Forum Replies Created

Viewing 14 posts - 21 through 34 (of 34 total)
  • Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46
    Originally posted by wanelad:

    Do you intend to buy the land with two titles or a block that can be converted to two titles?

    Convert it later on !

    Wayne
    Mortgage Adviser
    Email [email protected]
    http://www.alphamortgagesolutions.com.au
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46
    Originally posted by v8ghia:

    Hi. Sorry that this has not worked out for you. I am wondering if you could reach an agreement with a purchaser to ‘assign’ it to them as the last reply suggested (the seller would need to be happy with the contract being altered to show your name and ‘Or nominee’ most likely) AND as there is an apparent equity gain instantly, perhaps a further agreemtn to allow you free rent for a period of time (ie, 12 months) which would allow you time to save money for other less risky or sooner settling deals or investments perhaps? Creative idea I reckon, free rent in exchange for a 40-50 k equity gain….. I would not imagine it too hard to get something out of it. It would be interesting to see exactly what you are talking about (ie, are we talking 3 properties on seperate titles, all ready to go? new?) and suburb/area etc but I am sure there would be others ‘more liquid’ that could offer you something sooner than me. PM info if you want, but otherwiase all the best. There will be plenty more of opportunities for you down the track…..[strum]

    Thanks V8 , there’s some good thoughts there but l really did do a bad job of explaining the situation didn’t l .
    No it is just the one property and title with house plus duplex , l put a contract on it and got very cheap . l had preaproval and so went ahead and began all the work . Now l can’t finance it .lt is worth allot more so l’m hoping l can do something as discribed.
    But the property also has a block off to one side – it’s still all on the one title but l was going to subdivide that piece off also and that’s the bit l wanna keep myself if poss’ and work into the resell if that was also poss.

    Cheers
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46
    Originally posted by graham04:

    assign your contract for 3k to some one who wants the property

    Thanks Graham , that’s the sort of thing I was thinking I could do only l thought l would have to pick it up so to speak first – and then sell it to the new buyer.
    But you’ve hit the nail on the head – can I legally get my contract names changed straight into the new buyers name – they go through with the deal and pay me the balance between my contract price and the price we’ve agreed on .
    The only catch is , the people l bought it off might not do that , they are probly hoping I pass it in so that they can resell it for allot more themselves .
    l’ll look into it .
    Cheers.

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46
    Originally posted by dare_to_dream:

    Hi mkc,

    The property sounds very intriguing. Can you provide a bit more
    detail about the property?

    Like how old are each of the houses? What suburb/town is it located? These are all things we’d need to know before investing $240 in a property…

    It just seems a bit vague and dodgy to me…

    Thanks dare to dream .

    Ofcause a buyer would come and see the property and details for themselves and do all their own checks . There was no need to go into all that here .
    Afraid I didn’t do a very good job of explaining what I did though .

    Cheers Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Hi Don
    Glad l’m not the only one with that problem .
    I’ve exhuasted all financing avenues with mine too so the only thing I can think of is what I’ve tried to discribe in my other post . CFP
    Maybe you can resell it in some way or something as I’m thinking about with mine.

    Good luck
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Ok Tony I will send you the details .
    I’m really don’t know what else I can do with it as i would just lose it anyway .
    Anyone got any other ideas ?

    Cheers
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46
    Originally posted by glengyron:

    What you’re talking about doing is a wrap: having a sale ready before settlement date.

    The cash flow is certainly indicated… but it’s just so strong that I don’t understand why you would sell this place. Income of $630 on an investment of around $300k ?

    The deal sounds pretty complex, and given the tiny amount of time I don’t think you’ll have a chance to complete it.

    But good luck… but if those numbers are right.. why not keep it? [Or have I not understood… this is one house + 2 flats on about 5 acres?]

    Thanks for that but ‘ NO ‘ it’s not a wrap and it’s pretty straight forward ,just hard to explain , and it’s $240 – not 300 .
    The buyer pays or arranges the money I need to complete my purchase on my contract at an 18 mth old price , then I resell it to the new buyer and they get their a great CFP property cheap .

    It’s like the basic get an option and resell buso they talk about in these places everyday that’s all it is really.

    The returns are legit , it has 2 near finished flats and one house on it aand they’re screeming for rentals here. I would actually rent the house back of the new buyer myself for 12 mths while I finish building my other place if they were interested.
    The thing is , if I put an ad in the paper – how the hell do I word it .

    Cheers .

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Thanks for those .
    Yeah l agree Terry . l’m going to politely give it a shot . My solicitor said today [ old solicitor ] pretty much what you’ve said and by all means ask as we have made big improvements . But he doubts they will as they’ll say it’s costed them and now more to resell .
    Thanks V8 , no afraid that parts over. l tried all sorts of things and the contracts well and truly counselled now .
    Cheers

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Yeah it was scary , all the what if’s worried me sick the whole way through not being that well off. The ironic thing was that l had this last 6 mths completely free , yet when the place was due to come through , all sorts of crap was on so it seemed crazy not to.
    Then the place would be ready to let out and l could do the rest when l had the chance.
    Damn solicitor was only interested in all his paper work being nice and neat and easy but he new my plans , needless to say l’m looking for a newy now.
    Yep , thinking they’ll probably tell me to take a hike .
    About 1/2 the stuff l’ve put in l could take out again easily, no mess – last resort but atleast l’d get something back .Plus a 1,000 bucks worth of brand new beautiful treated pine fencing rails that just happen to be only tacked in place at this point . I wonder if ripping that down would cause any trouble. They’d notice it gone that’s forsure but l don’t suppose they could say much .
    It doesn’t sound too promising but l will ring my old solicitor [ pre present solicitor ] this guy was a tiger but he moved interstate .
    If anyone else happens have any further imput please add [especially] if it’s in my favour hu !!!

    Thanks for that
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Thanks very much for those guys you’ve made my mind up , l’m on the phone today .
    The problem with this deal is l haven’t done many but if l can get my hands on this one it’ll set me up, l want it too bad – hate that ! Life always seems to go better for me when l’m not fussed .

    You’ll hear the partying from here if it’s good news but l’ll be drowning my sorrows if it’s not that’s forsure .
    Catch ya
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Thanks Mum.
    Yeah he had all the dates and knew the score . Said he can do it ok but being a way out of the norm setup , our best shot was getting everything spot on first then quietly put it in.
    Reckoned it would still make the dates ok but had a better shot if we didn’t make a scene .

    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Thanks very much for the info guys , something l’ve wondered about for awhile now .
    Must say l’m glad there’s a few catches and consequences , otherwise paying what we do here – would really hurt !

    All the best
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Thanks for the imput guys.
    l guess it comes down to there’s 101 ways to skin a cat and if she was legit we don’t have enough to go on anyway .
    Sounds like allot here are doing similar things though and very nicely to so we have nutted it out in a sense after all really .

    Think we’ve done alright considering .
    Cheers .
    Mkc

    Profile photo of mkcmkc
    Member
    @mkc
    Join Date: 2006
    Post Count: 46

    Thanks very much for that input guys .
    l was just about to agree with audrey , because this girl does have the old gift of the gab but then , l get to Redwings and then Tony’s .
    She did babble about a very good accountant , extra good – and the very nice cheque every three mths !
    C G , l dunno . this place is in Melbourne , last l heard Melbourne’s slowed , she’s bought it 12 mths ago and that could mean it hasn’t moved far at all , maybe even gone backwards atleast this was what l was thinking on the night because l know her property and thought she payed too much .
    She’s suppose to be on around 100 a yr .

    Cheers . Mkc

Viewing 14 posts - 21 through 34 (of 34 total)