Forum Replies Created
I am aware what a emergency plan is but an exit strategy ???
I wouldn’t mind if someone told us what an exit strategy is.
If things get really bad then, by the time one realises one should be out of the market, there won’t be a buyer in sight. Only ghouls and grave robbers.
Who else can one ofload to in bad times ?
Just lest anyone thinks that things cannot get much worse think again.
Despite all the news about companies making increased profits think again.
Small businesses are suffering.
Taxi drivers are suffering. The price of taxis has come down from some $ 300,000 to $ 236,000 today (and still lower prices reasonably expected).
A friend who has a photodeveloping business catering to tourists has seen his turnover dwindle from $ 1,500 a day to $ 150 a day. He is now talking about walking out of the business i.e. giving the business away for free. A business he could have sold for $ 250,000 a year ago.
Today he is bleeding badly, having to dig deeply into his pocket each month to fund the shortfall.
Look into the shops. They are dead quiet.
Everyone has stopped spending.Everyone is affected.
Where will it end ?
Fire sales ? Suicides ? Hey, here’s an idea.
Any business associated with the funeral business may well be making accellerated profits over the next couple of years.Coffin makers, flower growers, eat your heart out.
Pisces
Bad news Mr Successfull.
I understand that Steve is now considering printing some of the pages on paper which cannot be photocopied !?
Pisces
>>I purchased directly off the builder who needed to sell one before commencing construction.<<
That is taking unfair advantage from a vendor who is in a corner, desperate to make a sale. [biggrin]
It is good to hear that it is in a small complex, James.
Pisces
I too have (had ?) a weight problem Gatsby. Have tried many different ways but, like a Junkie, couldn’t shake the habit of eating less.
I have however now discovered a method which I guarantee will enable one to bring one’s weight down AND keep it off. It is described in a book which reputedly has sold some 14 million copies worldwide.
The title is ‘The Montignac Slimming Sensation’.
The two main messages (which I got out of it) are
1. to avoid eating ‘sugar’ foods together with starchy type of foods.
and
2. generally speaking, it suggests to avoid certain types of food and replace them by other type of food. At no time does one have to go hungry and following this life style doesn’t necessarily mean that one’s life has to become a drudgerous-awfull-food-intake situation. You can still enjoy some great and tastefull dishes.
The first point made means that the body releases insulin in order to remove the sugar out of one’s bloodstream.
if at the same time there are starchy foods in the bloodstream the insulin released by the body to remove the sugar out of one’s bloodstream will turn the starch into fat which thence is deposited into the body.
If one is serious about slimming down you would be doing yourself a disfavour by not spending a small amount of money (from memory I think about
$ 35-00) to buy this book as the book provides the intellectual insight into the reasons why this method works (as well as providing a whole lot more suggestions than I summed up in my two points.Without the intellectual understanding of how our body works the way it does one wouldn’t have the belief in the system and this in turn would be likely to make us abandon the rules.
BTW, I note your plans about going public by having your photo plastered all over the internet.
Just as BayCorp Advantage has two ways of one being able to order a copy of one’s credit file (i.e. a copy for free which will be dispatched within 14 days or a small charge of $ 23 which will get one one’s copy withing 24 hours (in practice this means usually within an hour or so), so does Property Guru have two types of ways of having one’s photo posted.
The free service means your photo will be posted ‘as is’ whilst the $ 39-50 service will see Property Guru touch up the photo so as to bring out one’s best features.
Personally I am waiting until Property Guru announces a Special for the second type of service.
He is presently overseas. I understand that he is trying to sell some Master Franchises for his Portrait Gallery system. Talking big money too.
Pisces
I note the following :
1. James is talking about current estimates. An estimate (quite possibly by an agent selling units in the particular development) isn’t the same as a valuation.
2. Even if a lender is open to lending I doubt that a valuer will be able to value the unfinished property until it is actually completed.
3. I am familiar with a few situations where the valuation came in some 20% below the purchase price which was entered into some two years earlier.
4. My point about the mortgage insurers not accepting more than a small part of a large development is a very valid concern.
5. I said : So it is clear that buying a unit off the plan is fraught with danger and problems.”
To be aware of possible problems allows one to take precautions and/or protect oneself beforehand.
Pisces
I believe that the biggger wrap operators are busy locating financial partners to take properties into their name.
Pisces
>> But I have just lent it to a client and forget the title.”<<
Well it could have been worse. [tongue]
You could have forgotten whom you lent it to.
[wink]Pisces
Couldn’t be me Kay as I am no good in the songwriting department.
However, the more I think about it the more I suspect Richmond. If I remember correctly, he told me once that he was into writing songs.
Then again, it could even be one of the girls on this site. Melbear ?
Pisces
You may well be right Kay about LonelyMan and Mary being one and the same.
However, it is just as likely that Mary until recently was just a lurker and the moment she saw
Peter’s post she officially joined so as to be able to contact him.If however it is a put up job by one (or more) people on this website, let us have a competition to see who (we think) we can suspect of hoodwinking us all.
I reckon these kind of pests and posts should be banned. They have nothing to do with real estate.
Personally I think the culprit may be Steve !? Or even Richmond ? Or, as a 5/1 chance, Chan.
Hey, what about I running a (betting) book on it.
Here are the odds :
Steve 2/1
Richmond 3/1
Chan 5/1
Gatsby 6/1I am prepared to accept genuine bets on the above
at the quoted odds up to a risk of $ 500-00.Pisces
>>Look forward to seeing that gorgeous bald head of yours……..it’s a sign of virility you know??!!!!<<
Yeh, so the myth goes.
Personally I think it is because they are so desperate about their lack of virility that they pull their hair out.
Pisces
Flash said : “just had my credit card increased over the phone. It took about 2 minutes.added another 4 grand.”
I would n’t have expected it any other way with a name like yours, Flash.
Pisces
No matter what tall story a broker may tell you, he cannot, repeat CANNOT, push such a loan through if it isn’t the bank’s policy to lend under such circumstances.
The loan will be assessed based on the facts as disclosed in the loan application, not on the broker either squeezing the lender’s balls or buying the lender lunch.
The bank has certain guidelines and that is it.
However, having said that, as Richard said, there are indeed lenders who will lend in a wrapping situation.
I am even aware for example of one particular wrapper who has done a few hundred such wraps and deals with one of the big 4.
However I am also aware that the same bank refused to lend to another wrapper even though, to start off with, the particular morgage manager set out in the first place to court this proposed borrower (only to come back with the bad news ‘Cannot do it’).
Some people, naughty, naughty, do not disclose their intent in their loan application.
And, of course, how would the bank find out unless you were to default.
Technically you have omitted information unless
it wasn’t until afterwards that you decided
to make the property a wrap.Even then, the loan agreement may well state that you may need to get the consent of the lender (to enter into a wrap) (in essence it will be worded in a different manner. For example, it may say that the owner cannot pass on an interest in the property without the bank’s consent.
This would of course also technically net a situation where one leases the property to a normal tenant. However I doubt the bank would want to be burdened with letters asking for consent to rent everytime one changes a tenant.
I would say that the main reason for many lender shying away from wraps is because, in the event there is a default, they wouldn’t particularly like to be involved in the situation where they need to take possession of the house with all the inevitable bad press about the poor wrappee losing ‘their’ house.
Pisces
Hi James,
Valuations of units in certain areas of Melbourne, Sydney and Brisbane have been drastically been reduced. Many such valuations have come in well below the purchase price (even for purchases entered into some two years ago!!).
The second possible obstacle is that the mortgage insurers are only prepared to ‘take on’ a certain number of units in a particular development.
This means that if the mortgage insurer has already consented to cover a aprticular number of units in the development they may refuse to be involved in covering the next person who wants to buy a unit in the same development.
Thirdly a lender may not be prepared to commit to a loan which is that far away.
So it is clear that buying a unit off the plan is fraught with danger and problems.
Many buyers have run into great problems because of the above.
Are the developers offering finance ?
In any event that would likely only be for a limited period of time and the low valuation situation may possibly still present a problem at the end of the vendor finance period.Sorry to give you such alarming news.
My best suggestion is to see a mortgage broker as soon as possible as, who knows, you may still be able to cancel the purchase (if your particular development is affected that is) ?
Pisces
Thanks for that new perspective Richmond.
It just confirms how dangerous it is to buy sight unseen, relying on a spotter’s say so.
Pisces
St George is probably the easiest place to get a
personal loan from.Pisces
>>The change in price of a PROPERTY VALUE for every one-point move in the price of the CASH RATE.<<
What exactly do you mean by ‘every one point’ move ?
One point as in one percentage point ?
One point as in 1/100th of one percentage point ?Properties aren’t like shares or interest rates.
Share prices go up 2 cents, 10 cents, 60 cents, perhaps several times a day, up, down, up, up, down etc.That just doesn’t happen to property just as it doesn’t happen to the price of bread.
(So let us call it) the ‘Rob Ratio’, it is just balderdash, of no value, no substance whatsoever.
Its only possible use is perhaps for trying to impress beginning investors by intellectually bamboozling them, your formula has no practical use for property investors as such.
Pisces
>>I don’t know what you mean by that ‘clean out’ comment but I was joking about my response regarding RESI. I think I explained it earlier. The only reason I wrote not to use them is because I don’t work there. Of course I would rather people coming to me. There is nothing wrong with Resi that I am aware of.<<
That merely sounds like a rather lame excuse for badmouthing a company.
What do I mean by ‘cleaning you out’ ?
Well my wife grew up with Peter James’ wife and they are very good friends. Both grew up in the same country town. Peter of course is the Managing Director of Resi.
As it happened, they visited us for lunch today and I brought up the subject of your post.
He literally exploded. Resi has consistently topped the list of 80 lenders with a total of some 1,200 loans.
It is difficult to argue with that kind of record so a character assassination of that company, if they choose to take it further, may cost you very dearly in court.
The way he took your remark it really looks like you will be in for it.
The best thing you can do under the circumstances so as to limit the damage is to fortwith issue a public apology on this website as well as send a letter of apology direct to Peter.
Pisces
‘Delta’ in financial terms means ‘The change in price of a call option for every one-point move in the price of the underlying security. also called hedge ratio.’
I cannot quite see where it comes into play in real estate.
Pisces
>>I can now see how internet romances start..I’m in turmoil. Should i leave my husband of 15 years who is the biggest SPUNK, has big muscles and the cutest pert behind you’ll ever see, and five georgous children who make my life complete AND run of with this Johnny-come-lately aka Peter ???<<
Stranger things like that have happened you know.
In any event, WallFlower, joke or no joke, you can use all this nevertheless to keep your husband on his toes.
Show him the overtures made by Peter in his post and the inevitable result will be that you will make your husband pay you a bit more attention than he normally does. Just in case.
Cheers,
Pisces
Yes Henry, it is a true story. I worked with the guy so it isn’t just a tale.
Pisces
