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Viewing 14 posts - 1 through 14 (of 14 total)
  • Profile photo of Captain CapitalCaptain Capital
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    @captain-capital
    Join Date: 2013
    Post Count: 23

    My 10 cents. St George are bumhats. There was a stage in my life I wasn’t doing to well work wise and wanted to refinance by consolidating my credit cards extend my loan term by 5 years (originally I took the loan over 15 years) so it was more affordable. I could comfortably pay the new repayments. But they wouldn’t do it. Left me locked into high repayments and I defaulted on the credit cards.

    In a very short period of time I was back on my feet again. But I couldn’t borrow because of St George. They’re not very good at supplying a customers needs. I’ll never borrow from them ever again. I don’t care how cheap they’re rates are. I’ve lost 10 x what I’ve saved in interest because they forced me into a corner that stopped my investing

    End Rant

    Pete

    Profile photo of Captain CapitalCaptain Capital
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    I had the same problem. For a short period of time I was semi-employed. Made sure the mortgage was paid first, credit cards last, which means I defaulted on an $800 debt. I thought it was no big deal at the time. I paid out the $800 debt plus all their stupid money making fees, but I was still left with a black mark on VEDA.

    Credit Repair Australia managed to have the black mark removed. Not cheap. Cost me over $2000, but will allow me to get a cheaper interest rate. Which means I save $2000 in interest in 18 months. Plus it allows me to buy another property, which means more capital gain. So it’s expensive to NOT fork out the $2000. They have a no win/no pay policy. Might be an idea to give them a call?

    Pete

    Profile photo of Captain CapitalCaptain Capital
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    Post Count: 23

    If you get into trouble for saying dick, what happens if you call someone a pussy?

    Profile photo of Captain CapitalCaptain Capital
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    I noticed someone reported Deans post. There is no animosity towards Dean. I can understand how he can draw the conclusion he did. I hate dead beat dads too ;) All good

    Profile photo of Captain CapitalCaptain Capital
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    @captain-capital
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    Post Count: 23

    Hi Guys,

    Some really good info. I guess I’m just feeling restless and keen to jump in head first. You are right I need to wait a little until I get the divorce soughted.

    But it’s hard when you see an old (but tidy) fibro house in the middle of a 1400m2 block that no one likes because it’s not modern, new, or fancy. I think “Build new brick piers and pick the house up and move it to the left boundary fence, and put a fence up the middle, and PRESTO an extra block of land and $360,000 capital” Borrow against that $360,000 to build a house on the new block and hardi plank the old fibro place.

    TerryW: Yes $266,000 mortgage on BOTH properties

    Pete

    Profile photo of Captain CapitalCaptain Capital
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    I just read points 6 & 7 and that makes sense to me now.

    Profile photo of Captain CapitalCaptain Capital
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    Hi Dean,

    Thanks for your reply. But you shouldn’t draw a conclusion with only limited info. I didn’t use a condom because when I married my wife I had every intention of getting her pregnant because I wanted a family. I never regret having my kids, I love them like you wouldn’t believe. When we married I brought $600,000 equity + $200,000 cash to the marriage, my wife brought nothing. 4 years into the marriage my wife demanded I sell both properties so we could buy a better house closer to work, buy a $90,000 car and go on an overseas holiday (all this to out do her sister). She didn’t understand about capital gains tax, losing rent etc.

    When I said “No, wait until June ’16 and the inheritance I will receive will payout the mortgage, and the $750 week rental income will pay for the fancy house/catr/holiday” she packed up and left, took the kids, and refused to talk to me in marriage counselling. She demanded a $400,000 settlement and took an AVO out on me, which automatically suspended my Firearms Licence that I need for work (I work for Armaguard) and stopped me from seeing my daughter 3 years and son 4 months. I haven’t been able to work or see my kids for the past 9 months.

    Is it unethical to minimize child support? A lot of people minimize tax that pays for hospitals and schools. I don’t think it’s unethical in my situation because I know my wife will spend it on herself going out to cafe’s with friends etc. When she first left I visited the in laws to find grandma looking after the kids why she was out socializing. I had to go and buy some nappies for the kids because grandma was down to the last one. If I knew my wife was going to spend it on the kids I’d have no problems paying. The way I see it, every dollar I withhold and invest now, is $5 they’ll have towards a university education or a house of their own.

    Summary:
    – Demanded I sell houses cashing in $600,000 equity + $200,000 Cash
    – When I said “No” Left me, and wouldn’t let me see the kids
    – Took out an AVO costing me my job
    – Put Caveats on the houses so I couldn’t refinance to draw back a little to live on
    – Can’t claim Newstart Allowance because I have to much in assets.
    – Demanded $400,000 settlement after 4 years of marriage even though she contributed nothing before or during marriage
    – Had a $80,000 pa job to go back to. But hasn’t gone back, so she can claim Single Parent benefit, and legal aid, and avoid paying me child support

    Now this isn’t a relationship forum, it’s a property investment forum.

    The broker said another 500k house wouldn’t be a problem. But I was hoping to buy 3 houses with 50k deposit and 50k safety net. Serviceability seems to be the main concern with my 2 casual jobs, and as explained above, lack of income for the past 9 months.

    Pete

    Profile photo of Captain CapitalCaptain Capital
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    Get your credit file cleaned up. I just had two defaults removed from my file. Not cheap. Cost me $1000 per default.

    Profile photo of Captain CapitalCaptain Capital
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    I think they’ve reliable Yuly, maybe they’re just busy? And maybe they’re busy because they’re good at what they do?

    Profile photo of Captain CapitalCaptain Capital
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    IP and PPOR value ~$650,000. I have no idea what 5 x 1acre lots at Tahmoor are worth, or what it cost to subdivide.

    Profile photo of Captain CapitalCaptain Capital
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    Called the council. It's R3 medium density. Now All I gotta do is find all the minimum street frontages, setback and easments etc. I'm pretty excited abou this. 1270sq metres. I wonder what I'll get on it?

    Profile photo of Captain CapitalCaptain Capital
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    We have to pay CGT on a PPOR sale?

    Profile photo of Captain CapitalCaptain Capital
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    Oh, and a third thing. Tahmoor needs a new bathroom and kitchen urgently. 20k on a make over would increase value to ~380k

    Profile photo of Captain CapitalCaptain Capital
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    Also, the ultimate goal would be to live in a house at Wilton for ~700k within 4 years. My daughter will be starting school then. So I hope to have, Tahmoor, Buxton, Wilton and as many + cash flow properties as possible in a Trust.

    It's killing me to think I'm going to miss the boat. So many opportunities to buy Cash flow+ properties, with a 250k leg up, and I don't know where to go from here?

Viewing 14 posts - 1 through 14 (of 14 total)