Hi! I'm new here, my situation

investor2009 · 9th Sep, 2009

So you're having trouble getting finance?

Your position looks good to me?

I know nothing of your working income, but what I mean by 'wide as possible as fast as possible' is buy as much as you can, as fast as you can.
For all I know you may have already done that and need to seek alternative finance methods. But I don't think so, with rental like that it may just be a case of changing brokers. Or going direct. Or vendor finance (worst case scenario in my opinion). Renovating for equity profit, thus capitalising interest for deposits on more property.

RumpledElf said:
Low income = inability to get loans, even if they return well, as far as I know.

Yield is so high because we will own the land outright.

RumpledElf · 9th Sep, 2009

Maybe one of the helpful brokers on here can lend a hand

We're about $5000 off owning the block of land now, and I just found out I'm a phonecall from Centerlink's fraud line away from being able to sell my house.

The somewhat brain-damaged man next door is all out with drugs and parties and loud music and abuse because his 'carer' (she gets a pension to care) is AWOL, working under a false name, in another city. So while she's away, he's playing. And probably scaring off every single prospective buyer from my house

House sells, finance issues GONE, although technically I do have enough equity for a lo-doc with X-coll I'd rather not cross.

Are your loans all x-coll'ed? Down here in lo-doc land, its all 60% stuff.

investor2009 · 9th Sep, 2009

No, I haven't had to cross anything as yet.

Your situation is hard to understand. I'm not sure why you're selling?
Can you just pull some credit by increasing that loan and use the extra as a deposit? Aquiring a new loan for the balance?

As a general rule, selling and reinvesting will cost around 20% of the assets value. Thats too much for me, plus I don't like the CGT.
Thats all your neg gearing 'benefits' gone.
Just like the stimulus packages. On the surface its really nice of the Government to hand it out, but they know it all comes back to them in the form of taxes ten-fold.

RumpledElf said:
Maybe one of the helpful brokers on here can lend a hand We're about $5000 off owning the block of land now, and I just found out I'm a phonecall from Centerlink's fraud line away from being able to sell my house.

The somewhat brain-damaged man next door is all out with drugs and parties and loud music and abuse because his 'carer' (she gets a pension to care) is AWOL, working under a false name, in another city. So while she's away, he's playing. And probably scaring off every single prospective buyer from my house

House sells, finance issues GONE, although technically I do have enough equity for a lo-doc with X-coll I'd rather not cross.

Are your loans all x-coll'ed? Down here in lo-doc land, its all 60% stuff.

RumpledElf · 9th Sep, 2009

Selling because we don't have the income for more loan. They said we could loan max of $140k, and that only gets us 3 properties (2 houses, 1 land), nothing left for building a house on the vacant land.

Hi! I'm new here, my situation

More options

investor2009

RumpledElf

investor2009

RumpledElf

Similar threads