Sounds like you would be great at doing a reno/flip. Have you thought about removal houses? eg Here there is a house for $1500, land for 17,500 and relocation costs $30k, add 20k for reno and nothing here is selling under $100k…and they are available everywhere – there was one for free in the Sydney papers this last weekend!!Anyway, good luck!!!!!

Once again a right of reply, as a buyer’s agent. I am interested in genuinely helping people, and don’t feel the need to only help the wealthy ones – but I must agree with you, that from my experience of other buyer’s agents, they do seem to be swayed by the commission factor. Keep going till you’re happy with what is offered – after all, it’s…[Read more]

You need to check this with a solicitor, but I think if your parents vendor finance, they don’t own the property, you do.What they will own is the mortgage, and therefore the income. A wrap would leave it in their name. The divorce thing is a whole other story, and that outcome would have to be provided for in the purchase contract. Some hard…[Read more]

Before you sign up for cheaper up front rates, ask for the comparison rate for the up fron, and the later on rates – also ckeck your exit fee (called a deferred settlement fee) and if getting a revolving line of credit,also check the fees for re-draw etc – these are what make the differnece to the quoted rate and the comparison rate!! Take care. []

Try a mortgage broker to see if they can help get you a loan – may need you parents to go guarantor. Good luck[^]

A business investment at their age won’t help ease them out of the job mart – passive income from real estate will. Lending wise, any self employed person(for 2 years) can get a no doc’s loan, self certifying that they can afford the repayments wihtout suffering hardship, and with no proof of income. BUT they shouldn’t do this if there is any…[Read more]

As far as I know there is no association for buyers agents in NSW, but there is one in qld. I have some contacts in coffs, it was a good area last year, so will see if I can find someone for you and will email you if you’d want. ??

Lismore, NSW

Dan, if you are on a good wage and have 4 cash flow properties, perhaps you haven’t had them re-valued to find your extra equity? and hence deposits? Are they just rentals? If so, have you thought about wraps/lease options for deposit funds?

that was $145 for both and very +ively geared
that was about $10k under market average which was $80k per unit – they have since made cap gain of about $50k since july 02 and if they were to strata would probably get $120k each unit

I’d like to reply, as one of those agents, by showing an example. I found a brick duplex for $145k, each unit returning $160pw ie total $320pw – their repayments on a 100% loan (USING EQUITY FROM THEIR HOME) approx $181pw – I reckon that’s a pretty good deal for a fee of $400.

Hi, like you I’d like to do the deals, with silent partners – I guess that’s joint venture of a kind. You would have a problem with accountant supplying info – under the privacy act, they would have to have a signed authority from their client to let you contact their client. Good luck![]

Of course you offer a much lower amount – what’s the worst that can happen? They say no, and you up the offer a bit. A great question to ask the agent is – why are they selling? If they need a quick sale – the more likely your low offer will be to succeed. Good luck.[]

From a broker point of view, there are several options, but my suggestion is a no doc’s loan, with self certification of income.[]

Hi, you might find that u have no control over the tenant or the number of tenants, so in other words, the managing agent – often onsite – may not let your unit as often as hihe lets his favorite unit. It shouldn’t happen, but if they don’t like the decor, or don’t like you, it can make a big difference to your ROI

Hi……….this one month letting fee sounds high to me ….where I live the fee is one week and then 7% monthly. Perhaps it’s too late now, but for any further lettings you could negotiate….what’s the worst they can say? No, and then you’re no worse off. A quick check of other agents will let u know the normal deal for the area.[]

Don’t worry about feeling like u are ripping people off – you won’t be – u will actually be giving them a chance to achieve their dream of getting into ownership – those who have tried wraps will tell u the feeling of having helped someone makes it all worthwhile, and u will know that u have made a win win.[]
Don’t forget that most people go back…[Read more]

Hi, Gillian. You need to make some contacts. Depending on whether u want to renovate then flip/lease/wrap, or whether u want to redevelop into units etc< You need to contact
-finance broker
-builder
-council officers – re development applications/timing etc

and of course, do the research into what people in those areas need – no use doing a one…[Read more]

David O’Brien at Affordable Mortgage Finance(broker) is a good guy who can look at your situation – employment and default history – and will find a lender who can help you. Your history will determine the interest rate – may be a bit higher – but it will be a start. Try him on 02 66 243777. []

If you have it re-valued (u will have 2 pay a small fee to transfer this valuation to the lender, as well as cost of valuation), then start asking a few lenders, this should be possible. If u just approach the lenders, they will use their own valuer (some will insist on this anyway – give them a miss) and some of these could be drive bys made by…[Read more]