Vic west coast,finance deal,would it work, interested ?

[random]

Hi people.
Similar to another thread & question I posted - but a different situation now as that property got sold but a newy's turned up even better , $270k .

I can't finance it as s/employed but can easily manage it so I'm thinking about this angle .
The property is on Vic West Coast , won't mention the spot publicly b/c it might get snapped up but it's an unfinished house on 4 ac. The house is 30 squ , top shelf built to lock up & everything's supplied to finish & the property itself is 4 ac . Sits on a hill , over looking township , ocean , walk to cafe's , beach . It's a crazy situation , one off .
Well , the 4 ac rises at the back from behind where the house sits & at the top of the block it has even better views m would make a great separate block & zoning allows sub .

My thoughts , if someone financed the property for me , i'll put 10% down plus costs, they do me good rates & no refinancing pressure, in exchange they can have one ac from the top of the property . All they have to pay for is the subdivide itself later. That can be years later , down track , no pressure , whenever . They can just leave it until the next boom , a rainy day , a holiday house one day , whatever .
They'll have 1 ac at the top of the town overlooking everything , for costs only , probably valued around 250 separately on now prices - plus my financing , which I'd payout or refinance down track , 3-4 yrs , unless they wanted to leave it in place or whatever .
Losing that section makes no difference to me as I only want the bottom & house anyway & it makes no difference to the property value so it's neither here nor there if I get the rest.
The rest alone would value at 5-600 anyway once I finish it off so .

What do you think , would it work , could I find a taker - interested ? How would I go about finding someone , an ad or something somewhere, where ?

Thanks for any help
Cheers

 

[willair]

Hi people.
Similar to another thread & question I posted - but a different situation now as that property got sold but a newy's turned up even better , $270k .

I can't finance it as s/employed but can easily manage it so I'm thinking about this angle .
The property is on Vic West Coast , won't mention the spot publicly b/c it might get snapped up but it's an unfinished house on 4 ac. The house is 30 squ , top shelf built to lock up & everything's supplied to finish & the property itself is 4 ac . Sits on a hill , over looking township , ocean , walk to cafe's , beach . It's a crazy situation , one off .
Well , the 4 ac rises at the back from behind where the house sits & at the top of the block it has even better views m would make a great separate block & zoning allows sub .

My thoughts , if someone financed the property for me , i'll put 10% down plus costs, they do me good rates & no refinancing pressure, in exchange they can have one ac from the top of the property . All they have to pay for is the subdivide itself later. That can be years later , down track , no pressure , whenever . They can just leave it until the next boom , a rainy day , a holiday house one day , whatever .
They'll have 1 ac at the top of the town overlooking everything , for costs only , probably valued around 250 separately on now prices - plus my financing , which I'd payout or refinance down track , 3-4 yrs , unless they wanted to leave it in place or whatever .
Losing that section makes no difference to me as I only want the bottom & house anyway & it makes no difference to the property value so it's neither here nor there if I get the rest.
The rest alone would value at 5-600 anyway once I finish it off so .

What do you think , would it work , could I find a taker - interested ? How would I go about finding someone , an ad or something somewhere, where ?

Thanks for any help
Cheers

The only way to look at something like this is too think the way the other person will think about this deal,you end up with a house 3 ac ,the other party ends up with one ac,plus costs to split the block and what ever the "ATO" line you up for,, if you have 10%up front then some of the smart "MB's" in this site would be able to help you with "OPM",why give 25% away when in a few years that block could also be buit on just the way i think..

In any large city newspaper,every sat there are several adds in the paper with deals like the one you intend to look into,maybe ring up and talk to the people that runs those type of adds,you will learn something very qiuckly once you talk too the sellers or buyers,your name will never be on the title,and you have very little control in the deal,they only look for very desperate people and there is always those deals out there every day..willair..

 

[random]

Hi Willair .
Thanks for the straight shooting, appreciate it & your probably right . I didn't know whether to even waist my time on it either, as you say there's always deals out there but very few if any around coast as in this spot .
Dunno about the MB's though unfortunately, I've used dozens over the years & yet to achieve anything outstanding at all to be honest.
Yeah I'd rather not dump that section either but I can't think of any other way to get it until I finish my others & it;ll be gone then.
Ahwell , been around enough to not hold too much hope but a stab doesn't hurt does it !

Cheers