I believe the bank would allow you to borrow the constructions costs (400K) but not the potential value ie 500K.

I could be wrong

Maybe a sunset clause or similar. You could probably put in a subject to valuation clause. You can pretty much put in a clause for anything, it just needs to be agreed on by both parties.

Slightly off the topic I had NAB sales rep call me to see if they were meeting my needs and they gave me the token line of NAB has the lowest standard variable.

Who is on a standard variable though lol most packages are a discounted non standard variable rate. It seems like a big marketing stunt. I have some loans with CBA and they are beating…[Read more]

Maybe it depends how long it has been on the market. I imagine they have gong with offers over 295K to sneak it under the $300K on the Real Estate.com search engine etc.

It does say offers over which doesn’t mean that have to take the first offer that comes in over that price.

The valuation would only mean something to the bank, pending how…[Read more]

It could be one of those situations where you may only receive a small discount by bringing that extra 180K over or the 900K it may not be worth any fees involved or your time to break up other mortgages etc.

Anyone?

Paul,
Welcome to the world of property investing.

I think the most important thing is to do some research on different property investment strategies. There are many of them out there. Some of them include:

Buy and Hold;
Flipping;
Cash Flow Positive;
Renovate for Profit;
Developing;
Rent to own setups;
Buying in the States;
Mining Towns;
Inner…[Read more]

I missed it too. Would be great to hear about some of these.

So you are able to go to a draftsman to do the majority and he consults a town planner when required?

Is it self paced or do you attend lectures.

Average……………..

Just had a look at this, I guess you can’t expect to much for free but some of the pricing is way out.

CBA property app is much much better and far more accurate.

One of the most interesting posts I have read for a while. Lots of good techniques to get a good price. Might work might not but definately worth trying them out.

Thanks Luke. There probably will be.

Just trying to get as much info as I can before approaching builders and disturbing the tenants.

I do not wish to scare the tenants until I have further feedback from the council on the DA that is currently with them.

Many people think QLD along with WA will be the next to see a bit of growth. You could pick up a unit in Brisbane for under 300K.

You could also look in Ipswich and although somewhat regional Toowoomba.

Anyone?

I to would like to go into this one day however I can’t don’t want to cut back on my lifestyle. I often read stories about people who renovate for a living and live off something like 40K a year…….. Thats no realistic for most.

Any more takers, has anyone noticed much of a move in the market?

I don’t have an awful lot but the less the better really

Well I didn’t get the card I applied for. The lender I applied with was although small very reputable and responsible.

I guess I get annoyed as now I have an unnecessary credit inquiry on my file and have never missed a beat with my IP repayments or bills etc yet other people seem to get credit cards tossed at them.

I may see a lender one of my…[Read more]

Anybody…..??