hi people,

hmm why not we have a Chat Room in IRC (AUsnet Server? ) whoever that’s in there can log in and hopefully someone’s there

#property

how does that sounds?

Kev

hi Andy, i like your ideology.. makes sense when put in such way.

i think in order to do a good wrap, the wrappor and wrapee has to know a lot about the deal they’re getting into and there’s definitely no clear cut in that.

if the wrapee is able to obtain a loan from the banks, then there wouldn’t be an issue for them to do a wrap deal, so therefore there’s no need of a wrappor. I believe the wrappor is there to help those who are unable to obtain bank loans and provide them an opportunity for a head start so to speak.

But of course everythings comes with risk, and this is something all parties have to assess.. and there’s obviously no guarantee in that.

Cheers,

Kev

off to Shepparton, VIC for 4 weeks might look at some properties for opportunities while i’m there

i have to agree with enjolady here that the first 2 units really do sounds like a good cashflow properties. is the 3rd properties financed by the equity from the first 2 properties?

by the way, what’s PPOR? i knew someone told me once but it just slip my mind again.

opps

kevin

I will be attending Steve’s Nov seminar in Melbourne. Enjolady, are you going for that too?

Cheers,

Kevin

Dear Kristine,

First of all, DOn’t Give Up. I am encountering some Mortgage problem too at the moment.

My dad and I ( both Non-australian resident ) just recently bought a land at Sanctuary Lakes for 184000 and am trying to apply for a Loan ( either a max of 70% or 80% whichever is the max without having to obtain a mortgage insurance )

Did through a mortgage consultant, she’s very helpful, tried everything and decided that ANZ was the best option, rates, flexibility and services i require etc… and just last week ANZ came back with a No

We want to obtain a construction loan as subsequently we would need the loan for building a residential ( home ) on the vacant land that we bought, but as the land is yet to be subdivided, we can’t provide the bank with the plans they require for construction loan application.

Anyway, since we’re foreigners purchasing australian interest, we are to obtain FIRB ( Foreign Investor Review Board ) approval which we’ve manage to obtain. The approval came with 3 conditions

1. to commence construction by 31st August ( 1 year after approval )
2. Cost of construction has to be more than 50% the cost of land.
3. we can’t sell the land without first having construction on it.

The reason ANZ and most of the other banks decline our application is because of COndition no 3. as they find it risky for them not to be able to sell the land if something were to happen.

Tried negotiating with ANZ, no replies and they’re stuck with No. what i see is that it only takes them to give me a few months, in which after settlement, i could get someone to draw up a building plan and submit it to them for construction loan, but they just say NO. they want things in black and white, and are not able to nefotiate a deal. Very bad service i must say, with their customer support.

Anyway, since i’m studying and am not working, dad’s willing to join in the investment as he’s employed (in Malaysia) with about 20,000 AUD before tax income per month and with an asset of about 200,000 AUD. I have my own asset of about 70,000 AUD cash. Financially i wouldn’t think we would have a problem but it’s just that the bank can’t see through COndition no 3 set by the FIRB. Have called FIRB up and they’re surprised as we’re the first (as they call it) who had difficulties obtaining loan because of their conditions.

Anyway, am now trying Bank West, yet to get a reply and also trying to source out other options. If anyone could help in this forum, please please do let me know too as the settlement is around end of OCt to early Nov, so we’re a bit desperate too.

motivstorm(at)hotmail.com

But one thing is certain, i shall never give up as i’m sure there’s at least one lender out there who could help. Kristine, i think that would be the case for you too, at least you don’t have residency problems, which is a big help and something that should be appreciated and not be taken for granted []

Let me know how it goes, and i’ll update on my situation if there’s any changes too.

cheers,

Kevin

Crashy,

that’s precisely what i thought, it doesn’t seems rewarding to engage in such properties. so he’s not wrong to mention that you could do that? ok, now i get it, at least he’s not trying to glaze over the facts

but the properties they’re into are mostly apartments that’s leased out for developer management, that is then rented out. and they’re in the CBD (Melbourne) sounds very risky to get into apartments now anyway.

but i’ll have a look at the figures he’ll be sending me, no harm learning more thru that

cheers,
kevin

[/quote]

We are seriously thinking of listing our home on the oversees market (not sure yet as to how I go about this). Reason I say this is because I believe our home would cater for an Asian Market. We feel that if the interest rates hike up then we may find it difficult to find the right buyer for our house.
[/quote]

Dear Finnie, i’m afraid unless the buyer is an australian residence (PR at least), then selling your existing home to a foreigner would be difficult as the FIRB ( Foreign Investor Review Board) restrict any foreigners from buying second hand properties. it’s not to say u can’t but it’s normally difficult to get approvals. It’s easier for the Foreigners to purchase vacant lands or first hand properties, not second hand per se.

http://www.firb.gov.au

As i’m not an Australian PR yet (still studying), that’s what’s been hintering me from making more IP purchases even though i’ve been wanting to… The reason of them doing so, according to them, is to protect the australian property market from rising too much due to influx of foreign investors purchasing properties in australia, hiking the price up, ( not that it’s not already going that way anyway ) []

Kevin

Westan,

what’s in your opinion are high on your list for potential positive IP generating towns in victoria? would love to know of your views on this.

Kev
[email protected]

hey.. which cashflow game ? the one by Robert Kiyosaki? i’m in melbourne too, would love to play as well if time permits [email protected]

Kev