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So if I buy a home with a mortgage, lose my job and my wife gets sick, the bank will be understanding and not worry about it?
People who eneter into a wrap deal understand the contract and agree to it. If they don’t breach it there is no problems. How is this so different to getting a mortgage through a bank?
I’m sure if the “approved” agencies breached their agreement with Neil Jenman he would be very understanding….
I’d be extremely unhappy with my solicitor
In my Opinion it needs to be at least a 2.2% split
Richard,
In my experience options are normally 5% of the purchase price. How did you secure the price on an $800,000 property for a measly $1000?
How long was the option valid for?
Cheers,
Jordan
Do you have a deposit now ready to go?
You will need to live somewhere and save it if you don’t. You’ll need at least 12% of the purchase price in cash to buy one of those small studio apartments you are referring to.
EG:
Purchase $240000 rent $280 per week %?Determine yearly rental return
280 x 52 = 14,560then divide the return by the purchase price
14,560 / 240,000 = 0.06Times this by 100
6.06% return P.AIf your looking for long time capital growth – BUILDINGS DEPRECIATE, LAND APPRECIATES.
There was a lot of talk that if the election went the way it did, it would create a little surge and confidence in the market. We’ve noticed a slight increase in enquiry since at our office (real estate agency) but not enough to put it down to the election results I think.
I would say you couldn’t. However, I believe technically if the property is advertised for rent but is empty you can claim. Just be careful, if you are doing major improvements it might be deemed ‘un lettable’ for that time.
Easiest way would be yellowpages.com.au or click on the ‘search for an agent’ link on real estate.com.au
alternatively you could contact the office of fair trading for NSW
I agree with Blondie.
The only complication would be if you decided to list it again within this 3 month period with another agent. If it sold with the other agent in this time, and your first agency has not granted termination of the contract, you would be liable to pay 2 lots of commission.
Depending what the original deal was with the agent will depend if you have to pay them for advetising costs. I think this is fair enough though.
From my experience a letter from the employer stating that they are NOT on a probationary period is normally sufficient. But this will not be the case with all lenders.
Open listing is the least effective way to sell any real estate. It’s kind of like ‘everyone gets a crack at it, but nobody is responsible for it’.
The agents probably are’nt working for you as hard as they could, for the reason that you’ve made no commitment to them.
I would recommend putting on with the agent who gets most results in the area as ‘exclusive listing’, or even a sole agency so you have the option to sell it yourself.
As far as selecting the best agent, go to some open homes in the area next saturday. See how the agents are representing their vendors. You’ll basically be acting as a buyer ‘shopping’ for an agent.
Hope this helps
I believe in diversifying your property portfolio. It is a personal thing though, depending on your desired outcome and personal income.
Myself being young, and on a fairly good income I believe in offsetting positive cashflow properties with negative ones. However, these negatively geared properties are slected specifically for capital growth (not just to save on tax).Maybe write out 3 different scenarios, positive, negative and balanced. See what you can afford, see what your comfortable with. See what the net returns will be after tax, depreciation etc.
Hope this helps…..
Choosing to become a real estate agent is a great decision, however of course I”m biased.
My advice would be:Always keep the big picture in mind, at first you’ll be investing a lot of time.
Work for someone you trust and are proud to be associated with.
Stay away from any ‘Jenman Approved’ agencies
Good luck
