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  • Profile photo of I-dream-housesI-dream-houses
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    August 31, 2010 - 3:41 am

    Thank you so much for that information. I'm building in Qld.

    It's just difficult when I really need a construction quote so that I can get a valuation from the bank's valuer to ascertain if we could get finance.

    Alas, I can't do so, unless i follow through the steps, including, providing proof of capacity to pay….? hhhmm…

    Profile photo of I-dream-housesI-dream-houses
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    March 31, 2010 - 10:39 am

    Hi may I ask which insurance company you are with. If you cant say online, perhaps PM? thanks

    Profile photo of I-dream-housesI-dream-houses
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    March 27, 2010 - 7:32 am

    Perhaps the valuer knows something you don't….to value it at 15%.

    I don't know that banks and valuers are necessarilly that conservative with valuations at the moment. My valuation came back with an increase of $50k in 6 months…..

    If you have done your due diligence, and you think the price is reasonable, I will get another valuation from another panel for the peace of mind before I walk away.

    If one walks away without giving it a good go, we may put ourselves in ringer later on when the property turns out to have been a great buy and we didn't buy it.

    Profile photo of I-dream-housesI-dream-houses
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    March 27, 2010 - 7:21 am

    Hello all,

    Thanks to each of you who have given your opinions and advice on the matter.

    I thought I should update you as to what's happened so far.

    First of all, we completely understand the neighbour – I mean who wants an easement on their property that BURDENS the proeprty and BENEFIT our land. The positive thing for her is that if she would later want to sell her property to a developer, the developer could just tap into the existing stormwater saving money. Also, the stormwater would also deal with her overland flow issues.

    What I didn't mention was that the neighbour appears to be "not of sound mind". We asked if we could please speak with her relatives as we certainly didnt want to be seen as taking advantage of her state of mind. However, the daughter would not agree to the easement despite offers of compensation.

    The council has been advised of this and they have agreed for us to have an alternative stormwater management plan. They asked that reliance on the pumping stations be as little as possible.

    Our architect thinks he may have solved the problem. The water collected from the two front townhouses will be dicharged to the kerb via the roof line. There will be a gravel pit  for the back townhouses, with automatic controls such that the flow will be diverted to the irrigation and any extra water will then be gathered by a small tank, etc.

    I think this is called an INFILTRATION SYSTEM. It is much simpler. If there is an overland flow to the rear neighbour, it wouldn't be more than what it is now.

    Im sorry if I confused you with my decription of the infiltration system as I couldnt recall exactly. I will cut and paste on Monday and post it here so that everyone can have a read should they be interested. I hope that this assists others out there.

    Again, thank you all. I very much appreciate your comments.

    Profile photo of I-dream-housesI-dream-houses
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    March 27, 2010 - 7:05 am

    In the first instance, I dont know how this could be possible unless the developer agrees and supplementary agreements are signed.

    Tell your friend to be very careful when dealing with the property that has an option on it. Options that have been drafted well are tight and have been upheld in court such that, people mostly do not bother with caveats (also due to other reasons such as caveat lapse if applications are not commenced within certain time in the Supreme Court, etc)..

    I had a client that tried to get out of an option agreement against our advice and was sued in the Supreme Court.
    She lost.

    Profile photo of I-dream-housesI-dream-houses
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    March 25, 2010 - 10:13 am

    I have a 3 bedroom towbhouse in Calamvale available now…

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 11:46 pm

    Terry and Ryan,

    Your replies have helped immensely, thank you.

    It always help when I hear the opinions, and comments of like minded people.

    Sometimes, when I talk about my investing to some friends or workmates their jaws drop and think Im crazy for taking on too much debt or risk. What they don't realise is, it is: 1. a good debt; and 2. a calculated risk.

    "Be risk aware, not risk averse".

    Carpe Diem, all!

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 12:24 pm

    hmmm.. I remember, the reason that we did it that way was so that B did not have to pay stamp duty. C, on the other hand, will have to.

    The downside to this is that A will see how much you sold the property for and will probably not agree to a simultanous settlement.

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 12:11 pm

    thanks for your reply, Richard.

    I think I will hold the new property (if I get finance) for at least 12 months.

    The current development I have should hopefully give me some cash later to inject into the project of 3 units in order to get finance. I may do them as freehold and will rent them out. If I can show the bank as much argument I can that they will be (once constructed) $500 CF+ per week, they may finance the deal. If not, the house is a good investment as it is, and I'll try again at a later time.

    Hopefully, my strategy work. My husband & I work full time and have 3 kids. I would love to be able to cut down and work part-time as the kids are growing too fast

    Ive been reading your posts and you inspire me. I hope to be in your position one day

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 11:41 am

    Scott No Mate

    Thanks for your input – its very helpful. I shall broach this with my artichoke and see what he says.

    Just wondering if anyone else had similar experience?

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 11:38 am

    Hi Barry

    Thanks for your reply. You are right – we bought with other family members to get started into investing. It was the right strategy at the time but now a better opportunity exists.

    I realised that the bank didn't want me to get the property as banks are usually quite conservative.

    But if we don't risk a little – we don't gain, right?

    I'm going for a finance with my other bank now and I hope I get finance and then I'll sell the other one.

    In terms of the construction loan, I suppose I'll cross the bridge when I get there.

    Wish me luck =)

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 11:27 am

    your solicitor should be able to tell you of other loopholes including:

    1.the agent's  failure to draw your attention to certain documents and clauses when presenting you the contract , (buyer's acknwledgement etc.; 2. failure to provide certain documents (27c, sustainability declarations, etc); and so on.

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 11:10 am

    i think I've done this before but I can't recall what its called. It is a simultaneous settlement and you will have to seek the seller' s permission for the transfer documents to be transferred from A to C as opposed to A to be to C – which means the property never really transferred to you.

    You will need to speak to a very experienced solicitor as I was guided by my principal at the time.

    Profile photo of I-dream-housesI-dream-houses
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    March 24, 2010 - 11:05 am

    I concur with the above comment. If you've done your property searches already and you found something that might also suade the bank the security is compromised, this may help us well.

    Profile photo of I-dream-housesI-dream-houses
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    March 17, 2010 - 11:22 am

    fantastic idea – am in the midst of doing one at the moment!

    Profile photo of I-dream-housesI-dream-houses
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    March 16, 2010 - 12:03 pm

    You may be able to buy properties under your name if you'd like to take advantage of the negative gearing benefits of your IP now and then set up a testamentary trusts so that the assets are protected upon your death.

    Profile photo of I-dream-housesI-dream-houses
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    March 15, 2010 - 12:42 pm

    Look up testamentary trusts – they are  like a living will.
    Upon your death, your assets pass to your beneficiaries via individual (if you wish) trusts.
    This essentially AIMS to protect your beneficiaries' assets from bankruptcy, divorces, etc. As advised by others, the powers of the courts are wide ranging.

    Hope this helps.

    Profile photo of I-dream-housesI-dream-houses
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    March 12, 2010 - 9:47 pm

    Thank you so much Terry and Richard.

    I have been reading the threads (almost all of them) and note that both of you make significant contributions in this forum
    Thanks for your thoughts and advice!!

    Profile photo of I-dream-housesI-dream-houses
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    March 12, 2010 - 1:12 pm

    I think 'deals' are still to  be had.

    Certainly the best time to find it is when everyone else 'panics' and are not buying.

    Last year, I found an IP, bought and rented it out straight up. The agent didnt know (I assume because she never marketed it as) that the property was a development site. If she knew, she would have probably gotten premium for it as it is only 7 kms from the city.

    I knew because I've been doing extensive research. The property has gone up $55k in the six months since I bought it – just got it valued by the bank. Once I demolish the house (when Im ready) and build my 3 townhouses, I'll have an equity of close to $500k after costs.

    So yes, despite the many investors in the market, there are still deals to be made.

    I hope this helps.

    Profile photo of I-dream-housesI-dream-houses
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    March 12, 2010 - 6:02 am

    Clinton Mohr Lawyers specialises in property law. The principal, Clinton Mohr, is very good. Hope this helps.

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