Forum Replies Created
Hi Terry,
The damaged happened when the old policy was in place not the new one so the pool is definitely covered.
About 30K to fix or slightly less to put a new one in.C2
Hi Blogs,
Sometimes it good to be abrupt and point out negatives aslong as you also provide constructive critism and positive suggestions
I Totally agree with you about many young and not so young people have the idea property prices will just keep going up and up.
Thus the reason I mentioned to Joel about interest rates going up and property values going down.BTW that 2K was borowed back in 86 when IR started to sky rocket upwards and the government capped loans at 13.5% and just before house prices slumped a few years later 89-90.
Most of my friends were advising me not to buy but I took the attitude it's now or never.
2K became 72K which became 150K which became 300K and then 900K and now stands around 1,600K worth of properties from that inititial 2K short fall.
I've been lucky to have been able to ride out the ups and downs of interest rates and property prices and haven't been like every Tom Dick and Harry making money only over the last 10 years. The hardest part of all of it was going back to uni as a mature age student and working 3 PT jobs to keep it all together.C2
Hi Terry,
I've always been a property man and stayed away from shares and funds because I know absolutely nothing about them. Property investing gives me enough headaches as it is but times are a changing.
Can you PM me some more details and I will look into it.
What country you in now? A J T?
I might have some work to throw your way.
Thanks,
C2
Hi Joel,
Your plan is good aslong as the numbers stack up. Make sure you factoring in rate rises or if property values goes down. Has your advisor pointed you in the right directions towards trusts etc. If your GF is also part of the big plan then 2 wages will make it easier but make sure you both have the same goals. Are you both prepared to get financial freedom through properties whilst going without some of the luxuries of life.
Blogs,
Would his numbers look better if he has an IO loan and his GF is also part of the big picture. Just because he is borrowing from his parents doesn't necessarily make him young and naive. I remember borrowing 2K from my father a few years back to pick up a property worth 72K because I was short of cash. Still got that property today and its worth over 300K. Maybe he was living in dream land before but has now seen the light and is making changes towards his future.C2
An easy solution is to offer the tenant a couple of nights free accommodation in a near by hotel for a weekend and do the painting then. Alternatively find out if the tenant is taking any long weekends away or holidays and do the painting whilst there gone.
C2
Hi Dee Dee,
Without going into the nitty gritty of % and figures.
Any extra money you want to pay should be put on the P&I part of your loan.
The IO part of your loan will stay the same amount unless you have an agreement that any extra you pay is taken off the pricncipal.
Are the loans fixed or variable?
An advantage of fixed IO is that you always know how much you have to pay back and if negotiated correctly can be cheaper than a PI. Thus easier to make a property cashflow positive due to lower repayment costs. A big downside of fixed IO is that when the fixed term is finished it becomes variable and if interests have gone up a few % then your positive cash flow may become negative cashflow unless you put some money down on the IO when the fixed term finishes. Some lenders allow you to pay a certain % or amount each year off an IO loan. Check with your lender again and have a look at your contract.C2
Hi Joel,
Are you thinking of having them as partners or as lenders? Would they be happy to lend you the money or will they want a decent return from their investment? Also in which state is Ivanhoe? Do a quick check on realestate.com for rents in that area.
C2
It's hard to give a price because of the different types of fill you can get and the size of the hole.
You can also try builders and excavating companies in your area for backfill. What are your plans once it is filled? If you don't fill it in all the way you can turn it into a rockery or a sand box for kids. Also check if there are any tree loppers in the area and get their excess mulch or chips.C2
You can always rely on insurance companies to put a twist to something. If you don't have a fixed agreement they can question the amount of rent being paid against the current market value. If your rent is higher than the current market value they will probably pay only the market value. This is why I say fix fix fix and then it is difficult for them to dispute it.
C2
Hi Pizang,
Your friend is also correct about the family of the decease getting a bill but it is normally for the cleaning up costs. A lot of pressure is put on the family of the deceased to do the right thing and pay for the inconvenience caused to everyone else. I was involved in a situation quite a few years back when a NZ guy decided to jump in front of a train. I was asked to negotiate on behalf of his family when they received a bill for 80K AUD which at the time was the going price. I received a bit of backlash from government departments and businesses for trying to negotiate a settlement.
C2
Hi All,
One problem is that I'm overseas, which also makes the jumping up and down a little hard and to see the person in charge. The house is in a different state to the insurance company and claims officers.
Millions,
The idea of Current Affair has crossed my mind a few times but as some members here know I prefer to stay out of the limelight which has probably been detrimental to the situation.Jenny,
Yes I am a patient person and that is my strength and my weakness.Raddles,
The take it or leave it was over the phone and the wording used was very carefully selected as if it was a pre-rehersed statement. If it's in the email which I'm still waiting for then I might have more of a leg to stand on.So the vote is Yes 1 and No 2
C2
Hi All
Simon,
The existing loans are for IPs.Wayne,
The offset account is 100%. This was negotiated when the loan was set up.C2
HI Pizang,
Sorry to change the topic of the thread, but a quick comment on your article about Australian working hours are only second to the Japanese.
The Japanese do not work long hours.
They are at work for long hours.
A Japanese working day also includes the 4-5 hours that may be spent at the local hostess bar discussing the economic virtues of the company.
Another reason they are at work for long hours is that their desk space is probably bigger than their living room and thus more attractive than going home.
Then again it might also be the rush hours on the sardine expresses (trains). The longer they stay at work the more chance they have of getting a seat on the train when going home.I'm sure most foreigners who have lived and worked in Japan would agree with the above.
C2
My answer is below.
Hi Sark,
I had a similar situation a few years back.
My suggestion is make them fixed and send an update of any increases in rent to the insurance company.
Don't rely on your PM to do it.C2
Hi All
Thanks for the advice.
Will post later about what happens and the processes involved.
C2
Hi JFisher and Steve,
Thanks for the advice.
Some additional information
The house is the last house on one side of the street and the property runs until the end of the street.
The property across the road is a farm and takes up the whole length of that side of the street.
The end of the street runs into a reserve or nature park which leads onto the river.
Most of the other properties (4 or 5) in the street are about 1 to 2 acres in size.
I think it is the last remaining property of this size that isn't a farm within the towns borders.I'm not in a hurry to do the rezoning but want to set up a contingency plan for the near future 3-5 years and get the paperwork and everything done now.
C2
Rich in happiness and money is better than rich in money with no happiness.
I’ve updated my cars recently since the last post.
I ve still got 6 Cars and 3 bikes but have changed 2 of the cars
As I live in 2 countries we need cars and bikes in both, and I prefer four wheel drives (4WD).
Overseas we have, 98 Mitsubushi Delica Space Gear 4WD, 94 Mitsubishi GTO 3.0 lt, 94 Mercedes Benz 2.8lt, 96 Honda steed 400cc(motor bike)
Here, 96 Mitsubishi Space gear 4WD(self imported), 88 Toyota Troop carrier 4WD, 92 Lada niva 4WD(stop laughing) , Honda XL 185 (motor bike)and a Yamaha XT 200cc( great for zipping around in heavy traffic.
C2
Rich in happiness and money is better than rich in money with no happiness.
CATA is spot on about the USP. Is the shop take out only or will you have tables for customers? Are you going to sell hamburgers aswell?
If your market is young then they normally choose quanity over quality. You might want to offer a variety of sauces or dips to go with the chips instead of the standard tomato sauce, lemon juice or vinegar.Wouldn’t it be nice to go back to the days when potato cakes were 5 cents each and dim sims 10 cents each. Any special discounts for PIC members? It’s bloody hard to find a fish in chip shop in Japan , so I might just have to try yours.
C2
Rich in happiness and money is better than rich in money with no happiness.
Hi Pepsi,
If you have a job you like and enjoy then there is no need to quit and do investing full time. Try to find a balance between both. Also, it all depends on how much of a hurry you are in to get to your desired finacial freedom.
C2
Rich in happiness and money is better than rich in money with no happiness.
