Forum Replies Created
Alistair,
You know I didn’t. That’s from a private email send to friends….But you are right, it is my friend’s, not mine. He asked me to help and so I posted it. No need to complicate the message unnecessary.
Bottom line is, we are looking for an interested party to help.
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auChris,
It’s Erik Reurts. Good to see you’re stil here. Not sure what you are aiming for with this message though….
Something for you, I have a friend with a house in Minchinbury on 700sqm. House next door is going for sale and there are town houses in the street already.
Interested in looking at it or would you know somebody that is?
Erik
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auHere’s a suggestion…
Use a broker, make him do all the running around. They should be pretty good as this is where their income comes from and you can blame them if it does not flow through as you need it to.Regards,
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auIf this is your first, there might be things you have overlooked (if not, don’t be offended by the suggestion…) so let me point out some things to research:
1) do you have a QS report (claim all taxable items)
2) Have you done the ATO form to get your deductions through your paypack?
3)their might be loans on a better rate to go to.Finally, the money you take out would be a tax deduction and so if that is used for a +geared property, your OVERALL situation might still be better then what is.
Do well!Erik Reurts
Micah Finance Solutions
http://www.micah.com.auHere is what I normally do: If you had not signed an exclusive agreement with the agent (and I hope you have not), list the property with 2 other agents. This is not unfair to your agent, it encourages working for their money. Make the management subject to finding a tenant. This way, they have an incentive to get a tenant in your peoperty first and you have 3 agents work8ing for you. If you do have an exclusive agreement, after 2 months it should be close to expiration.
Do well!
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auI agree with Giulio,
Find a money partner or create equity somewhere else to draw from and suplement cash flow short fall. There is always a way if you truly believe it is worth it.
Cheers,
ErikErik Reurts
Micah Finance Solutions
http://www.micah.com.auEver considered moving forward i9n your new venture whilst keeping (some) of your properties?
If they have been working for you so far, why sell (all)?Also, you “state” your plans without explanaition, why? You just wanted us to know or …
Erik
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auTo many unknowns…
What type of property is it?
Where is it (not in Oz by the sound)
Do you have to take the finance with the property???
Is the vacancy rate “proven”?
Why no insurance cost?
Age of the property
Plans effecting rentability
Some things to think aboutErik Reurts
Micah Finance Solutions
http://www.micah.com.auDear Octagonal,
They can be a good source for information and good properties. Appart from them, have you considered property clubs? (Like minded people in the area with a passion for property). There is a few of those around as well. Anybody know anything about the investorsclub by any chance?Cheers,
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auThere is builders that will help and do site survey’s (Masterton in NSW does it). Try a large builder in your area and ask the question.
Cheers,
ErikErik Reurts
Micah Finance Solutions
http://www.micah.com.auRellie,
Why do that? You mention completing, so has the development started? If so, there is value you can possibly borrow against rather then give one away. Some more information is needed to be able to help.
Regards,
ErikErik Reurts
Micah Finance Solutions
http://www.micah.com.auRobo,
I was thinking the same and then I found out there are 3 pools withing 15min from where I live… No ongoing cost, no cleaning up, no restrictions as to when I can use it (2 are heated and indoors) so I decided not to get my own.
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auJTW,
A few pointers:
- Make sure the lease is not about to expire
- What is the age of the property
- Type of property (Can you get 70% or better LVR?)
- Councils plans..
Do well!
ErikErik Reurts
Micah Finance Solutions
http://www.micah.com.auDear Jennyl,
Focuss on what you can do. Call your broker, make him aware of the possibility you could loose the next deal. Have him put urgency on ANZ (possibly with mention of ombudsman)and give them a deadline to sort it out. Unless people have been given a timeframe/deadline, they decide for themselves how urgent jobs are… Be friendly but firm & specific.Do well!
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auHi, My name is Erik Reurts and I have an investment property in Quakers hills. My QS report was done by Deppro (www.deppro.com) and I have been very impressed with the quality. Hope this helps!
Erik Reurts
Micah Finance Solutions
02 4737 8956
0416 179 876Spi,
The concept you are using is correct. Available equity is value minus existing loan. In reality you will have less available (otherwise the bank is giving you 100% finance) You can get very close to 100% though, depending on which lender you use.
