Werribee is close to RAAF Laverton isn’t it? I know Defence has been moving a lot of civilians down there recently, but I’m not sure if that’s settled down now or if there are more to come.
Bear, why don’t you ask the tenant to chase down the Real Estate Institute of Tas standard lease. Then you could sign up the lease with them yourself. Either give them a discounted rent, or pocket the 10% yourself like Simon said.
Originally posted by kay henry:
Even the two-tier marketed places of the 90’s have now made a profit from their original ripoff prices.
Yes, and isn’t it great.[:o)] The place I bought in 1994, is now finally worth a little more than what we paid for it![] Although doing my tax return for the last year – we ‘still’ lost money.[!]
yack, I reckon you might be amazed at the number of tourists that are flocking to NZ to see where the films were made. I think these people are like the ‘holiday makers’ that go to the Gold Coast and come back having bought a house.
As the deal was unconditional, it doesn’t matter what they prove. They can show you ten reject letters from a bank, but it won’t matter. Unconditional means ‘without conditions’. Subject to them obtaining finance is a ‘condition’. They owe you the full 10%. Don’t let them out of it.
I’ve been Melbear ever since a guy at work brought in a ‘Care Bears’ cartoon. His name is Kerry, so he became Karebear, and I became Melbear, and another girl became Flairbear etc. It’s just sort of stuck! I like it.
Just because you have read Steve’s book, and seen the way he invests, doesn’t mean that you have to automatically copy it.
If you can rent it for $180, and your repayments are $153, I would think that it might come very close to paying for itself (inc all other costs). If this is the case, what is the problem?
Are you moving into a rental, or will you be buying another house to live in? If you are moving into a rental, or indeed another place that will not be your PPOR, then you should be able to claim this as your PPOR for the next 6 years, and be CGT exempt if you were to sell it.
I’m working on it. I think I have to be in Sydney next Wednesday evening for a meeting that usually finishes by about 8 (ish). That will be in Marrickville though.
I’ll have to wait for you guys to organate another session (before you bugger off O/S) and see if I can make it up – AND not get lost! []
I wouldn’t want the agent to divulge my reasons for selling. To avoid this, if I was desperate to sell, or whatever, I certainly wouldn’t tell the agent that.
Reading Jenman’s first book, about the 4 questions to ask an agent (to see if the agent is ethical or not) was a real eye opener. Another of the questions you could ask (that the agent shouldn’t answer with anything but the advertised price) is what is the lowest price the vendor will accept.
If you wanted to, you could take these questions, and go and nut out places where you could make a low offer with short settlement etc. and have a good chance of acceptance because you know they need the money desperately.
Mart, save like mad, and wait for the investors who can’t get tenants to either sell up, or be willing to rent for a ridiculously low price just to have someone pay for at least some of the mortgage for them.
If you can get a good rent deal, you could possibly then look at investing elsewhere, and building some equity that way so that you could buy a place. Or rent from one of the abovementioned owners, and see if they would be willing to do a lease option with you. They might be desperate to sell and go for it.
Do a search for Ed Burton. Somebody recently did a fairly thorough evaluation of one of his seminars.
As for Henry Kaye, I’ve heard him a few times, and yes, some of them I paid for. What I got out of it education wise has stood me in good stead for my real estate investing. As for any further ‘sales’, I stayed away from that – lucky for me. But the education was good.
John, if this type of structure is allowed in the future, then many lenders will offer it. Just cos these guys urge you to ‘get in now’ to avoid delays, don’t let that cloud your judgement. Also, I think some of their fees are a bit high, but a mortgage broker would be best to help you with that.
Bowser, when you talk about ‘buying’ strategies, are you wanting to buy under a wrap (were it possible in SA) or are you wanting to buy a place and sell it using a wrap?
The other option that is similar to a wrap in many ways (but different in some fundamentals) is to use a Lease Option agreement. For more info, have a look at the strategies section on this website.
I believe that the person who is suing, will have to sue the trustee of the trust. I think (and I’m not 100% so you must get your own advice) that if this happens, the trustee can be sacked and a new one appointed. The person suing continues to sue the (now former) trustee.
I suggest you invest in some knowledge from a good accountant, or find some trust books/manuals. A good resource is http://www.gatherumgoss.com where you can purchase Dale GG’s Trust Magic, which explains a lot. He is also fairly accessible to answer questions too.
Cheers
Mel
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