i was at a property seminar that got hijacked by a guest speaker
…. who in the course of his discussion on how to buy a million properties on your credit card using shares
was asked about land tax
his response was pretty dismissive ,but contained an element that interested me
oh you never buy them ALL in your name !
you allocate 99% of the property in your name and 1% to some one else like a daughter
and the next one is 99% you and 1% your mum
etc so the one ENTITY never goes over the threshold

most of what he had to say failed my scam detector and i walked away from the event feeling cheated….
except that one sentance
which i would do a bit of looking into….
perhaps a trust would be a more legitimate entity
but it does add an incentive if the government is going to take the money anyway

miss the coffee in leichhardt !
not the rent

ring your bank and check first  !
i have deposited lump sums twice to find that…. i no longer had access to the money ( first time )
which was a major hassle to undo
and more recently despite my broker saying different  putting 30 grand into a loan account ( i o like yours )
did not reduce my monthly repayments ( and will not ,so why did i split my loan in the first place ? )
went to bank and it seems there are really a lot of conditions
and my dream of parking the odd lump sum until it is big enough to use as a deposit is a rare one……..
good luck !

find out exactly how much you can borrow to the nearest dollar ,take all the paper work with you and show that that is the maximum you can afford and make that your offer,you may be surprised !
i have a friend who bought the house he had been living in for many years for way under market value , all the owner really wanted was enough to buy a unit in a retirement home
especially if it has been on the market for a while and needs repairs they may decide to take the money offered rather than put the hand in the pocket
any thing you can do to build a deposit ? garage sale, sell your jetski , deliver pizzas for a couple of months ?
the universe apprieciates small and silly gestures
good luck !

offer to take a car boat or jetski as part payment ,on say 298k
accept the buyers claim that his or her 15 year old bmw is worth twenty grand
take it straight to the auctions and get seven for it
but you have helped them get over the deposit barrier (and pumped up the price to cover your loss )
assuming no one is too greedy the flat should still value up to proceed
(perhaps i should write that in caps )
perhaps you could cover your bases and have a real valuation done,so you know what figures you can work within
might even spur your agent into a flurry of activity ?
good luck

read the water damage clause carefully if you do go terry scheer,i had a shower pipe burst inside the bricks and fill up the cavity……
now days i use a broker to chase the best deal as they have the finger on the pulse .
and when things go wrong my guy who spends millions a year has a lot more pull than  a two property investor
cheers

looks like you did good,a massive deposit helps make things more positive .
(but no one seems to mention that here )
but i am assuming you are aware of the tax benefits of making a small affordable loss and did a few sums before hand.
so it probably wont double in value over night ,if you wanted that you would have bought shares (not last night ! )
property is a longer term thing so we all wait and watch and hope that a lot of burned stock market investors choose to park any remaing funds in the "safer "property market
free advice…
main thing is to get a few payments up so you are not forced to sell due to sickness or injury
and get landlords insurance even if the tennant is your mother !
that feeling you have could be excitement !
cheers

if we run out of oil we will be so stuffed that another 250 k of debt wont change your life , i expect it  will be a long drawn out process with regular  price hikes rather than  a sudden stop .
i was worried about this and decided to purchase  more centrally so as not to NEED transport ,( ok  i know we all  need stuff transported ,but i can walk to the shop ! ) if it all goes pear shaped central will be best
most books will tell you to stick within  6 ks  of the gpo  as there is best growth there
having said that there are lots of good reasons not to buy most properties and when starting out you will hear all of them !
 so be stubborn and persevere ,it has made my life better
(that and the berlin wall coming down !)

sorry should check in after running my mouth off !
if you havent read up on this in the mean time  it is a bit like steves wrap strategy where you agree to finance part of the property  yourself (as a second mortgage )
your target customer is some one who feels they can afford more property than the lenders allow or lacks a deposit for whatever reason ,in other words an aggressive investor hell bent on building up a portfolio as quick as possible
the buyer then goes to the bank and asks for 80 percent finance and  hopefully qualifies nicely without mortgage insurance and a jacked up rate as he or she has a deposit  ( your loan )
you recieve intrest payments and after a year or similar specified time the property is refinanced /fixed and flipped /the farm is sold /grandma 's will is distributed and you get your money back……….
it is a way to get a premium price for a scruffy property and open yourself up to a different type of customer who doesnt really care what it looks like and will act  fast if you leave a bit of profit in it for them
good luck