Forum Replies Created
Tim
You seem to be on track with your thinking normally a fresh coat of paint and a garden make over can make a huge gains.
As far as valuations go banks are been very conservative at the moment but you do have the option of having a valuation done prior to an application with certain lenders that will stay valid for 3 months so you can determine if it is worth the application being submitted and generally the valuer should be instructed that a reno has been done but they would expect a reasonable time frame between purchase and revaluePaul Meese
Onyx Finance
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0412 850 820Hi Nicolette
It works well if you are in the right area, i live in the SE of Qld and in 2004 i brought 4 blocks of land contract price $88,000 for 1/2 acre fully serviced.
Required 5 % deposit due to title 6 months after purchase.
12 months later land finally titled and on sold 3 blocks for $125,000 and constructed on the 4th.
Thats $37k per block not bad for 12 months with a $5k out lay2nd scenerio
10 blocks of land brought from developer west ipswich QLD 2004 for $18,000 per block with 10% dep required,6 months till titled resold for average of $55-60k prior to settlement
Point to note is that this was done just as the market really took off in SE QLD so you would be very lucky to acheive this at the moment.
Paul Meese
Onyx Finance
[email protected]
0412 850 820Hi Kristine
If you can find a motivated vendor why not give him the price he asks(as he is expecting offer 10% below anyway) and ask him if he will leave 10 or 15% deposit in for you as this will reduce your upfront costs
If you can do it without a real estate agent involved there is more room for negotiating on the price
Remember there are no set rules as far as for buying or selling so be a little creative with your offersPaul Meese
Onyx Finance
[email protected]
0412 850 820Hi Zorge
As a finance consultant my self i am of the opinion that this game is all about relationships and what i as a broker/consultant can do for my client.
The bank ,interest rate and loan is not the most important issue as there really isn’t a bid difference between lenders and as i have found non bank lenders and wholesalers can be a great deal more flexible and a good portion of these funders are backed by some major organisation
If a lender is going down the tube they will sell off their loan book to another institution so don’t be to concerned with that.Paul Meese
Onyx Finance
[email protected]
0412 850 820Frini
As a investors direct client i also attended the seminar and on initial overveiw the product looks very good as far as cash flow, i suppose my only concern is that if you property doesn’t maintain good growth you are eating in to the equity each year.
What this will do though if it takes off is start to generate some good competition within the market to the benefit of the savy investorPaul Meese
Onyx Finance
[email protected]
0412 850 820
