Joint Ventures Sometimes it is not possible or desirable to buy properties in bulk, or in a syndicate. If you are considering buying a property by yourself, it is still possible to receive a genuine discount off market value. Properties in the early stages of a medium size development are often sold for less to … Continue reading How to Buy Unlimited Investment Properties Chapter 14
Deposit Bonds After we signed the sale contracts, we needed to pay deposits. A deposit is usually 10 percent of the purchase price. The primary purpose of a deposit is to provide a consideration to make the sale contract binding. The deposit also shows you are a genuine buyer. Most importantly, if you are in … Continue reading How to Buy Unlimited Investment Properties Chapter 12
The Syndicate From knowing what you want to buy to actually going out and buying it can seem like a gigantic and often daunting leap of faith. I had a plan that I thought was simple. I wanted to buy a good, desirable property in a bluechip suburb at a genuine discount price. My plan … Continue reading How to Buy Unlimited Investment Properties Chapter 11
Searching for a New Investment Now that my apartment was rented, I had a home to live in, I had more money in my bank account, and I had no more personal debts. I was ready to start searching for a new investment property. Clearly, I was more appealing to the banks than when I … Continue reading How to Buy Unlimited Investment Properties Chapter 10
Renting I obtained three rental estimates from local estate agents. But I invited only two of those agents back to lease my property. As a personal preference, I always appoint only two real estate agencies when leasing any of my investment properties. I believe there is sufficient competition between two agencies to ensure that I … Continue reading How to Buy Unlimited Investment Properties Chapter 9
Securing a Loan Armed with my financial report, I decided it was now time to see my bank about refinancing my existing home loan. I wanted to enter into a new mortgage agreement, based upon the independent valuation I had obtained. When I purchased my apartment, the amount of the loan was calculated as a … Continue reading How to Buy Unlimited Investment Properties Chapter 8
The Financial Report My financial report brought together all the information I had collected. The contents page read as follows: Personal balance sheet Detailed financial analysis Copy of independent bank valuation Copy of quantity surveyor’s report Twelve-month rental estimates Salary confirmation Individual credit report Comprehensive insurance cover Evidence of comparable sales Securing your loan … Continue reading How to Buy Unlimited Investment Properties Chapter 7
Comprehensive Insurance Cover Having a home insurance policy is a must Most people know what insurance is, including home insurance and contents insurance. In my opinion, both are essential for any homeowner. When buying a home, it is generally recommended that you take out a home insurance policy as soon as you sign a contract … Continue reading How to Buy Unlimited Investment Properties Chapter 6
The Individual Credit Report An individual credit report contains information that will assist subscribers in making credit decisions. Subscribers include banks and lending institutions, along with a wide range of other services. An individual credit report includes personal details such as: current residential address driver’s licence employment details bankruptcy information overdue accounts loan applications Anyone … Continue reading How to Buy Unlimited Investment Properties Chapter 5
The Personal Balance Sheet Establishing that I could positively gear my apartment was a crucial step. Had I not been satisfied my property would make a good investment, the alternative would have been to sell the apartment and purchase another more suitable investment property. My next step was to prepare a personal balance sheet. As … Continue reading How to Buy Unlimited Investment Properties Chapter 4
