Forum Replies Created
Hi Jamie
Give me a call or email [email protected]
I have a property in NZ I need to discuss with you regarding a joint venture arrangement.Regards
Ian
0410 638 657PS: If you decide not to go ahead, my email is [email protected] If it's as good as opportunity as you say I'll buy it.
Hi Sheilsey,
Wow that last post would put you off insuring anything. What a nightmare! But….. more to do with insurance companies and slack rental managers than the pool.
The key element in your question is not the pool, but buying under value!. If you are getting this property at a great rate and have done a building report ( especially on the pool if it worries you) and it comes up OK then go for it!
Pools are great. Why or the doom and gloom? They can attract extra rent when marketing for tenants prior to summer. They should attract a better quality tenant, but that is up to your management of your rental manager. Specify applicants must show knowledge of pool maintanence for example and organise outside inspections every 2 months until you are sure this aspect is covered.
Alternatively, add $8000 to your under value purchase cost and get rid of it. Fill the buggar in and put a storage shed on the space. There are plenty of options for you, but remember the first and most important aspect as I see it, is the saving in the purchase price. Good luck, sounds like you are sitting on a mountain of gold and are worried about the dollar stuck up your bum. (Not the best analagy, but I did have a laugh)
All the best
Ian
Hi You Lot
Ive used the toolbox resource and found it excellent. As long as you are thorough in ALL your costings and keep to budget (the 2 golden rules of reno's) then it will guide you to exactly the outcome you set yourself, unless you of course get a better sale price than anticpated.The exact same principle applies to any house be it 200k or 800k. Percentages don't change. As mentioned above by "me" if you dont need to spend 10% on the reno then the saving goes into the profit. By the way "me" (how confusing) if you cant pay back a loan then that has nothing to do with the financial aspect of this resource. The way to get around that is save your pennies. How can you afford the reno costs as well?
As far as partnerships go, this is the only way to continue investing once you have reached your lending limit so it is a very positive alternative. 50% of something is a whole lot better than 100% of nothing.
Lastly to my knowledge, the writers of the Reno toolbox are managing a portfolio mixed with renos and developments worth over 8 million, all achieved in 3-4 years, which includes 11 renovations this year. Not bad huh?
You have probably moved on from this predicament by now, but I suggest get a money partner to overcome your finance limitations and accrue your cash resources as fast as possible.
Alternatively MyRate have some very competitive rates now. Standard at 7.19%. I just secured a LoDoc with no fees no LMI at 80% loan for 7.4%. Dont know what they do for construction.Cheers
IanHi Sk2
I just wanted to say that Terry ‘s advice is spot on ! I wish I knew this before I started using my re-draw to pay personal credit cards etc.
In the end, the calculation of interest became extremely tricky and I received a huge bill from my accountant for the time it took him to work through the investment portions vs personal.
For me – a lesson learned !Hope this helps
regards
belinda
