Forum Replies Created
If you are doing it in a Company structure then there won’t be a CGT issues as all profits will be charged at the Corporation Tax rate.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Or alternatively look at a Non Coded Nodoc Loan.
Sure the interest rate won’t be nice but if it is merely until the end of the new financial year so a matter of months doesn’t matter in the scheme of things.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hate to say equity does nothing to evidence a capacity to repay.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi AM
Do they have to be Northside.
I am based Western suburbs but have clients all over the State.
If you wanted to flick me an email be happy to make some suggestions.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Karen and June
If you want to flick me an email i will send you an article i wrote for the API magazine on why you should not cross collateralise your loans.
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Yours in Finance
Richard Taylor | Australia's leading private lender
You will find it hard to source properties that are cash flow positive even on an interest only basis assuming you are borrowing 100% of the purchase price + costs.
As Terry mentions the type of loan has very little to do with the property selection process.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi traceanddave, Anku
This what the forum is for sharing information and learning from others.
Don’t worry we all started someone where.
Purchased my first IP in Australia in 1994 and 10 years later was lucky enough to be retired from the workforce living off my rents but only started by accident and reading and learning from others.
Ask as many questions as you like most of us don’t bite.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Tim
What is you are wanting ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Sam
You might want to read some previous post on this organisation before you part with your hard earned.
As Dave says who defines whether the property is below market value.
Trust me you won’t get any Bank valuer tell you in writing the property is valued more than you paid for it.
Also what is the definition of a positive cash flow property. I can guarantee if you put 30% down we will find you one in Brisbane.
We don’t buy Units in Cairns due to the high body corporate fees and negative growth.
Think before you open the purse strings.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Bond
Yes definitely suggest you get them restructured now.
I can’t believe your broker didn’t point out the negatives when you did the last loan.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Bond
If you intend to purchase again I would certainly uncross the loans and start afresh in order to ensure you can access the equity for a future deposit etc.
There are very situations where crossing your loans makes sense.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Purchasing at a so called discounted price will not reduce the amount you have to put down as deposit as a lender will only lend against purchase price / valuation whichever is the lower.
Very unlikely you will see the valuation come in at more than the purchase price and even if it did your borrowings would be unaffected.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
You need a valuation ( paid for to registered valuer) = Not quite correct.
The ATO specify “PREFERABLY be undertaken by a suitably qualified and experienced person in relation to the asset being valued”.
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Yours in Finance
0-40 Properties in a decade.Richard Taylor | Australia's leading private lender
Rachelm
What is the land purchase and estimated construction?
Profit looks a bit skinny for us to be interested but if the numbers stack up who knows.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Cam what you paid for it will have little bearing on the valuation.
It will still come back at contract price.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Yep looks like it might be Jamie.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Jonathan Yes by doing what you suggest you are cross collateralising the securities.
Only way is to avoid this is to establish 3 separate loans.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Hi Ajay
Not sure you do for a living but I assume you don’t work for free.
Consequently why would you expect any Buyers Agent or Broker to do the same.
When you engage a Professional in any area of business you are paying for their expertise.
Why would you expect them to give you the goodies up front without any form of commitment.
In Qld we certainly wouldn’t even engage in conversation without 50% fee paid.
Appreciate you are a newbie investor and forum member but not sure why you would expect anyone else to do anything to the contrary.
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Yours in Finance
0-40 properties in a decade. Ask me howRichard Taylor | Australia's leading private lender
I can’t believe this suburb has reared its ugly head again.
Do a search on previous posts as it has been running for a while.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Agree with Jamie.
Wouldn’t buy vacant land but look at a cheaper property with some element of gearing.
Make sure whatever you buy generates at least $200 / week as the cost of repairing an oven or a stove is the same for a $150K property as it is for one costing $300K.
Big difference is at $150K it might be 3 weeks rent whereas at $300K it might only be 1 week.
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Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
