borrowing $30k at 10% for 10 months

yes - i am willing to do that!

there is a property coming up for auction tomorrow (wednesday 10th) that i am very interested in. the agent has rung practically begging me to attend as his top 4 contenders have pulled out due to finance problems.

i have enough for deposit, but it is tied up in shares atm. i can liquidate, but would rather not as i would then be confirming my losses (still down 20% from purchase price).

so - i have enough cash on hand for half the deposit, and total costs, of the maximum figure i am prepared to go to at auction.

i will be cashed up again at the end of the calendar year and can then pay out this loan ... but in the meantime i am prepared to pay up to 10% flat, as i consider the expense of $3k in interest very worthwhile "if" i can get this property at the right price.

anyone interested or know anyone who might have a spare $30k sitting around looking for a short term home? obviously proper legal documents would be drawn up at my expense.

in the meantime ... i have some phone calls the make.
 
that all

Hi Lizzie
Your 10% makes my 30k @13.5 % look pretty poor , but I have the same issue you do , good luck with the auction

stuart
 
anyone interested or know anyone who might have a spare $30k sitting around looking for a short term home? obviously proper legal documents would be drawn up at my expense.

What type of security would you be offering ??

A registered first mortgage pays about 8.8% p.a. right now through our solicitor.....
 
on advice from my solicitor - who said he'd fund himself except he's had to taking an extended settlement on his ppor house sale after he bought his new house and hence has bridging finance to content with - he advised i should offer an unregistered mortgage on the property (or property from my portfolio of your choice) with a caveat.

to make the terms more appealing - i can offer to pay $10k back after 6 months and the following 20k+$3000 interest at end of calendar year, or upon sale of the current reno house, whichever is soonest (reno house goes on the market beginning of august this year).

i would only be buying the property if it is a basement price .... if it goes for below bargin basement then i can fund myself.

sorry for the short notice. after talking at length to rolf i had written off my ability to purchase as i didn't want to use up my entire liquid funds when reno's aren't yet finished ... but the agents call yesterday spurred me back into action as he sounded really desparate for buyers and i know the back story of the property (deceased estate, money desparate kids etc).

feel free to pm me if you want any further details and don't want to chat in public.
 
Last edited:
yes - i am willing to do that!

there is a property coming up for auction tomorrow (wednesday 10th) that i am very interested in. the agent has rung practically begging me to attend as his top 4 contenders have pulled out due to finance problems.

.

Advantage Lizzie.............
 

If those are the only choices, I'll make a guess that it is either the second or the last on the list. The other two don't strike me as deceased estates.:D

I'd help, but I'm out of funds temporarily too. :D

Good luck.
 
it was number 2 on the above list ... went for $45k more than i, or any other pro developer, was prepared to pay so, in a lot of ways happy because the timing for us to buy was not good - but also happy that it went for way over what i was willing to pay as, if it had been only $1-2k more, i would have been very tempted to extend.

hubby will be pleased when he gets home from the pictures - and even more so because i found out tonight that the unreno-ed 2/1/1 weatherboard and tin place down the road from our place sold last month for over $20k more than we bought our current 3/2/4 brick and tile jobbie. ... and ours still had a the orginal features whilst the other place had had everything stripped back in the 1960/70's.

:D:D:D

thanks all for those who offered to help.
 
:D:D - now all i have to do is hope that propertunity doesn't turn up!

Well I was in town today, and I had already looked at that property and passed on it......so you were safe had you been the winning bidder :D

However, you should not feel too relaxed. We are actively looking for a number of clients in Newcastle at present - all looking for different things. Plus others for the Coast and a couple in the Inner West.

The fact that this one went $45K over what you thought is an indication of the strength of the market there in Newy. It might have been a bit disingenuous of the agent to lead you to believe that so many had pulled out?:confused:
 
lizzie if you are really after a project, try this one for size:
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=36096729&s=nsw&tm=1265793227

It went to auction a while back and the highest bid was $385K which was turned down. Now it is back on the market @ $359K. Lots of lookers but because of the state of repair most likely will only get a 60% LVR lend.

It has 2 street access ......oh and a heritage order - but just imagine returing this to its former glory? ;)
It would have to be worth $600K post reno you reckon?
 
Badluck lizzie - always more out there :)

Propertunity - how much would you need to put back into it though? I would say at least $100k? Needs taken back and all the rest. I am actually thinking more like $150k + ??
 
That Mayfield property looks good as did the Broadmeadow one. There is a lot of action in these areas and good returns on rental anywhere around Broadmeadow, Mayfield, Waratah, Hamilton north. I know there is a lot of interest around there as the prices are quite low considering the rental returns & CG.
 
now that that one is out of the way, i'm not actively looking until later in the year - unless something spectaclar turns up - due to the exact problem i had on this one, not enough cash in bank.

when the timing is right, the right property will arrive - always seems to happen in the past.

love the house in mayfield - but not looking at doing any more reno's. only after small developments from now on. preferably 4 townhouse lots, but might do to the odd duplex.
 
Top