hey crusty my experience dealing with motivated sellers so far so good…maybe my deals were different to yours, who knows?.

One approached works for some and it may not works for others but that's life…but I have been fortunate that it works for me.

Everyone has given his advised to Patrick about his possible purchase except you. So let me ask you this, what have you advise Patrick so far about his potential deals beside you telling everyone  about your misfortune?

As you access and used up your home equity, naturally, your mortgage payment will also rise, unless you turned your home from PPOR into IP, nothing you can claim from the tax man hence choose your strategy wisely (e.g., positive geared cash flow or positive cashflow or negative geared), because it could affect your cashflow….investment is all about cash flow from my perspective anyway.

You can try calling three different real estate agent in Canterbury LGA and ask for their property managers….interview them then go from there.

@richard, i'm more referring to the valuation of the property by the Bank…typically, lenders will lend you 80-90 percent of their valuation of the property, in their own mind, that's how much the value of the propety….but of course, the market will might have a higher value…….you know from your prefession, Banks are conservative in valuation and in lending.

@terry, you're rigth, the vendor can do anthing but if they are desparate (BTW i only buy from desparate vendors), they are happy to obliged. I never buy any property if the vendor is not motivated from experience very easy to deal with motivated seller.

To prevent gazumping you would need to enter into a contract. And to avoid paying stamp duty twice you would also need to have the entity established before entering  contract in most states, inclduing, I think WA.

So becareful in following this advice.
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You have to read between the line……..once the offer is accepted (e.g., either in writing or verbal), get a copy of the contract then forward it to your solicitor. Again  read between the line…..structure it well (e.g., place the property under a trust not personal name).

For Christ sake, the guy need some valuable advice, all you monkeys telling him WHAT NOT TO DO instead of WHAT TO DO…

He wouldn't be posting here if he didn't need a help….get it!!!!

Before anyone gazump you, put an offer on the property preferrably put a small deposit and if accepted, get them to take the property out of the market before it disappears out of your sight.

Then, do your due dilligence (e.g. building inspection, pest control etc). Also, talk to your silicitor to put the property under a trust name for asset protection…. structure it well. Then, speak to your mortgage broker if you have already pre approved mortgage by a bank….and see what's your LVR from your lender. Some Lenders can loan you up to 90% of the value of the property.

The four Big Banks here in Australia had started closing down their Branches 8 years ago……

One Bank here ING Direct (not sure if you call it a bank because it doesn't have an office)….all transactions are done online (e.g., opening Every Day saving online, BPAY online so on and so forth).

Foreigh investors investing the US should not complain because that how it is in the US. You just got to accept the reality….Americans are used to it, foreign investors should adopt to it.  IF You don't like it, sell your bloody investment properties and move out of the country and head back down under…..problem solved.

There are so much money to be made in investing and ZERO in complaining……STOP bloody whinging and get on with the investing.!!!!!!!!!!!!!!!!!!! 

No offence to anyone….Happy New Year.

Hello All,

I've been in the IT industry for a decade and guess what's the industry standard for Networking, Systems, Database, Financial Applications etc., all are American products.

It is not so much the 9/11 that stop America from advancing its Banking Electronic system (mind you, The Banking Corporations that started the whole 2008 GFC because of their very complex derivative tools but that's another story), it is more of its market size, complexi rules and regulations and passing of legislation to embrace Electronic system.

If you standardise the US Banking Electronic system, how many Banks that need to comply? Could be Thousands or even Ten of 1000s. From an IT perspective, that is a collasal understaking.    

You will need a lot of web page designers, web developers, IT securities engineers etc.., to implement such massive understaking.   US has the infrascture but the greatest challenge probably to legislatise the Electronic Banking system  (those people in the Congress) then making it law.

Here in Australia we only have 4 major Big banks and probably 80-90 per cent of the population banked with them, hence these 4 big banks monoolised the market…hence if they opted to go Electronic system, everyone else MUST follow….the little players don't have the options.

For our American colleagues, FYI, the following are done here Electronically (i.e., Direct Debit into/from your Bank Account)

Salary payment
Car payment 
Mortgage payment
Chilcard payment
Tax rebate (option to receive cheques)
BPAY (electronic bill payment)
Phone Banking
Credit car payment
Bank To Bank transfer (Electroni Funds Transfer)
etc., etc., etc.,

Note: There are still companies here that used cheques to pay their accounts, but majority of payments are done Electronically.

In summary, the size of the US Banking system and its complexity and passing of legistations are the GREATEST challenges of America to over come and that could take years before we see American goes Electronic system.

Thanks

Hi Jay,

You know WHAT? You gave me the answer to one of my concerns about the property that I'm about to get it rehab.

I have to buy the following brand new appliances and once the property is all rehabbed etc., I'll just tell the guys to install these appliances while the tenant is moving into the property otherwise, mine as well give my money away to those bastards thieves

Dishwasher
Fridge
Condenser
Hot Water Heater

You're right, all these appliances can be installed in one given day.

Thanks mate.

Good home Alex. Do you have the finished video footage of this property? i'm interested how the rehab turned out for $15K…I'm sure it brought the inside after rehab looks almost brand new?