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oscar
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@oscar
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April 19, 2004 - 4:13 am
Darren
Where are you planning on buying into?
Oscar
oscar
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@oscar
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June 2, 2003 - 3:24 am
Hi JasonR
Yes. Very kind of Stu. I’ll be seeing Stu tonight. Happy investing!![8D]
Cheers
Oscar [8D]
oscar
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@oscar
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June 2, 2003 - 2:32 am
Hi Guys []
I first met Stu a few months ago. He is an absolute GUN!! I recommend everyone to go and spend a day with him. From the feedback on this forum, I take it that he really opened up everyone’s mind.
Cheers [8D]
Oscar
P.S. I know most people here are investors for cashflow, but once you meet Stu, you just might change your mind!
oscar
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@oscar
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May 30, 2003 - 7:24 am
Hi Felicity
You can replicate the structure with 80% loans but not 90% loans. Once you have hit the maximum limit LMI companies won’t give you anymore. One thing you can do is ask your mortgage broker which LMI companies each banks use. So when you max out with one lender, use a different lender who uses a different LMI company.
I hope that makes sence (It’s Friday arvo!!)[]
Cheers
Oscar
oscar
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@oscar
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May 29, 2003 - 11:38 pm
Hi Leigh and Sooshie
Thanks for the details. I’ll be calling him soon.
Cheers
Oscar []
oscar
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@oscar
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May 15, 2003 - 1:32 am
Hi
I love that last line Steve. And that is the point I’m trying to make. If you are not making any offers, you are not in the GAME.
I always form some sort of relationship with agents before I make offers. Also, I believe both “schools of thought” work. I personally make multiple offers on properties (e.g. Multiple Choice type offers for the vendor, Offer A, B, C). This will include a low offer with a quick settlement (but not low enough to be considered low-balling), a generous offer in terms of price but with a long settlement(6mths +) along with other concessions (e.g. access to property, vendor to renovate etc), and finally another offer depending on the vendors circumstance. But to do all this, I ask a million questions to the estate agent and vendor. For example, a few days ago I spent over 1 hour with an owner of a property in Seaford with the agent hanging around. I learnt, in that 1 hour, everything I need to know. So now I make my offer according to this information. (Looks like I might pick this one up with a 6 month settlement and vendor to renovate parts of the house). This is when I create a deal.
All in all, unless you increase the amount of offers you make, it will take a very very long time to find a good deal. My expectancy rate is low but I receieve a lot of counter offers. Probably 1 in 40.
Hope to see others participate in this topic.
Cheers[8D]
Oscar
oscar
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@oscar
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March 31, 2003 - 10:45 pm
Hi Nathan
All you need to do is ask yourself this question:
“Would you buy 20 of these type of houses to wrap?”
I find this rule to be an excellent filtering tool.
Good Luck![8D]
Oscar
oscar
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@oscar
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March 19, 2003 - 12:10 am
[]Hi Robert
I have done my wraps with 5% and 10% deposits. This means that I have used LMI (Lenders Mortgage Insurance). This way, my money into the deal is low and I end up with returns of infinity.
For e.g.
I wrapped a house in Traralgon a little while ago.
Purchase price: $87,000
Deposit required plus costs: $8,700’ish
Deposit from purchaser: $1,900 plus FHOG = $8,900
End result: no money in the deal.[]
Unfortunately, the Mortgage Insurance companies cut you off at a point of time by telling you that you have maxed out. So now I have to become creative or put down 20%.
In my opinion, this is too much to tie in for a single wrap deal. Others may not agree.
Happy Investing [8D]
Oscar
oscar
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@oscar
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Post Count: 41
March 18, 2003 - 1:40 am
Hi Guys []
You can pretty much do it any way you want. I have wrapped with the purchasers finding the house first and alternatively, I have bought the house first and then wrapped it. You will find everyone has there own way.
I would probably recommend having the purchaser find the house initially. Place an ad and get them to do the leg work. This way you will get some experience under your belt and most likely reduce the emotional rollercoster ride associated with the process. This is what I did.
At the end of the day it boils down to this:
Choose one method and JUST DO IT!! It’s not as hard/scary as you may think it is. Just make sure you complete your market research e.g. ‘know your area’.
Hope that helps []
Oscar
oscar
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@oscar
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March 12, 2003 - 7:22 am
It’s run by Henry Kaye. [}]
The name should be enough to put you off (let alone the $15,000!)
Safe and happy investing []
Oscar
oscar
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@oscar
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March 7, 2003 - 3:08 am
Thanks Quasimodo![8D]
I also found (after extensive research) a mortgage originator that would gladly do it without the hassles that the Big 4 provide.
Cheers
Oscar
oscar
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@oscar
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February 20, 2003 - 1:40 am
Tails277 You’re a D*#khead!!!![xx(]
oscar
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@oscar
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February 14, 2003 - 7:31 am
Davlyn
I find it a bit of a worry when you ask others “Would you do this or not?”
Your invesment strategy may be different to other investors. So what YOU want to achieve may be COMPLETELY different to what others want to achieve. Do you intend to wrap these? Or b&h, reno’s etc…
While this forum does facilitate open discussion (in terms of helping one another), you really should address the problem of what YOU want out of these 5 properties. In other words, only you can really answer your question at the end of the day.
Happy Investing
Oscar
oscar
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@oscar
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February 13, 2003 - 3:38 am
Matt
See my previous post dated 11/02/2003. The topic was called 95% LVR.
Cheers
Oscar
oscar
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@oscar
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February 12, 2003 - 3:58 am
Hi Matt
I have used 95% for all my wraps. The cash on cash return is great, with some having a return of infinity. This has occurred, as the deposit I have received has been greater than my costs.
If 95% is used, your loan amount may be greater than the purchaser if they provide a large deposit. I guess the way you get around this is to put more down as a deposit i.e. a 90% lend, with your banking institution.
Hope this helps
Oscar
oscar
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February 11, 2003 - 3:13 am
Matduqua
Sometime ago someone (I can’t recall who) did tell me that it is possible to do so. I am not sure of the technicalities, so it is best to ask an expert in this area.
Cheers
Oscar
oscar
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@oscar
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February 10, 2003 - 11:14 pm
Hi Matduqua
Try ANZ. They lend up to 95% and also capitalise mortgage insurance (thus becoming a 97% lend!). You would need to demonstate a savings history as part of the qualification process. Hope this helps.
Others include Bankwest anmd Macquarie (no LMI capitalisation).
Cheers
Oscar
oscar
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@oscar
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January 31, 2003 - 1:37 am
etti_iv
Check out realestateview.com.au. They have a list of Buyer’s Agents located in Melbourne. Can’t say that I have used any of their services. They all tend to charge around 2% of the purchase price, less if you locate the property yourself.
Hope that helps
Oscar C
oscar
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@oscar
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January 30, 2003 - 5:32 am
Good Question!!
Basically, if the business is to continue to grow, I need leverage i.e. OPM. Simple as that!
Cheers
Oscar
oscar
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@oscar
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August 15, 2002 - 12:40 am
Tony,
Based on the information you have just provided, would Tasmania be a good area to wrap properties, or would you steer clear from there?
Kind Regards
Oscar Celik