Gordon,

I totally understand I can’t get the lease/option under contract until I own the underlying property.

As you pointed Gordon, my intent was to get them to sign an “intent to deal contract” – and if this is valid/concrete agreement..

Pete

…Beware of the dreamtakers…

thanks leigh…

…Beware of the dreamtakers…

Hilary – my understanding is that the FHOG is only avaliable on a property if its your principal place of residence – it can’t be used for an invetment property…

Pete

…Beware of the dreamtakers…

quote:Also, for someone to be able to buy a property once every year or so to top their portfolio, that would assume that their properties are undergoing substantial capital gain, or where else would their equity come from, assuming that they want to borrow 100%?

The other option to be able to purchase a one property every year (minimum) is to…[Read more]

thanks michael….much appreciated…

Cheers
Pete

…Beware of the dreamtakers…

thanks to you aswell AD…

Pete

…Beware of the dreamtakers…

Very interesting….

Maybe Steve, could shed some light on his circumstances……[]

…Beware of the dreamtakers…

quote:thanx guys, i am nice to my mother for her to give me equity what exatcly does that involve??

Basically home equity is the difference between the properties value and the mortgage value.
For example if a house is worth $200 000 and has a mortgage of $80 000 left, the equity is $120 000 (200k-80k).

This $120 000 can be re-drawn (lent out by…[Read more]

Personally I haven’t, but a member of my business/invesitng team just got back from Brad’s last one,held about 2 weeks ago..

Simply, he said it was the best 5 days and $10k he has ever spent. He can’t rate it highly enough. Got so much energy and education he cant stand still at the moment…still on a high 2 weeks later.

Pete

…Beware of the…[Read more]

Isn’t the word round the camp fire that some always knows someone who has been burnt by these deals???

If anyone has been roasting marshmellows with theses folks let us all in on the story…

…Beware of the dreamtakers…

Clarifying –

I am trying to get this contract between myself (the property purchaser) and the potential lessee – NOT with the properties vendor…

In other words; get the property “under contract” with an out clause, say finance or due diligence, then during this period qualify my lessee/warpee and get them to agree that if I proceed and settle…[Read more]

Thanks Michael – (I was hoping you would reply to this question)

quote:You want the vendor locked into price and conditions, but not you. Is this right?

Well, not necessarily bind the vendor, but that could be a bonus. Basically,I want to see if they would except my terms and conditions without being bound if they accept.

quote:However, until…

[Read more]

Hey Richmond….

Firstly, well done on the capital gain purchases you have made..very nice – know of anymore?

You say you have $50 000 in cash, don’t forget about the equity in the other two properties you have which looks around $405 000 ([320000-130000] + [371000-155000]) 000 which you can redraw and playwith….

In regard to positive…[Read more]

Thinking creatively here:

find out what there financial problem is, offer them that level of $$ as the deposit,tell your solicitor to realease the deposit….rent it back to the vendor – in exchange for this ask for a long settlement 6-9 months…this will allow your LVR to increase when you go and get finance at the end of the settlement…[Read more]

Fallout;

That accountants site is

http://www.gatherumgoss.com/

and yes he is in melbourne

Pete

…Beware of the dreamtakers…

Steve outlined this over the weekend –

Basically what came out of the discussion was that going guarantor does not show up on your CRA…

..some peole may disagree with this but people can only ‘teach’ what has happened to them – and everyone I know who has this structure have no guarantor record on their credit history…

Hope this sheds some…[Read more]

I just re-read my last post….

[8D]I NEED A LIFE [8D]

Its sunday night i am rolling out tax legisation…??why??

[8D]I NEED HELP[8D]

…Beware of the dreamtakers…

There is a tax area which deals with small business CGT roll-over provisions….

Basically small businesses which make a captial gain can gain relief in 4 ways…see (Div 152 of the tax act)

1. 15yr exemption
2. 50% reduction
3. Retirement exemption
4. Roll-over

Unfortunitly, I have not been able to think of a way to justify to the tax…[Read more]

Check out

https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=1359

This might answer some of your questions….If not post more and we will see what we can clear up..

Cheers
Pete

…Beware of the dreamtakers…

..possibly a free coffee []

But seriously…. honestly looking back – last year I was the ultimate (free) seminar junkie….myself and a friend from uni used to attend any free seminar we could get too (some even twice – dont ask me why[:0)]) I did get some ‘average’ knowledge from various ones – but Gordon, I have to agree with you…. I really…[Read more]