Scott

thanks for your quick reply, according to the builders report, the tiles in the bathroom is falling off and it needs fixing, so in a way, it was justified? and also, if there is termites and the cost incurred to fix up the termites, is it tax deductible?

Cheers
john

Want to join financial independence before 31 years old, currently 25

I couldn’t agree with Sharon more with building inspection. When the contract is signed and with a building and pest reports on hand, you can leverage it to ensure

1) you are not buying a lemon
2) if there are something major, you can ask the vendor to fix it before settlement or to ask vendor to compensate you for taking the extra risk

Good…[Read more]

thanks everybody for the reply, the report did came back and reported there was an (unused) hot water unit stored in the ceiling, that maybe the explaination, but the cost of removing the roof and taking it out is far too great for anybody to contemplate… the manhole won’t be large enough to remove the unit, what’s my available options?

1) to…[Read more]

I am using a brisbane based solicitor, PM me if you want his name.

Cheers
john

Want to join financial independence before 31 years old, currently 25

From the quick 10 second solution, it seems fine. It also depends on the quality of the tenant, bank’s valuation of property and where is it situated? If its close to Brisbane or major regional centre, there may also be opportunities for capital growth.

Cheers
john

Want to join financial independence before 31 years old, currently 25

Hi everyone,

I am a newbie in property investing and from what I’ve found there is some areas that are good for growth or for vendor finance (definite +ve cashflow) in regional VIC (like Horsham or Traralgon)…

Cheers
john

Want to join financial independence before 31 years old, currently 25

Also, is it possible to take out mortgage insurance to ensure that bank lends up to 95% LVR of commercial property? If that is possible, what % of mortgage is the mortgage insurance?

Cheers
john

Want to join financial independence before 31 years old, currently 25

the reason is if the building reports comes back as requiring structural work, then I can use it as leverage to either:

* ask vendor to fix it, or
* reduce the asking price

Cheers
john

Want to join financial independence before 31 years old, currently 25

Does anybody recommend any settlement agent for commercial properties in the East Gippsland area?

Cheers
john

Want to join financial independence before 31 years old, currently 25

I am also a newbie, but it all depends on your long term strategy and financial position. An idea maybe trying to find a property for wrapping or lease option in your local area?

Cheers
john

Want to join financial independence before 31 years old, currently 25

Paul

thanks for the advice. Is it more possible to put them on a lease plan, renewable every 12 months (with repayments slightly higher than market rent?) so as to monitor their cashflow position? Therefore, when the cashflow position improves (no longer playing catch-up game with rent), then maybe I will extend the lease option to 3×3? Is…[Read more]

I am a newbie as well, but what I have been trying is whenever I visit regional VIC towns, I bring with myself leaflets of my (vendor finance) services and contact details and drop them off at people’s letterbox. Another way of doing is to build a good rapport with real estate agents and possibly ask them to post your vendor finance (service) ad…[Read more]

femaleage

where did you find out about all this bargains because I’ve just enrolled in the masterclass and also purchased the second book?

Want to join financial independence before 31 years old, currently 25

Does anybody know of website or links that list properties in NZD?

Want to join financial independence before 31 years old, currently 25

I am also just starting and I chat to some real estate agents (in some area) a lot on the phone so that they will inform me about the rental market in the area, property being listed and some even inform me properties prior to being listed publicly.

I suppose there is no set way of doing things, just try a few and find one that eventually works…[Read more]

thanks for the direction. I am about to do a preliminary due diligence on tenants and wondering does anyone has a template or link to template that works out the cash flow position for an individual?

Want to join financial independence before 31 years old, currently 25

I think you are in a fantastic situation. You should consider attending Steve’s seminar and also start reading some of his books (that’s what I am doing right now)

Good Luck

Want to join financial independence before 31 years old, currently 25

Thanks Terry and others for their inputs, but my question is where i find a spreadsheet or template that illustrates to me how much tenant will have to pay, if they decide to cash out the contract?

Cheers
john

Want to join financial independence before 31 years old, currently 25

thanks for the replies. I’ve just been informed that if i inform the vendor that I shall be wrapping the property, they will not be keen to sell it to me because wrap has got a “bad” reputation in property market. Is that true?

Also, if I wrap the property after settlement date, will I incur more cost (legals) than if i factor in the vendor…[Read more]

Rob

thanks for answering my questions, from what I understand, if the future owner defaults on payments, the VF company will repay me out of their pockets (in the meantime, they will find another future owner – possibly within a week) but thats questionable.. Also, they make money by charging a lump sum fee for arranging the vendor finance. I…[Read more]