Forum Replies Created
I wouldn’t have thought they would have an issue with 80% LVR? Sounds like they don’t appreciate your Custom Matt.
Simon I always like your responses they are fantastic. Simple and easy to understand always a pleasure to read.
Matt the bottom line is speak to someone and if you don’t like the answer keep talking to new people until you do. In regards to the Low/No Doc option I would suggest don’t go there until necessary although a lot of Brokers will advise you to as it is easier for them to get the loan done! Ask around and you will get the right product for your Investment and make sure if you don’t think your lending associate is fully understanding your needs/wants write them down so they have it in front of them. It will make it simpler for you…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by AmandaBS:Thanks Simon. It was only a basic makeover For those of you interested here goes;
Stumper to level and fix $3650
Plasterer $550
Tree lopper $750
New double carport kit $1486
New Laminex kitchen bench top $220
Bobcat $372
Pest Control $187
Skip bins 2 @ 190 = $380
Electrician $1204
New glass shower screen $829
New Security grills $774
Roof repair and paint $990
4 x new room a/cond $1193
New carpet $1920
New Curtains $601
Misc. $5894 (Paint, silicone, timber, gravel, light fittings, plumbing bits, concrete etc)
The labour we supplied ourselves “free”.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Amanda could you please email me with where you got the following supplied:
Double Carport Kit
Roof Repair & Paint,
Stumper
&
Security Grills
Thanks heaps,
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Change banks and stop using the NAB…
All I can say…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by foundation:Ok, bear with me if you will. I’m going to present a lesson in markets in a number of parts, beginning with a simple analogy, then moving into more complex theory. It may not make much sense by the end, but I’ll begin slowly and see where the tale takes us. My intention is not to preach, but hopefully to encourage discussion and debate.
Part 1: Lost your marbles?
Picture this; we have a very small school with a total attendance of ten students. For ease, let’s give this school six grades, with one student per grade. Each year, the most senior student graduates and leaves, while another student begins at the lowest grade.Each child has a generous parent who gives them a simple allowance of ten lollies per year to take to school. Obviously, the total number of lollies in the school is 100 per year.
Mmmm, food for thought. More to come, but please discuss?
Cheers, F.[cowboy2]
Sorry I must be mistaken, but how does 6 Multiplied by 10 manage to equal 100? I got lost about here, which may mean either I have little chance of ever fully understanding the Property Market, or Perhaps the Maths in this analogy was flawed and I’m too stubborn to just roll on with it and ignore the error?
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055The usual subject to: Building & Pest inspection as well as finance.
Generally a good option to always remain covered…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I’m thinking after reading this you need a new lender desperately!
Then again perhaps not. Maybe it just needs to be presented properly.
either way there are a heap of people who can assist you.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Dazz the Answer is NO!!!
You are not allowed to build yourself an embassy. I can picture it now – The Embassy for the Ambassador of DazzlingVille…
NO!
I do like the concept though. Perhaps it is more suited to a Hotell though?
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055My line is – Money isn’t the object, the end result is. If the property is worth it I will pay the money, if not I won’t.
I always make my offers as promised to the Agents and as much as they dislike some of them they still always call me again and again as they know I will buy property. Now I have a couple of Agents who don’t even bother asking me about money. They just call or email me 3 to 5 properties and ask when I would like to view them. Works for me.
They also come up with some gems like properties about to be repossessed by financiers, and some awesome Reno’s. I am generally always the first to be offered the stuff too before it’s advertised.
Only last week I picked up a 7 bedroom house for $210k, with sensational proximity to all facilities. Needs a clean up but for the time and dollars the resale will be awesome…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I will step past the obvious as you no doubt have your funds organised already. Place an ad in the Local NewsPapers in the areas you are looking in stating you will purchase homes for cash. Find one negotiate the deal and buy it. Just go easy on the deceased estates…
Try the Public Trustee as well as ther Bailiffs. Speak with them and they will call when what you want turns up.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055If that’s the case with the agents you’re dealing with then you are simply dealing with the wrong agents.
I have a few who regularly email me new unmarketed listings or if they think one is particularly hot then they call me and we discuss it. I even get them to drive me around shopping for properties as well.
The tyre kicking attitude is definitely the wrong approach everyone is a buyer given the right set of circumstances…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Well said Richard. I would also suggest if you are in the Lower LVR Bracket and closer to the 80% mark then you are to the 90% that you ask yes, ask your lender to negotiate the terms under which you pay LMI. Some will negotiate and allow a flex in the rules if for example you asked them for 85% no LMI for a 5 year period at which time it is Re-valued and if the LVR is not 80% or less then you pay the balance or the premium.
Don’t just take the first thing that is offered…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055If it’s in QLD DO NOT take the Exclusive option. If you do and YOU sell you are still obliged to pay the Agent his Commission even if they did nothing to influence the sale!
Personally I give only open listings and make them work for it. Bring back the old days I say where the Agents worked like Dogs to sell anything they could because if they didn’t then the next one would! Then pay them their entitlements. Just remember they cannot dictate to you the terms and conditions you must engage them under. If they don’t want to work the way you want them to move to the next one…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I would suggest looking away from the normal “Taxation Benefits” Line associated with Trusts, and start looking towards the “Assett Protection” one. What happens in 10years time when you have acquired 14 Properties and your live in Partner of 2 years decides he/she is leaving you and taking half of everything you own despite the fact they haven’t contributed one cent towards your investments and wealth creation? Where does that leave you? What if you go out and play golf hitting someone in the head, leaving them brain damaged, and, like the chap on Magnetic Island off Townsville arwe sued, uninsured, and as a result have damages of $2m awarded against you like he did losing everything in the process? Or a visitor (Criminal) sues you for damages after injuring themselves (And YES they deserve it but it isn’t the point) breaking into one of your I.P.s and sues you for damages. You know you’re technically liable unfortunate as it is. You could lose the lot! And why? Because you didn’t bother with a Trust?
My suggestion is obviously rethink why you want/need a Trust…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Terry, I heard this on the radio and it really is a tradgedy. I can only feel for the Parents of the boy. It is also not a great situation for the owner of the Property and shows just how relevant an annual Building and Pest inspection really is to avoid these situations. I know it is something a lot of Investors overlook and/or pass off as too expensive, but how much value do we place on a life? And just to help ease the hurt the tax man rebates some of the costs as well.
Maybe a bit of food for thought…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by TracyD:By the time you are 30 you should be set financially (and probably addicted to investing)!!
I love that – Collecting Property is like a drug. It is very addictive, and Personally I have to confess I’m an addict!
Oh well there are worse things to be addicted to – Like Consumer items…
Using the FHOG on an I.P.? Heaven Forbid that would be against the rules! I doubt however, you would be the first to do it. I like the aforementioned idea of staying at home and only using the FHOG when you really need it though, all whilst travelling and building up a portfolio of I.P.s. The idea of then using your FHOG to RENOVATE and build more equity in your portfolio to be used for more property acquisitions is another stroke of genius. A sound concept. Overall though it does depend heavily on your strategy, where you wish your property to take you, and how you plan on hitting the end zone?
Everyone has a different goal, or strategy, and this is why everyone looks for different things when purchasing I.P.s.Have you spoken to a Financial Advisor? This may be the best option to at least assist with mapping out for you where you wish to go and how to use property as the vehicle to take you there…
And Remember all my comments above are of a general nature and as I don’t know your personal situation I cannot give personal advice. Consult a professional advisor for that…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 0553 Valuations and then run with the Average of all three Value wise would be my suggestion. That way it is a very fair way to go. I would also be using HER Choice of Lawyer to oversee the whole process and draw up the documents. This way she has chosen them and no-one can claim you took advantage. Naturally you would be wanting to use your own solicitor as well, which is fair enough, but if the documents are prepared under her instruction no-one can claim fould play…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055North Lakes is a nice area, Depends on your investment strategy though. What are you hoping to achieve through your investing (other than making money?) I know of countless properties in the S.E. Qld Marketplace which will generally all perform in different ways and will all do what you want them to depending on your strategy.
Good Luck.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Good point Richard, The other difficulty you may face is only having 2 of 16 sold. It is possible though, and I’m sure there are a couple of us on here who would know the appropriate avenues to chase down in relation to your issue and rectifying it…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Before I spend my Hard Earned on a phone call or one of your properties I have one question – If these properties for sale are so fantastic, then why aren’t they all sold yet? Why are you selling or trying to sell them here?
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Contact me off forum for further information in regards to this.
I will be hapy to supply the information you require.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
