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this forum thread talks about the hassle of dealing with a wells fargo owned bank too…
https://www.propertyinvesting.com/forums/property-investing/overseas-deals/4344008i like the internet banking route…
by the way, your situation was really shocking. makes me rethink about investing in the US
CMS wrote:I agree with some comments in the article – yes it seems RE agents are keeping properties on the internet for an excessive time. I am curious about the comment about BMA not signing leases for 3 months – I spoke to BMA who said "never", but then a local agent said that they will at some point, but in the interim they are saying this to stop people calling them. Hard to know what to believe. I still think that it doesn't matter what rents are dropped to, if no one will rent – when theh time comes and houses are needed again, I think that reasonable rents (well, for Moranbah) will be agreed to – back to supply and demand. I suppose part of me has to believe this because I want our place rented out! On the other hand, we are fortunate (sensible) enough to have a buffer that will see us through this (I have heard of devastating stories already from other investors who don't) – but we don't particularly want to see a buffer eaten up by this, especially given what the repayments are.
Not sure how I can "bite the bullet and make a decision" – we have dropped the rent and happy to drop much further, also keen to sell even at a loss just to be done with it, which isn't likely at present with no one buying- there isn't much more we can do unless anyone has a suggestion. I know there are projects ahead and the weather is clearing – I don't think Moranbah is going under any time soon – I also know BMA is losing millions while striking occurs so there will be an end to that too – also aware the strikes are not about rents (a small part, but not a war-stopper as such).Keen to hear if anyone rents or sells in the short term though.
Just curious – Before you wen tand got the property did you research about vacancy rates, and did you take it into consideration? Or are you only finding out about it now?
What is the vacancy rate in Moranbah for renters anyway?Me too. im buying in NSW – just did a set of inspections yesterday and day before
fantastic… thanks for the advice
so have you put in the offer, how'd it go?
when you said you have a 25% share – does that mean you invested with other partners? can just sell off your share to the other shareholders?
meetups are a great way to learn and meet like minded people.
It can be very valuable – and suggested by many successful people (Think & Grow Rich)your decision has to be in alignment with your goals. If you do want to subdivide later on, then the larger land would be useful
the realestate.com.au website has subrub data too
hey all – just to get back on the topic of using VF to buy an investment property…
So, what if I find sellers (not vendor financiers/VF businesses) and I calculate that I my instalment contract payments are LESS or EQUAL TO the potential rental income that I could accumulate by renting out the property to someone else. As a purchaser, could I offer an instalment contract to a seller, and then rent out the place to someone else (and then make a profit on the difference)?
Would I need a special clause in the instalment contract which stipulated that I am allowed to rent out the place to tenant? Or is it implied that I can do this since I will have possessionary/equitable title?
just make sure that the potential retuns via rental income will be worth it to proceed with the costs of developing and renovating that shed
PaulDobson wrote:Hi i imamMy wife and I started our real estate Vendor Finance business in 2003. Happily for us, I was able to give up my job early in 2009 and we are now both enjoying working in our Vendor Finance business full time.
We'd suggest the main pitfall is believing that it's some form of get rich quick scheme. Happily it's becoming more regulated by the new National Credit Code and this is helping to improve its image.
A few web resources that may help in your search for information about vendor finance in residential real estate are:
https://www.propertyinvesting.com/strategies/wraps
https://www.propertyinvesting.com/strategies/lease-options
http://www.jvpropertypartners.com.au/index.php?option=com_content&view=article&id=50&Itemid=75
http://www.vendorfinancelawyer.com.au/
http://www.vendorfinance.asn.au/ The Vendor Finance Association of Australia
http://www.vendorfinanceinstitute.com.auCheers, Paul
Thanks for the great list of links! I checked them out and they were very informative
Hi All,
I've been researching up about titles on instalment contracts recently for NSW.
I'm just curious that if I'm a purchaser and wanting to offer an installment contract for vendor financing, would it be possible for me to rent out the property to someone else and get rental income from them (even though the title to the property will be under the seller's name)?Or do I have to live in the property only as the purchaser under the instalment contract?
Hi,
With installment contracts, i have read that the title remains wit hthe seller until the property is fully paid off after the term. Can this cause a problem if the buyer intends to rent out the property as an investment?
to make it easy and without any fuss, just live in it for 6 months, and then rent it out afterwards so that you get th FHOG
Sorry for my ignorance, but what is an offset account?
To create equity quickly, try and make a profit when you buy – as in, get a property at a wholesale/cheaper price compared to its asking price. Instant equity by doing this. Good luck!
with experience in the UK, you couls use the same prnciples here in Australia and make money here too. It's not much different I think
I'd suggest you figure out what your ultimate priority outcomes are.
If it's rent – go for the new one.
