Ok, here’s a deal I could go for straight up if I run it as a lease with option to buy. What do you think? It’s a small 1 bedroom unit for sale, close to shops, transport, etc, and in an area that is growing at the moment. Please note that I haven’t got the answer to my last post yet (made only a few minutes ago) so I’ve left property manegement out of the equation for the moment, but hopefully it shouldn’t tip the figures too much.
price: $72,000
interest-only Mortgage $386p/m (at 6.35%)
stamp duty, fees $1150
allowance for other misc fees $1000
est. body corp $800pa
est. insurance $500pa
I set the strike price at $85,000
I ask for deposit of $3,000
set weekly repayment at $140pw
for a term of 52 months
with rent credited to purchase at $40pw
buy out figure at end of term $79,920
profit made at buy-out $8,920
income per week during period $25
buyer’s equity at end of term $5,080
buyer LVR without capital growth 94.02%
total profit for seller $13,204I assume that you should try and get the buyer down to at least 95% LVR so that their 5% deposit is covered?
email: g e n e r a l g h e r k i n @ y a h o o . c o m
phone: 0405 411 098goodnes, you’ve got it all worked out…hope the big boss Steve agrees…Good Luck
>>>life is for the living, make everyday count>>>
Can I ask what the deal was about? I,ve only just joined this site. Thanks.
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