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fullout
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@fullout
Join Date: 2003
Post Count: 233
May 26, 2003 - 9:49 am
mike,
if i sell an call option now, and the buyer has a caveat over the land, does the government need to know about the caveat? Or should i do a bond privately?
Because the guy from the govt says we are not allowed to sell the land before settlement date cos to avoid speculators. But they just cant stop the earlier buyers from the previous launch from selling now, after their settlement.
I just signed the contract last weekend, and there is still a 12 day cooling period, for me to get the loan approval on it.
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 26, 2003 - 1:34 am
Mike,
hmmm, i dont think i want to go thru the process of building the house, which is so much hassle. And i really dont think i can get the loan for the construction now. I would really rather selll it at a profit and then use the money to invest somewhere.
The settlement date is next year Feb. NOw i have already paid the deposit. And i am wondering if i can make a private agreement with someone to agree to buy the land from me after Feb next year, and get a deposit from them now. (to get the deposit i paid for it already back).
And when i do this, do i need to let the governemnt know about this deal?
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 25, 2003 - 7:51 am
Terry,
so when do i really own the property? u mean after settlement u mean?
oh no, then since my settlement is on 1st July, does that mean i can claim anything (petrol, phone calls, fax, etc) this financial year???
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 23, 2003 - 12:32 am
oZbroker,
i called my broker and he said it was actually HOmeside didnt even know what products they can give me with the 90% loan. It seemed that the Mortgage Insurance company called Homeseide and told them they cant do it for IO Fixed Rate. And homeside apologised to my broker about it, cos they actualy approved the loan on the 16th May and 2 days later came back and told my broker that no, they made a mistake.
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 22, 2003 - 12:37 am
oooooh guys,
it tihnk i wont have the time to get another lender other than homeside, which is waiting for me to choose P&I loan at Fixed rate, OR IO loan variable at 6.11% (with $200 discharge fee). Bascially they have approved the property and everything, just waiting for me to choose which plan.
Should i go fot the IO variable now, and then later refinance? uuuuuuuuuhhhhh.
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 22, 2003 - 12:23 am
terryw,
eh what is a CRAA?[]
I tried ING but they dont do in Churchill which is a countrytown.
fullout
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@fullout
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Post Count: 233
May 21, 2003 - 9:03 am
ok so what will happen if i dun get the finance approived and the contract goes ‘unconditional’? what does that mean?[!]
fullout
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@fullout
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Post Count: 233
May 21, 2003 - 8:55 am
the discharge fee for the 5 year Variable interest only is $200. Is that expensive?
the var rate is 6.11%, the fixed was 6.4%
or should i go for HOMEPATH which FIxed Rate Variable is only 5.65%???
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 21, 2003 - 5:33 am
ok, really, which bank gives the best rate for Interest Only Loans FIxed Rate with no monthly fees??
Anyone got any good recomendations?
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 20, 2003 - 9:56 am
hmmm, yeah i got this free appraisal thingy too!
So u were saying they dont tell u anything useful about your financial situation in this free appraisal?
DOes Philco sell you properties?
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 20, 2003 - 6:46 am
can he really just get enough cashflow from peoperty investing? I thought most people say, to get cashflow do business, to let it grow, keep it in property.
How can he and his wife get 200k EACH per year? from rent??? He rents to Bill Gates or something?
fullout
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@fullout
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Post Count: 233
May 19, 2003 - 1:07 pm
where in Victoria can i find such property? 75,000 with $155 per week?
i think there are more of these types in Qld isnt it?
I tried Morwell, Traralgon, Sale, etc, cant find anything with such high rent and low purchase price./
fullout
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@fullout
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Post Count: 233
May 17, 2003 - 1:35 pm
David U,
where can you find positive Properties with views to seaside like you said?
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 17, 2003 - 1:32 pm
whoa!
does that mean when i m buying land in Victoria, there is land tax as well??????!!!
how much is it? counted at %??
i bought this land at $102,000 which is due to settle next year.
Damn stupid government only wants money![!]
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 16, 2003 - 3:16 am
SPARKLy,
do these banks u mention have branches in Melbourne? I think i emailed Australian Central and they said they dun have a branch here, but they can insure for VIctoria locations.. i just thought it was a bit of a hassel if they are so far away..
fullout
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@fullout
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Post Count: 233
May 16, 2003 - 3:14 am
yup poochi
when i suggest the option of selling, i forgot to mention, a quick cash property also has another strategy other than selling it after u do improvements on it. You can reno and refinance and the euqity would become your ‘quick cash”.
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 15, 2003 - 10:56 am
David U,
did you do any reno work on the properties? how many bedrooms?
i did buy at those places too, but i paid a little more for them compared to you. That was just in April.
fullout
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@fullout
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Post Count: 233
May 15, 2003 - 9:20 am
I just got a quote from CGU for my insurance for my positive cashflow property. My property was purchased at $83,000, with rent per week $120.
After September i will increase rent to $130.
Here is the insurance quote:
Cover Sum Insured BasicPremium
1Building 150,000 204.93
1Contents 7000 22.30
1Loss of Rent 6240 7.11
1Rent Default
&Theft by Tenant 90.00
2Liability 5,000000 27.00
Total Basic Premium $351.35
Fire Service Levy $61.63
GST $41.30
Stamp Duty $45.43
Total Amount Payable $499.70
MONTHLY REPAYMENT $41.64
So how does it look? This is the first time i buy insurance for property. Pls give me your comment, on what is necessary and what is unecessary.
Are there anything in it that i shouldnt cover? Or anything that i should cover for more???
THANK U
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 15, 2003 - 7:07 am
i tried to do this once with a 2 bedroom that is selling for about $65,000. I was asking around and most builders say $700 per sqm, and he quoted me $10,000 to build the new room! and a 3bd house in that area sells for about $85,000. less the purchase cost and maybe selling cost, there aint much profit left.
fullout
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@fullout
Join Date: 2003
Post Count: 233
May 15, 2003 - 6:44 am
i am still a bit blur over this company/trust thingy.
Ok, my tax rate is 30%, and i am starting to buy Positive Cashflow Properties, and i will be buying more of these to support my ability to have a Negative Gearing property. As Brad Sugars says it should be about 4 PI and 1 Neg Gear in one wealth Wheel.
1)So , should i be better off with a company u think? (i dont think i will be selling any of my PI properties, but i will sell some Reno ones to get cashflow. ,Maybe its better to do the reno one in my own name???>)[?]
2)Whats the difference between a Co and a Trust? Tell me more about them pls.