Evening Westan
Your analysis was a little more conservative than my spreadsheet, I think I got $1200 but thereabouts same o same o.
Cheers
Leigh K[
]Read, learn, grow but most of all do it.
hi
Enjolady
what sort of Return on investment do you like as a rule ?
Fullout
where is your property ?
i don’t see a risk with telling us as you have the option to buy, and also a 3 day cooling period to reconsider.
westanGoodnight Leigh,
Goodnight Westan,
Goodnight all,I am too tired to work this one out now.
I am going to bed. [|)]
Jee, we must all have such an exciting social life!!!!
Del
Westan
It depends on which strategy I am using, so this new deal is a B&H and the cahs on cash is about 16 or 17% but with a wrap about 25+%.
Cheers
Leigh K[]Read, learn, grow but most of all do it.
Okok guys, thanks for the analysis.
Hey i got another q.
I was looking at another of my property loan summary, and here is what it says:
Homeside Lending 500
Commissioner of State Revenue 2021.60
Registrar of Titles 413
Deacons (whoever that is) 189.26
Gippsland Water 93.20
My COnveyencer 496.86
Seller’s conveyencer 503.25
Bank of Melb (the seller’s bank?) 37,906.59
Seller 24.252.24
Bank Cheque Fee 24Total 66, 400 (this is total loan amount, which is 80% of my 83,000 purchase price.)
When does the stamp duty gets paid?
Is it one of the item (but didnt say stanp duty)?Westan,
wow, your calculations is kind of strict compared to mine. Usually I just go rule of 1.6, and my vacancy i assume only 1 week[]I used my software to calculate, and came up with about 6.5% net yield (my liberal calculation), and with Enjolady’s case, I came up with around 7.3%.
Is that what u got Enjolady?yes it is the state revenue office
or commissioner as your paperwork says.
regards westanFullout
how much did you allow for
repairs/ maintenance ?
gee i’d love an overage of 1 week vacancy per year on my properties, i’ve never worked it out but i’d be conservative and est. about 3 per yr.
regards wetanwestan,
wait a second, how come i am paying the stamp duty with part of my 80% loan? I can see how the seller is taking the payment from my bank and distribute it to his bank, his pocket, his solicitor,…. but how come my stamp duty as well?
I mean SD is included in the purchase price? Is that why u didnt include SD in your previous calculation for my other property?
fullout
are they the figure from the bank ??
regarding you loan
because if the are they have stuffed up.
what about your deposit on the purchase?
SD is not included in the purchase price neither is legal cost , loan fees nearly all those costs.
i only allowed 1500 costs, i was well under those figure so the return on cash is even less than i said
westanwes,
yeah its the summary from the bank (Homeside). The 66400 was my 80% loan.
So how should it have been?
Should the SD come from my own pocket and not the loan amount?
From that summary i gave u, it looks like the seller paid for the SD doesnt it??wes,
yeah its the summary from the bank (Homeside). The 66400 was my 80% loan.
So how should it have been?
Should the SD come from my own pocket and not the loan amount?
From that summary i gave u, it looks like the seller paid for the SD doesnt it??Fullout
yes it doesHe paid for the
Cost of
your loan Homeside Lending 500
your SD State Revenue 2021.60
Your costs Registrar of Titles 413
Deacons (whoever that is) 189.26
Your COnveyencer 496.86
if what you have is right then they have /and the solicitor have stuffed up. i find this hardto believe ????
let me rethink this all
westanhahaha i am a lucky boy!!!!
Actually wes, i just dug up this other summary from my folder,
Disbursement of Mortgage
Amount of the Advance 66400
(-) Homeside Lending 500
(-)Com of Ste Rev 2021
(-)Registrar of Title
(-)Deacons (solicitor)Total left 63,276
However, how come he still paid for my COnveyencer????
fullout
that document says the same as the other. did you have to contibute more cash to the deal other than your deposit of 16,600 and a loan of 64,400 ?What will you do if a mistake has been made and the vendor is out of pocket?
A moral dilemma ?
regards westanwes,
from what i remember, i paid close to 20,000 to the buyer instead of 16,000. I think there must be some docs missing in my folder.
I think the loan ended up to the left over 63,276.
(NO wonder the monthly repayment is a little lower than I calculated for 66,400!)Is this the normal procedure for the loan? why must they transfer the funds here and there. Why not just let the seller pay his own stuff, the buyer pays his own stuff, then the remainder lets take out a loan. Instead of the bank giving out cheques here and there and charge the buyer a huge fee for those cheques.
yes fullout it is normal proceedure.
back to your original question what are your thought about the 93k property
westanyea i was having some doubts if the rental of 160 is a good estimate. That seems to be the best case scenario i was calculating….
I will talk to the agent somemore, and see if the seller can sell for lower..ok i go zzz now,. thanks westan, u are great!
talk to u soon! goodnight
Evening WestanYour analysis was a little more conservative than my spreadsheet, I think I got $1200 but thereabouts same o same o.
Cheers
Leigh K[]Read, learn, grow but most of all do it.
Hi Leigh KI’m relatively new at this but I’m selling up shop in Canberra and moving to Vic. Hoping to get into this game full time. Is there a possibility of looking at your spreadsheet? Where can I buy the software package to help crunch the numbers.[?] I hope you can help; I need a formula or check list to use. I also use the 11 second rule.
[email protected]Johnb[
]John,
On this website and you will find the Buyerbeware ebook that you can purchase.
I have bought it and i find the information great so far.They are templates that you can print and use, not a computer spreadsheet.
Hope this helps a little,Regards,
Sue[]
]
]
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