Hi Matt,

A developer in Ryde put in an Ad in the gumtree and asked people to come get what they want from the house to be demolished.  And made money out of it.  Renovators, re-sellers, recyclers, all came and paid him money for old doors, old stained windows, old door knobs, old timber.   A recycler bought the old bricks.  People renovating period homes came and got what they needed and paid for it.

Others advertised for free home, you take it.  Don't throw it away unless it is an absolute dump and only the termite wants it.

The money you make might pay for application fee.

Let us know how you go.

Angel

Mav86,

The benchmark is the term deposit.  If you can achieve 6.5% earnings on term deposit, then the return from IP should be higher.  If not, what is the point?   Park the money in TD, and sip margarita (or guzzle coffee in my case).  For a lot of work, you should aim to be generously rewarded.

Take care.

Angel

Hi Nonnie,

You need to also prove a point to the vendor:  Yours is not the only house in the market. 

Keep looking, you can't afford to have tunnel  vision. 

Call the agent and say that you have made an offer for a similar house in the area and will buy whichever is accepted first.  The market being very soft, you'd be surprised how negotiable it becomes.

Take care and good luck.

Angel

Cuteyoungchic,

Sweetheart, the motivation will return.  Nice and slow,  take it from someone who's been there and done that.

Divorce is not the end of everything.  It could be the beginning of new things to come.  Everything you learned along the way can't be taken away from you.  You start with that knowledge as your foundation and build on it brick by brick.

Buffet is right about his own personal experience, when you marry the right person, and become the right person for him/her, the partnership can be unassailable.  But not one of us married thinking of divorce as an option.  We mostly all think it's forever.   It never entered my mind but it still happened. 

To all the divorcees on the forum, or about to be, I have a nugget of wisdom to hand you:  Happiness is the best revenge.

Happiness will come slowly to you but it will take time, give yourself that time to heal.  Don't be bitter, it doesn't cause pain to anyone but the person harbouring it. 

When I left the marital home, with four kids in tow (the eldest being 6 and the youngest 12 months) I had to get cash adavance out of my credit card to put a bond for a house.  We left with one suitcase and the kids who could walk a backpack of clothes each.  The world was hard and dark.  People who knew me asked where I found the courage, I said, "To stay would have been worse."

From the pit, I clawed my way out.  It's been 11 years, and there are days when I think I'm still in the pits.  But mostly, even from the pit, I can see blue sky.

One friend said to me that what he likes about me is that I'm such a positive person.  I said to him, "yeah, I am.  I'd be the only person you'd know who'd have a smile on her face in a firing squad line up.  My smiling face would be indelibly inked in my shooter's brain for as long as he lives."

I hope this inspires others in the same situation to believe things will get better.

Take care.

Angel

Hi Kimberly,

You're not alone.  I'm stuck at a cross-road, unable to decide which way to turn.  I'm pretty sure though if I don't make a decision, sooner or later, I'm bound to get run over by a truck.

It's been a series of elimination. 

Where I'm I at?  Well, I've eliminated the USA because there's just too much uncertainty, the AUS$ vs the US$ being one of them.  I'm too old to be doing this I reckon (the accompanying photo is a lie, this was taken 2 years ago).  At 53 I should be winding down, not winding myself up. 

My point being you shouldn't just consider the financial aspects of your decision but also your risk profile.  A lot of it is mental and psychological.

If it's a decision you can cope with, then let the math guide you.

Take care.

Angel

Hi Kate,

Here is a creative solution.  Since it is your boyfriend's house, ask him if he is willing to lend you the shortfall so you don't have to pay LMI.  Eleven thousand is a lot of money, if you can save this, it would be a boost for the next one.

Discuss with him how long he can wait for the balance; the exit strategy (revalue after 12 months, for example); and interest on the balance if required.  Being your boyfriend, he should be willing to just let it slide.

Take care.

Angel

Hi smartgeny,

You have the correct premise.   A smart lady once asked me a rhetorical question, "How many negatively geared properties can you afford to hold?"  The answer, she said, is "None."

I totally agree.

I'll add another, if the mortgage repayment is exactly or near what you'd have to pay in rent anyway, buy!

There's no point paying $500 pw rent on someone else's property if it cost the same to "rent" it from yourself.

Congratulations, you're on your way.

Take care.

Angel

Don't do it!!!!

You can source your own IP.  Research, research, research.

The way to stay away from high pressure sales people is to be unavailable.  If you front up to them, they have an asnwer to all your objections.  It's best to not be around to object.

Take care.

Angel

Hi Shape,

Mine cost only $3,500 to build 6 years ago.  Labour and materials included.  Materials were thick pine.  Bolted to the wall.  didn't try to save on materials as the last thing I want to happen is the tenant crashing down.  The whole thing was done in a day.  Allowing for inflation, I should think this simple design will set-up back $5,000 (if you have a good handyman who will not fleece you).

My design was simple.  Double bed on top, a small landing at the top of the stairs so tenant can put some stuff down like a book or cup of coffee.   Underneath the bed is a living space.

Others do it slightly differently, and more costly. They will put in a built-in a wardrobe underneath.  Since my studio has built-in wardrobe, I just opted for an empty space where tenant has their three-seater sofa and coffee table.

It was money well spent as it immediately increase rent by $70 per week. 

I hope this helps. 

Angel

Hi Patrick,

I always go to http://www.domain.com.au, click on property report.  Type in Inala, click search.  The median price for the month will appear,  then you can click on demographics.

I cut and paste the Inala demographics here so you have an idea what it looks like. It is important that you interpret the data carefully.  It also compared Inala vs the Brisbane local government area as a whole.

It is also important to practice using these resources that's available on the Net.

I hope this helps.

Angel

Demographics for 4077