Anyone got any views on this one?CheersDelboy

Hi DucksterShe has been doing the books since we stared but only started creating a salary for her in past 6 months so she doesn't have a tax return from last year as was not working due to kids.Delboy

Thanks Guys

Some sound advice there. Just one more quick one. Assuming we do buy it and put down the 30% needed. Can this 30% then be used to secure a deposit on another place or will they not lend like that on commercial?

Cheers

Delboy

Elkam

With comments like that I would suggest YOU take up another hobby such as answering peoples queries with a bit more tact. We are asking for advice not what hobby to take up. And you are a moderator? Maybe you just got of bed on the wrong side this morning, or maybe not????????

Everyone has got to start somewhere and we are starting to look…[Read more]

Michael

Thank you for that article. Very informative. We do have the equity for the deposit on a small place we are looking at but would obviously prefer to borrow as much as we could. Is there any way around the 70% lending that you know of?

Delboy

Michael

Thanks for your reply. Is that all a builder makes, 10%.

I thought it was much higher than that , I was thinking 20 – 30%.

Thanks

Delboy

Hi There

I am on the Sunny Coast and was recently looking for a group but found out that there is a group in Brisbane that meet, I think the last Tuesday of each month. They are called BIG-Brisbane Investment Group. I haven’t been along to any meetings yet but do plan on getting down there this month. Check out there website and let me know if…[Read more]

Derek

Thanks for that, I didn’t know they existed, I will certainly get in touch with them. What about you guys? Will I see you there?

Delboy

Come on guys and girls, isn’t anyone interested.

It does not have to include combining finances.Believe me I won’t be combining finances with anyone unless I am comfortable with the deal and the person.So if you are just interested in meeting up to talk through some projects and basically get advice from others and keep momentum going, then reply…[Read more]

Richard

Sounds good to me. I would be nice to have someone with your experience in the group.

Any other takers?

Delboy[cap]

Hi All

Thanks for all your replys. Shame some people try and drag these forums down.

Well obviously some of you have alot of experience in developments. It’s quite interesting to see the different views you share on the matter. I.e. don’t do developments in QLD. Do developments in QLD. Growth/no growth, etc.

Since I started this post I have…[Read more]

If all eight sites were already sewered you shouldn’t have to re-run the sewers to the actual sites. You should only have to cover your plumbers costs of re-running them on each.

Delboy

Liz

I am looking at a couple of properties that can be subdivided. You can never guarantee that the land will sell. But you can find out what the estimated selling price would be from the agent. Also what the demand for land is like in the area. The best way to do this is to ask other agents what land has sold recently in the area and for what…[Read more]

Jen

Thank you for the info. More then I can say for some people.

Richard, are you grumpy today

Delboy

We have been down this track before, in NSW. All is good down here.

Moving to QLD in Jan/Feb as has always been the plan and looking for a solicitor up there.

Any you can recommend?

Delboy

I am getting a little confused here.

Felicity, you say I can borrow against another property as security to supply funds.

David, you say I have to actually redraw those funds and inturn increase my original mortgage.

??????????????

Delboy[cap]

Siacci

You can’t cross securitise?

Assume you mean you can’t use equity in another property to finance a wrap property.

I never heard this before.

Anyone? What is the case here?

Delboy[cap]

So I can lend up to $1.5m which will get me a few wraps and not tie up too much funds.

How do you get past that point other then getting your wrapees to buy you out?

Any hints.

I think this is the point people are trying to make between wraps and l/os, is that correct?

Delboy[cap]

Terry

Cheers for that, it makes sense now.

Delboy[cap]

Hi Terry

You say you can access increased equity.

I thought it was ilegal to do so, well on wraps it is but on l/o you say it isn’t.

I presume this means from once you don’t refinance above the agreed purchase price, is that right?

Delboy

[cap]