Hi everybody,
Wow, finally !!! I’ve found a property in a major city center with +CF. It’s almost too good to believe that this kinda opportunity exist but what the hell if I don’t go for it I would never find out. I’m only afraid that I may be too inexperienced taht i may screw up the deal… Ok, I’ve drawn a list of things I’ve got to do prior to making a written offer:
1. Get a preapproval from a mortgage broker
2. Get a lawyer that gives good property investment advice
3. Talk to my accountant in terms of tax benefits
4. Get a valuer and pest inspector to have a look at the property (is this necessary???)
5. Get some kinda tools to help me write a good offer with “get out clauses” (this will do with assistance of my lawyer)
6. Counter offer, negociate, purchase, move inCould anyone tell me if I can do all these in 4 weeks as that’s the timeline my current lease expires i.e. i wish i could move in there after i move out of my house due to end of contract. I see everyone of you on this forum as my friend and please if there is advice you can give a novice please don’t be shy [biggrin]
Thank you!!!!
Cheers,
YCExcuse my ‘newbiness’… hehee
but, how can it be CF+ if you’re gonna be in there? are you moving in or are you renting it out?
Cheers!
Congratulations!
Don’t forget the building inspection[biggrin]
Regards,Sharon
I couldn’t agree with Sharon more with building inspection. When the contract is signed and with a building and pest reports on hand, you can leverage it to ensure
1) you are not buying a lemon
2) if there are something major, you can ask the vendor to fix it before settlement or to ask vendor to compensate you for taking the extra riskGood luck
Cheers
johnWant to join financial independence before 31 years old, currently 25
Sorry for not being specific enough. Yeah my long term plan is to have it as my money machine so I’ll move out and let this become my IP after 6 months. I move in simply because:
1. to claim FHOG
2. my current lease is ending i’ll have to live somewhere
3. i can watch my future housemate myself and feel more comfortable with the property[biggrin]
4. i will know more about the property and other issues. sinec it’s first time I want to learn more by living in it.In a way, IT IS a +CF property considering the savings on my rental.
And what do you two mean by building inspection? I’ve obviously inspected the unit and found nothing wrong with it… There are some work that needs to be don in the kichen but I’ll use that to negotiate with the owner. I prefer doing it my self then having him do it, ’cause i can choose NOT to do it if my tennant is hapy with that.
Cheers,
YCHi YC
its most important for you to get a building inspection report and a pest report.
In NSW the Buiding inspection report should be from a licenced building consultant. They would have a licence number starting with BC. I beleive that this is only a recent thing in NSW (last 12 months or so) dont know about other states. They will be able to check on things you will not see or know about.HI YC
Would you mind sharing the figures which show us a CF+ is possible? I ask this not to be nosy but to see how you structure the numbers to make it CF+?cheers
BrettBellyflop
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