Desperate situation..please help

[hello1234]

If I sell this property I will take a $70k loss. What do you suggest?

Hi Andrew,

Look into selling it creatively - have you heard of vendor finance?

In the case of the Mackay property, you can try to find a buyer (whom is low on deposit, just changed jobs, etc) wanting to break into the property market and willing to offer somewhere close to $485k.

Set the purchaser's interest rate at say 5%, ask for them to pay P&I, ask for a small deposit upfront say $10k, change your loan to interest only - voila you could have a nice lil chunk of cash AND be in a positive cashflow position once again

Of course, this is only in theory and you should do a lot of due diligence before even considering this option!

Thanks.

 

[lazibones]

Seriously, I've NEVER had a banker, a broker or anybody advise, question, recommend or care less about what I'm buying.

I cannot believe northerner sa can be serious?

Seriously? My banker/broker always question what I am want to borrow the money for and they wont loan it unless you give a suitable answer, once you have the loan though you can spend it on whatever you want. Any diligent competent lender would. They do have to take in to account how it will affect you servicibility.

 

[wylie]

Seriously? My banker/broker always question what I am want to borrow the money for and they wont loan it unless you give a suitable answer, once you have the loan though you can spend it on whatever you want. Any diligent competent lender would. They do have to take in to account how it will affect you servicibility.

I think you are being a bit naive about my comment and my meaning.

 

[Jess Peletier]

Seriously? My banker/broker always question what I am want to borrow the money for and they wont loan it unless you give a suitable answer, once you have the loan though you can spend it on whatever you want. Any diligent competent lender would. They do have to take in to account how it will affect you servicibility.

Pretty sure wylie means the 'I've never had a banker/broker care less what I'm buying' comment in terms of a suitable investment, rather than 'spend it on custard, all good with me'.

 

[Stomper]

One of the advisors I was suggesting.......


DYMPHNA BOHOLT FINED FOR BOGUS CLAIMS

Get-rich-quick spruiker and her fake testimonials.


http://www.jenman.com.au/news_item.php?id=428


The Courier-Mail, which reported on the case this week, described Boholt as "one of Australia's most dogged get-rich-quick seminar spruikers".

It noted that she has charged individuals $25,000 in "mentoring fees". The newspaper also commented: "She urged investors to splurge on properties in Moranbah and other Queensland mining towns. Look how well that worked out!"

(The median house price in Moranbah, a coal mining town in Central Queensland, has dropped from $750,000 two years ago to $236,000 today, with the median weekly rent falling from around $1,500 to $350.)

 

[Perp]

One of the advisors I was suggesting.......


DYMPHNA BOHOLT FINED FOR BOGUS CLAIMS

It's a bloody shame she feels the need to exaggerate. She actually teaches a lot of good stuff in her courses. I've found other courses are almost exclusively focused on what to buy, whereas she mostly focuses on the less-interesting but important stuff like structures, asset protection, insurance, legal obligations as a landlord, etc.

But there's no doubt she's a slow learner when it comes to making wild claims.