Forum Replies Created
Whilst I also agree in trying to get pre-approval first, if you have foud a good deal and dont want to let it pass you could put in an offer subject to finance if the vendor agrees (in fact in WA this is common and standard wording in the contract).
I purchased my first IP with pre-approval in place, but 2nd (in WA) without, but ST finance by a certain date. I only did this because an opporunity came up earlier than expected.
BUT:
* it was a mad rush
* I had already got the paperwork moving
* I had a fairly good idea what my budget was from my own analysis of what I could affordIf you can get pre-approval first, all the better.
Rgds
PeterHi SG
Though 3 weeks ago, I did the SYdney Masterclass, so hope this will (still) count as a post?
I can recommend a resource from Dale Gatherum Goss called “Trust Magic”. DOn’t have hi website to hand but can be purchased through BUsiness Mall or check out the back of API Magazine.
Cost is $100 – treat is as advice – and gave me a good feel for how they work / can work.
STeve’s Wealth Guardian should be very useful too (have ordered and awaiting arrival!)
From there, as TerryW suggests – get another opinoin from another Accountant (Im faced with the same situation), but I find being armed with some info first helps with questions to ask.
Try explaining what you want to do (cf+, NG or both etc.) then your understanding of options and have them assist from there.
Rgds
PeterHi Adam
I agree with Terry – seek some advice.
In the first instance a mortgage broker, at least to see what you can borrow. I say this because from your post I assume you will be investing with your partner, so broker might be able to assist with best way forward here.
In the second, a good accountant since you will be acquiring an asset from your parents (per TErry’s comments on tax consequences) esp if you are relying on this property as your main (only?) source of deposit.
Rgds
Peter
[cap]Hi Vernon
YOu might like to try Residex – they sell reports on growth / rent return for various postcodes / areas.
Not sure if they cover WA, but worth a try on their website.
Property Investor MAgazine also run articles each month on various areas on each state, so subscription might be worht it.
Hope this helps!
Rgds
Peter
[cap]I would ask owner of te adjecent unit whether her unit is different from yours where it might command a higher rent, for example:
* It could be a lease-option
* Perhaps her unit is bigger size bedrooms/living area, better layout, has an extra car space or have built in robes where yours does not etc.If units are the same ask who her agent is and approach them with your problem and seek their advice – as Terry says sheck general rents.
Perhaps you my offer an incentive for new agent to take over management of the property?
Hope this helps with some ideas to think about!
Rgds
Peter[cap]
JJ&JoI have been asking myself the exact same question!
I would say it IS possible even in a flat market but it will come down to how you structure the wrap deal.
If you are looking a short term (5 year) wrap, be sure to identify an area with reasonable growth to ensure your wrapee finishes in front.
If a long term wrap (up to 25 years) the growth is less of an issue – as Richard has said its really to be viewed as a long term proposition.
BTW I would suggest Steve’s Wrap Kit as an excellent starting resource – Im working my way through it currently and it answers a lot of questions!
Hope this helps!
Cheers
PeterM[cap]
Hi alee – welcome to the ForumI have also bought property sight unseen through a Buyers Agent.
The Buyers Agent conduted the initial search and due dilgence and provided photo’s etc. I then organised a building inspection to be done.
I did however go with them on their first purchase for me, so had a level of confidence in their service.
It costs, but in my case was the most expedient option.
BTW be sure to check the dldg report thoroughly. One I had done was a 1 page report saying “I checked everything and it looks OK”!
You get what you pay for – dont be afraid to ask them to go back and check specifics – I’d suggest Steve’s Buywer Beware resource as a guide on what to get them to check.
[cap]
Hi Steve
I am a new member to the site – and about 50% of the way thru your book …. and Im hooked !
My wife & I have just bought our first (negative gearing) property – will cost us about $30 per week to ‘own’.
AFter just half way thru your book, I already know our next step needs to be for us to seek out a positive cashflow property (or propertIES) to replace the $30 per week we are losing from the first.
Thanks again for the inspiration and a guiding way.
Looking fwd to finishing the book & when I do I may have some questions … not this can’t work ones but how can I make it work !
And by the way – as Christians ourselves – we were so pleased to see you unashamedly mentioning your faith in Jesus in the front of your book !
God Bless
PeterM
