NSW is no go.

Surely you both qualify for the fhog? One loan each with $7k dep from fhog, will get you 2 houses, then you have some bargaining power with the banks when you team up the 2, and have an investment syndicate with excellent disposable income!! Go guys[^]

Hi, I am surprised no one has replied yet, so here goes. I am a buyer’s agent, but deal mainly northern nsw and coastal qld. I am aware of some deals that may suit you, but if you’re not interested in this area, I’m sure someone can put you in the right direction, as there are lots of posts from Perth.
My email is
ahob@bigpond.net.au

More advice from my (NSW) solicitor and accountant – that if you buy a going concern, then there is no gst applicable – this will only apply to commercial rentals if they are fully let – the best kind.[]

Have u checked on those selling fees? I don’t know of any agent that will sell a property for $500k and only charge $10k commission – or did I misunderstand. I know of someone who recently listed a property for $239k and will pay about $8k comm.

Recently had joint meeting with my solicitor and accountant, who advised that the easiest structure was a unit trust, as it has the basic set up ready to go, and joint ventures are usually project specific and are much dearer to set up.
However, the determining point for me was that trusts can’t borrow – jv’s can.[]
this was NSW

Try escapeartist.com– believe it or not, this is an international real estate site, and (aside from making you drool at the world real estate offerings) it may provide you with some comparisons for the area you are looking at.
Be prepared for a long slog, as research on this site is a bit all over the place – interesting nonetheless.
Hope this helps?

Totally understand what you are saying.
BUT banks don’t like bad press, so maybe this is a case for A Current Affair.
Either way, pls let us know which bank did this, because I am sure none of us on this forum want to deal with such an inept company.

This should be a case of the bank being sure of the title holder being correct. This is their problem for not taking full due diligence. This is the same as someone taking your cheque book and writing out cheques, which the bank honours – very few cheques these days are examined for correct signature – the banks decided that the number of frauds…[Read more]

Hey, Paul.
Nice to hear you are trying so hard – I’m sure you will make a go of it.
But, you forgot to mention what city you are in – just so that the closest broker can help?[]

This rent seems high for Rocky – is there body corp and on site management?
Have you thought that this valuation may be a blessing in disguise? Maybe you can argue the price down – even if you think the place is worth $130k, you now have a professional opinion to say it’s not – maybe the price can come down to $120K or $125k.
If you don’t want to…[Read more]

Hi, Paul.
All is not lost. As long as you only have/had defaults, and were not made bankrupt, then you can find a lender who will help you out. You will have to wear a higher rate, but it’s still a start.
Why don’t you post your email address, along with your city, and I’m sure that one of the many finance brokers who contribute to this site will…[Read more]

Hi, Soma.
Have you thought of selling your home? With the cash from that, you could buy quite a few cash flow +ve properties?[][]
Self managed super funds CAN NOT borrow – damn damn damn!! So many people could make a living if they could use super funds to borrow to invest in residential real estate. The only exception to the borrowing rule is a…[Read more]

Have another go at your own bank first, but put togather a professional presentation showing how you intend to make an income. Show them what research you’ve done – find some property first then get info off the net from the Australian Bureau of Stat’s showing the growth for that area, check with real estates getiing written rental info about…[Read more]

I did the real estate certificate as an eye opener only – and it is well worth the short time involved. It teaches you about the landlords rights and responsibilities, and has shown me how many bad real estate agents there are. Most of them blur the lines about what they should and shouldn’t do – knowledge forarms you for their trickery.
Having…[Read more]

RickHy,
don’t get management costs and body corporate confused – they are 2 different things. Body corp. looks after external maintenance, whereas management fees are for finding tenants – like real estate management, but normally a lot dearer.

Check out the on site management costs – they will probably kill this deal.

HI, Fullout.
You need to insure the cost to replace the building, plus the cost of clearing the site. The cost to re-build will be a lot higher than the price you paid, so get an idea from a local builder.

You’re getting the hang of it here – it may be a case of the worst house in the best street.
Also try thru realestate.com.au for areas near where you live – search within your price range, and just above as well as just below.
Be prepared tho’ as the agents sometimes can’t keep up to date, and the properties may be already sold, even tho’ still on…[Read more]

Don’t think you could let them build, as any building belongs legally to the owner of the land. It would simply be a starting point for someone to get equity before getting a regular loan.
hmmm this has started (continued?) the brain ticking[][]