Forum Replies Created
Hi AAQ
Yes got back from UK mid last week.
Agree with Jamie.
Personally i would have given them to the valuer directly rather than thru the lender as you have no way of knowing whether they ever got to the right hands.
Fingers crossed it works out.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Not ideal way to go but 80% would be doable as an owner builder.
In saying that check the State legislation to ensure how whether you are limited to the number of times you can O / B.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
How did you end up going?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
We are doing a deal at the moment for a forum member in a similar boat.
The young client has good income but not much in the way of deposit.
We have sourced the property and investor to buy it and the on sell it to our client thru Vendor Terms.
It is a win win both parties.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Harry hate to say most experienced investors would prefer to invest on their own so be careful as anyone who is interested may not have the level of experience you are after.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Terry need Professional advice in order to protect both parties.
Cheers
Your in Finance
Richard Taylor | Australia's leading private lender
Have to say I think you will be lucky to find an Investor happy to take the risk for 10% return given they could probably get 16-18% thru a specialist Mez Finance for similar risk albeit lesser time to have their money tied up.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Newbie as has already been don't panic as it is the worse thing you can do.
Calmly assess the agents in the area and interview them all and then look to go with the firm that both you and your Dad feel at ease with.
You want someone who is active in the area but also is both honest and has integrity and understanding.
Going to be a stressful time for your Dad so you probably need to take over the reigns.
Good luck
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As I say get Darryl to set up the Deeds and then I can give you my Accountants details on the Gold Coast.
Nothing nicer than popping down to see him and then spending the rest of the day on the beach and claiming the travel costs.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree other than the obvious areas there is good old fashioned cold calling to the Real Estate agents on the area.
As Buyers Agents we often get Agents ring us before the property is officially listed to see whether we have any clients interested. Often an offer the same day takes it off the market from other potential buyers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
There are a number of techniques and strategies that produce positive cash flow it is just a matter of finding what is right for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi rinji
Firstly welcome to the forum and I hope you enjoy your time with us.
It all depends on what you want it for.
If it is merely to get an indication of estimated price then an online RP Data / Residex or similar search would be just as good.
Unlikely your Bank will do it for you unless you have lodged an application thru them.
An independent report will cost between circa $380 – $750 depending on the purchase price.
As a Mortgage Broker we order valuations for our clients all day long and in most cases their is no charge for this (The odd lender does charge.)
Let us know what you need and we can answer further.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Darryl Richards at Hui Lawyers is your man.
Tell him i said g'day.
In fact I think he owes me lunch.
When that is sorted out i can give you an Accountants details as well.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As i mentioned why don't you post the answers to my questions and then a potential investor can stack it up against other opportunities.
At the moment there are deals coming out of the ground and the average investor cannot buy everything so needs to tick some basic boxes to see how far he takes his / her due diligence.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Brandon
Prefer you emailed the response here.
It would not be something i would invest in (as i never invest in JV's) but was raising some initial points to help you get it out there.
As you are probably aware advertising such is not permitted on the site so was trying to give you a little rope with hanging yourself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Bellamia
Couple of quick points i would make if i was being asked to invest:
1) Your lender will want first mortgage so will they a consent to a second mortgage?
2) What rate of interest would you be offering the potential investor given the risk exposure and security position?
3) How long would the loan be for and what would be the take out strategy ?
4) Does the Company provide Directors Guarantees to the landlord when it rents a property ?
5) Does the Company repair the properties back to their original state once the Tenancy expires ?
At least with a little more information i can be well armed to make a informed decision.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Got a similar application going thru for a forum member buying here in Qld.
Lender gave it the nod but LMI said No.
Couple of ways but not that easy as has been stated.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Alternatively if one of your family members is prepared to provide a guarantee a 100% + loan is possible.
Second option a Vendor Finance deal.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi raminder
Welcome to the forum and i hope you enjoy your time with us.
Must admit the number of enquiries we have from clients to source them a property that can be subdivided or have a second dwelling / granny flat constructed upon has increased 5 fold over the last 3-6 months.
Couple of things to start with:
1) Need to ensure the local authority allows it.
2) Zoning permits it.
3) Engage a good Town Planner who knows his stuff.
4) Bring cash as these properties go very fast.
5) If financing ensure your lender allows multiple dwellings on a single title.
Plenty of others but a few initial pointers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Would love to come along but i think i miss out on the age policy?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
