Forum Replies Created
Hi Ssusanh,
I would have to say If I had listened to everyone saying no, I would have no properties now.
To purchase the first house took over 4 months, and 5 different Mortgage Brokers.
So, even with all the above objections, by being creative, thinking outside the box, pushing things when needed I have two properties most everyone one else said were not possible to get.
I have defrauded no one, defaulted on no loans, never missed a repayment, harmed no one, and provided a place for people to live who otherwise have nowhere to go.
As I said be cautious, exhaust every possibility, and try not to be put off by the negatives which seem to abound.
It was some time ago, chase it up, but I believe if you are leaving / “leaving” Australia, to live overseas, you could claim your super back.
Best of luck.
Mark
Shape wrote:If you could provide some numbers, LVR and how much savings you have etc might be able to work something out…no promises
Done a loan for a client in a very simliar situation, Client knock down the property and realize 3 month alter the land value is less then they expected + they had no deposit to make up for the short fall or to start the construction.
Approached us; we supplied private finance of $85,000 secured against their 2 cars and had to refinance their loan over to an acceptable lender that was willing to accept non genuine savings construction ( ie the private personal loan) over 80% LVR.
Doesn’t suit everyone as every situation is different.
Regards
MichaelHi,
Will email some information to you this weekend.
Cheers
Mark
Hi All,
Ssusanh if you really want this to happen, be cautious, as I said, and be creative!
And I would have to say I have always found it better to “tell” the banks “what they want to hear”.
Cheers and Good luck!
Mark
ssusanh wrote:I would like to get back into my own home after a disasterous relationship where I lost everything. Unfortunately I don't meet traditional requirements. I have a great secure government job with a steady income, but very little else. I'm looking to vendor finance a cottage in the Blue Mountains. Where do I start?Hi,
Really, Don’t listen to the Naysayers!!
Explore every creative avenue you can to get what you want!!
I bought a house in 2005, for $456 000, with one of the big 4 banks, with just 3 months in employment, $5000 cash, borrowed $15 000 from my sister, my sister was “buying” (only on paper) the house with me, so now two salaries for servicing not just one, it was “investment / rental” property so now the rent also went to servicing the loan, and one day before settlement knowing before hand I would be short of cash to get over the line, I maxed out 5 credit cards (for the purpose of the loan a stat dec to the bank saying I was happy to cancel all cards if required, meant I could keep them, and not affect my borrowing capacity) to the tune of $37 000, and handed over the cash to the bank for final settlement.
Caution!!!
All of this was WELL though through before hand! It was VERY difficult for the first 18 months, VERY, but I was able to refinance, “buy” my sister’s share of the house, and put the credit cards on the home loan.
Now 7 years later, that property returns over $50 k a year, bought another property 3 years ago, and am trying to find a creative solution for a demo and rebuild project I want to do on the house!
Good luck with your dream, and Beware the Naysayers!! : )
Get Creative!!
Cheers
Mark
Qlds007 wrote:Mark
I think from your post you are saying that you have demolished the existing dwelling and are wanting to construct a new property on the site and that the current land value isnt sufficient to cover the existing debt.
If i have it right then that will be the case with every lender but if i missed something then feel free to correct me.
CheersYours in Finance
Hi,
All at the planning stage, at the moment.
Yes, I understand the conventional lenders stance, hence the topic Non Conventional Lender Required.
Does anyone has any ideas to solve the problem???
Cheers
Mark
Hi
I have a suggestion, but not one to post here.
Contact me via email, if you wish.
Cheers
Mark
Hi,
I recently missed a property in much the same way. That old learning curve again!
For a place to call home, not an investment, I guess if your heart says “pay this much” you should do it.
As for the letter, think carefully about the content / structure / offer, and try it.
What is the worst someone can say, “No”
Best of luck : ))
TMR
Hi,
According to my property-investing accountant, the time limitation for CGT is only 3 months. If it is your primary place of residence, and you sell AFTER three months, you are not liable for CGT.
It is listed on the ATO web site.
Cheers
Mark
F R Perry + Associates
Level 13, 30 Collins Street
Melbourne, VIC 3000
Ph: 03 9662 1999
Fax: 03 9662 2044Have been fantastic. Give then a call. Alistair has been the best contact there.
Cheers
MarkHi Lena,
I have a property where I supply ADSL Broadband to the tenants; multiple tenants so a little different to your situation. I absorbed the cost of equipment, set-up, phone line, (or the Taxman does), and the tenants pay a small additional access fee.
For ADSL Broadband I use and recommend TPG. http://www.tpg.com.au Much larger download quotas for better pricing. ADSL 1 or if connected in your area ADSL 2
Cheers
TMRHi Kim,
From what I am told, it’s just a lease from a party other then the buyer or the seller.
As an example, one of the guys I work with has a house in Karratha in WA, but he lives in Brisbane now. His old employer in WA needs housing for its employees, so his ex company leased the house from him for a few years.
I don’t have all the information yet, but it seems if I can find a “friendly†third party / company / business to lease the property from me as a whole, and supply me with a “paper†lease, the bank will recognize 75% of the stated monthly amount on the lease.
As long as there is no mention of a room-to-room deal, students, low-end workers, that the third party is leasing the whole house for staff accommodation or interstate visitors or staff, the bank should accept it.
Is this kosher? Well, if you can find a “friendly third partyâ€, if you can re-structure the problem to provide low cost accommodation to those that NEED it, satisfy the lender, get what you need, it sounds good to me!
Cheers TMR
Hi Paul,
Office space on a busy road abounds at Annerley (Annerley Junction) on Ipswich Rd. An older shopping center that is waiting for a new lease of life. For sale or lease I am not sure (not really an interest), but I do recall one of the blocks has two units at the back of it.
Might be of interest.
Cheers
TMR
Hi again Terryw, I chased up the third party lease option, and it looks like it will fix 75% of the problem. So looking for or creating a third party ; ) Thanks for that. If anyone can find a lender that is happy with a room to room deal, I will be very happy, but totally suprised! I think I have checked with most.
Hi Aslam, and thank you for your reply.
Yes, I am aware of that, but what I was looking for is help with my question.
Thanks to some other suggestions, it looks like a third party lease will solve 75% of the problem.
Cheers
TMR [exhappy]
Hi Terryw, and thanks for your reply.
The bank I am currently with (and it seems all others) does not seem to care at all about the amount of money coming in. They just don’t want to acknowledge room-to-room returns. Pretty stupid considering there is an 18-month history of consistent income.
I do like your idea about the 3rd party lease. I will have a look at that.
Thanks
TMR
Hi Tim, and thanks for your reply.
Yes, I do manage the property myself, and as I posted in the HELP forum, after 18 months of managing the house, I can now tell A LOT of interesting stories.
During Uni holidays? Has not been a problem yet.
There is a mix of workers and students in the house.
I would have to say Adult and International students have been really good.All for now.
Cheers
TMR
Hi Simon and thanks for your reply.
TMR – Can you get 7 x leases drawn up? Or can you get a rental letter from a real estate agent showing market rent being what you are getting now?Yes, I can. I have found a property management company that deals in boarding / room-to-room houses, and that would confirm and legitimise the rental income. The REA should also be happy to supply a letter confirming room-to-room income.
Have you tried a good broker who can shop it around the loan approvers at each bank?
I have some guys in Melbourne who worked a miracle April 10th 2004 to get me into a 9 bedroom $456 000 property 5 k’s to the CBD in Brisbane, but no answer to the current problem yet. I will contact you soon.
I also have a five-bedroom student house and am looking for another. But serviceability is not my problem so I have never had to solve this issue myself.
Good for you!! : ) It always an interesting proposition these kind of rentals. My first venture has totally added to the list of interesting stories I can now tell! LOL
It’s all an interesting learning experience, and it can’t be that bad as I would like to have about 50 more of them!
Thanks again.
Cheers,
TMR
Hi Josh,
Yes, it is a great opportunity!
Thank you for your reply, but your not telling me anything new.
If I can find a way to fix this problem, I could most likely find one of
these deals a month.
Cheers
TMR
Thanks Del. Nice of you to say so.
[biggrin]
MarkThank for your reply. I guess that answers my question.
Cheers
Mark
[biggrin]
