Forum Replies Created
Hi All, Thanks for the comments. The strangest part is that it is definitely not B’s character to use people although this situation appears so. As for A being a soft touch normally his character is the opposite. That’s why I couldn’t understand how they both got into this situation. Thus the reason for being a fence sitter.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Peterp, If they come into the world once you are wealthy, they may not observe you scrimping and saving during their youth”.
There is a risk of them: a. turning out spoilt brats who don’t move out until age 30, b. continually asking mum and dad for money, c. with a belief that money comes from trees, d. valuing immediate gratification over long-term investing, e. having less personal initiative, and f. going for ‘safe’ jobs rather than entrepeneurship.
There appears to be a basic assumption here that children born to wealthy parents are spoon fed and do not know the true value of money. My family was listed in the top 100 families in Australia and Who’s and who. I received my first bicycle at the grand old age of 14, before this I walked to school everyday approx 3K’s. I did household chores even though we had domestics and never received pocket money. The only money ever obtained was earned through extra chores.
Future$, only you know how you will bring up your children. It doesn’t matter whether your wealthy or poor, young or old.
Sunshine, Yes infertility is getting higher and there is research to suggest links with age, but you are dwelling on negativity. It doesn’t matter how old you are when you have children. There is research that suggests if you are younger you can contribute more in a physical lifestyle whilst maintaining a closer generation gap. Other research on the other hand suggest older parents are able to spend more time and help children develop more intellectually. The best thing about research and theory is that there are always opposing sides. The same can be said about investing.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Forextrader, Are you looking at a partnership or spotters fee. Are you aware of any restrictions involving how many properties you can advertise and sell under UK law without a licence even if the properties are in another country. If you’re in partnership then would your Australian connections need any licences under UK law?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Matt,
You may have hit the nail on the head there. These days there are more avenues for people to report (misconducts). This then increase the number of actual reports and makes some crimes appear to be rising rather than maintaining the staus quo. One factor that has increased dramatically though is that of reoffenders.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Chris,
Most states and territories have a business office for people starting up a business for the first time. They will help you with creating a business plan, taxes and also advise you on any grants or fundings that may be available. Another avenue to check is Centre link who run schemes for long term unemployed who want to start a small business. I’ve been on ebc mailing list for a long time and have found their resources quite good. Their prices are hefty and they are also a little too specific in some areas, so choose wisely. Your local or university library will have excellent resources as well.
C2
“Is it true the more you owe the more you grow until the bank steps in?”I found the discussion between Richmond and Mini quite entertaining about the relationship between the media and the government. A certain politician (in a far away country with a nice red sun) decided that a good way to get people to spend more money at home was for the media to portray o/seas countries in a negative manner. He actually sent a personal memo to the heads of all TV staions in this country instructing then to do so. Within a couple of weeks nearly every station had documentries regarding mass murders or violent crimes showing during peak time viewing. The strangest part of all was how each station depicted only one different country each. The result of all this was nearly as much impact as SARS.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Rob,
Try birthdays and wedding anniversary cards.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Westan
A good high front fence is excellent for security and those tenants that have children, dogs or like their privacy.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Mal,
When you choose your insuarance check to see if it covers you when the tenant is not on a lease when the original lease has expired.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi murmur,
If you have additional security or equity quite a few lenders will do 100% or more finance.C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Forextrader.
There are no real restrictions but the lenders do have different criteria. You don’t necessarily need a larger deposit but it does help. I have had 110% finance whilst applying from o/s. One of the biggest hassles is that the contracts if signed o/s need to be witness / certified by a JP, Consulal General (CG) or someone with the acting authority. It can be very difficult to get a JP from a foreign country to do this. In regards to the CG’s you have to fit their schedules and meet them where they are. The CG’s are normally in major cities or the capital. This doesn’t help if you’re in the rural areas of China or on a little island in Japan and the ferry comes only once a week. Depending on the lender they may want any copies to be certified before sending, so you end up having to make 2-3 trips to see the CG. This can be very time consuming and costly.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Alan,
I will assume that you live near the IP you are managing. For investors who are o/s or have IP’s interstate, I think it is easier to have a property manager.Hi Scampush,
As Mel said this topic has been well discussed. What hasn’t been discussed to my knowledge is having a relative do the PM. I would suggest not involving your sister unless you have a really good relationship with her and are prepared to back her judgement if something goes wrong and you can’t be contacted.C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi OzpatinQ8,
As an o/s investor myself I have found this is common amongst the lenders. I think it may have a little to do with how far they can check your income. Generally people who are working o/s normally finish their employment and move on so there is a higher risk for the bank as well(quote from lender at which bank). You may want to check with ANZ as I have heard that they will allow 95% for o/s investors. If your looking for a good broker I can refer you to one from this forum.
C2
“Is it true the more you owe the more you grow until the bank steps in?”You could try this method. You find cars that are an absolute bargain just like some houses. You borrow the money through a lender and then resell the car at a higher price to cover all costs with extra left over. Now you do this 5-6 times and with the extra money you have made you buy yourself a new car.
Does anybody know if you can purchase a car through a trust if you claim that it is only used for trust related concerns?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Mel,
I reread my post and should have phrased it better. When I was referring to the Tax man that was in regards to the folowing if you have the unfortunate circumstance of being sued, the person suing you should see that there is not a whole lot of equity available to them, esp after selling costs etc. are taken out first, so they may just go away. Although, my original question was a bit odd you still answered it. Thanks.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Mel, Will lenders allow this or will they see it as an unnecessary risk? Also would this include the tax man? Finally, if you had equity in an IP could you take out an LOC and use this as deposits for the IP’s the trust buys and also use the IP as security?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Sala, The one figure that is missing is the value of the equity in the IP. In regards to untouchable money. If you give money or property away it looks suspicious in the eyes of the courts. If you make bad investments or spend money foolishly it is difficult for the courts to hold this against you. The idea is to buy something from someone and pay way to much. This person needs to be a trusted friend and preferably someone your wife does not know. Where it can be tricky is the court can ask you to surrender possessions. If you buy a $2000 car for say $10000 and they ask you to surrender the car your $8000 in front minus the transfer cost and a few other expenses. This is an example only, but you can alter it to suit your needs. Talk to a good solicitor and an accountant about this and they should be able to advise you further.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Limits,
Serviceability is what you need to address. If your thinking of buying a property see if you can add your personel debt (if the interest rate is high) on to the cost of the property. Some details of how much you can afford to repay each month/week, location you are looking at and type of residence( house or unit), should help get the ball rolling for some of the forumites who do wrapps. Remember if your going to wrap and you add your personel debt to the equation it may take a while before you have any equity in the property. Are you looking to just get your own home or create wealth?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Thanks Terry, I will check this out more later.
C2
“Is it true the more you owe the more you grow until the bank steps in?”HI KADAB1,
What costs were involved in releasing the security on your home and who paid for the valuations on the IP to determine the increase in equity? What was the approximate time frame to do this and did you pay any extra towards the IP to increase the equity to do this?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
