Forum Replies Created
‘Could you sell a contract for a percentage of the capital gains that this property should make over next few years for the amount of cash you need now. I’d be interested.’
thats an interesting and creative idea. ill have a better look at that idea.
Andrew R Curtis
dad sussed it out and its about 2500 approx.
that doesnt seem much to me but its still $2500.
any help is really appreciated. cos the possibility we had before this thread was sell.
and its obvious thats not the best long term thing to do.
however we are focused short term here.
dilemmas dilemmas…
im curious as to what restructuring we could do that would change the situation suficiently enough for him to consider holding?
Andrew R Curtis
line of credit for deposit.
fixed interest only for first 5 years, then var, 25 yr mortgage.
[ i think. dad was the only person in the loop for that. im really in the dark about what acually happened]
could you an opening in this situation [providing it is somewhat accurate? im not sure what the ratios are.]
Andrew R Curtis
Originally posted by Rugbyfan:If it’s an area of good CG, why not look at going into partnership with a friend or relative.
I don’t know Hampton well but is sounds like a nice area.
I would exhaust all avenues before selling it.
‘Eat rich food, barbeque a yuppie’ [greedy]
could you elaborate? did you have something in mind? how could a partnership help? do you mean ease the -Geared aspect?
We need to change the debt/equity ratios i think. does that sound right? or sell. i would love to be able to hold it but we got 2nd property at the same time which we would prefer to keep.
Andrew R Curtis
the problem which has was not aluded to during the process was that is was 100% financed. equal doses of ignorance [dad and myself] and blatant deception [other guy]
no refinace is going to solve that.
Andrew R Curtis
however, imho this one may have payed off. [were it off the plan]
but then again im not professing to know much about that sort of thing.
Andrew R Curtis
oh. k. no difinitely not off the plan. we managed to persuade the developer to release one of the two units he was securing for himself. but it turns out dads finance wasnt the soundest.
Andrew R Curtis
Whoops! i screwed up there!
Originally posted by kay henry:Most people on here would understand the situation of OTP buyers.
humour me for a sec, whats OTP? [still a bit wet bhind the ears[eh]]
Andrew R Curtis
Originally posted by kay henry:Yack meant:
A bit more information, may allow us to give better BIDS.
harbinger, you don’t need an agent to sell a property- just a solicitor. The buyer will have a solicitor too to do all the necessary checks. Really, if you sell a new apartment, people (investors) are gonna feel more comfortable about buying it than a much older place.
Most people on here would understand the situation of OTP buyers.
How quickly do you need to sell?
kay henry
Andrew R Curtis
Originally posted by yack:Wraps. I dont know or believe much in them.
yack, its like gravity. even if you dont beilive it it still works. [biggrin]
Seriously though. Its in Hampton. No, we didnt buy it from a seminar company. [what else was there..] Yes, it is brand new. We havent put a tenant in it because we believe we would limit our market of buyers.
ive only been there twice but i think there are three units above. its only a two storey development. there are two more similar planned either side by the same developer.
its not my property to say what he is willing to accept, especially considering we havent had any ‘real’ offers either.
expected rent is approx $270-280 for similar in area. definitely not +cf.
anything else…
Andrew R Curtis
cheers Elves.
I dont see why we cant sell it privately either.
My dad is balking at the idea at the moment. (says he doesnt know what to do and cant afford the time to the manage the process.)
We have only started talking about it tonight and he kept getting stopped by silly details.
bit frustrating. hes talking to a local agent tomorrow while i will be sussing out whether it would be possible to wrap.
I imagine we would be looking for owner occupier.
thanks all!
(but dont stop bidding! ill tell you when your getting warm! [biggrin]its got video security!? [biggrin]joke!)Andrew R Curtis
thanks yack.
thats prolly the first post here. is anyone willing to recommend avoiding wrapping it as their first deal?
at the moment it ‘seems’ like a good exit provided we reduce our margins. [with my limited knowledge]
cheers
Andrew R Curtis
geez i wasnt expecting a bidding frenzy. just some honest advice. [biggrin]
im not sooo stupid as to accept an offer based on a forum post.[blush2]
Andrew R Curtis
nope[biggrin]
lets just say that our financial advice has been questionable and it makes more sense to sell at this time.
Some VALUABLE lessons learned though. [see good in the bad! [exhappy]]
Andrew R Curtis
yeah i am aware of that. im just not giving up on miracles that quick! [biggrin]
are you suggesting we avoid wrapping?
Andrew R Curtis
