*wailing* ok the repayments i can handle …. but when the intrest came out .. i nearly died ! $650 for the month .. im hoping its the month …. ?? Maybe its per day Hmmph nasty banks.. i think its per month? ( i know its not per day)
Anyway im having troubles breathing and i think im having regretts, i am doing this alone, so any support might just be what i need .. *trembling*
Im petrified. Ive done the numbers, according to me ill have it paid off in 7 years, i have tenants and im maying EXRTA repayments ..
But DAMMM i dont like seeing that much intrest come out …
and it brought up my overall balance again ..
i did the numbers, but i dont like looking at the banks version ….Dutch [angry2][blink][chill][comp][baaa]
Dutches,
I wanted to say something like:” …Haha…. “, but I’m about to be there myself by the end of the week (hopefully).I had a similar Angst when I pursued an IP ferociously unitl I got it and then I got cold feet! It got easier to deal with as time went on so, … thanx for the warning! I’ll try not to look at the accounts too much. But that’ll upset my daily neurotic routine! Don’t know if I can cope with that either….
Time heals most things …. 7 years! What did you buy? How much did you pay for it? That’s hughe!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHeck, you didn’t expect it to come for free did you ??
Look on the bank as your friend that allows you to leverage into property/ies.
They need something in return for this favour.Maybe look at the bigger picture ( and therefore the smaller figure)
Thre rent and tax savings will offset the repayment / interest and other property expenses.
Look at this number instead ( and hopefully it is less than the $650 you are currently focusing on !!)
kpHey Pysch,
From your own words, I think you’ll be OK
the repayments i can handle ….You are on your way then – the tenant is helping you to purchase this IP. Just keep in mind that the Interest will reduce as you bring down the amount owing.
Did you have a complete month of Rent before the first mortgage payment? Are you receiving Tax deductions on a weekly basis to offset the cost (ITWV)? Are you buying with IO or P&I? All of these can have a marked effect on the final outcome. If P&I, it would normally take 75% of the term to pay down half of the mortgage owing. That’s how they work.
No matter, just go back to that quote of yours – “the repayments I can handle” – just keep on handling them. Maybe the Bank’s first payment was more than expected – they don’t always take the required amount in the first few weeks, then play “catch-up” with the first payment. If this is so, your later amounts will be less.
Congrats for taking the plunge though; if you need more info, then please provide a bit more of your situation. We may be able to help more,
BennyDutch,
I’m sure you don’t mean that really in your title…emotional soothing…what on Earth is that in the hard nosed banking/legal world that you chose to enter ???
I’m sure you’ve read all of the documents that you’ve no doubt had to sign to obtain the loan and are fully aware of your commitments made to the Bank for graciously allowing you to borrow their investors funds such that you could purchase an asset that you were unable to afford on your own.
Surely you read the documents, did your calculations and then made your decision whether to sign the documents and proceed or not. It looks like you chose to proceed so why do you require emotional soothing ??
Or is this in fact a girly girly hugging B.H.W.U.M.A. type thing that is whistling straight past me ?? Call me harsh…no problem…but please don’t tell me you are surprised at the figures and now want a hug from the Bank ??
IMO banks aren’t nasty either, they are one of my closest business partners who I always take seriously. They leave emotion out of it and so do I…which we both appreciate.
Real estate and Banking is a bit like how Tom Hanks described baseball to an emotional girl in the dugout in ‘A League of their own’ when he castigated “There’s no crying in Baseball”.
Psche,
I think it was Jones, in Dad’s Army, who said “Don’t Panic” You are on your way now. Lot’s of advice here for you to filter through. I reckon take a step back, take the emotion out of it, recognise what you have learned that is new, and move on.Harley
Originally posted by Psychiatrist:*wailing* ok the repayments i can handle ….
Im petrified. Ive done the numbers, according to me ill have it paid off in 7 years, i have tenants and im maying EXRTA repayments ..
But DAMMM i dont like seeing that much intrest come out …
Dutch [angry2][blink][chill][comp][baaa]
Psychiatrist I think you need to lie down on your own sofa and give yourself therapy [biggrin].
But seriously: Why do you stress when you know that you can pay off this property in 7 years?! I think that’s a fantastic accomplishment.[buz2]
So, “Hakuna Matata!”You have collected 5 or 6 hugs already, hehe! Hope it helps you to calm you down.[chill]
Celivia
i did the numbers, but i dont like looking at the banks version ….
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