Hi guys.
4 mths ago l was sitting in another state and another house asking this very board how l could finance a property l wanted in Vic.That one we didn’t buy but the next one we did .
l don’t have paper work ,l’m self employed and spent along time travelling before my previous house . The new place is above 7 ac’s – and rural zoning , very hard without 20% as far as l could tell – near impossible especially on a low doc . We do have cash from selling our last place but l didn’t want to mention it to the lender if l could help it ,future plans plus costs and some debt . Then plus moving using it would have cleaned us out and left things risky.
Pleased to say [ understatement ] – we got the place – sea views and all .
Alot of calling , nudging and negotiating with the owner to accept our 10% with contract but a 12 mth settle , and we would then pay a rent for 12 mths equalling the other 10 % deposit to come of the principle. After many calls and a build up of good faith – he actually agreed but then , turned around and offered to also put the property into our name day one instead of at final settlement giving us full control plus use of all equity to refinance later or use., l think he was sick of me . Well we bought it and have been living here two mths plus have spare land to sell off . Great stuff but just goes to show anythings possible because our first house was only 12 mths ago due due to being flat broke at the time from way too much travelling .
Cheers
Mkc.Congrats Mark,
It’s a great feeling isn’t it – we’ve just bought our dream place in Qld and it’s like that Roof tile commercial where you find yourself just looking at various parts of the house, with a great feeling of achievement and contentment!
Regards
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Well done…..we can just sense your sense of excitement at acheveing this outcome.kp
good stuff,
that’s what your meant to do, get creative!!!!
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
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phone 0412 437 582Mkc,
I’d like to echo everyone else’s congrats on your creativity, but also to say that it was also your perseverence and determination that allowed this to eventuate. Inspirational.
Munjy
Love to hear your enthusiasm over your success, it is inspirational for a young investor like me.
I hope you don’t let your enthusiasm or perserverance to take action wane by thinking this is the only diamond in the rough though.
mazel tov and I am very happy for you!
Thanks very much for feed back and encouragement .
l hope anyone in a jam getting started or your dream draws things from the forum in general and things like this because l really didn’t think l’d crack this one , it does go to show .
Cheers .
Mkcmkc
I love it when a plan comes together !
Well done.
‘ You will never go broke taking a profit ‘
Dont mean to rain on your parade mate but Im trying to work out how you plan to affor this property if you couldnt afford the deposit? Do you have other funds/contingincy plans should you loose your job, interest rates go up etc??.
We have always invested so that we have enough saved to account for a year of repayments should anything happen. Might be ultra conservative but?
The forums about being creative yeah , supprised you asked if you read what l wrote , embarrassing as it was [ later ] , but we did put down 10%. Which if you’ve ever tried to finance straight rural zone on 10% low doc , you’ll know how hard that is. We are only thinking about selling of a 2 or 3 ac section which l’ve been told now will devide , not the whole place . l don’t need much for that because of the setup , road /power/phone is straight past the gate but we did leave ourselves some cash left from our first house sale.
l’d like to be as secure in things as you sound but eh , we can only do what we can do .
cheers.Originally posted by blogs:Dont mean to rain on your parade mate but Im trying to work out how you plan to affor this property if you couldnt afford the deposit? Do you have other funds/contingincy plans should you loose your job, interest rates go up etc??.
We have always invested so that we have enough saved to account for a year of repayments should anything happen. Might be ultra conservative but?
Congrats!!!!
Yes, anything is possible – and you went about it the right way – trying to find out what the vendor wants.
I find it so important to get past the agent and directly to the vendor in order to create win-win situations – so often the agent jinxes a deal that could be great for all parties.
Well done – with that attitude it’s all up from here! Looking forward to hearing about more of your successes.
Megan
http://www.propertyhub.net
Your Investing, Structuring and Developing Information Hub.Thanks very much Megan.
Your spot on about agents to, alot of owners feel the same l found if you can get to approach them.
All the best.
MkcOriginally posted by gafama:Congrats!!!!
Yes, anything is possible – and you went about it the right way – trying to find out what the vendor wants.
I find it so important to get past the agent and directly to the vendor in order to create win-win situations – so often the agent jinxes a deal that could be great for all parties.
Well done – with that attitude it’s all up from here! Looking forward to hearing about more of your successes.
Megan
http://www.propertyhub.net
Your Investing, Structuring and Developing Information Hub.Well done .
Its great that you were able to negotiate and come up with a solution that was acceptible to both parties. The art of the negotitation cannot be underestimated.
Cheers MurrayWell thats a new way of doing things !! Views of the ocean $$$$$
Just love the way you worked out a solution.
Best wishes,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Mark,
Well done! You guys must have been thrilled when all your hard work paid off.
Is there any further news on progress? Have you subdivided and sold yet? What’s the latest?
Best of luck, and congratulations again!
Adam
Don’t let life get in the way of living.
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