Forum Replies Created
- rebecca22 wrote:
"……….where I can just repay the private money lender with 12% interest upon the sale of a rehabbed house……"
if you can get investors to do a deal like this please let me know.
i can only share my experience with private lending. yes it is fantastic (the people i deal with have the cash, want to invest in property but submit to the fact it takes some work to generate substantial income from (like to live off)). i offer 10% per annum, paid quarterly for a 36 month term. then at expiry i then give a 9% flat bonus (sometimes, obviously the investor gets paid back his bonus a little earlier…….but as a guide only it equates to approx 13% per annum). these people are not silly but they are smart enough to realise that they aint going to get that return on 'idle' cash sitting in their equity/bank account/business cash flow.
all i do is ask EVERYONE that i meet………."would you like to earn a minimum of 13% over 36 months for only an invesment of $50,000.00? good lucki used to think the same……….OH ALL THE RISK
insure against the risk, take a chance, most renters are really good people.i have a default rate on my investment properties. it can always be sorted out. it may take a commercial offer to appease the offending party, but thats OK you still own the property. just set a target for the risk level you are comfortable to live with and just do that………….HINT be aware that when you get there you may be tempted to engage further risk
That is a very interesting question. in my opinion and in ONLY my opinion use it. it really is a very simple process. does the income from your investments (i assume you are going to take the money from your lender?) cover ALL outgoings. if it does take it
TIP make a decision………buy now, it will force you to take action.
TIP dont listen to the 'masses'. their information is not constructive to who you are or want you want to be
TIP DO NOT EVER take advice on property investing unless they/them/him/her have 10 times your NET worth
TIP unless it is in writing and signed by both parties, it DOESN'T exist. well actually it does it is just in your head making you feel good
TIP if you get serious about this, beware your life will change and you may not like what you see.
TIP go fishing at least twice a year and enjoy your catch
TIP do what you want to do, yes be a little selfish and enjoy YOUMilly, look forward to hearing the results of your court case. hopefully my court case result is as good as your prediction. i was thinking 5 cents a year for next 500 years would be an interesting result. yes i used to 'trust' everyone and thought that everyone told the truth. good lesson for me. and you are correct learn and live it
in my opinion, simply a valuation is a valuation, it is simply a number written in ink on a valuation report. yes, you would think that if you ordered the valuation and used a valuer that was on the lenders panel (i am in qld so it would only be valid for 90days….other states could be different) it would be accepted, but not always the case. happy to offer you an idea for your next investment purchase. put a clause in your contract to state that 'whatever' the valuation is, you decide if it suits you, if not dont proceed………allows you to control the purchase. hope that helps
I agree with richards comment re: Stephen West. an agent i have had the pleasure of dealing with over the past 6 years. although i have used other agents in the town to purchase properties he will give you the 'truth' on the market and his 'gut' opinion. if you are a geniune buyer he will be happy yo help, i suggest 'do not waste his time' if you are not ready to move. with regards to investing in rocky, it is one of my favourite towns in QLD. great returns and great capital growth. i can only assume that it is driven by miners and i can only assume that this has happened because it is one of the cheapest 'growing' towns in qld. my 1st purchase in rocky was 76000 in 2002………my last purchase in dec last year was 228000. still happy.
marten
