We have today settled on the sale of the final investment property &now all we own is the townhouse we live in &the bus. I guess that wraps up me being the “expert”in establishing financial freedom through property investing in Australia.
Although you might like to check out West Finance. The $200 I deposited with them 6 months ago has grown to $1500,and I have made a small withdrawal to make sure it works. They may be my salvation after all.
Update:They have just gone bankrupt,undone by the temporary loss of their 2 best traders who were stranded in Europe by the Iceland volcano,together with the shockingly erratic state of the Euro &the British Pound over the last month. What a pity.
It’s now early February &we have sold 5 properties &desperately need to move #6,a townhouse in Kalgoorlie. It is also starting to look like we may have to bring #7 up from later in the year as previously planned,just to get our finances out of the hole that clearing the debt will leave us in. This whole process is frustrating &very scary,as we are very close to going broke if these properties don’t sell quickly.
Happy New Year &another property has settled. One more in 2 weeks &working on #5 in about 3 weeks. Now we need to push #6.
It’s now almost Christmas &we have sold 2 properties,with unconditional contracts on 2 more,plus 1 more under offer &only 1 outstanding. Quite a good result in less than 2 months. The lender is very happy with our efforts.
It has been a very long time since I updated here &there’s a reason for that. The property in Townsville left us over-committed &then the escape vehicle of our dreams popped up. We went for it using a short term loan,believing that we could easily pay it off by re-financing our whole [...]
Major kudos to George Karandjias of PFA Private,who got us the funding for the property in Townsville (3 posts ago) in just 10 days from application to settlement –that’s 10 calendar days! We have now asked him to use his contacts to make the transfer of our whole portfolio &the winner is [...]
We are also applying to AMP to bring our existing loans up to the 80% level,generate enough capital to pay off the caveat loans. This is the first stage of a process of amalgamating everything back into an AMP Master Limit,so that I only have to remember one set of account details.
After consultation with a finance consultant,we have opted to sell the house in Mount Isa,on the basis that it has taken its rise in prices &with the current global recession,it is unlikely to grow anywhere near as much as it has recently. So this is one of the very rare occasions [...]
We did in fact settle on Wednesday,largely due to my turning the mortgage documents around,from receiving them via email,getting them signed &witnessed by our local Justice of the Peace,&back in the Express Post box in just 50 minutes flat. We made the Express Post deadline of 6 pm by [...]
The bridging finance did eventually come through,just in time as I predicted earlier. We had already locked in a visit to Bundaberg on the weekend after Easter,knowing that the finance probably would not be ready in time. It wasn’t,but we went ahead anyway,as all of the flights were either using up [...]