Hi guys .
I have a contract on a property that is now ready to settle and would be a CFP property by quite abit .
l may lose the deal with financing problems so l’m thinking l may be able to resell it instead while l still have the contract on it .
Can this be done – can l ask the seller l bought it off to change the names on a contract to a new buyer l find , would l have to pay for it first and then sell to the new buyer ?Cheers.
What you’re talking about doing is a wrap: having a sale ready before settlement date.
The cash flow is certainly indicated… but it’s just so strong that I don’t understand why you would sell this place. Income of $630 on an investment of around $300k ?
The deal sounds pretty complex, and given the tiny amount of time I don’t think you’ll have a chance to complete it.
But good luck… but if those numbers are right.. why not keep it? [Or have I not understood… this is one house + 2 flats on about 5 acres?]
Originally posted by glengyron:What you’re talking about doing is a wrap: having a sale ready before settlement date.
The cash flow is certainly indicated… but it’s just so strong that I don’t understand why you would sell this place. Income of $630 on an investment of around $300k ?
The deal sounds pretty complex, and given the tiny amount of time I don’t think you’ll have a chance to complete it.
But good luck… but if those numbers are right.. why not keep it? [Or have I not understood… this is one house + 2 flats on about 5 acres?]
Thanks for that but ‘ NO ‘ it’s not a wrap and it’s pretty straight forward ,just hard to explain , and it’s $240 – not 300 .
The buyer pays or arranges the money I need to complete my purchase on my contract at an 18 mth old price , then I resell it to the new buyer and they get their a great CFP property cheap .It’s like the basic get an option and resell buso they talk about in these places everyday that’s all it is really.
The returns are legit , it has 2 near finished flats and one house on it aand they’re screeming for rentals here. I would actually rent the house back of the new buyer myself for 12 mths while I finish building my other place if they were interested.
The thing is , if I put an ad in the paper – how the hell do I word it .Cheers .
Hi mkc,
If this is in a good suburb i will purchase it, you may contact me direct on 0404092256 or [email protected]
cheers
tony
Wholesale Property Brokers
http://www.wpb.com.au
Australia*Hong Kong*Singapore*India*MalaysiaOk Tony I will send you the details .
I’m really don’t know what else I can do with it as i would just lose it anyway .
Anyone got any other ideas ?Cheers
Mkcassign your contract for 3k to some one who wants the property
Hi. Sorry that this has not worked out for you. I am wondering if you could reach an agreement with a purchaser to ‘assign’ it to them as the last reply suggested (the seller would need to be happy with the contract being altered to show your name and ‘Or nominee’ most likely) AND as there is an apparent equity gain instantly, perhaps a further agreemtn to allow you free rent for a period of time (ie, 12 months) which would allow you time to save money for other less risky or sooner settling deals or investments perhaps? Creative idea I reckon, free rent in exchange for a 40-50 k equity gain….. I would not imagine it too hard to get something out of it. It would be interesting to see exactly what you are talking about (ie, are we talking 3 properties on seperate titles, all ready to go? new?) and suburb/area etc but I am sure there would be others ‘more liquid’ that could offer you something sooner than me. PM info if you want, but otherwiase all the best. There will be plenty more of opportunities for you down the track…..[strum]
Hi mkc,
The property sounds very intriguing. Can you provide a bit more
detail about the property?Like how old are each of the houses? What suburb/town is it located? These are all things we’d need to know before investing $240 in a property…
It just seems a bit vague and dodgy to me…
Originally posted by dare_to_dream:Hi mkc,
The property sounds very intriguing. Can you provide a bit more
detail about the property?Like how old are each of the houses? What suburb/town is it located? These are all things we’d need to know before investing $240 in a property…
It just seems a bit vague and dodgy to me…
Thanks dare to dream .
Ofcause a buyer would come and see the property and details for themselves and do all their own checks . There was no need to go into all that here .
Afraid I didn’t do a very good job of explaining what I did though .Cheers Mkc
Originally posted by graham04:assign your contract for 3k to some one who wants the property
Thanks Graham , that’s the sort of thing I was thinking I could do only l thought l would have to pick it up so to speak first – and then sell it to the new buyer.
But you’ve hit the nail on the head – can I legally get my contract names changed straight into the new buyers name – they go through with the deal and pay me the balance between my contract price and the price we’ve agreed on .
The only catch is , the people l bought it off might not do that , they are probly hoping I pass it in so that they can resell it for allot more themselves .
l’ll look into it .
Cheers.Originally posted by v8ghia:Hi. Sorry that this has not worked out for you. I am wondering if you could reach an agreement with a purchaser to ‘assign’ it to them as the last reply suggested (the seller would need to be happy with the contract being altered to show your name and ‘Or nominee’ most likely) AND as there is an apparent equity gain instantly, perhaps a further agreemtn to allow you free rent for a period of time (ie, 12 months) which would allow you time to save money for other less risky or sooner settling deals or investments perhaps? Creative idea I reckon, free rent in exchange for a 40-50 k equity gain….. I would not imagine it too hard to get something out of it. It would be interesting to see exactly what you are talking about (ie, are we talking 3 properties on seperate titles, all ready to go? new?) and suburb/area etc but I am sure there would be others ‘more liquid’ that could offer you something sooner than me. PM info if you want, but otherwiase all the best. There will be plenty more of opportunities for you down the track…..[strum]
Thanks V8 , there’s some good thoughts there but l really did do a bad job of explaining the situation didn’t l .
No it is just the one property and title with house plus duplex , l put a contract on it and got very cheap . l had preaproval and so went ahead and began all the work . Now l can’t finance it .lt is worth allot more so l’m hoping l can do something as discribed.
But the property also has a block off to one side – it’s still all on the one title but l was going to subdivide that piece off also and that’s the bit l wanna keep myself if poss’ and work into the resell if that was also poss.Cheers
MkcYou need to talk to a solicitor. You can change the name on the contract but it can be expensive.
someone gives you a money making machine for free and you cant afford it?? WTF
Where is it i will have it. PM me the details.
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