Forum Replies Created
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
johnWant 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 riskGood luck
Cheers
johnWant to join financial independence before 31 years old, currently 25
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 cut a hole in the ceiling at one of the room and take it out and re-plaster it?
2) lift the roof and try to remove it?either way, it may have affected the structure of the building and we have to wait and see….
btw, it is a 20 year old bedroom unit that is in its original state.
Cheers
johnWant to join financial independence before 31 years old, currently 25
I am using a brisbane based solicitor, PM me if you want his name.
Cheers
johnWant 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
johnWant 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
johnWant 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
johnWant 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 priceCheers
johnWant 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
johnWant 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
johnWant 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 that the idea?
Cheers
johnWant to join financial independence before 31 years old, currently 25
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 in their window and website.
Want to join financial independence before 31 years old, currently 25
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 for you.
Time and patience is quite important.
Want to join financial independence before 31 years old, currently 25
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
johnWant 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 finance in the contract of sales?[blink]
Want to join financial independence before 31 years old, currently 25
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 shall be meeting with them next week, will keep you all posted.
Cheers
Want to join financial independence before 31 years old, currently 25
