Forum Replies Created
I will address the finance questions…
Your lending options are difficult to determine without you first providing an indication of how much you want to spend on an investment property and also an indication of your other expenses. You will be restricted by your ability to service the debt but you can use rental income from any investment properties you intend buying to assist here.
I don’t thing that you should be the one considering borrowing against your parents home. It is a decision for them as they will lose their home if you do not pay the loan and they cannot pay it. However, if they agree, there are a few options available here. The easiest is for them to borrow and then you use the funds.
Regarding whether it is wise or not, it is on your part. On their part, it is a risk of loss as described above. I would strongly recommend that you do not cross-collateralise (linke together under one loan packaged) your parents home and the property you want to purchase.
To do it, I suggest you and your parents speak with a mortgage broker and they can take you through it. It is not overly difficult if everyone is willing.
Regarding getting a valuation, don’t worry about it. Save your money. The lender will do this when you select one. You can get a fair indication of the property value by looking at recent sales of similar properties in the immediate area.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHow about a ‘properties for private sale’ section?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdIt is funny that I have been asking for a NSW wrap pack containing a NSW wrap contract and was only told yesterday about the Rick Otton pack. I would much rather Steve’s one but I will not purchase until such time as ADMIN confirms what is in it.
Regarding the ‘clause’, are you sure it is a power of attornet clause? Also, regarding the ‘specific conditions’, is that just that the purchase is paid what they are owed?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI forgot to ask for a LIVE CHAT ROOM. These are good for quick conversations instead of having to wait for someone to respond in the forum.
Chat rooms are also great for mini-seminars / events or guest speakers (like the accountant or the guy who made The Investment Detective or the wrappers). It creates an excellent online community. Times are just announced for special events.
Moderation is not hard either. It is easy to boot those who abuse the room. Believe me – I KNOW!
What does everyone else think?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdWhat is it you do Michael that would see the media fabricating stories to ‘get you’?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI have no sympathy for NSW investors who whinge about the tax system and still blindly vote for the moronic Labor Government. Do your whinging at the next election. I am sooooo sick of Labor and I live in Kingsford Smith. I am surrounded by the idiots. Now I have to deal with Mr Greenpeace himself. I should move to Wentworth!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdMany private lenders also offer this.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdNo. The demo was at the seminar.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdAre you implying that a purchaser or their solicitor would allow the signing of a contract giving the vendor power of attorney of the purchaser?
Only a moron would sign such a contract and only a solicitor who should be disbarred would advise their client to sign.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdAre you speaking from experience Jo?
SURELY NOT!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdPrivacy Act had NOTHING to do with it. Questions were not being asked about personal details of a particular person.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdDepends how you define the population in the area. It may be a large postcode that includes many towns and the lenders may do it. I have a few lenders happy to do 80% fully verified loans in most areas – including country towns as long as the home is zoned residential.
In any case, I also have access to private lenders who will do rural zoned properties either low doc or fully verified. Of course, rates would be higher.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdSimon,
Was that the licensed agent course and, if so, how much was it and who did you do it through?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdNo problem. It is old news anyway.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI think they do but not through OTEN. I am looking for correspondence if possible.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdPMs are great. I receive and send a fair few.
I would like to see a section on Shares & Alternative Investments
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdNo fee to get out early but the capital guarantee does not apply. This is a problem if the prices are down.
The capital protection is 100% of the investment.
What I meant by “all year around” was that I will be buying in Feb, Apr, June, Aug, Oct, Dec EVERY year until I think the market is going to turn. I am not interested in short-medium. I want medium-long term investments.
I am not new to the market and have been gearing for years. I used to double gear on international shares before they brought in 100% gearing on managed funds. It is easier to select your preferred fund and let them worry about it.
I invest when I know I can wear the COMPLETE loss (if stop-loss orders are not available). In this case, it is only the interest on the capital amount for about 5 years if things die before the first increase of the caital guarantee.
I can’t wait to get back into covered calls and puts when I have free time in 2-3 years.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThe problem with providing ‘How much can I borrow’ calculators is that the lenders differ so much regarding how much they will lend. Those calculators are merely a guide as there is no single formula that can cover all the lenders – especially because they keeping changing their serviceability model.
I created an excel calculator (unfortunately I am not a programmer to do it in Flash) that has LMI estimtes for GE and PMI inluded in it amongst other information. Have a look at http://www.mortgagepackaging.com.au/MPHLC.xls and let me know what you think.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI think that is only the certificate course. Been there, done that!
I am looking for the full license.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdIn that case, if YOU supplied it, undertake a property condition report so you can take any expenses out of the bond before returning it to them.
It is just normal practice to lease out commercial property as a shell. You are obviously getting higher rental returns providing a fit-out. Protect it and get a new PM.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
