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  • Profile photo of eklein11651eklein11651
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    @eklein11651
    Join Date: 2003
    Post Count: 4
    June 28, 2005 - 4:32 am

    guys…….why are you going to contract to do flips anyway ??? the whole point is to just be the middle person ( like that ) that’s what options are for ….at your option you can buy it …but you don’t have to if you can’t move it on. There may be a case of stamp duty on the option, but hardly worth the paper for a $1 down deal ! You can still use “and or nominee” but that has no issues when on an option ..only when on a contract.
    hope this helps.
    EK[biggrin]

    Profile photo of eklein11651eklein11651
    Member
    @eklein11651
    Join Date: 2003
    Post Count: 4
    June 28, 2005 - 4:05 am

    I know a guy who put down 5 cents as deposit….beat that ! Usually a contract is not legal unless some consideration has been put forward…….the old $1 down is just a good laugh and quiet do-able..i’ve done it myself…but if you want the deal to go through, go for a grand and tell ’em your borrowing the rest against other properties….which the banks will happily put up at settlement. Do they want to sell or not ???? who are they to tell you how to pay for it, as long as it’s there when it needs to be.
    EK Gold Coast

    Profile photo of eklein11651eklein11651
    Member
    @eklein11651
    Join Date: 2003
    Post Count: 4
    February 1, 2004 - 12:09 pm

    So no one has a suggestion ??
    We are so far from being a risk, it amazes me that anyone can get a loan at all. We have solid credit rating and history , plenty assets , all earned and paid for, enough spunk to take on a few investment properties & still come out way positive , yet by choosing to keep tabs on our income level , for our benefit…we somehow appear a risk . I know low docs service this part of the market , but they restrict access to equity in our home for use as deposits….any suggestions how to get beyond this ??
    Eric[8)]

    Profile photo of eklein11651eklein11651
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    @eklein11651
    Join Date: 2003
    Post Count: 4
    January 31, 2004 - 11:01 pm

    We have 500K in equity over 4 houses, valued at $965K , run own electrical contracting business, 3 kids and making profit, used equity from own home for deposits and costs for 2 houses but 3rd required low doc , which then required 20% plus costs in cash . Via re-draw and savings we went ahead. reason for low doc was servicability ??? First 2 properties are positive by $150 per week, P & I loan. Next will be wrapped , as has built in profit of $30K by buying right, and we will take the cash in a yr or 2. Would love to use more of our equity for 100% plus loan deals, as we only do it if it works positve, but servicability seems to hold us up, we have so many discretionary expenses that we feel it is no where near an issue, yet the only way to move on is pay more tax !
    Any thoughts as to how we can do this smarter and use equity again? Eric
    [:D]

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