Forum Replies Created
Chris
Seems to be the same issue every US investor suffers the problem of good property management.
I was lucky enough to buy a beachside property in San Juan Capistrano in 1989 next to my Auntie who had lived in the suburb for 20 years and still does. Initially for the first 12 or so years we rented the house out to the same person and of course management was not an issue having a relative live next door.
Over the last 8 years we have had a couple of tenants come and go but not had a problem. In saying this of course the house is fairly substantial and the rent is a bit above the average.
Havent ever purchased outside CA but have financed clients in dozens of States since then. At present we concentrate on Florida as many Brits still purchase holiday and second homes there and financing there deals is fairly straight forward.
Some like Nigel might want to comment on property management in Tx as i certainly dont have any property management contacts there.
Richard Taylor | Australia's leading private lender
To be honest like Terry i have never used a computer serviceability program and work out all my calculations the long way to check and then double check as there as so many hurdles you can get caught on.
Even with 1 Day ABN you will need to state and income so given the Anz fiasco this may not be such a good idea after all.
Richard Taylor | Australia's leading private lender
Is your Accountant going to knock off your cost of CGT and Stamp Duty on these Transfers off your Accounting fees for the rest of time.
With this sort advice i would be look to engage the services of a new number cruncher.
Richard Taylor | Australia's leading private lender
Also dont forget you always take a 95% lvr interest only and put the surplus deposit, FHOG into the CBA non transactional offset account and save up for the next IP.
Sure LMI will be payable but will be a Tax deduction in the Tax year when the property is available for rent.
Richard Taylor | Australia's leading private lender
Terry
I am with you on # 1 but must admit very very glad i did #2.
Richard Taylor | Australia's leading private lender
Always a pleasure Maree.
Richard Taylor | Australia's leading private lender
Hate to say those lenders who will look at it now will charge you more than Anz and probably wont make it worth.
Absolutely pointless to ring Anz and argue as you didnt mean their credit serviceability model and they wont go back on that whoever you are. As i say think it was a total waste of time lodging the application if you Broker hadnt spoken to them first as he / she should have realised it was going to be rejected.
Richard Taylor | Australia's leading private lender
Chris
Why not post the question here and get other members answers.
Members like Nigel K have been involved in the US for about 5 years so can offer some expertise.
I purchased my first home in the US in 1989 and still own the property.
Richard Taylor | Australia's leading private lender
Oh thats ok i can handle that lol
Richard Taylor | Australia's leading private lender
Hate to say i think your Broker has now blown the deal for you as this will show on your Credit Report.
Altenative is to look at a Nodoc deal where no evidence is required however interest rates will be higher and you are pboably better off staying put.
Richard Taylor | Australia's leading private lender
Hi Maree
Your Account would lodge a 221D Tax variation form and when it comes back from the ATO would hand the letter into you respective employers and they would take less Tax out from the pay period onwards.
You are unable to back date and need to wait until June 30 to obtain the balance of the refund.
Richard Taylor | Australia's leading private lender
D
Development funding works 2 ways depending on the strength of the overall deal:
1) You would obtain upto an 80% lend to acquire the site (more likely 70% these days) and the upto 80% of the construction costs. You would need to fund the development approval, council costs and BA from your own pocket.
Once the construction has been completed (and at these figures you would need to demonstrate you could cover the interest each month) the plan of subdivision stamped and individual Titles created some lenders may look at switching the loan to residential rates depending on the number in the block and the concentration of units you will be keeping and the number that have deposits held on them or are under Contract.
2) You would obtain a loan of upto 75% of the Gross Realisation of the project net of GST which in some cases could be nearly upto 100% of the cost.
The later would be limited to non bank speciaist lenders and would attract a higher rate and set up fees.
Guess it all depends on how profitable the deal is.Richard Taylor | Australia's leading private lender
Not sure if i fully understand the question.
You can still arrange a 95% lvr with a gift but if someone gifted you the acqusition costs couldnt borrow 100% from a lender.
Tell me if i am miles off.
Richard Taylor | Australia's leading private lender
Nah GOM we are good but not that good.
Richard Taylor | Australia's leading private lender
Financing a studio apartment may take up more of your deposit than you intened to put in as lenders have gone off these as security and limit their lvr accordingly.
Richard Taylor | Australia's leading private lender
Even upto 95% is acceptable although the rate and the credit underwriting get a little tougher.
Richard Taylor | Australia's leading private lender
Hi Secret Agent
As Terry has mentioned Anz have such a policy however you still are required to state an income and telephone confirmation of your employment will be undertaken.
Suggest you get your Broker to put the deal together for you as you will only get 1 chance at doing the deal and you dont want to get it wrong.
At Lodoc 60 you would be entitled to a choice of any one of their products.
There are a couple of other lenders who would also look at the deal.
Richard Taylor | Australia's leading private lender
Depends on who the lender is these days it could be Nil.
Richard Taylor | Australia's leading private lender
Means they will buy and wrap a property you like rather than you have to buy one of an investor because he / she has it for sale and maybe not where you would like to live.
Richard Taylor | Australia's leading private lender
Sorry Steve i misread your original post.
There is a firm in Brissie called the Property Investors Group and thats what threw me.
Ignore me it has been a long week.
Richard Taylor | Australia's leading private lender
