buying a tenanted property

Hi PeterM,

Thanks for your reply and kind words, though i am very happy to help people on this board and answer as many questions that i can and try to give the best appropriate answer or advice. Thanks for those who have supported me on the forum and for the many of those who give me new learnings and advice, that i can share.

Cheers and thanks,
s.i.s

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Hi Redwing,

Dont feel parnoid, but feel iffy, it the vendor does seem willining enough to offer or wants to dicuss about renting back the property to you, after the intial date of settlement.

If an offer is made like this, maybe best to further do some more due dilligence or ask many of the locals what they feel and think the future the area your investing holds.

Though,

I wouldnt be too worried, property has one beautiful thing about it. When you sign the contract, make sure their is a clause or subject to “Approval of Finance”.

The Reason being for this is, that if the financial lender does not want to approve the finance, whether it be the whole amount or most the intended borrowed amount, this shows that there could be some significant or near future problems in, investing in that area.

Think of it like a safety net, a safety margin, that the banks are providing you, in doing so remember, that if they dont approve it, then dont take the risk of investing there, unless otherwise.

cheers,
s.i.s

“People 4 get that by saving just $3 aday & investing it sensibly over a working life, you’ll end up wit around $1 million.”

Peter,

You seem to have issues with me solely because I’m a journalist… at least that’s the impression I get from a thread a long while ago in regards to the media. Maybe I just don’t know what angle you’re coming from. I know nothing of your background, and to be honest, I’m not really interested.

I will address your concerns though. In regards to my post to SIS, I was just concerned with challenges of boasting sessions dragging down the forum. That was what I meant by “don’t need you shoving your successes down our throats, as commendable as those successes are.” Shoving something down someone’s throat is boasting… and SIS said he was up for a boast session against bruce. I’ve admitted that I could have written my initial post a bit better, and as far as I’m concerned it’s between SIS and me, and we’ve dealt with it.

As I said in my initial post to SIS, “you clearly work hard and are smarter than the average 21 year old, and you come across as a really good bloke, eager to help etc which is FANTASTIC”
– I stand by that… he’s one of the best contributors here.

“Property investing is about a lot more than just numbers of properties owned.” – I stand by that too.

Peter, why didn’t you read all my post and quote from it instead of taking a few words to put in your own context?

Anyway, I couldn’t be bothered having an argument over such things.

Cheers and happy new year, even to you Peter.

R

btw I’d make the clause “subject to finance with the purchaser’s choice of lender” or something like that…

Greetings to you all.

I think you all have alot to offer in your own ways, and beleive all of you (Bar one and he knows who he is) have your hearts on the right place, and thats what counts.

Keep up the good work, i have had very sound advice from u guys [][]

Regards Bear

Bear, it’s a new year. There’s no need to be puerile, vindictive, and spiteful. I won’t be responding to such in the new year, after this. It was one of my new year’s resolutions not to get caught up in schoolboy ego games or otherwise waste precious time.

You seem to think because I said I was an IP virgin at the beginning of December, that I still am. I have already posted what has happened since to dispel that. I was looking for a long time before I had the opportunity to buy; and had helped friends for years, as well as been involved with my parents’ acquisitions and managment.

If you think there is one post I have made giving my interpretation of all things property related, that lacks rationality or the voice of experience, then please do all here a favour and expose it.

I also stated I was an IP virgin out of humbleness for the superior wisdom and experience I might find on these two forums.

If you want to ignore all that, and carry around a head full of cynicism all year, then you have created an expensive opportunity cost in missing the chance to think more creatively and intelligently about how you can create win/wins in your new found role as a spotter/buyer’s agent, or whatever you want to be this week.

Evolve beyond the predictable and mundane Bear. Respond, don’t react.

Now, enough of this, I am going down to the beach for a New Year’s surf.

Bruce
Mooloolaba, Qld

Hmmm….

I must have missed something here… a good post turned (in the words of Tony Greig) “Nasty”.

Richmond has my unqualified support – he does an ace job in difficult circumstances.

Think happy thoughts… and be nice to the other kids in the playground [^]

6 month lease

This seems like a Vendor’s each way bet to me. If they do sell then a six month lease won’t turn too many buyers (who want vacant possession) off, but if they don’t then at least they have income.

Sometimes it’s a good idea for purchasers, in this circumstance (who want vacant possession rather that the tenant) to:

1. Request vacant possession and organise settlement for one week after the tenancy lapses. This will give the purchaser some time (a few months) to sit back and benefit from any cap gains.

Be aware that each State has its own laws about how much notice must be given to tenants, so even if there is a six month lease you may need to allow another 30+ days from the date notice to vacate is given.

2. Include a condition that the property must be sold in the same (or better) condition (you’ll need evidence such as photos or a condition report) than at the time of inspection and indeed, the vendor must pay for the property to be professionally cleaned and sprayed for pests.

All too often I’ve seen a property sold on long settlements ‘let go’ by the vendor on the basis that there is no point keeping it clean… it’s sold anyway.

Yes… I’ve been caught out like this, but it won’t happen again!

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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>>Richmond has my unqualified support – he does an ace job in difficult circumstances.<<

He has mine too []

Pisces133

I must say knowing Richmond that he is truly a great guy and keen to help others.[] If he says something here it would not be without much deliberation. I know there have been many times I wanted to say things but have held back to keep the peace and try and represent the term “Moderator” appropriately. Richo I know does the same. It isn’t always a lot of fun…[]..Keep up the good work Richo.
Cheers all and a Happy New Year…………….

Enjoy
AD [:0)]
(Andrew)

It is good to have an end to journey toward, but it is the journey that matters in the end.

Bruce u are going around in circles, we been thru all that b4. I said , and I Quote “Your facts are not correct for the properties i am talking about!!!!!!!!!!!”And in my opinion it was an accurate statement.As for the rest im not going to get into it again. Let sleeping dogs lie. Give it a rest!

People can make up their own minds!

this thread ain’t goin’ anywhere boys… I’m locking it.

cheers
r