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From: The Undergraduate
Hi Forumites,
At last I have something to post, after lurking around for so long, listening to all great advises/info given.
I have the opportunity to purchases two properties on one block of land in Nunawading. The bank will Foreclose this Friday and owner wanted to sell their properties by this Thursday. They wanted $300K minimum to discharge their loan plus have enough to clear up all their credit cards debts.
I don't have Sec 32 yet but here are the info:
Brick House in the front have 3 bedrooms, built in 70s, in good shape.
Brick House in the back have 4-5 bedrooms, about 6 Yrs old.
Assumed both houses on sep. titles (to be confirm) rental for 1st about $250/week 2nd about $350/week. Properties close to train station & bus (walking distant)and shopping. It is also about 5 min drive to Eastern FWY. They wanted 10% cash deposit with 30 days settlement.
Questions:
1. Does this sound like a good deal?
2. Am I rushing into this?
3. Because I know these people, will I have trouble with them later on, if they wanted to rent one of the house.
4. Anything else I should consider?
If I wanted to buy, I will have to sign on the dotted line by this Thursday the latest.
Any pointer and opinion will be great appreciated.
The Undergraduate )
Hi Forumites,
At last I have something to post, after lurking around for so long, listening to all great advises/info given.
I have the opportunity to purchases two properties on one block of land in Nunawading. The bank will Foreclose this Friday and owner wanted to sell their properties by this Thursday. They wanted $300K minimum to discharge their loan plus have enough to clear up all their credit cards debts.
I don't have Sec 32 yet but here are the info:
Brick House in the front have 3 bedrooms, built in 70s, in good shape.
Brick House in the back have 4-5 bedrooms, about 6 Yrs old.
Assumed both houses on sep. titles (to be confirm) rental for 1st about $250/week 2nd about $350/week. Properties close to train station & bus (walking distant)and shopping. It is also about 5 min drive to Eastern FWY. They wanted 10% cash deposit with 30 days settlement.
Questions:
1. Does this sound like a good deal?
2. Am I rushing into this?
3. Because I know these people, will I have trouble with them later on, if they wanted to rent one of the house.
4. Anything else I should consider?
If I wanted to buy, I will have to sign on the dotted line by this Thursday the latest.
Any pointer and opinion will be great appreciated.
The Undergraduate )
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