Forum Replies Created
Thanks everyone for your replies. I am going to try and do a lease option on this apartment. Its worth a try
JD
Hmmmm in this case I don’t think “no news is good news”
[biggrin]JDThankyou All for your replies,
The apartment is in Spring Hill, Brisbane. We paid 258k. Bank valuation was 240k. We can’t give it away for 260k.
We are getting $285 rent per week. Repayments are $1487 per month interest only, variable.
Body Corp, Rates and upkeep are a wopping $5k a year.
The funny thing is that we bought this apartment to make some money for our childrens education. We paid someone to give us financial advice and this was their recomendation. hey I could have made this mess by myself. And they got a $7,000 kick back. [biggrin][biggrin] I am not blaming or angry (past that) I have a problem and I am trying to find the best way out of it.
My problem is that this property is costing us $900+ a month out of our pocket and with one income and a family we can’t keep it up.
We decided to sell it and put the money – our loan is 215k – into a +CF property. But we realize now that we will be flat out walking away with anything.
JD
Hello Everyone,
We are looking for someone living in Sydney who is operating Rick Otton’s Sandwhich Lease Option program with success. We are interested in it but am a bit skeptical. Any one successful at this interesting in meeting up with us.JD
Dear Leila,
What if I made the profit a fixed fee rather than a % of the sale price? If I veiw the site, do my maths and work out what my expenses will be.Then put a profit on it and call it my fee. Then have it put into a contract. Do you think that would work? I would have to speak to my lawyer here in Sydney and see how binding such a contract would be.
JDDear Leila,
The whole reason I started this post was to get the feed back of more experienced people so thanks for your comments even though they were not exactly what I wanted to hear[biggrin]Looks like I have lots more research to do.
A setback is a setup for a comeback.Hello everyone,
Thanks Michael for your reply. Yes its true I have not had experience in subdivisions. However I beleive that with this method I am starting off with something basic and small and I am very willing to learn. Also I do think that there are alot of people who would be willing to share the profit because they don’t have the time and/or money to do it themselves.
Byronent, in answer to your comment, I was thinking along the lines of having a legal contract signed by both parties so that it is clear and in writing. This would also prevent anyone from not paying me after the land is sold.
Both you and Dan have mentioned buying the back of the block first and then subdividing and selling. How does this work legally??I also read on another post that if there is a mortgage on the land it becomes more complicated as the banks have to be involved etc.
Thankyou all for your imputs, I will be interested in any further comments. JD
Thank you very much for that, HighFly.
JD
Good Afternoon Dan,
Do you have a similar list for Australia and NZ? I’m trying to research both markets with very limited time.
Thank you VERY much for your help.
JD.
I can’t work out how to post a new topic. Can someone help me please.
Ta,
JD
G’day,
I’m looking to set up a family trust as well. Did you find/get any more info on setting up a family trust yourself?
Any help appreciated.
JD.
G’day George,
Here is the link to the exact tax you pay. It’s from the ATO’s website.
http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm
It states it nice and clearly in a table. I’m interested in your way to save and earn.
Regards,
JD.
