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  1. #71
    Join Date
    Jul 2006
    Location
    Taupo
    Posts
    53

    Default

    One thing to watch out for when gaining long term settlements with early access.
    Properties involved in a relationship break up!
    It's all good until one of the parties decides they should create as much stress as possible for the other party by placing a caveat on the title on the last day prior to settlement.
    Then you the purchaser are unable to settle until the caveat is lifted...............sure the vendor is supposed to be paying penalty interest; but if you have a buyer lined up you will too (another idea - always ensure the amount of penalty interest you may have to pay is less than your vendor in a double settlement).
    I'm not saying this is not a great strategy cause it is.
    just an experience I had once which opened my eyes.

  2. #72
    Join Date
    Dec 2009
    Location
    Auckland and Mangawhai Heads
    Posts
    84

    Default I hate the term Flipping American BS

    Sale by Credit terms. It is like a hire purchase - simply if you don't pay they take it of you. If you actually have money and buy and sell regulary you have done well because 90% of these people are down the toilet, why? GREED.

    Not being optomistic but negative, hehe. The market is till falling and we are no where near the bottom, so if you are happy to be a speculator in this current environment, use your money to wipe your bottom because thats where it may end up.

    Banks won't lend at all to speculators and bridging finance is at 65% LVR from Finance companies (the ones that survived) only lending in main centres around the country or to mates.

    Finance ranges from 12% to 29% wow! There is a lot of money available short term, so be prepared to sell if you intend to borrow.

    Going back to my opener "Sale by Credit Terms or Sale by Agreement - OPM", yes Other Peoples Money. Here you put a small deposit and take over the title holders mortgage for an agreed period. I would get them to pre sign a transfer and then whack a caviet on the titile, so the current vendor doesn't go and try to leverage against the title again, put this on immediately. Get access asap, renovate, get it on Trademe put a sign up with the TRADEME link. Do your own open homes, if you dont want to, give someone $100 to do it for you. Some drop dead gorgeous sales lady that wants the $100 and isn't there to sell the place but to get there contact number so you follow up. They are just showing the home and are not a real estate agent. This saves you a ton of cash.

    I did 80 properties like this in one year and never went near a bank maybe because I had bad credit?

    The best transaction (as I hate the term DEAL, sounds like a shark - remember the saying, he was swimming with the sharks but you should of seen what he was wearing when the tide went out, NOTHING) was in Remuera. I bought a small bedsit for $85,000 and knew it was worth $135,000 in it's current state. I lived next door and the owners son knocked on my door and said do I want to buy it. I paid $1,000 deposit with access and renovation clause. I put it in the New Zealand Herald for $135,000.

    Advert said $20,000 DEPOSIT immediate access 3 month settlement. I sold it within 3 days FOR $120,000 with a $20,000 deposit and made another $15,000 on settlement. So $35,000 profit on a $85,000 purchase with $1,000 down.

    I have done this for 21 years and when I got greedy I hit the wall, so am not going to pump myself up to say hey I am loaded. I lived off what I did make and lost $14 million in 2007 in the crash my fault no one elses. Borrowed to much Finance company money short term and they made all my percieved profit.

    I only look for property at 60 to 70% of the market value.

    The finance is seperate. When you want to make money, ask someone that has been there got the T shirt and at timeS had to give the T shirt to others, hehe.

    Others charge you $10,000 to $12,000 for mentoring per annum. Where are these guys today. I get their clients ringing me to moan.

    I laugh because they where stupid enough to pay it. It is like taking the food out of the mouths of babes.

    I am a realist and will not BS you. Been there done that and not bothered by what people comment about, I am here to help.

    Don't get GREEDY (trust me I know) and if you have a group of friends to leverage with, make sure you agree on terms before you go into your first transaction saves fisty fights!

    YES THIS IS THE BEST TIME TO BuY IF YOU WANT TO GET RICH IN 7 to 10 YEARS. BUY AND HOLD, DON'T SELL UNTIL THE VALUES HAVE DOUBLED AND DON'T KEEP RE LEVERAGING. NEGATIVE GEARING IS BS, ASK THE ONES THAT ARE CRYING TODAY AS THEY TOOK ADVISE FROM SO CALLED PROPERTY MENTORS THAT MADE THEM PAY FOR SEMINARS AND JUST CLIP THE TICKET. iF THEY SOLD YOU ON NEGATIVE GEARING AND THEY DID IT THEMSELVES WELL THEY AIN'T GOT NO EQUITY LEFT OR MONEY EITHER. I KNOW IT IS A SMALL TOWN AND PEOPLE CALL ME EVERY DAY WITH UPDATES.

    To put the record straight there is a ton of cash flow in affiliated marketing and I do this fulltime from home and boy if you understand how google works You will get traffic all day long,

    Others will knock every idea but they are narrow minded people that were probably born in a corridor so don't see outside their tunnel vision. hehe

    Mark can we set up a Topic on Affiliated Marketing?
    Last edited by cube; 15-09-2010 at 01:28 PM. Reason: Remove contact details and links

  3. #73
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,942

    Default

    Quote Originally Posted by Barter Trader View Post
    "Flipping"?
    Okay I dont like the word "Flipping" either.
    But what can we use.
    I was looking for a word that means "Cosmetic Reno and sell fast".

    How about "Trading" - nup as that means Assigning and D/S as well.

    Cant use "Renovation" as that sounds like a 6 month project.

    "Flipping" is the only word I can think of.

  4. #74
    Join Date
    Dec 2009
    Location
    Auckland and Mangawhai Heads
    Posts
    84

    Default

    Quote Originally Posted by Bluekiwi View Post
    Okay I dont like the word "Flipping" either.
    But what can we use.
    I was looking for a word that means "Cosmetic Reno and sell fast".

    How about "Trading" - nup as that means Assigning and D/S as well.

    Cant use "Renovation" as that sounds like a 6 month project.

    "Flipping" is the only word I can think of.
    Speculation comes to mind? Opportunity sounds like another?

    How do you put Flipping into an advert? Or do you mean Flipping is the name of the career that one has entered into?

    Learn how to Buy and Sell Property.
    Learn how to do Property Flipping.
    Learn how to Renovate property to sell for profit.
    The list is endless

    The 3 R'S
    Renovate, Resell, Result

    Flipping - Lets toss a coin and flip on it, should I do it or should I not?
    Last edited by Barter Trader; 15-09-2010 at 11:42 AM.

  5. #75
    Join Date
    Dec 2009
    Location
    Auckland and Mangawhai Heads
    Posts
    84

    Default

    Quote Originally Posted by Bluekiwi View Post
    Okay I dont like the word "Flipping" either.
    But what can we use.
    I was looking for a word that means "Cosmetic Reno and sell fast".

    How about "Trading" - nup as that means Assigning and D/S as well.

    Cant use "Renovation" as that sounds like a 6 month project.

    "Flipping" is the only word I can think of.
    Trading doesn't mean Assigning or D/S
    Trading is pertaining to the equity you have in an asset (at an agreed value of course) to trade for another asset. Each party has an equity component first then the cash difference.

    Swaps is another senario.

    We probably need to clarify where you want to use the term FLIPPING?
    As I understould it was the actual practise not a word for marketing a property.

    Property Flipping would be used as to attract potential Property Finders seeking to learn to attributes and fine qualities of this distinguished career. (Yes I am laughing too)


 

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