynic by any means… All i know is that i bought BCF at $0.34 and after a huge trade debtor went bad and an extensive trading halt my shares are now worth $0.09 for an impressive 75% loss. Hopefully the only place 'they are going..downunder" is…
davidcball replied to the topic Foreclosures and Option Holders in the forum Legal & Accounting 16 years, 6 months ago
Sorry Scott i don't quite understand. Wouldn't the vendor going into foreclosure mean that even if i did exercise my option they don't really have the capacity to give it to me – because the bank is now in control over what happens? On a side note, when they agree to give me the option, does that get put on the title? Does it have to be recorded i…[Read more]
davidcball replied to the topic Second hand Wrap Kit & Lockboxes in the forum Creative Investing 16 years, 6 months ago
Hi Paul,For the new people (like me) what is a lockbox? Regards,David