Wazi

I have just financed a property where 2 houses are being built on the one block of land with the single title being on 2 Lots in Coopers Plains.

This application was full status however you would be suprised how many lenders would not lend more than 70% as their was 1 title.

What part of town is the property, the zoning and the land size.?

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Mapleleaf

Don’t let other put you off.

I have relocated several homes in regional Qld for Investment and always found that the local Council are happy to assist.

Currently i have 2 relocatable homes being moved to land i have subdivided in Mt Morgan and also one going onto a vacant block at Baldercombe.

Yes admittedly as in any industry there are sharks around but there are also decent companies that provide a great service.

It is all a matter of supply and demand. I recently completed a loan for a client here in Brisbane that was looking to give a good quality house away to anyone who would remove it so their are bargains to be had.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Guys get to now a few Brisbane RE agents and you will find 16-18% is the norm in Brissie.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Strawberry

You firstly mention that your friend is looking to buy land and sub divide but requires partners? Are these financial partners or partners to purchsae the property with. If the later is the case then a Pty Ltd structure or Unit Trust maybe the way to go.

Secondly, i would not be buying any block of land where i was not fully aware of what could be done upon the block. An initial phone call to the local Council or a Town Planner will give you a better indication but remember the process is length and costly.

Not many lenders will fund englobo land so dependant on your financial position funding maybe an issue.

In land development there are many hidden costs which the average purchasers does not consider.

Unless you are both wishing to live on one of the blocks of land then i would be inclined to try and organise a Put & Call Option with the Vendor and then once you have obtained the relevant DA try and find a developer to purchase the property and you take your profit.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Colin

You are right nothing to stop you

“one partner buys out the other using the extra value in the investment.And there is nothing stopping both of you from doing this over and over.” it is just the stamp duty and CGT you have to build into working out whether it is viable or not.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Terry

The Contract cannot stop you placing a caveat on the property as it is the Property Act which makes this provision as protection for the wrappee however i agree with you this still gives no protection to the purchaser in the event of the wrapper going into bankrupcy.

In saying this i have seen certain contracts which state that a caveat cannot be lodged which is clearly in breech of the legislation.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Hi Lawrence

“you must be aware that the lender in the first and second instance are informed by the land titles office so its a good idea to pre warn them”

This maybe a NSW Title position but it icertainly is not in every State.

In Qld there is no requirement these days to advise the 1st mortgagee that you are registering a second mortgage or caveat.

In around 50% of all of our wraps purchasers registered caveats and i have asked the lender on many ocassions whether they are advised and the answer is no. The same goes with 2nd mortgages as i have a bit of money out on these and did not require the consent of the lender to register my charge.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Derek

Too true. You only get one crack at those sorts of clients.

Ozi yes it was in NY State.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Hi DAB

If you want to email me the address details i can have a drive past for you if it is on the right side of town.

Can certainly help out on the Solicitor front.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]

Hey Sharon

Well you are not a normal client.

I don’t peform miracles for everyone, i leave that to the big fella upstairs.

However we aim to please and your $50 cheque is in the mail.

Have a lovely Xmas although in saying that I will probably send you a dozen emails between now and the 25th.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]