Forum Replies Created
sorry
(although I haven’t clarified that with dazzling yet)here to help
hi cutegirl
For serviceability if you can drop the first 6 months on repayments in a bank account with the lender that you are taking the loan out with this usually answers any serviceability issues.
The better way is to pull the equity in the form of cash from your house get him to put his deposit down and you sink your money in a fixed term (12 months) with the lender to secure the loan the interest rates will be similar.
The lend will be in his name and the bank will have more then enough security.
and tell him he owes you a cup of coffee for helping him out.
A broker here or your state will be able to organise.
The above is not nor is it to be seen as financial advice.here to help
hi all
not sure about the tim tam but the date is the 11th sept not the 4th.
Sounds like camder was on the beer and spirits so should bring for the rest of us.here to help
hi Property Passion
Look for a 3a commercial (already da site)the units are for sale and the comm is to hold.
2br unit cost 210k to build a 200sqm comm cost 80k rent on the 2br about 300 per week and about 450k on the comm.
The cost are completely different but the shops that you see vacant are builders shops and if its out of profits, there is no hurry as the return is high.
comm developing is a very specialist area and not for the faint hearted but if included with a site with resi it is very interesting.
ps hows the unit going.here to help
HI brahms
Not sure about obtuse but inventive yes.
The lenders are already excepting put call options as pre sales (up to 30% of the development)and by attaching vendor finance from the start the property from all intense and purposes is funded prior to completion and in return the site has no pre sale requirement (as 30% in the normal pre sale quantity that is required)
The funding is a smoother process and lending approved quicker.here to help
hi Megan
Get a company cheque account and pay by cheque with the abn.
most suppliers will bill as a company account and pass the trade discount accordingly.
if you are going to the same store do as above and ask for a 7 day account they are usually on the spot issues and the discount is usually higher.here to help
hi Mukta
First find another solicitor if in Sydney acclaim legal (burwood) can help.
and he will tell you as i will, don’t sign anything until a solicitor has read it,just because you put subject to finance( it is one of the worse things to put),you then don’t have control on getting finance if the vendor finds finance at 22% from a shark you have got finance and your stuck.
From your post this is a new area for you so get some legal advice and then some accounting advice(from an accountant)extention are possible to any contract but you pay a high price depending on the time and the vendor other commitments.
as I say to new investors go to your local meeting of investors in your state and have a chat (that should be free)(although I have clarified that with dazzling yet)here to help
hi Captain_Picard
I read with interest your post and the figures are very good and may keep your email and send you an email I’m not one for licenses I’m a if they can do the job good.
they are not in my time line but I always look out side the square.here to help
hi all
Currently the private lenders on commercial lending are around 8.75 and banks are 8 a broker will be able to organise private lenders I use them for sydney more then conventional lending.here to help
hi all
do we ration 2 or 3 tim tams per person or do I talk now to my lender for shares in tim tam and use it as a promotion event.
I thought we were at 15 looks like more Im sat here drinking my scotch and thinking thank god I didn’t offer to bring some drinks.
I think a general get to gether will be best and if the numbers are there(and it looks like they are)we see how we go.
I’m putting a sunset clause on the number of packets of tim tams at 10 ( or a put call option which ever you wish).here to help
hi roy
how did you work out he was in vic I asked the question.here to help
hi Brizza
Have a look at styrocon syd 99398491
can be used for floors wall and roofs used in unit construction.here to help
Hi dkram
Post your state.
Then go to the local group for that area.
If in sydney we have ameeting on the 11th sept in gladsville.
Im with pete r in regard to advice and if you read my posts I say I don’t give financial advice for one very good reason.
Asic have a habit of fining and at worse sending you to the min security for doing so, hence it must be general advice.
You are in a very common position and you do need advice on how to structure your affairs and a local broker,accountant,banker all need to assist you but
Remember you are swimming in the sea of finance and real estate and in that sea there are alot of sharks and on a bulliten board that shark maybe asking you to follow his or her lead.
Use all and any information give as general advice and try to weed the difference.
Good luck and if in Sydney, come to the sydney meeting and you will meet a couple of investor I think there are 15 going currently.here to help
hi Precise Finance Solutions
I have a very good accountant but he calls you and doesn’t answer the phone (there the best)email me with you email and I’ll send it to robert his office is in mascot.here to help
well done lifex
but you can use a company and if structured correctly most of the running cost can be losses to the company also.
It is a simple answer but a simple structure.here to help
hi batts71
In new developments here in sydney is already the norm for most I know, and also put call options as a pre sale backed by vendor finance is now becoming popular.
bit new to the market so only a couple of lenders like it.here to help
hi Qlds007
It doesn’t surprise me its not just the banks.
I sent a spread sheet to mcdonalds head office in dallas and asked them to burn a cd disk with what I wanted and send it back to me.
They sent me the chair, air freight 10 days because nobody had a cd burner, when it arrived I couldn’t stop laughing.
The american’s can put a man on the moon but are not highly computer compliant.
So this would not be unusual for most us institutions.here to help
hi JoshJ
Put a put call option or delayed settlement on the property.
Then organise to fix the outside up and then revalue and lend on the new value.
Watch the mascot area some parts are good but some are on the market because the builders are over committed and are getting hit around the head by the banks so it may be a little difficult to get a lender excited.
Price sounds ok for the area.here to help
Hi batts71
some banks (bank west don’t like it, but others do )
Depending on the volume and if new product different banks have different criteria.
Talk to you local broker and he will be able to give you a list he works with.
It is not uncommon and is becoming the norm in unit sales.here to help
hi wild one
look at private lenders the rate is very similar and the don’t have the same criteria.
as for selling all in brisbane I would stagnate sales and vender finance people to buy.here to help
