Forum Replies Created
Hi Troy,
The above comments are correct they will buy your house at the lowest possible price then on sell it to someone else and I higher price.
There is nothing they do that you can not do yourself.
Why do you need to sell?
feel free to drop me a message if you want more info
DazzSounds very complicated and you will have a lot of explaining to Centrelink.
Why doesn’t you dad just sell you the house under vendor terms?
You can pay off the house and later you will have the deposit and equity in the house to apply for a loan.Dazz
I agree with Terry,
Buy yourself the house out right then you are in a great position to use your equity for an investment,
A line of credit would work well here but needs a good accountant.Dazz
Hi Sharon,
Where is the property located? has she had any growth in the property and what is her strategy for the investment? ie does she want sell or hold?
There are a number of other options depending on what your mum wants to get out of the property.Dazz
Nick, What are area do you want to buy in? Are you interested in a rent to buy property? Do you have a deposit saved up? and what is your borrowing capacity? Dazz
Just thought I’d throw in my two cents, I have been to a few CCorp Bootcamps and find them excellent, Carlys development bootcamp was three days and went from 9am to 9pm. Although a lot was covered, the experience and chance to meet and network with other people interested in development and property investing was priceless. The price may seem high but i see it a a small investment for the outcome, (plus it was catered and the food was awesome!!) Carly is and easy person to talk to and her mentor Steve who usually attends is fantastic.
If anyone is interested in her DVD set with feaso calculator, I am happy to sell mine, but note that it will not get you the 3 days at bootcamp, If you sign up for the bootcamp you will get the DVDs any.
feel free to drop me a private message if interested in the DVDsHi Shaun,
I would like to suggest reading a few books from Aussie authors, There are a large amount our there however the latest I have read is Think and grow rich in property, if anything this will give you a few ideas. Personally I tend to now look at different options rather than purchase and try to pay it off, however you need to consider your own circumstances. The one thing you should do is find a good accountant who is familiar with property investments and research, research, research don’t just jump into a property just because the agent says it’s a great deal.Thanks Andrew I will give them a call and post how it goes, would like to hear how you go to if you get there before me
Hi Jiia,
First of all I assume that you understand how Loan to Value Ratio works (LVR) bank at the moment are very cautios of low LVRs.
However there are a number of tricks you can use to increse the value of your property:
1. make sure you attend the valuation with the vauler,
2. do you research in your area of you IP so you know yourself how much it is worth
3. find all the houses that have sold at a higher value than yours but aren't as good as yours, use this as ammunition to prove why your house is worth more, use this opposite when you want to buy a house.
4. when you walk around with the vauler highlight the best features of the house, these could be the views, location, features. etcOverall there are many ways to invest in property without using equity such as vendor finance etc.
Let me know if you would like to know more,
Hope this helpsHi Dave,
I wouldn't look at a development if it was 10-15%, a minor set back will soon eat up your profit. Do you have a feasability calculator? This is a great tool to help you decide if you want to proceed.
How do you intend to fund the development, can you gaurentee the presales?
It sounds like you are building just one house, what size is the land can you subdivide?Jacqui,
I have invested in property with both garaunteed rent and with out. I found it quite good as a starting point to get into property investing. The biggest thing is wheather they are a reputable company or not, this is where you need to do a lot of research, do you know anyone else who has invested with them and what has thier experiance been like? Do they just want you to sign up or do they provide guidance?Some of the advantages of companies offering garaunteed rent are;
– companies who offer guarantee rent have done their research into areas that they know will have a demand for rent and potential growth. This is how they can up hold the garauntee.
– Because they offer the garauntee they tend to look after the property, tennants and yourself a bit better.
– Some agents offer cheap deals off the plan as they need pre sales prior to construction, they are not in the business of flipping properties they make their money on the management of them, this is how they justify the cheap price, also if they are acting on behalf of a builder their profit comes from a finders fee. ( be sure to get your own valuation though)
– If you build a house there is a huge benifit from depreciation etc.Some of the negatives are:
– Some companies will ask for an addition fee on top of the management fees, this additional payment goes into a pool and is used to pay out if the property is vacant for a period of time.
– You may be required to up keep the house to a higher standard than normal ie, replace carpet every 5 years or so, repaint walls, or replace fixtures. Although these can be claimed on tax you will still be paying out more and be making a loss.
– You will find that they will not offer any other service or garantee that you will not be able to achive yourself, if you are prepared to do your research for high demand or growth areas and find a good agent.In short if you are just starting it can eliminate a bit of risk and work, however I would thoroughly look over the fine print.
Hope this helps
Dazz
