Forum Replies Created
That’s great
But the bank is lending on $350,000 not $310,000
But if the bank doesn’t know I hope it’s legal.Can anyone help ?
We need to get some advice on how to record a rebate from a vendor.
Here is an example-:
Property cost is $ 350,000
I did a valuation it’s $ 340,000
Paid $1,000 deposit and signed contract
contract has gone to bank.settlement in 60 days
7 days later vendor comes to me and wants to settle in 55 days, needs money.
did deal to give rebate of $40,000 if I settle earlier.
He signed an adendum to state this.
Do I need to show bank this or should I just show conveyancer and let her adjust at settlement.
I have approval in writing from bank for this loanquote:
Hi All, Merry Xmas! Adelaide Real Estate Investors Group meetings are held on the 2nd Tuesday of every month the next being 13th January 2004 at Cafe De Val, Corner Pirie & Pultney Sts Adelaide at 6.30pm . New people, please send me your email & I will send you an introduction form to fill in & return by email. I will send you further info about next meeting after Xmas.
Rgards Summo
Hi Summo,
My email is -: [email protected]Hi folks,
I’m new to this forum.
I am with a group of property investors called Platinum Partners Group Pty. Ltd. and we have an office in Kent Town with a large meeting area and facilities.
We hold workshops 1-2 times a month where we bounce around ideas. We also have Lawyers, Accountants, Mortgage brokers, Conveyancers etc whom we arrange to speak and answer questions.
Everybody is welcome to come to these meetings, we also play cashflow games.
Please email me at-: [email protected] and I will send out some info., dates etc.quote:
hi everyone i would like to find people here in SA to talk real estate and bounce ideas off and also to motivate each other any reply is most welcomeHi all
I am in Adelaide South Australia
We are a group of 6 property investors who have an office and area to hold meetings. Our name is Platinum Partners Group Pty. Ltd.
We hold meetings 1-2 times a month with workshops to fast track the knowledge that each of us has learnt.
We also hold Cashflow game nights ( lots of fun )
Everybody is welcome to come and join our group.
We have been buying and trading property as a group now for about 12 months. We have some creative ideas that are great and are always looking to learn more.
Email me at-: [email protected] and I will send out some info on dates etc.quote:
Hello everyone!Is there any group of investors in Sydney who meets on regular interval! can any one please tell me, i would love to join you guys. [?]
regards,[^]
viralquote:
The way I see it, option A (the vendor assisting by lending part of the deposit) appears infinitely better to me than option B because I am very debtphobic.That is partly because of my age and partly because of some unhappy experiences whereby I got caught (on more than one occasion) with loans whilst (because of the economic climate) not being able to find buyers.
Hi Picies,
Option 1 sounds good to me Let’s see if I got this right.
House contract at $ 250,000
I can get 80% from bank = $200,000
Does that mean in the contract the deposit paid shows as $ 50,000 Is there a clause in the contract to say there is vendor finance?or do you have seperate document with the vendor only.
My experience is banks don’t like vendor finance in contractsPlease let me know, either here or email me at [email protected]
Thanks SmileyI can see however that option B may well be preferred by some others who are centring on pocketing the difference in interest paid and interest received.
There are some black marks against Option B.
the way I see it.For example,a few vacancies all at the one time AND being unable to fill the properties quickly with new tenants may put one under pressure (and may well bring the deck of cards come thundering down).
Yeh, I know that having access to some cash elsewhere would act as insurance but (I would think that) many people haven’t got that (when they start out) and , for them, progressing a bit slower may be the key.
Another drawback is that the more money we owe the harder it gets to get the next loan because of perceived inability to service from the bank’s point of view.
A low Doc type of loan may overcome that problem, though at a cost.
Pisces133
quote:
The way I see it, option A (the vendor assisting by lending part of the deposit) appears infinitely better to me than option B because I am very debtphobic.That is partly because of my age and partly because of some unhappy experiences whereby I got caught (on more than one occasion) with loans whilst (because of the economic climate) not being able to find buyers.
Hi Picies,
Option 1 sounds good to me Let’s see if I got this right.
House contract at $ 250,000
I can get 80% from bank = $200,000
Does that mean in the contract the deposit paid shows as $ 50,000 Is there a clause in the contract to say there is vendor finance?or do you have seperate document with the vendor only.
My experience is banks don’t like vendor finance in contractsPlease let me know, either here or email me at [email protected]
Thanks SmileyI can see however that option B may well be preferred by some others who are centring on pocketing the difference in interest paid and interest received.
There are some black marks against Option B.
the way I see it.For example,a few vacancies all at the one time AND being unable to fill the properties quickly with new tenants may put one under pressure (and may well bring the deck of cards come thundering down).
Yeh, I know that having access to some cash elsewhere would act as insurance but (I would think that) many people haven’t got that (when they start out) and , for them, progressing a bit slower may be the key.
Another drawback is that the more money we owe the harder it gets to get the next loan because of perceived inability to service from the bank’s point of view.
A low Doc type of loan may overcome that problem, though at a cost.
Pisces133
quote:
The way I see it, option A (the vendor assisting by lending part of the deposit) appears infinitely better to me than option B because I am very debtphobic.That is partly because of my age and partly because of some unhappy experiences whereby I got caught (on more than one occasion) with loans whilst (because of the economic climate) not being able to find buyers.
Hi Picies,
Option 1 sounds good to me Let’s see if I got this right.
House contract at $ 250,000
I can get 80% from bank = $200,000
Does that mean in the contract the deposit paid shows as $ 50,000 Is there a clause in the contract to say there is vendor finance?or do you have seperate document with the vendor only.
My experience is banks don’t like vendor finance in contractsPlease let me know, either here or email me at [email protected]
Thanks SmileyI can see however that option B may well be preferred by some others who are centring on pocketing the difference in interest paid and interest received.
There are some black marks against Option B.
the way I see it.For example,a few vacancies all at the one time AND being unable to fill the properties quickly with new tenants may put one under pressure (and may well bring the deck of cards come thundering down).
Yeh, I know that having access to some cash elsewhere would act as insurance but (I would think that) many people haven’t got that (when they start out) and , for them, progressing a bit slower may be the key.
Another drawback is that the more money we owe the harder it gets to get the next loan because of perceived inability to service from the bank’s point of view.
A low Doc type of loan may overcome that problem, though at a cost.
Pisces133
quote:
The way I see it, option A (the vendor assisting by lending part of the deposit) appears infinitely better to me than option B because I am very debtphobic.That is partly because of my age and partly because of some unhappy experiences whereby I got caught (on more than one occasion) with loans whilst (because of the economic climate) not being able to find buyers.
Hi Picies,
Option 1 sounds good to me Let’s see if I got this right.
House contract at $ 250,000
I can get 80% from bank = $200,000
Does that mean in the contract the deposit paid shows as $ 50,000 Is there a clause in the contract to say there is vendor finance?or do you have seperate document with the vendor only.
My experience is banks don’t like vendor finance in contractsPlease let me know, either here or email me at [email protected]
Thanks SmileyI can see however that option B may well be preferred by some others who are centring on pocketing the difference in interest paid and interest received.
There are some black marks against Option B.
the way I see it.For example,a few vacancies all at the one time AND being unable to fill the properties quickly with new tenants may put one under pressure (and may well bring the deck of cards come thundering down).
Yeh, I know that having access to some cash elsewhere would act as insurance but (I would think that) many people haven’t got that (when they start out) and , for them, progressing a bit slower may be the key.
Another drawback is that the more money we owe the harder it gets to get the next loan because of perceived inability to service from the bank’s point of view.
A low Doc type of loan may overcome that problem, though at a cost.
Pisces133
quote:
Wow am I the only one in Adelaide?!!
Or did I miss one?
I live approx 10km from CBD, own investment property down south by the coast in fleurieu pennisula which is where I spend a lot of my weekends with friends and family.Tanya [8D]
Don’t worry I’m from Adelaide and I’m with a group called Platinum Partners Group.
We have been buying property as a group for the last 12 months. Great fun, great discounts as we buy in bulk. Have been helping others get into investing. It’s great getting together and networking with like minded people.
We would love to here from anyone. We can help.
Email me at — [email protected] for info.
