Forum Replies Created
Scott….you have lost me on the reasoning of why you would sell the current property to another entity…I would really appreciate it if you could explain it again…
Also it sounds like creative has no mortgage on his PPOR..
quote:
I have paid for the house I am living inSo even if he does rent it out..there is no interest payments to claim
Cheers
Pete
…Beware of the dreamtakers…
Quasimodo you are spot on…i actually have dolf’s cd set and should have realised/remembered that myself…thanks for pointing it out…
Cheers
Pete…Beware of the dreamtakers…
will do mate, will do
Pete
…Beware of the dreamtakers…
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 get creative and find positive cashflow properties – ones where the income (rents) are higher then the outgoings (tax,rates etc).
Which is basically, the basis of this entire site and investing community…
Wishing you the best of luck….
Pete
…Beware of the dreamtakers…
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 a bank as a new mortgage) and used as deposits on other investments. Basically you can re-borrow some/all of that $120k and use it as the deposit for a new property..
Hope this is clear and answers everything…
Pete
…Beware of the dreamtakers…
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 dreamtakers…
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 on the property they WILL do the L-O/Wrap deal with me….
…Beware of the dreamtakers…
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 contracts are exchanged, any offers should be verbal. If you use a written offer (like us) you need to get the agents’ or vendors’ signature on it to make it worth anything. Otherwise they have your signed offer in hand and you’ve got fresh air, which I think is the opposite of what you’re trying to achieve.Personally, I like written offers too. I feel they have more weight and “backing”, the having “only fresh air” is what I am trying to avoid..
Pete
…Beware of the dreamtakers…
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 cashflow properties….You may or may not have read this but its worth a look:
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=1103Hope this helps
Pete
…Beware of the dreamtakers…
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 period.
Just an idea….
Pete
…Beware of the dreamtakers…
Fallout;
That accountants site is
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 light…
Pete…Beware of the dreamtakers…
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…
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