As everyone else has said it probably isn't ideal renovating from the other side of the country.

A friend recently bought a house in Port Hedland (WA) and he lives in Sydney. It was a renovation job and Port Hedland is pretty remote so you can't exactly just pop down to your local bunnings to pick up supplies.

To get this done he paid a friend (and Sydney resident) to fly over there and renovate the property for him. He paid for all flights, accommodation and building supplies and paid the guy a daily rate…plus paid for his food.

I say this to say that you could consider getting in contact with local builders or handymen and consider hiring them as a handyman…paying for the supplies and paying them a day rate to complete the work.

Otherwise you can get building quotes done for the project. Handyman will probably work out a bit cheaper but the job probably won't be as professional

I have heard of people working overseas for cash…

How do you know you will get $525,000 for the property when you sell it?

Make sure you research the area and find out if there are large differences between renovated and unrenovated properties. If there is a large difference then you might get the return on investment you are looking for.

But if there is not much difference between renovated and unrenovated properties then you might not sell for as much as you want to. Many investors think "Because I renovated I can sell for X dollars" but make sure you have research to back your projected figures. Otherwise you are just gambling.

Ryan McLean

http://CashFlowInvestor.com.au

Helping You Invest In Positive Cash Flow Property

A few questions so I will try to answer them as best as possible.

1) An Australian bank should be able to loan you the money as long as you have been claiming your income. You usually need to prove (at a taxation level) how much income you earned. If you're not declaring income this will be difficult.

2) Interest Only loans are definitely possible. People do them for their place of residence all the time. I haven't seen many interest only loans with a greater than 5 year term though. I think you have to renew after 5 years and get another interest only loan.

3) Borrowing money against your Chinese places would give you cash to be able to invest in the Australian market. You could always look for a low-doc loan if you have a large percentage of the deposit.

NOTE: I am not a financial advisor nor mortgage broker. Probably best to speak to a mortgage broker as they will be able to tell you straight away what your best options are.

Ryan McLean

http://CashFlowInvestor.com.au

Helping You Invest In Positive Cash Flow Property

There are benefits to both.

OLD HOMES – By purchasing an older home and renovating you can often buy below the market rate, but then get a good rental return after the renovation. This can lead to increased rental yield and can help you to earn a positive cash flow faster.

By renovating you may also be able to increase the value of your home giving you instant equity.

NEW HOMES – You can claim more depreciation on a new home as all the new items have a lot of value to lose (on paper). This can help you get a greater tax return. However, with new homes you are likely to pay more and thus your rental yield opportunity may be less.

Ryan McLean

http://CashFlowInvestor.com.au

Helping You Invest In Positive Cash Flow Property

I have also looked into this in the past and you can secure 97% finance but that is with a 5% deposit. The 2% covers LMI (lender's mortgage insurance) and it is very difficult to get around this. Keep slogging away and keep saving up your deposit so you can buy that house.

Only 2% to go!!!!!

Ryan McLean
How To Save For A House Fast

I know that they sell properties and I haven't heard anything back about their service. I definately don't think they are a scam.

Haven't heard much about their information/education though. Maybe try giving them a call to arrange a time to see someone.

Ryan McLean
Free eBook "How To Find Positive Cash Flow Properties"
http://CashFlowInvestor.com.au

@Catylst – That was exactly what I was thinking. "Why are there two vague, but positive, messages about this company from first time posters. Both with an underscore in the middle of their name?"

Maybe some sneaky marketing tactics at play here.

Ryan McLean
Free eBook "How To Find Positive Cash Flow Property"
http://CashFlowInvestor.com.au

As Jamie mentioned speak to your Solicitor or Lawyer. Have they actually broken any laws or intentionly misled you or given you incorrect information?

It is possible to add things into your contracts such as a clause where you only have to purchase the property if, on completion date, it is valued at the purchase price or higher. Then if it falls below the purchase price you can obtain a refund of your deposit. You need to get a solicitor to write this up.

Without knowing more about the situation we cant give you specifics about what to do…but basically you will probably need professional legal advice

Ryan McLean
Free eBook "How To Find Positive Cash Flow Property"
http://cashflowinvestor.com.au

I have used it and it is pretty ridiculously good. I would recommend it for people who are looking to buy. Not just people searching but not actually in a position to buy.

My favourite thing is the fact that you can analyse individual properties. See what they sold for in the past and what the software guesses they are worth. It isn't always perfect but it gives you a really good ideal. Especially if you aren't familiar with the market.

I think they have a trial period. Why not try that….or go to their free webinar and see more about it

Ryan McLean
Free Ebook "How To Find Positive Cash Flow Property"
http://CashFlowInvestor.com.au