Forum Replies Created
Miracle
You appear to be an expert on 2nd mortgage Vendor financing with your lawyer arraning all the paperwork yet you sent me an email asking whether i would let you have a copy of a Put and Call Option.
Surely wouldn’t the same lawyer you use for all these 2nd mortgages have one for you.
And don’t you think the average mum and dad vendor is going to have the same problem with your Call Options as they do with leaving 20% of their sale price in the deal.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Sonja
6 weeks maybe the standard in NSW in Qld it is 30 days.
Last property we settled in 11 days and that was only because we lost 3 days over the long June weekend.
If you want to buy a bargain you can’t hang around and expect the vendor to wait forever.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Why not consider a wrap deal.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Don’t tell my clients your Accountants hourly rate they will want to cut mine in half.
Like anything in this world you get what you pay for. If you consider what you ahcieved out of the meetings as worthwhile only you can determine as the value of this.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Josh
What age is the property?
Must be after the 1974 Building Act !
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Yorker
You are bang on there.
You might think we are 20 years behind the rest of the Country but i assure you A Put & Call in Qld is the same as everywhere else.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
John
Good choice in my opinion.
Also bear in mind the ATO treat a Barter Dollar as exactly the same as a Aus Cash$ but as yet the ATO don’t take Bartercard for the repayment of your Tax liability.As soon as they do i am back joining again.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Stu
I think you may find it depends in Qld on whether it is an owner occupied or IP as to whether the Bank will allow the duty to be transferred.
I recently refinanced a private portfolio of IP’s through Anz and they purchased the entire debt from my previous lender meaning zero stamp duty.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
John
When we were members we used to buy Bartercard Dollars at 47 cents $Aus to each Barter dollar.
The other issue is to try and find anyone in the construction industry to accept them.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Having known Kevin & Kathy Young since 1995 i think they would both agree that they are not developers
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Professional wrapper.
Is that an occupation or lifestyle i am not sure?Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Jo
Don’t want to nit pick but the relevant date for CGT calculation is not the date of ownership (i.e possession or settlement date) but actually the unconditional Contract date.
Have had many clients come unstuck with this one.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Pedge
You have probably been flooded with enquiries already but what State are you in.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I have purchased and wrapped several properties in my SMSF.
Other than the lack of gearing the asset is protected and you are obtaining a higher rate of return due to the lower taxation rate that SF enjoy.
Super Contributions are limited to a sliding scale dependant on your age but if both husband and wife are beneficiares and of similar age then you can make double contributions.
Just remember that your funds are locked away and not normally accessible unless are certain hardship provisions.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Anthony
Yes we take over all the negotiations and try and negotiate the price down. In some circumstances that is not possible but at least the wrappee is aware of the true cost of the property and the sale price is reflected in our letter of offer together with the repayments and any other terms.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
tonykim
Hate to tell you you won’t find a house or unit in Goodna for <100K those days have been and gone.
Rockhampton is a possibility but from my experience and we own over 30 properties in Rocky a lot of people are buying unseen up there and falsely driving up the prices.
One of our biggest Real Estate introducers comes from Rocky and can’t believe what price non locals are paying for IP’s
Certainly regional and rural towns with a poulation of >10000 are a possibility.
Don’t give keep researching i assure you there are plenty of good deals out there.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
brahms
Maybe not common with small lot residential sales but i assure you that if the property has potential subdivision approval or can be strata titled and the vendor wants a slightly higher than normal price then an Option is the only real way to go.
We utilise Calls as an effective way of placing a property under Contract when we havent decided whether we will develop it or flip it or when the structure or the Company in which we intend to purchase or develop it is unknown.
Most Real Estate agent are now familar with the Option and are findiong it easier to sell to their clients in Brisbane.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Derek
I know as a fact the major Bank that we deal will not allow their local branches or origination team to accept these deals.
Our deals where accepted because the institution concerned wanted to retain our development business and thought they may loose this to a competitor.
I have spoken to many of the other finance brokers on this site and think they would all agree that lenders have shyed away from this type of lending.
Happy to be corrected.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Del
I think this is one of the great mysteries of all time for the small time wrapper.
I now it has been raised on the forum many times and answered just as many.
I will interested to see what answers you get to your posts over the next day or 2.
We have the majority of our wrap finance through one of the 4 major Banks and are now dealing directly with their credit dept.
What started out 8 years ago as a few loans to assist our development business has grown and grown into a multi million dollar business.
I think starting out and disclosing that the property is to be wrapped in this day and age is a lot harder than it was.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
They are several ways to purchase or sell real estate using an Option arrangement.
In simple terms you would enter into a “Call Option” arrangement with a Vendor giving you the right but not the obbligation to enter into an unconditional contract to purchase a property for a given amount at a given time.
Usually the option will give you the right to nominate the intended purchaser after you exercise this right.
At the expiry of the Option you may elect to nominate a separate 3rd party to whom you have been paid a fee for doing so.
Under this arrangement there is no Stamp duty payable by you only by the nominated party under the Contract.
There are several other ways using Pty Ltd structures although the “Land Bank” rules under the Property Act may apply dependant on the asset value.
Hope this general simple overview gives you a guide.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
