And if you do it right you won’t even need finance. But if your buyer cannot settle for whatever reason then you will be liable and will have to settle on the property.

Terryw
Discover Home Loans
North Sydney
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I think a period lease is just a continuation of the old one with no fixed term. They can lease with just giving the appropriate notice. Nothin to worry about, most people do this after 6 months.

Terryw
Discover Home Loans
North Sydney
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I agree with Kay in that I think you lose too much when selling a property in addition to all selling costs, you have purchase costs agian when you go and buy another property to replace it. And you missout on any future growth. I have sold a few properties years ago and wish I hadn’t now when I think what they would be worth now.

Terryw
Discover Home Loans
North Sydney
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I take it you are in SA, so you have to be very careful there that your option agreement is structured correctly so that it cannot be interpreted as a terms agreement. I am not sure, but beleive that if you structure it with weekly rent credits which act like a PI loan would, then it would not work under the SA law. So I suggest you do not do this by yourself, and go get a good lawyer.

Anyway, the option agreement should clearly list the parties, interpretations of terms, the option fee, the period, the excerice and the price they will pay. etc.

Terryw
Discover Home Loans
North Sydney
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In a nutshell, a trust is an agreement whereby you (trustee) hold an asset on behalf of somebody else (beneficiaries).

eg. having a child’s bank account in the parents name – the money is the kids, but the parent manages it.

Terryw
Discover Home Loans
North Sydney
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Good cashflow deals are still out there even in Sydney. In the past two months or so I have seen two people with cashflow +ve – or very close to it – on new purchases in Sydney. One was a unit renting for $700 pw which cost $500,000.

Terryw
Discover Home Loans
North Sydney
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I know what you mean. It is hard for self employed, but this is due mainly to the mortgage insurers strict requirements. If only you had a job with payslips for 3 months!

What about paying out the personal loan to help serviceability, and then getting a new one after settlement? Also reduce or get rid of any credit cards for a while. If you are living with parents etc, then you could stay there on low rent and say you will rent out your new property to enable rental income to be taken into account. etc

Terryw
Discover Home Loans
North Sydney
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They could always buy in the wife’s name. Or get a lease option.

Terryw
Discover Home Loans
North Sydney
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You could possibly negoitiate any terms to your satisfaction. 3 months is a long sale period and often agents don’t get serious about selling your property until the second month when they start getting worried that you will not renew if they can’t sell it in time!!!

Go for 1 month at a time, to keep them working hard.

Terryw
Discover Home Loans
North Sydney
[email protected]

Who knows what will happen. Units in Sydney have definitely dropped in value recently (esp new ones), so now may be the time??

Terryw
Discover Home Loans
North Sydney
[email protected]