Thanks heaps Elka!   I will check it out.

Hi CelesteDon't wait for THEM to create the offer: YOU get your solicitor to do it as if from them, and they sign it.  Nowhere is it written that the buyer HAS to create the offer!    BTW, write in the option that they pay for your solicitor to prepare the docs.Get some deposit first though, you don't want to be spending money at your sol…[Read more]

Way to go, Celeste!Tip:  Keep marketing even after you think you have a buyer.  Until they sign on the line, keep marketing.Cheers

"Basically is it a standard rent situation  in regards to $ bond / rent in advance / rent  and then you add an extra contract which is the option and includes the option deposit and the extra rent that is to be credited?"Yes.  Usually you would write in the option contract that you will ONLY give rent deposit credit for weeks where the rent wa…[Read more]

Hi TrudeWe are using Rick Otton's contract for this purpose.  I took it to our solicitor in Brisbane.  He said "I hope you didn't pay a lot for this, because it's the same as the ones we use all the time for developers".  It was part of a pack, and I am very happy with the price we paid BTW, but the point is that if you go to the right lawyer (o…[Read more]

Hi TelkenYou may find a lot of relevant comments in the recent thread "starting a syndicate"https://www.propertyinvesting.com/forums/property-investing/creative-investing/4322309Mr Fair Go

Hi TuggerwaughIt appears that you regard these two properties as "keepers" and want to have another one. This is a good goal, but there is a quicker way to get there. Why not use whatever equity you can pull out as a deposit on a cheaper, undervalued property, that you then mark up and sell fairly quickly? If possible also value-adding by…[Read more]

Hi DanikoPaul's links are excellent.  Read them over and over, then perhaps ask more questions here.You say  "I dont have enough money to invest and I am not willing to pay high interest"…  These two things are usually mutually exclusive.  If you don't have good credit and a substantial deposit (i.e. 20% plus Stamps and Legals) you are lik…[Read more]

HiTechnical term, sorry: A second-mortgage carry-back could be your answer.This is where the vendor lends you the deposit and takes a second mortgage (the bank will have the first – generally for 80%)Normally you would expect to pay a higher interest, since the 2nd mortgage is not as secure as the 1st.  Actually, our company does this, but when…[Read more]

Hi RichardgrAlmost all the "systems" out there in the books work…  But not all at once!So decide on the one that gets you what you want (have you written those goals for yourself yet?  …then have your checklist to make sure the property under consideration meets your criteria… then consider your "worst case scenario"s for comfort l…[Read more]

Hi GennadyI am certainly not an authority in this area (but Rick Otton is) however for what it's worth I will attempt to answer your questions…> 1. How do you find somebody to assign a contract to (just ads in the paper?) That's one way – especially the little local rag, not a metro daily.  Bandit signs, fliers, letter drops, even radio a…[Read more]

Thanks for that Cath.  Yes please, I look forward to that figure when you have it.Actually, I reread our agreement with the lessee, and see that technically it expired with the lease back in June.  So I have offered them to be able to buy it at a price about 25k below "street value".  I think that's pretty fair under the circumstances, since (1…[Read more]

Hi CathSounds interesting – especially in cases where the rise is rapid.  I am smarting at the moment over a property we are about to go to contract on for 128k, but the house is really worth over 190k.  I don't mind the lessee getting a slice, even half, but that much is ridiculous!  Especially when they should have gone to contract over a ye…[Read more]

And check out Charters Towers too.  Good economy, some cheap properties still available.

Well said, Steve!And the FHOG legislation itself says the FHOG has to be repaid if the contract does not proceed so the applicant eventually owns the home. You can read it yourself, starting at http://www.austlii.edu.au/cgi-bin/sinosrch.cgi?method=boolean&query=First+Home+Owner+Grant&meta=%2Fau&mask_path=The NSW version includes this: "Recovery…[Read more]

Hi Danish83> Where do I start? I understand the basics of how the system works but how can I get information on the finer details?As Paul says, Steve's Wrap Pack if it is still available (I was one of the first owners of one of the early versions back in 2003) or perhaps Rick Otton's which is still available. Although I have not seen Rick's we…[Read more]

Originally posted by grossrealisation:

caveat lending gives a 2% per month

“Caveat Lending”? Is there a post somewhere that explains this one?

Thanks

Lance

.
Fair Go Homes
http://fairgohomes.com.au

Rapt with Wrapping!
1300 666 247
lanceh@fairgohomes.com.au

Yep, bargains abound. We have settled on 4 houses 95 – 108k in the last 4 weeks.

And we just signed to buy one for 80k. The guy started to renovate it – did a new roof, then pulled out all the internal lining. Changed his mind, and decided to sell this house, now with no internal walls!

It used to be 2 flats, and we probably could make it…[Read more]

Real-life experience from November 2005:

We just refinanced a property up to what the wrap purchaser owes us. The original loan was with another bank: the refinancer is CBA. They wanted to give us 80% but we said no, just what the purchaser owes us please (60% of valuation).

CBA know it is wrapped. They even asked why there is a caveat on the…[Read more]

A standard Landlord policy is OK, but there are now special products for wrapping. Australian Unity have one, but we have switched to CGU’s because it’s cheaper and gives better cover (esp for the wrapees)

Lance

.
Fair Go Homes
http://fairgohomes.com.au

Rapt with Wrapping!
1300 666 247
lanceh@fairgohomes.com.au