Forum Replies Created
Agree with Mark the market is awash with some cracking deals at the moment.
With our unique 100% finance product my business partner is putting clients into some real cracking deals at the moment.
We take Power of Attorney for our clients and inspect and assess the properties for them as most of our clients lead busy lives and don't have the time or inclination to travel to see the properties or the experience to negotiate the contracts.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Alternatively contact Alistair and get him to assist you in financing the deal for you.
Never goes a miss to get someone with extensive development financing experience on your side whether it be your first or 21st project.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Matt, if there is any chance you may decide to rent out your PPOR then interest only with offset is the way forward.
Taking it one step forward you even look at taking a fixed rate with 100% offset account to give you the additional sleep at night factor.
Then if you also thinking about investing in the future there are a couple of things you could do to ensure you don't have too save for a deposit.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
taxdiva
I assume if you are looking at investing inside your SMSF you will be using cash, a related party loan or will putting in a hefty deposit as non of the conventional lenders will go to 80% lvr in those post codes.
The majority of lenders have excluded the area for lending full stop under SMSF loan.
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Yours in Finance
Richard Taylor | Australia's leading private lender
The other consideration is the cost of visiting the area and scoping out possible properties / properties you put under Contract is not a Tax deductible expense.
The cost of investment advice is a Tax deductible expense as long as the advice relates to the generation of income so using a Professional can often be the way around it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Getafix
Hate to say no standard lender will touch the deal if this is your first project.
Pre-commitments are no use you would need actual pre-sales with 10% deposit being held and then on that basis such deal would be private funding only.
Wilko's interest rate recommendation i have to say is dreaming in the current climate and you would be lucky to get such a deal away at circa 8% + especially if there is any need for Mez finance when you could be looking at double that.
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Yours in Finance
Richard Taylor | Australia's leading private lender
What is the rebuild amount and the weekly rent coverage ?
Do you have Tenant default cover also ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Henry
Are you saying the premium is $102 per year?
If so I wouldn't think about ever changing.
I would need more details to be able to give you a premium.
Cheers
Yours in Financing
Richard Taylor | Australia's leading private lender
To late now but depending on the numbers you could have gone 80% secured and balance unsecured.
No LMI on the deal that way.
We do this with clients a lot especially when lvr is close.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Which State are you looking at startiing in Syke ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Which State are you looking at startiing in Syke ?
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Yours in Finance
Richard Taylor | Australia's leading private lender
Course depending on which State the property is located in taking a large deposit off the purchasers may cause you more problems than it is worth.
Legal consequences of such.
Always consult a professional before under doing anything.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi U & C
Welcome to the forum and good to have you make a comment or two at last.
In my business i seem to spend more and more time mentoring clients who are wanting to build a property portfolio but i have to say it is never a matter of the advice for one being the same for another.
Half the battle for any property investment adviser is trying to ascertain not only the intended goals of his client but how realistic these goals may be. to being achieved.
When i work with a client we always try and work backwards to see what the end goal is and then see what steps need to be taken to achieve them.
There is no point in setting a goal of wanting to buy an investment property every 6 months if you don't have equity or cash to keep coming up with deposits.
The other mistake many clients make is they think they should buy in their immediate area.
They might live in an area where the median price if $500,000 and assume that their first rental property should be for $600K.
When in fact they could have diversified their risk and purchased 3 properties at $200K each.
Remember you cannot live of capital growth but you can live of rental income so before you rush in engage a professional who is able to advise on all aspects of property investing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry don't want to appear unfriendly but that is intellectual information and like the Contract we use wouldn't be releasing it in the marketplace.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Absolutely no point at all.
Just focus on the job in hand. Valuations are commissioned by lenders as part of their risk analysis.
Instructions are given to valuers on what basis to value a security by the lender and for their purposes not yours.
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Yours in Finance
Richard Taylor | Australia's leading private lender
As above however Yes the insurer can certainly influence both the type of valuation and who does it.
I have a deal for a forum going thru at the moment where the insurer has requested a 2nd valuation be undertaken as there are a couple of things they are not 100% happy with.
Lender redid it but did a driveby and insurer now wants it redone to a full valuation.
Other than that sounds like slight lack of communication.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Jeykoy, as JacM above mentioned why not look at doing both or buying an IP without using any of your own money.
We have helped hundreds of forums members of the last 12 years buy both at the same time without crossing their loans or using any of their own savings.
It is all in the structure of the deal.
When i arrived in Australia i purchase an IP and a PPOR the same week albeit i was lucky enough not to need any finance but the concept is still the same.
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Yours in Finance
Richard Taylor | Australia's leading private lender
Would be running a mile on such a property.
BC fees equate to nearly 11 weeks rent and then you have to add on Council Rates and Water utility charge.
Morayfield has a poor track record when it comes to vacancy and the costs associated with gated communities just never go down.
Gross return might look good on paper but can be expensive when the value of the property goes backwards.
Get professional advice before investing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Matt,
If the property is initially to be a PPOR and in the future an IP you would probably be best off with an interest only loan with 100% offset account.
You do this on a fixed or variable rate depending on what you need from a loan.
Get yourself professional advice as making a mistake can be costly in the future.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You can insure against anything these days include unemployment, redundancy, death etc however it all comes at a cost.
All depends if you want to one live off your rental income one day or merely float along with the herd.
Nothing wrong with the later but sometimes you had to expose yourself to some element of risk to move forward.
Getting up each day can be risky but it is a risk i am prepared to take.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
