Forum Replies Created
Hi Jake
If you do some searching through older posts, you’ll find this topic has come up before.
Basically, though, the foreclosure market in Australia is very different to the US. Part of this is due to the fact that it’s so much smaller, there’s nowhere near the volume of foreclosures that there are in America.
Also, however, these sales are generally handed over to a RE agent to receive fair market value at auction. Doesn’t mean you can’t pick up a bargain sometimes, but it’s a lot rarer.
Most of the time you can find just as good a bargain on a normal house if the seller is motivated enough.
But this is only my opinion! Others may be able to give you different suggestions.Keep smiling
Felicity
Hi insider
You’re right, assumable mortgages are an American strategy, not applicable in Australia.
If you look back through older posts you’ll find this subject has been discussed a number of times.Keep smiling
FelicityFor pest inspections – my buyer organised a company to do a termite spray, which I am paying for. I’m still waiting for the bill though!
They were based in Skye I believe, and I’m pretty sure their name started with A.
Hope that’s useful!!
If the bill turns up in the meantime I’ll post the proper details.Keep smiling
FelicityHi Rachel
Personally, I have a lawyer I use to draw up my contracts each time, and I charge his fee on to my buyer as an application fee (as Rick Otton’s system recommends).
I find this works perfectly, it means I get the right contract every time, never have to worry about whether or not a law may have changed since I purchased a pro forma contract, and it means that when I have other questions (eg do I have to cut those trees down or not??) I have a friendly lawyer to talk to.
Works for me!Keep smiling
FelicityHi Rachel
This is a list of Qld solicitors from the Vendor Finance (Wraps) Assn website. I don’t have any personal experience with them for wraps, although I have used Aylward Game for a normal transaction and they were fine.Mark Game
Aylward Game Solicitors
Level 9, 193 North Quay
BRISBANE QLD 4000
Ph: (07) 3236 0001
Fax: (07) 3236 0005
Email: [email protected]Baker Johnson Lawyers
3460 Pacific Highway
Springwood Queensland 4127
Ph: 07 3208 8000
Fax: 07 3208 8726
Email: [email protected]David Barlow
Michael Bigg
Bennett & Philp Solicitors
Level 16, 15 Adelaide St
BRISBANE Queensland 4000
Ph: 07 3229 0494
Fax: 07 3229 1521
Email: [email protected]
URL: http://www.bennett-philp.com.auMathew Derrick
Deacons
level 20,123 eagle street
BRISBANE Q.L.D. 4001
Ph: 07 33090820
Fax: 07 33090999
Email: [email protected]
URL: http://www.deacons.com.auDoug Green
McLaughlin & Associates
11 Vanessa Boulevard
Springwood Queensland 4127
Ph: 07 3808 7777
Fax: 07 3808 6677
Email: nicolemclaughlinlawyers.com.auMary Smith
Smith @ Associates
suite5 / 23 Middle st
CLEVELAND qld 4163
Ph: 07 32864300
Fax: 07 32865637
Email: [email protected]Daryl Woods
Woods Hatcher
29 Dreamworld Dr
Coomera QUEENSLAND 4209
Ph: (07) 5573 1833Keep smiling
FelicityWell, I’ve just finished wrapping some properties, have refinanced to get more money to spend (hopefully will hear YES on the refinance today!) and it’s time to buy some more.
Oh, and somewhere along the time I’ll spend some festive time with my family!Keep smiling
FelicityHi Brett
Well, I don’t think I’m in the big league yet, but I’ve done 4 wraps now and have financed the deposits using equity growth in our home and a negatively geared property in inner Melbourne bought a few years back.
I still have more equity to use, but I’m currently looking at bringing on private investors to fund 10% of the deposit.
I’m buying propertie in outer Melbourne, and am finding that the FHOG and deposit I receive isn’t enough to cover my initial outlay, so I need to keep putting money in. Probably a good reason to follow Steve’s strategy of buying in regional areas!Keep smiling
FelicityHi again
Had a conversation with a property manager in the area of my wrap houses, as I wanted to find out whether renting the one that’s not moving might be an option.
She told me to do it NOW (like in the next few days) otherwise I can probably forget it until mid January. That’s because anyone giving notice on their lease now will have to move in 1 month’s time – guess what – it’s Christmas!
That’s a doomsday view, certainly, but there’s a lot of logic to what she’s saying.Keep smiling
FelicityTry the site at http://www.gatherumgoss.com , this is the site for Dale Gatherum-Goss & Associates, and he has released the “Tax Battles Manual”, an easy read with lots of creative ideas for deductions. You’ll find it under “shopping”. Or go straight to http://www.gatherumgoss.com/shopping.htm
Keep smiling
FelicityHi Sooshie
I have to say that responses to my ads are WAY down in the last two weeks, only had 3 calls last week and none this week (so far). Normally I get between 5 and 10.
I’ve also noticed that houses aren’t selling. For the last couple of months I’ve barely had anything on my list, there either hasn’t been properties or they’ve been snapped up so quickly. Now I’ve noticed that the length of my list is gradually getting longer again.
I don’t know if it’s just christmas or the market generally, but I have noticed a distinct change in my area in the last month.Keep smiling
FelicityHi Sooshie
I guess it all comes down to holding costs – if you can afford to keep paying the mortgage while you wait for a buyer, you can hang on indefinitely I guess.
But there has to come a point where you ask the question WHY isn’t this house selling?
Is it the house that’s the problem? ie are people coming to look at the house, like the wrap concept but not the house
Is if a lack of interest generally in the area?
Is it the advertising?
Unfortunately it’s not always easy to know what’s causing the problem specfically, but you should be able to get a general idea of where the process is breaking down. If you get no calls from your ad – it’s either the ad or no interest in the area (in which case do you know if other wrappers are selling houses in your area)
If people respond to the ad but don’t want to see inside the house after driving by – street appeal issue perhaps
If people respond to the ad but don’t sound convinced – you might need to work on how you talk to them.
If people want to see inside the house and like the concept but then change their minds – does the carpet need replacing?
I’m waffling a bit, but I’m trying to give you some ideas.Keep smiling
FelicityThere are positive cashflow properties to be found in a number of regional towns in Victoria. Seek, and ye shall find…
Keep smiling
FelicityHe’d have to grow a beard… [
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Well done Steve!Keep smiling
FelicityI’ve read this article, and although it has some interesting material, I also have to say that I wouldn’t like to try and live up to the perfection this guy requires.
Keep smiling
FelicityHey AD, they all SOUND good – that’s what they pay their advertising and marketing people for! Otherwise nobody would do their seminars. I saw the ads, and a lot of it seemed like stuff you can easily get from reading a few books.
Keep smiling
FelicityHi Darren
I have to say I agree with you, I’m finding very few people with more than a thousand or two of their own at the moment. Sometimes they do manage to borrow money from family and friends, but my first wrap buyers went in with no deposit of their own (although we wrote it into the contract that their tax refund of around $1000 is to be spent on installing air conditioning!).Keep smiling
FelicityHad a look at this site, and I have to say they’re extremely short on detail. I would like to have some idea of what I’m going to be paying for the software if I try it and like it….
Keep smiling
FelicityHi AD
Woohoo!!! Congratulations and well done for sticking with it. There must be something in the water at the moment, I completed my first wrap a week ago, Fri 11th October, and settled my 2nd house on the 18th ready to wrap.
It’s an amazing experience when you find the right buyer, I felt like I’d been done over by a steamroller, their enthusiasm and drive was amazing.
Here’s to many more AD!!Keep smiling
FelicityI have to agree that your goals change at different times, and so your strategy may well change too.
We started out in capital gain mode, and the property we bought 3 years ago close to Melbourne has grown a lot, giving us equity to use for other things. I’ve now taken that equity to use for deposits on wrap properties, because right now our focus is on cashflow.
Further down the track, when the cashflow is huge, I may well switch back to looking at capital growth again – or maybe not!!
In the end, everyone is different, and we all have to find the strategy that suits us at that time in our lives.Keep smiling
FelicityBecause that’s the most likely time to find you at home….
Annyoing, isn’t it…Keep smiling
Felicity
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