Forum Replies Created
Hi norellc
Based on this post:
https://www.propertyinvesting.com/forums/property-investing/help-needed/4330530
it may not be available at the moment.Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Losty
I'd suggest you read this forum thoroughly and subscribe to a magazine like Australian Property Investor (API). it has some great articles for newbies and has quite a few stories about couples who have started from scratch and done very well.
Once you have become familiar with API and found a area of property investing that appeals to you both, have a look through their
http://www.businessmall.com.au/
section. Here you'll find a huge range of books, covering the many niche areas of property investing. Good luck.Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Danielle
May I suggest you have a look at the Vendor Finance Association's website at:
http://www.vendorfinance.asn.auThere is a link on the site called "Meetings and Membership". This will give you the list of all VFA meetings throughout Australia for the rest of the year. These meetings are a great place to get to know other Vendor Financiers and hear their experiences. Good luck.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi All
When you look at D's numbers, no wonder a lot of people are trying to move away from the major cities. We just sold a 3 bed brick and tile place in the Coffs Harbour area for $289,500 and another 3 bedder in the Hunter region for $265,000. Getting work in the regional centres is the catch I guess.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Andrew
It's not always the case but a 3 bed apartment in Newstead, Brisbane springs to mind. The guy we got it from paid $440K from the developer and 12 months later couldn't sell it for $390K.
It's also worth looking into the case of the Pacific Blue development in Salamander Bay. A couple of years ago we were offered a dual key apartment for $750K, with $600K down and the developer carrying back $150K. They got us loan approval as all the lender valuations had been "done". We pulled out. Now you can buy one of these apartments for around $350K.
Our caution revolves around an old trick, i.e. sell off the first couple of units to "silent" associates for the developer's price, thereby allowing the valuer to see "comparables" at the developer's price.
Obviously this doesn't always happen but we're just wary of it having happened in the past. I'll have to join the diplomatic corp
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Mitch
I'd probably refinance with one caveat and that is, what will your deferred establishment fees be?
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Kondalilla
One factor that may influence your decision is the future cash flow position of your new purchase. If you're planning to purchase a cash flow positive property then I'd probably buy it now so I don't miss out on the extra money in my pocket for 1.5 to 2 years.
Of course, if you're planning to purchase a negative cash flow property, then you may take a position with an off the plan purchase, thereby backing the potenial capital gain of the development and the area.
I have both negative and positive cash flow properties but I usually don't buy direct from developers, as I'm always unsure how prices may have been manipulated in the new development. I normally buy from the person that bought from the developer, as time tends to establish a real price for the property.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Ana
I leave others to comment on the best way to go regarding disposing of one or keeping both properties. However it seems likely that you will end up with a Line of Credit on one or two properties.
One point to watch out for is your mention of working"part time rather than full time." As you are looking at buying more IP's I don't think it would be a good idea to reduce your work to part time at this point. This is because of the effect it will have on your serviceability. Sure you could get low doc loans but I'd suggest you keep your serviceability (salary) intact until you've purchased these two extra investment properties.
Cheers, PaulPaul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Damo
A lot of people endorse Gatherum Goss at:
http://www.gatherumgoss.com/Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi JacM
In NSW I can't see why not. May I ask what you're trying to achieve by the use of such an offer?
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi rider
I did a google search for "convert company title to strata title". The first on the list was:
http://www.cml.com.au/news/2004/020.html
It contains a lot of useful information and there are a lot of other appropriate "hits" in the google list as well.Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Andrew
Yes we used an 80% LVR loan to buy the property. From looking at your other posts on this, I think the reason you've only been offered a commercial loan is because the property has 6 units. As far as I know, this reclassification to commercial happens as soon as your property has more than 4 units.
I'd suggest you have a talk with Richard Taylor. You'll find him on the forum as Qld007.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi new2da02
Considering the positive cash flow you're currently receiving from your existing IP and my assumption that this $65K property will also generate positive cash flow, I'd go for it. With one proviso, as Adam mentioned, i.e. the availability of a "good to fantastic" property manager.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
G'day Benjamin
I'd declare it all on your tax return. Your accountant should be able to work out some reasonable deductions for the unit and also have a formula that the ATO accepts for "full" boarders.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Andrew
We and two friends recently bought a buy & hold property with a unit trust with a corporate trustee. The units are equally divided and owned by our separate Family Discretionary Trusts. We feel comfortable with this structure and it also works well in regards to Land Tax (in NSW).
In relation to lending to Unit Trusts, I wouldn't give up yet. Have a talk with some of the mortgage specialists in the Finance sub forum. If anyone can find a way, they will.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Matt
Interesting article and it seems to bear out our current experience, i.e. we as vendor financiers have seen large increases in vendor finance buyer enquiry over the last six months. The increses we've seen are mostly from people with good serviceability but insufficient deposit (savings).
Not sure if I should thank the banks or not
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Ken
We had exactly the same problem with our unit and the Strata Manager was great and got it fixed quickly. You certainly seem to be working with a bad Strata Manager. Have you had a talk with the President of your Strata Committee?
Once your strata president understands the potential structural problem this could cause to the building, I'm sure she/he will be keen to bring the strata manager into line and get the leak fixed. Possibly even suggest that, if the strata manager doesn't perform satisfactorily, the committee hire a new one.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi propertyboy
http://www.rent.com.au/landlord.asp
may help.Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi propertyboy
Around here, Port Stephens, NSW, we can also buy the full Residential Lease kit from the newsagent.
This may be better than just getting a copy of the Lease agreement because, apart from the Lease agreement, there's a whole lot of other stuff you've got to do when setting up a residential tenancy in NSW. The kit contains the Residential Tenancy Booklet and it's a MUST read.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi thesalmon
We've just sold a 3 beroom home in Morwell, Vic for $147,000 with vendor finance. The new buyers paid a deposit that was made up of the FHOG and $3,000. There are more of these vendor finance properties at:
http://www.renttoownhome.com.auI don't have any interest in this site, apart from advertising our properties there.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.