Hi Jennt,
Maybe 10% buying costs is a lot on a property of that value.
Remember the stamp duty and transfer fee if you are borrowing 95% will be about $4K (NSW) or $5K (VIC – not happy Jan!), which I am not sure if you have allowed for.
Maybe Steve can give us some direction on this, as I have not bought anything of that value so far.
Can’t wait…[Read more]

Thanks Mark,
But no thanks
I already have mine – would be crazy to miss it.
But you should have no problem selling the ticket
See you there.
Fergus

Hi Jenny,
If the house cost to you is $140K then if you allow 10% for buying costs, and then 20% on that again for margin, it brings your sell price to $184,800 ($140K + 10% + 20%)
If your prospect can give you the FHOG (which you get only after settlement) and 5% deposit ($7K) that’a total of $14K income.
At this value I would probably be asking…[Read more]

Thanks Darren for your help in tghe past.
To answer Wei’s question, I add 10% to the $60K for my buying costs.
I then add 20% to that for the margin, so I sell the house for $79,200.
We subtract the FHOG and $3,000 hurt money deposit from that and get a loan of $69,200, which is what I get paid out if they refinance.
I have been adding 3% to the…[Read more]

Hi AD,
To answer you question, I am doing this in the La Trobe Valley.
The value of the houses are ideally $45,000 to $60,000 as that will keep the weekly repayments close to what people are paying in weekly rent.
Today I spoke to a lady who wants to buy the house she is renting from her Dad (he owns it) for $60,000.
She convinced him to loan her…[Read more]

Hi Wei,
I have been using the “find the person first” approach by advertising.
Then I check their refs etc.
After investing in Steve’s WSR library, I decided to just place an ad and see what happens, and panic then if anyone called.
Well they did call, and I started to put together info and application forms to send out.
Onr particular couple…[Read more]

Thanks Darren and Steve,
Have started wrapping my 1st property, and made an offer on the 2nd.
Yeehaa!