Forum Replies Created
Awww, now I’m all sad that I’m not going as I reckon it would be great to catch up with all the regular forumites who are going….
Yack, maybe we’ll have to go to the next one so we can meet up with everybody.
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MelTerry, Rob strikes again.
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MelI’ve heard that mentioned, but not in that exact detail Scott – ie the date etc.
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Melxxx, my info has that rent rolls sell for $2K+ per property….
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MelI think Vic Ollis bought and onsold a ton of properties there…..[baaa]
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MelHi Sonja
Not sure if I know about him, but if I he is the one I’m thinking of he’s pretty good….
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MelSonja, is that the ones run by Peter Comben? He’s got an ad in API magazine, but I can’t remember his website..
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MelAlan, if you want to sell with Vendor Finance (a wrap) you will still need to settle on the land…
If you are planning on taking a 2nd mortgage, you could probably do that – but for the amount of cash you have in the deal as you still need to provide the full money’s to the vendor.
I’m not sure how your buyer would go with getting construction finance if they don’t have title to the land?
Maybe you could settle it, and look at building options etc.?
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MelWow Steve, I like those income figures[biggrin]
Mini, the thing that Cashflow 101 has taught me is that you don’t necessarily need the income to qualify for the loans, but you do need to stump up the cash for the deposit! This is generally done by buying one or two props and selling for capital gains, or by buying and selling shares for capital gains. From memory, there’s 2 props that are available on a 0 deposit (one makes money, the other doesn’t, but is good for the cap gains), and a couple that can be bought with a bank loan and still make money.
The rest of them all require a deposit – sometimes quite a decent deposit too. If you don’t have the deposit – or the means to borrow it, you are quite limited….
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MelDavid, there definitely are some Ulysses members on here – or there have been in the past cos I remember a post dedicated to them, but I cannot for the life of me remember who it was now….
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MelNot in my experience. We’ve had to drop the rents on a couple of properties that are up for rent now – although it is a rotten time of year to look for tenants..
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MelDamien, I believe the answer is that they are harder to find these days, but you might have to get a little creative..
If you have a look at some of the regular posters on here, you will see that they are still finding these properties – most have switched to NZ to look, but some are still finding the props here in OZ.
It seems that every magazine I pick up these days is talking about Aussies buying in NZ, which suggests to me that the boat may well have sailed – unless you use somebody like Westan or Minimogul who are always on the ground looking for the good deals…
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MelRob, as far as I can see it, miracle was asking Richard for a FREE copy of a contract that Richard has paid his solicitor to draft up for him. There is no advice etc. given, nor asked for, so I don’t see how he was being asked in his professional capacity. Noting a comment on another thread, he would be charging a substantial amount of $$ for his time if he was being asked in a professional capacity.
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MelMA/Miracle
So what you’re saying is that because of the Privacy Act I cannot divulge anything that anybody sends me in an email to anybody else? Puhlease!!
I think Richard’s question was quite fair. If miracle’s solicitor is so clued up with 2nd mortgages etc. they should surely have a template of a put and call option already drawn up…..
without miracle’s explanation as to reasons, it also could show that miracle is ‘blowing smoke’ about previous transactions….
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Melchickadee, it’s your personal decision, but Rob has made a good suggestion – ie. buy in trust name and rent from it – that way it is still an IP, but you can treat it as your own, and you’ll have the best landlord you can have.
Alternatively, you could ask for a longer fixed term lease from your landlord – I know if my tenant asked for a 4 year lease (with ‘some’ rental growth built in) I would welcome it with open arms…. You could also negotiate a ‘get out’ clause for yourself in that timeframe too….
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MelHi Danny
I said especially QLD cos that’s the only place the Reno Kings run seminars. If you read API magazine, they always have case studies of their students.
I believe they focus on QLD market because of the queenslander homes – being wood etc. they are easier to add rooms to, raise etc. than brick places (for obvious reasons I guess), and therefore can make big profits for littler outlays….
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MelSonja, if it were me, i would have it written in the contract that you can move the house, and keep to a standard settlement – or earlier if your bank can come to the party etc…
if the seller is serious about selling, it shouldn’t be an issue..[biggrin]
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MelWith the aforementioned member, what is really annoying is the fact that when there are ‘decent’ informative posts, at some later point they all ‘vanish’ leaving a LOT of threads that make no sense whatsoever…..[baaa]
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Mel2 Pos, 1 outright, 7 Neg, 2 OTP (2007/8 complete)
29
10 yearsCheers
MelWestan[baaa]
I can’t believe you have said ‘we’ when referring to the Kiwis!
The least they could do was get our anthem right – I didn’t know we had the words ‘nah nah nah’ in it!!
I think our girls were so shocked, that they lost the plot cos they didn’t know who they were playing for…
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Mel
