China is very difficult to create good contacts and there property is only just opening up to the world, many areas foreigners can not buy , unless you set up a company in Hong Kong and transfer the money that way . At this stage we are not negotiating in China for clients at has not yet 100% stabilised (the government can easily change laws retrospectively, meaning you lose your property). If you are interested in deals in the great land of Oz , ping me an email and i will ensure you are sent some sample deals , currently available
Make sure the valuer is accredited with the lender you are approaching , as otherwise you will not be able to instruct the valuer to address it to the particular lender. And dont tell them it is for a lender until after they have done the val, otherwise they tend to steer away from reality. After they have given it to you ask them to readdress it for you to the lender
I have recently purchased in Richmond myself , it is a private company and the properties are only my personal portfolio, not my companies. I negotiate everything in bulk and ocassionally we are offered projects to clear to assist with construction finance needs or pre mortgagee or the developer wants to sell quick because sales are holding up there next project . I prefer to use rebates (personal preference) as it maintains the vals in the project , it is favourable for depreciation purposes and for tax reasons. I currently have offices in Hong Kong , China (both new) , Singapore , Melbourne and hope to open in Perth in the next 2months.I also have staff at the world property expo in Dubai (just finished) All i do is package deals for investors and benefit as a company of course and buy in the projects myself, it becomes addictive. Eg. Richmond original sales price $540K ( i believe to be too much ) my clients pay $415K ($125K rebate plus receive $100/wk for 4yrs ) or take the annuity as a discount i do not care. the rent will be approx $440/wk + $100/wk ($540wk) . we then finance the purchase price at 80% of $540K to give $416K and the only cost is stamps ,(still under constuction so they are quite low) and you have just purchased a $540K property which you owe $416K giving $540wk for the first 4 years in a bluechip suburb , that $150K property will create $253K equity in 10yrs at 10.4% this would create $912K , i love capital growth:)
PS sorry for the long winded speel but i thought it appropriate to explain in some detail and explain i am talking from actual deals
Hi Woody , for your comfort i own probably australia’s largest property investment company (in turn over of sales ). i have in excess of 60 properties (val in excess of $20M),95% of those are bluechip propreties. in my experience do not invest in low demographic areas( i learnt the hard way). i never use wraps , the key is to own , who wants $20/wk that is not life changing and can easily be lost by damages , maintenance and non paying tenants.just negotiate a great deal, a fantastic area is richmond in victoria , its surrounding suburbs are substantially higher values most $100K+ and it is currently going through a lot of transformation, it has transport, infrastructure , etc. i have recently negotiated 10%+ rebates, plus an on going annuity. that is you get paid an income on this deal for the next 4 years at $100wk plus the rent and these are not inflated prices. the deals are there just ask , the developers and builders will negotiate if you ask the question . i am new to this forum as well, it is a great way for you to learn, but don’t let negative opinions stop you just use that info. to move forward good luck
Many of the major builders and land developers are currently struggling with sales at the moment. Dependant on the area it is a fantastic deal if you buy well. Always remember you don’t get if you don’t ask, and you should ask for a 10% rebate included in the price. Make sure you are not over paying. The 10% can then be contributed to your deposit.Also ensure there is a make good clause so that the property is maintained 100% as it will have high levels of traffic. .How do i know you ask I negotiate property as a full time job ,it is horrible:) You are not doing this to make money for the developer you are doing it to build your own personal wealth.Good luck