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  • Profile photo of Robert KingRobert King
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    @robertking
    Join Date: 2016
    Post Count: 13
    February 28, 2018 - 1:51 pm

    Hi Dave,
    Great information and thank you for sharing with us.
    I notice the metrics you have mentioned are in line with the metrics used in the newly released “Location Score” website.
    It weights this metrics and provides a rating as to whether an Australian suburb is hot or not.
    Are you involved in this website also?
    Cheers,
    Robert

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    February 27, 2018 - 4:20 pm

    Hi Warren,
    I do not fit the ideal but I have been interested to understand the project further if you do not find the partner you are looking for.
    What is the location of the subdivision and do you have a feasibility calculation completed and build quotes/cost forecast etc?

    Cheers,
    Robert

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    February 27, 2018 - 4:15 pm

    Additional point, to mortgage a property a lender strongly prefers that the security(house) is located in the same country as the mortgage(loan). Meaning, to invest in NZ you have to borrow the money from a NZ bank(unless you have 100% cash purchase). Lenders in NZ require a 40% deposit if you are buying for investment purposes. This is the same regardless of whether you are a citizen or a foreign investor. This requirement has been brought in a while ago to slow/stop speculation and allow more first home buyers an opportunity to enter the market. The 40% deposit requirement stopped me investing back in my homeland.(NZ)

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    February 27, 2018 - 4:10 pm

    Did it sell for crypto?

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    February 27, 2018 - 12:56 pm

    Hi @AgentSmith
    Are you interested in selling your course materials and recoup some of your initial investment cost.
    Feel free to message me.
    Regards,
    Robert

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    February 27, 2018 - 12:55 pm

    Hi @verns,
    Are you interested in selling your course materials and recoup some of your initial investment cost.
    Feel free to message me.
    Regards,
    Robert

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    April 2, 2017 - 10:35 am

    Hi,

    So @verns and @agent-smith.
    It has been a while since you both purchased a course.
    I am curious as to whether or not you have made any deals as yet.
    What progress have you mad as commercial investors?

    I am currently evaluating my first commercial deals(currently only hold residential) and I am wondering whether you may be able to provide any advice.
    Namely, in the area of Due Diligence.
    What kind of Due Diligence do you recommend?
    A simple and comprehensive “bullet point” list will aid a simpleton such as myself.

    Thanks in advance.

    • This reply was modified 7 years, 7 months ago by Profile photo of Robert King Robert King. Reason: tagging
    • This reply was modified 7 years, 7 months ago by Profile photo of Robert King Robert King.
    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    November 27, 2016 - 11:33 am

    Hi Ando,

    I would like to ask what happened?
    I am looking at providing lease option/vendor finance to help other get in the market, and make a profit for myself.

    I have to admit I am confused by your posts as it seems;
    *You were buying a house to then lease option to someone else
    *It settled Feb 2nd
    *Feb 25th you were trying to get equity out of the house in which you just settled?
    (personally I think this is to soon as there has been no/little growth since purchase price)

    Maybe I have missed something or maybe a fellow reader has followed this story better.
    As I am considering this kind of creative option, I would assume that once I have a tenant to lease option, I could not/should not be accessing equity during the option term?
    Or did you not have a tenant to lease option the property to?

    Keen to hear the story and why it went so wrong for you in Feb and hearing the outcome today in Nov.

    Regards,

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    November 27, 2016 - 10:58 am

    Hi,

    I have also considered this.
    Firstly, don’t pay 10%…negotiate 5%.

    Secondly, if there is still a lot of land to release over the next 2-5 years in the neighbourhood, the value of your block may not go up at all(or very little) meaning you will have to eventually settle on the land and then be paying the loan until you can find a buyer.

    Thirdly, review the contract carefully to be sure you can onsell/assign the land to someone else. Many contracts will have a hardship clause(or similar) where you can get your conveyancer to request approval from the developer to onsell.(I am sure no developer would ever say no as they want the land to settle.

    I have seen many people make some(little) money this way($5-10k a deal….sometimes much more).
    The margins can be thin but there is money there.

    I even sold(in my agent days) a block for a bloke doing this stratgey and although it took ages to find a buyer and although we had to ask the developer for extended settlements whilst we signed up a buyer, we got the deal done, he paid my commission and he made $5k or for his effort.

    Like anything there is risk, but I do like the idea.
    Regards,

    Profile photo of Robert KingRobert King
    Participant
    @robertking
    Join Date: 2016
    Post Count: 13
    November 27, 2016 - 10:47 am

    Hi Cris,
    I am also looking at providing potential owners with a Lease Option or Vendor Finance to purchase(build) their first home.
    Currently I have 1 family I can help but once I have successfully established this agreement, I hope to replicate with others.

    I plan to purchase/build a house and land that suits the families wants.
    First home and building means the stamps will be lower in Vic.
    Buyer will pay me/refund the acquisition costs for the property(my deposit, stamps, legals, Service Fee??)
    I will then either add a margin to the my mortgage on this property. (if I secure 5% interest rates, they will pay me 7% for example)
    Buyer will be responsible for all outgoings/repairs.
    As for the exit, I am unsure.
    Either I will continue this until the mortgage has ended in 30 years after which the buyer will take ownership(and pay stamps….again)
    Or, we create an option for them to gain finance after 10 years to buy at an agreed price?

    As you can see I only have a very loose concept and welcome any further discussion and guidance.

    Have you had much success in understanding how to structure yourself as the seller to minimise tax/legal implications?
    Are you using a “template” contract for this type of agreement(noting all agreements would be negotiated separately)?

    I am interested in hearing from you as I have only begun this journey myself and it has only developed from seeing an associate need this service to get in to home ownership(and of course myself looking for creative investing opportunities).

    Hi Deanne,
    I am also interested in any advice you maybe able to provide in this process?

    Thanks and look forward to further discussion.
    Regards

Viewing 10 posts - 1 through 10 (of 10 total)