Forum Replies Created
- Originally posted by kay henry:
X,
As for me, I think the guy is a person of high integrity- he’s also witheringly funny- refreshing in an industry where people can take themselves so seriously.
You know Kay I would have agreed with you until I saw what he wrote on a couple of wrappers I know and their client. I had met with the client as a broker on several occassions trying to help them into the property and Jenman’s sensationalistic slant was as distant as possible from the truth as I saw it – and I spent hours with these people trying to get them sorted out. They had a marvellous opportunity in front of them but it was gambling that saw them unable to get a loan to settle on a property 40% under market value. The wrappers did everything they could to get them into the place. That failed to get a mention.
In my whole time the wrappee always called the wrapper “my personal angel”. That never got a mention either.
I now see him as credible as current affairs programs we see in the early evening.
Not to say that there isn’t a place for balance and he certainly serves that role.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
She will be able to gear the property as the income will be heres.
You can charge her interest for your share of the mortgage.
You may have trouble finding a lender who will allow the title and the loan to be in seperate names – usually they need to match. If you are de facto then it should be OK.
But if you are defacto then she is not entitled to the FHOG as her spouse has had it.
There may be other ways – I suggest you see a clever broker and/or accountant.
Be careful that you don’t commit fraud.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Can you show the bank statements?
Ask the nearest PM to write a letter giving rental potential based on your description. I am sure they will do it.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You have enough invested to earn $2000 pm!
That is $24K pa?
at 5% return we are talking $480K capital invested?
You can buy IP’s now. Using a 75% NODOC loan at 7.15% is an example of a loan you can use with no employment.
cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Most of the credit impaired funders are similar. She should run her figures and see whether the break fees are worth a lower rate – sometimes it is better to stay until the penalty period is up.
Tell her to speak to a broker with a better reputation for ideas. Not one who wants her loan at all costs – problem is finding one [blush2]
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Don’t be scared of interest only if it allows you to achieve what you want.
If you do wish to get ahead on any loan then do so in an offset account attached to the new PPOR – this will help if this home becomes an IP down the track – you can draw the funds from the offset and the loan is now deductible.
Shame you werent shown this earlier with the other place.
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you feel you need to help then please avoid being a guarantor – if they go under you could be liable for all sorts of debts.
I would rather see you lend them a sum of money to secure their loan – this will limit your liability if anything goes bad.
But I think you should ask yourself if this is a business and people you would invest in. If the answer is no then you need to think hard about what you do.
It is a difficult situation to say no to family.
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You can get finance for anything. Rates and amount is the variable!
David is right that LMI will be difficult or impossible on most anything under 50sqm. But their will be bank finance available to 70 or 80% depending on other factors.
This fact keeps the prices down and also the potential capital growth – this is why the yields are higher.
Cheer,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What price is the house and what is the deposit size.
Does he have income?
There may be some ideas I can suggest.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I used to pop around and unlock the door last year – happened three times I think. But I only live 5km away and really didn’t mind too much.
This year I put on my rental agreement a $25 callout fee for lockouts, which I probably wouldn’t have asked for on the first occassion.
Hasn’t happened yet this year.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well my soldiers had different saying….
Like a couple of squeezed out toothpaste tubes…
A pair of thongs hanging down her front….
Sorry
It is easy to buy property in places that have soared. But what is the point? Yields will be down and there may not be much CG left in it for the short to medium term.
The challenge lies in identifying those places that are yet to soar!
Or even just starting to trend up!
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I like the team at Global.
Leah Jay has a good rep from an owners perspective – unsure of how they treat tenants.
Newcastle has a very low vacancy rent so the PMs tend to be in a strong position and some get a bit fat, dumb and happy! I remember once offering $5pw more to get a place and the PM told me that you can’t do that!
Give me a call if I can help in this area.
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
That used to be the case – CPI was taken off any gains before the tax was calculated. Each quarter had a CPI figure and it reduced the tax depending on how long you owned it.
Now with the changes that brought in the 50% reduction after 12 months they took that one out in order to simplify things.
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Gail,
I can calculate it for you but I don’t have a formula I can give you.
Any other broker should be able to do the same.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am always losing money by not considering each client as a sale to be closed at all costs – I imagine that this is a perk of being self employed. I doubt any boss would tolerate hearing me tell clients to stay with their current lender!
This is a luxury I can allow myself but it probably does engender goodwill and referrals.
I would be a terrible Real Estate Agent – I did the training course two years ago and ended up discussing the institutionalised cheating with the head of TAFE afterwards. He denied it all but they were kind enough to refund my course fees as a “goodwill” gesture. The other students were just pleased that it was attendance only!
This is a great thread here. Some of us are a little blinkered about the real world of Real Estate. The friendly agent doing his best for you is merely follwing a scripted sales routine that has a number of strategies to “overcome objections” and “close sales” etc. We all need to realise that as a buyer or a seller we are merely following their sheet of music. A sheet designed for the best outcome for the Office!
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It is amazing how many professionals don’t fully understand the FHOG. Whether you can own an IP, the time frames, the qualifying conditions etc
Well done mate!
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Great idea.
I remember as a kid in the 60’s and 70’s there was actually quite a lot of litter around. People thought nothing of tossing rubbish out the car window, on the footpath etc. Highway verges were really filthy.
It really took a public education campaign and a generational change for this to change so much that noone I know would dream of tossing a coke can in the gutter – they would carry it until they found a bin!
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
That is a very valid point of view. In fact everyone’s point of view is valid and we should always remember that – me most of all.
I think the issue is that the agent had another interested party involved and he did his vendor (who is paying him) a great disservice by not communicating that fact.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It is not true that banks will lend only 50% for commercial property.
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
