Forum Replies Created
Hi
I have been lead to believe that HSBC take into account 100% of rent.
regards
alf.Hi all
Thanks to all. WOW Bill thats a convincing CV. Havent been dazzled like that over here in OZ.
I have spoken to mortgage brokers for guidance as to my immediate and my possible future needs in relation to finance structure.
The response i get seems so standard. For example i asked one that i didnt want to increase my debt.
So this individual came back with a 90% lend LMI(cost) increase in what i wanted to borrow. I specifically had asked for 80% lend. Just did a quick summary over the phone and said well ill fax it to u sign it and return it.
So overall i have been dissappointed and i am asked what is it you want. I say show me where i am saving or will save and how your deal is the one i should take. Dont hear from some.
Maybe i dont ask the right questions or dont express what i am after clearly, i dont know?
Bill generally here it goes like this.
Come to your place
laptop(slow)
recommend a lender
write it upThey just dont seem to go the extra step to find what you want, and how to source it. Quite frankly i dont think some know.
Saying i was too busy sorry i am 24 hrs late doesnt cut it with me anymore.
kind regards
alfHi Mark
I know how you feel i went through the same sort of thing. Id be happy to share soem stuff with you and also listen to your story.
I had reasonable knowledge and still was persuaded so dont feel too bad. Real estate is forgiving.
Think long and hard before you sell. Its easy to knee jerk. Do the figures you may be able to increase rent or do something like a lease option etc.
Dont forget the capital gains tax and any depreciation building write off you have to add back. Do your research thoroughly.
regards
alfHi all
Well there seems to be mixed views i guess if you find it starts to cause you problems as in not being disciplined dont have one.
If you are under control and can use them wisely enjoy the additonal points etc as a bonus.
regards
alfHi
Was it subject to finance by a specific institution and a particular interest rate
or was it subject to finance/at market rates
alf
Man in bathtub playing with tool not necessarily a plumber[
]Hi Karan
if its ok i would appreciate the spreadsheet send to [email protected].
thanking you
regards
alfHi Pat
If you think its right then go with it. Just because apartments aren’t the flavour now doesnt mean they wont be in the future.
CBD buying is cheaper than suburbs at the moment long term this may change too. This apartment phenomenan in relatively new here compared to say USA. We are becaoming Mahnhattanised try and buy an aprtment in Mahnhatten for under half a million.
Even Robert Kyosaki is favouring CBD investment in his new book from what i have been told.
Happy to have some communication on this as i have a townhouse but use it in the manner you have described. There are somethings in the lease you need to be aware of.
Even my lawyer said it was ok normal for these sort of deals. I disagreed it want comfortable with me.
regards
alf
[email protected]Hi all
Thanks for your responses. Yes i felt the solicitor may have been the way to go.
regards
alfHi Agent 007
I havent used one myself but am going to and one was recommended to me in Adelaide.
Drop me an [email protected]
regards
alfHi Melbear
Yes it was a bugger but i learnt alot and luckily the property has risen in value.
My main thing at the moment is loan structure and whats the most appropriate.
The variable/fixed argument is just as bad as the sell/dont sell.
You got any opinion on this you seem pretty shrewd with the figures side of things.
cheers
alfHi Melbear
Well i wish
We ahd gone to an property investment advisor and paid him significant dollars and he was looking over things. I recall asking him is there any risk to this his reply:
“I wouldn’t want you to lose any sleep at night”
What was set up were progressive payments so the bank would release funds at certain stages of the project. Whe the second or third stage came along we had to commit the payments of the funds released. He had sated that the 221d component would fix this. Yeah right.
Well it was due to inexperience and thinking that because you pay someone they will do the right thing by you.
I would never do it again that way. After the fourth stage we were fully exposed to the loan and there were delays to the practical completion stage. Fixed interest rate for one year expired and rates had climbed to 8% at the time.
I did lose some sleep
regards
alfHi Suchshine
Is that after tax or pre tax calculations. I am in a similar boat its a hard decision.
One i suppose does waht one feels is right sometimes or the financial wisdom is thrown out for peace of mind.
I guess in simple terms there is always a risk to lose your job. (
If the property is worth say 400000 now 10years 800000 cost 6000py so thats
60000 out
CG 400000doesnt look so bad its the holding thats the worry
vacancy rates
job
bad tenants
interest rates
etcI know what you are going through and most forunites are divided which doesnt make it any easier.
sell 50%
dont sell 50%regards
alfHi Budgie boi
how are you structured for the term of construction.
Ensure that a specific time frame is stated and if delays occur that the developer picks up the tab. This is from experience.
Bought off the plan. timeframe 6 months.
delays
weather conditions
industrial action
supply shortages
supply delay
approvals delay etcso what was a 6 month expectation turned out to be 18 months. NO RENTAL INCOME.
Just try and forsee the downside then be covered within your contract.
regards
alfHi all
Hey i would appreciate a copy anything thats free just send one never stops learning.
[email protected]regards
alfHi all
Check out Bill From Oz in Soap box Forum. Be great to keep the compliments for Bill central.
regards
alfHi all
I have noticed many giving Bill acknowledgements in other threads.
So i thought I’d bring this forward if anyone wants to add to it.
There are very few that will give unlimited time to ones situation at no cost.
regards
alfHi C2
when you say refinance and put 50000 in to make + cashflow. You still need to service the 50000 you are using dont you?
Am i missing something here?
regards
alf
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