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  • Profile photo of Richard TaylorRichard Taylor
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    December 31, 2015 - 8:05 am

    Wouldn’t risk buying an OTP property in the current climate.

    I believe you can do just as well buying an established property in the right location.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 31, 2015 - 8:02 am

    Hi Elle

    Personally i would avoid Enoggera Road at all costs.

    Isn’t to get any quieter. You can certainly buy in a better position IMO.

    Cheers

    Yours in Finance. 0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 31, 2015 - 7:59 am

    Location is a hard one and will depend on where you want to start price wise.

    We normally suggest a client start slowly with a good cash flow property and then expand from there.

    If you want a copy of our PDF “Turbo charge your property portfolio” shoot us an email and we can send you a copy.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 31, 2015 - 7:55 am

    Hi Matti

    Welcome to the forum and I hope you enjoy your time with us.

    We have a number of forum clients who have engaged our services recently to buy something in one of the inner suburbs with a max price of $500-550K and we are certainly fulfilling these requirements. In saying this you are probably looking at a Unit rather than a Townhouse at that price depending on the location.

    I prefer the Inner Western suburbs where i personally own over 26 properties and these have performed extremely well over the last 15 years.

    There are definitely some areas to avoid (as with any area) but I think with a buy and hold strategy you can’t go too far wrong.

    Let us know if you want any additional information.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 28, 2015 - 6:56 am

    Shezza not sure where you are looking at buying but you will need to save a lot more than 10-15K for a deposit.

    You mention you wish to invest in property so on that basis assume it will not be an owner occupied property.

    Minimum deposit would be 10% of the purchase price plus acquisition costs.

    On a 300K property you would probably need something nearer to 55K-60K.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 23, 2015 - 8:05 pm

    Hi Asou

    Whether you intend to occupy the property or not will have NO affect on the valuation.

    2 of the 4 deals we have done for forum clients recently were for owner occupation.

    One property came in at $155K more than the purchase price and the client set up an equity loan in additional to the funds needed for settlement so he could start an investment portfolio.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 23, 2015 - 7:21 am

    Hi Asou

    Sorry have to disagree with the previous posts.

    If you purchased the property 2 years ago and settlement is coming up i would be concerned if the valuation came in at the purchase price.

    We have had a number of forum clients valuations come in considerably higher than the purchase price on off the plan properties and the lenders will advance against the valuation rather than the purchase price.

    Course all depends on where you purchased but I have to say I would probably getting your Broker to order another valuation to see what comes back in.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 20, 2015 - 7:28 pm

    Hi Mike

    Yes I do and we are already seeing opportunity especially around the event areas.

    Cheers

    Yours in Finance
    0-40 properties in a decade.Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 20, 2015 - 8:31 am

    Hi Ando

    Just on the License front it is very unlikely you would be approved by ASIC for an ACL in the current regime.

    We obtained a Corporate License for our new No Deposit Housing Company and with 28 years in the industry i was put thru the ringer.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 20, 2015 - 8:27 am

    Hi Sampson

    At the moment due to demand our Buyers Agency service only covers Brisbane.

    We are looking at adding the Gold Coast with the Commonwealth Games coming up but won’t be for another year.

    Let me us know if you need any additional information.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 14, 2015 - 8:00 pm

    Hi Sydneyguy

    I believe my partner Jacqui has forwarded to you details about our buyers agents services and our PDF flyer on how to turbo charge your portfolio.

    I am sure you have read my API article on how I built my property empire in the 90’s and early 2000’s but very similar to the way you want to start.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 14, 2015 - 7:55 pm

    Agree with Corey not much upside at all.

    You can always engage the services of a consultant for most things and that is likely to be a lot cheaper for you that a profit share.

    Certainly will hinder your borrowing capacity and like anything even the best laid plans can go astray.

    In Brisbane I used to get a call a week from a forum member asking me if I was interested in partnering with them on a development project etc.

    I can’t see the benefit for me under any circumstance.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 14, 2015 - 7:49 pm

    Hard to know without a full valuation but potentially Yes it may not be deemed a suitable security for mortgage purposes.

    You would have to question why the agent put the contract forward if he was aware of the buyers circumstances but apart from that it is likely you would find to fund a lender to fund something on the deal.

    What you may struggle with is a lender that allows you to fund a 2nd mortgage.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 13, 2015 - 6:09 pm

    Yes Mel the “cooling off” period of 5 days is state based legislation and relates to where the property is located not where you are.

    In saying this just understand that if you terminate using the Cooling Off clause there is a 0.25% penalty which the seller can claim,

    Might be better to terminate under the finance clause where there is no penalty. Your broker will just have to do a letter to this effect.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 12, 2015 - 9:27 pm

    10-12K is almost double what a decent Buyers Agent will charge (Albeit i might be slightly biased) however it all depends on what your goals and objectives are.

    If you are merely looking at buying a 1 off IP located in your own area then you could argue the funds could be better spent on increasing your deposit.

    If you are serious in building a long term portfolio then getting professional assistance might be an option.

    We have put together a PDF flyer on Turbo Charging your portfolio. Shoot us an email if you would like a copy.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 12, 2015 - 9:19 pm

    Nothing new about what you are trying to achieve and was how i built my property portfolio in Brisbane at the of the 90’s.

    We then decided to pay down all of the investment debt and live off the rental income.

    Course other considerations when it is an investment property rather than a PPOR.

    Cheers

    Yours in Finance
    0-40 Properties in a Decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 7, 2015 - 9:04 pm

    No you could be a Guarantor as Terry mentioned but that doesn’t help your serviceability going forward.

    Cheers

    Yours in Finance.
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 5, 2015 - 3:45 pm

    Hi Nathan

    Will depend on the wording in the instalment contract but normally the investor will cover it and then either debit the loan account monthly / annually as specified.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 4, 2015 - 8:59 pm

    We are still getting a number of BA enquiries from overseas and first thing we do is ask for a copy of their Residency Certificate.

    Certainly can be an expensive oversight if you are not diligent.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    December 2, 2015 - 9:59 am

    Hi Ando

    There are a number of ways you can on-sell the property offering some form of Vendor Finance arrangement whether it be Rent to Buy, Sale by Installment Contract etc. In all cases your Solicitor will need to draw up a specific contract as it may need to be NCCP compliant.

    Whether you are required to hold a Australian Credit License will depend on a number of factors and your Solicitor is best placed to answer this.

    If a License is required then it is unlikely you will qualify as ASIC has really tightened up its criteria in this respect.

    My Company First Home Owner Group Pty Ltd has successful been offering VF arrangements for over 15 years and especially in a flat market it is an excellent strategy. We however do hold an ACL.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Ask me how.

    Richard Taylor | Australia's leading private lender

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