he gets around $46000 i think, he has no debt or problem with serviceability

MORE HELP PLEASE!!

Ok.
The property has since dropped down to $110,000.
I am having a builder look at it for an estimate.

I’m not too worried about the actual termites but the damage. We estimated $10,000 repairs and now the price has dropped can afford to go above that but i don’t want to have to rebuild the whole house.

As for the agent well…[Read more]

Well the agent advised me of the fact termits were evident yes after phoning to answer my offer of $125,000 (which i never received)

I know little of fixing termites permanently or the damage and as i already have to spend around $10,000 i was worried about the fact that could blow out.

Maybe i should look into it further.
Apparently the owner…[Read more]

An update!

On closer inspection and advise of agent the property had termite damage.

We are not going ahead.

Sorry i should clarify figures a bit.

Purchase price $125,000 (hopefully) asking $130,000- 120 knocked back.

I want to borrow 100% if possible to include the deposit amount.

I’ll use the line of credit already in place for renovations as i don’t pay interest till drawn upon.

I can cover stamp duty and legals out of savings.

interest rate…[Read more]

Thanks to everyone for the replies.
Firstly i have the $10,000 as a line of credit already which i will pay $40 a week off.

Water rates the tenant pays where i live.
Buying for $125,000 now stamp duty $2,865
I can add a LOT of value to this place. Has a great yard, great street etc so i’m thinking if it didn’t stetch to be positive cashflow or i…[Read more]

I thought there was a register kept with the local chamber magistrate or sheriffs office.
Sheriff would be private i imagine but i thought the chamber magistrate held a list which was public knowledge???
Not sure but that’s what i’d heard

Hi again,
Sorry for getting everyone upset.
Basically lo doc sounds good to me purely as they may take other streams of income into account or at least a higher percentage.
I have income from a boarder which is regular and declared,disability payment i’m told is counted in part and very low living expenses. I own home outright have no loans etc…[Read more]

Hi Crusher,
Lot’s of confusion!!!
Thankyou for the advice i will contact her and get my head around it all yet.
Low doc sounds the way to go so far.
Thanx again

Thanx everyone for the replies.
Crusher i would very much appreciate you sending me details of your broker!Living in a small town (Goulburn NSW) We have a limited range of brokers and most are not too helpful.
St George Bank are the one’s who tell me i can only borrow $95,000 of equity.

I am looking at the $200 – $230 price range as that will buy…[Read more]

Hi,
Thanx for the links they have been very helpful especially http://www.businesslawyer.com.au/fr_property.html
website as it has a lot of other hard to find info to do with busineses.
Thankyou all so much.[biggrin]

Hi,
Woodsman,
Low income in terms of what we can borrow.
joint income
Monthly income net $2200 from job
$180.00 monthly from disibility payment for dependant which i’m told is counted
1 dependant
Extra income $160.00 month from boarder
Total of $2540 month
No credit cards, car loan etc
$50.00 month payment on personal loan.
All this tells me we…[Read more]

Thanx Terry,
I have been reading up on wraps on this forum and will check out the website.

How about store cards???
Same??

Robpiller

Hi,
Having worked for a short time in Property Management i have come across similar situations although they were all under a lease at the time and were therefore taken to tribunal to settle. One case however was very similar in which a family friend had taken advantage of the property owner,ceased paying rent and was also still living…[Read more]

Hi Steve,
Just what i was looking for.
Thanx for the help.

cathnniv

Terry,
Thankyou so much! I will check it out.
Cath

Hi Terry
A seperate agreement sounds good.I will have to explore it more as for now that would be fine but i am unsure as to how to split profits down the track given that my side of the partnership would be time investment only.Also we wish to make it a going concern and want to do it right from the start.
Thanx again for your advice i will look into it.

Hi,
Seems we’re the only two!
My dad and i are just starting out and are a while off actually buying yet as we still don’t get all the in’s and out’s, well even most of them for that matter.
It would be great to have someone to talk to who actually know’s Goulburn.
You may contact me by email if you like and we can maybe arrange to meet up or…[Read more]

Hi Terryw,
Thanx for the reply.
My problem with buying jointly is i have a low income and three dependants which i thought would work against us for finance, I’m unsure as to whether the same applies with a partnership I’m guessing now it would be as it’s similar to a sole trader in that your income/assets are the security.Sorry like i said i’m…[Read more]