Hi everyone,
I have been enjoying reading this forum for a while now. Unfortunately, I can’t really invest in property because I am on the disability support pension so I don’t have a high enough income to borrow much money!
But I do love real estate and reading about what you guys are doing! I especially like reading about sis and all the regulars on the forum…
I am currently paying off the mortgage on my house and it should be paid off this year YAY! and then I might look at shares…
Cheers
canneram
Canneram
Mortgage nearly paid off ??
Congratulations[^]
sounds like you’ve done well, i’m sure there’s options open to you, that you haven’t explored yet..
REDWING“Money is a currency, like electricity and it requires momentum to make it Effective”
Yes I have a third share in the house (my parents own the other twothirds) and we are paying it off together.
We sold a unit my parents owned in Sydney but that wasn’t quite enough to pay for the house so we took out a $50000 loan in Nov 2001 and that should be paid off by the end of the year. We have been paying absoultely everything towards it that we can and we are very careful with money.
I absolutely loved looking for this house ( I love real estate in general)and we found it within 2 days of looking. We have put new fences in and new guttering, the showers regrouted, we are putting in a security alarm system this week.
So we are very pleased that it willl be paid off soon!
By the way, I borrowed Steve’s book 0 to 130 from the library and enjoyed it a lot!! Plus I have read a lot of Kiyosaki and also the book Ordinary Millionaires. Plus I have read heaps and heaps of finance/investment books.
Cheers
canneram
canneram :o)
Out of little things, big things grow
Perhaps if you make a bit of cash out of shares, you can buy RE again??Best of luk with it- I think we all love RE on this forum [
]kay henry
Hi Kay Henry,
I can’t really buy RE because there is an assets test. I am only allowed to have about 140,000 worth of assets before my pension is affected and since, because I have no way of earning an income due to health reasons, I have to stick to the rules!!
It’s really annoying!!
Cheers
canneram
Hi canneram,
If you can type replies onto this forum, then you can earn an income [
] Have you looked into home based businesses or those that require minimal physical activity, but could still enable you to earn a living?Your situation may just require you to think outside the square a little.
Jay.
Canneram, surely you could do a cost benefit analysis on buying a positive cashflow property. If you could start with one under $100K that maybe brings in $30 per week or something like that.
Is it an ‘assets’ test, or an equity test? To start with it would be pretty much all borrowed money, so you might be right there.
And surely they ‘phase out’ the pension, rather than hit the $140K and bang, it’s gone?
Cheers
MelI think u have youre figures a bit wrong.On the dsp u can have earnings of $212 p/f before it affects youre pension and a grand total of $574500 in assets before they cut u off.[cap]
Russ.
On my pension, I can earn about $140 a fortnight. $212 dollars a fortnight is for a couple.
Before it affects my pension the asset test allows me to have $149500 in assets and $302500 before my pension cuts out. (This is the rules for a homeowner as I already own my own house)
The thing is under the income test, under the deeming rules, about $100000 will be deemed to earn about 140 a fortnight so my pension will be affected for any amount above that.
Someone mentioned that I would be able to work a home based business. the thing to watch with my illness is stress and I have to keep the stress levels down. I have tried working in the past and ended up in hospital each time so I am dependent on the pension…
Cheers
canneram
canneram,
You suffer stress but you love real estate? hehe. Being a RE investor can be soooo stressful! But I knowwhat oyu mean. When me and my ex had properties together, the only thing that we didn’t argue about was our RE- our properties were like our kids- well-behaved ones at that! [thumbsup2]
Canneram, given your situation, it’s really important that you keep your pension so you have a safe income. And oyu know what the govt is like with people earning more than they are allowed on the pension- ya wanna make sure you work within the rules- whatever they are- so you don’t end up in court- the DSS is super hard on people they catch out. A person I know will probably go to jail because she earned 17K extra over 3 years. Not a huge amount of money, but it’s huge to the DSS apparenly.
I do wish you all the best of luck with it, canneram :o) Where are you located? You might want to catch up with other people who share your love of RE. In sydney, a few people meet up pretty regularly- I have met three of the guys, and they’re totally sweet- we’rew all a bit silly, [whistle] but if you want to catch up with us, it’s easy to arrange
)kay henry
Hi Kay
yes I have to be really careful, Centrelink is not known for their compassion and understanding! I have a friend who is really knowledgable about money matters and investing and stuff and she is advising me. I will probably buy a few shares and that way I can still keep within the rules!
I live in the Illawarra, I don’t know if anyone else on the forum lives around here?
Cheers
canneram
canneram
Have you looked at buying through an entity other than yourself? That may be a way around it.
Cheers
Mel
Perhaps if you make a bit of cash out of shares, you can buy RE again??
] Have you looked into home based businesses or those that require minimal physical activity, but could still enable you to earn a living?
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