Forum Replies Created
Ian,
I would have no problem with this.
How do you know that any of your offers will be accepted?
If you are offering $200K then ideally you are buying something that is actually worth $230-250K – if you follow this strategy a number of the vendors will actually turn you down, but one might not – then you havent wasted anyone’s time.
The properties are for sale and you have made an offer subject to an external parties approval.
Cheers
Todd
http://www.providence.net.auTodd O’Neill
http://www.meteorpartners.com
‘Move to the next level’Hi Wizard,
Do you mean the initial deposit when you are signing a contract? In QLD I have been advised by solicitors that there is no minimum amount required – of course agents will always ask for as much as possible. Ive never put down more than $500 and know others that have put down $100.
I have never followed up with the 10% etc, but i think it depends on the type of property you are buying. Many ‘off the plan’ developments require a 10% deposit. Often this is actually a requirement of the financier behind the development as a condition for providing the devloper with funds to complete the project.
I imagine you can settle with the full cash amoutn as soon as possible, I dont know why you would do that unless you are receiving some large financial benefit from owning it immediately.
I hope this helps a little.
cheers
Todd
http://www.providence.net.auTodd O’Neill
http://www.meteorpartners.com
‘Move to the next level’Richo,
Here is a great book:
Enterprise & Venture Capital by Chri Golis. Chris runs a VC firm called Nanyang Ventures based in Sydney.
If you want some more ideas, email me directly and i can help you out.
cheers
lyrical,
give me a call and i will go through it with you. im sure i can help you get by. i hate it when this stuff doesnt get explained to clients!
Todd 0404 847 857
cheers
Hi All,
I am travelling to NZ in December and will be buying some property.
Right now im investigating the loans situation (im a mortgage broker) and will let you all know the best option i come up with in the next month or so. At the moment im looking at Pioneer because i believe they do loans in both countries and have mentioned cross securitising.cheers
Hi Mishka,
I have been to a number of other seminars (hanna brothers etc) and think that probably the reno kings are the most genuine ive seen. ive met both of them and know they dont have a ‘scam’ waiting in the wings to drop on you. Of all the people ive spoken to about it (and that is quite a few) none have said they didnt get value.
The info website is http://www.renos.com.au. as well as that, its always good to see that A Current Affair features their stories, rather than chasing them down the street.
Many people have paid a lot more for a lot less.good luck.
Hi Will,
Last i knew about this was that any work where the total cost was more than $6,000 required insurance. You may want to check with the Master Builders Association.
cheers
todd
Todd O’Neill
http://www.meteorpartners.com
‘Move to the next level’Felicity,
i dont know the details of the information in the seminar you attended, but i do know this. Whenever a financier performs a credit check on you, either as a primary, secondary borrower or as a guarantor, they are likely to input details such as 1) the purpose of the loan and 2) the amount. This is why it hits your CRAA records. In fact with many of the automated approval systems in banks these days, the system will not proceed without this info or will auto input it directly to CRAA. The LVR does not make any difference – it can be a 10% loan and they will still do a credit check – it is this inquiry that is recorded on your file.
Rachel – i also agree with Brent regarding full disclosure. Guaranteeing a loan effectively means you are responsible for it and as such you need to let a financier know about your total commitments. Not doing so may result in a bank stating you engaged in fraud. ie. you sign a declaration on an application stating that you are telling the truth when in fact you are not.
cheers
toddTodd O’Neill
http://www.meteorpartners.com
‘Move to the next level’sunnigirl,
please dont buy this package. you said you dont have much equity – $3000 will go some way to helping with costs. you can learn just as much from the Kiyosaki books if you want to read and follow his philosophy. there is a wealth of information and ‘tracking’ tools out on the web for free if you just look for it. there are probably some experienced investors on this board that may have stuff they can send you as well.
personally i work things out manually. dont know why. just do. im sure you can learn how with enough research, that way you will also truly understand it. the only way the software package virtually makes money is for the people selling it.
cheers
Todd O’Neill
http://www.meteorpartners.com
‘Move to the next level’sunnigirl,
mackay has been a reasonable area for rental return in the past due to the different industries around the area. Coal, Cane, Cattle (all the C’s) oh and of course Tourism (maybe not so great at the moment). In terms of capital growth im not so sure, i would be sticking with houses, not units/apartments etc.
cheers
Todd O’Neill
http://www.meteorpartners.com
‘Move to the next level’Wilandel,
His first thought was probably ‘what are they trying to get out of??’ My guess is that one of your goals is simply asset protection, hence the structure. If he was concerned at any stage he could have asked for guarantees, and, given you have so much lending with that bank, they probably have all of your assets sewn up anyway.
I agree with Stu, never cease to amaze me either.
And i used to be a banker, but, now with some ‘real world’ international experience under my belt I really ‘see’ differently.
With respect to other comments regarding brokers. The explosion in this market has meant that it is pretty easy to become one, so lots of non-performers. Sorry guys, but you have to interview them as much as the other way around.
Stuart, I’d really like to hear more about what you do. Maybe also take a look at my firms website and see if it interests you as well.
cheers
Todd O’Neill
http://www.meteorpartners.com
‘Move to the next level’Matt,
Also try HSBC. They were promoting under 50M2 lends a few months back.
cheers
ToddHi all,
Excellent site this one! This is my first post – hooray!
The non-hooray part is that my girlfriend and I have found a very cheap apartment that we want to buy to live in, but it is under 50sqm, and our current bank won’t finance it, despite our financial situation, which would appear to all and sundry to be quite solid. In fact, our bank said they would only lend – get this – 30% of the purchase price. I was under the impression that a small apartment such as this would frequire 20% deposit, which I have no issue with.
Does anyone know which banks would be willing to lend up to 80% of the purchase price?
Thanks all.
Matt.
[/quote]Todd O’Neill
http://www.meteorpartners.com
‘Move to the next level’
