Over the last few months you will know that recently I have been subjecting my family to 80’s movies - yes Melbourne lockdown has been hard and...
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Remember the more terms and conditions you add the more uneasy you may make the vendor so keep conditions to the minimum. This is provided as an example only please note that you should develop your own offer document and have your solicitor look over it to make sure it complies to all the necessary requirements.
Some examples of inclusions:
This is merely an example of terms you may consider including this is not exhaustive – and remember if you are going to auction then any changes or inclusions to the standard contract must be agreed between the solicitors prior to the auction for eg the 5% deposit or the light fittings being included etc
Many of you know that without clear direction you can’t achieve anything. That is why I spend so much time talking to people about setting goals and then working out which property investing strategy will help them achieve that goal.
Without those fundamentals I believe you are gambling with your investments success. Similarly I know that tracking your portfolio regularly and reviewing how each property fits into that strategy is imperative. I have devised a very simple spreadsheet with very simple formulae’s to help track if your property is on track to helping you achieving your goals.
This simple spreadsheet is an alternative to you spending hundreds on software that will assist you in achieving the same outcome – perhaps without even linking it back to your goals.
Many people use equity in their own home to leverage into property investment. There are a number of ways that this can be done. In my experience I find that most purchase their first home and investment property without a clear strategy and hence without having their finance setup correctly. I often find that this then limits flexibility and can actual stall investment plans. For those who plan to create a property portfolio finance strategy is almost as important as which property you buy. If you do it correctly you can leverage off the new equity you have created to allow you to purchase again. This short presentation demonstrates one such strategy. Remember this is general information and not specific to your circumstances so please contact Investors Choice Mortgages to discuss how you can apply this strategy. Please also read the article on cross collaterisation to further understand the implications of not setting up your finance correctly.
– with kind permission from Defence Housing Australia
These funny little stick men simply describe one view on how the credit crunch came about – be warned there is some offensive language.
Having just complete our 6th renovation using the buy, renovate and hold strategy we have learnt a few things along the way. Remember like most things if it was easy everyone would be doing it, and in the end you get out of it what you put in. That does not mean you can’t learn from the learnings of others. I hope these shared learnings assist you in your renovations
“Essential qualities of multi-millionaire property investors” Dale Beaumont
Thank you to Emma McDermott, Principal of n-gauge property marketing for supplying this check list.
This is the same spreadsheet I have been using for over 15 years to make tax time easier. As always this is for your personal use and does not consider your specific circumstances. This spreadsheet does not take the place of advice from a qualified accountant or financial planner, you should speak to your advisor. I hope it saves you time and money as it has done for us
Lenders have various criteria when considering your borrowing capacity. This handy document gives you access to a number of these. By no means is this list exhaustive however it is the main factors you need to pay attention too.