Forum Replies Created
TMA
Forgive my ignorance mate but is offsetting basically having an amount of money (say $10k) in a separate account but the interest that the $10k would normally earn just comes straight off the loan interest amount instead?? hence more of the fortnightly loan payments is principal??
What are the major pro’s and cons of this type of setup??
Cheers mate
Coops
i had a car insurance policy when i was 17 and after i made 1 claim in the first year, the company sent me a letter at the end of the year saying they won’t be renewing my policy and that I would have to look elsewhere….this scenario kind of sounds a bit like that…especially if he had made a claim a few months prior
Cheers
Coops
i must agree that watching commercial tv is akin to having your nuts placed into a vice and then haivng them slowly crushed whilst listening to the best of celine dion and michael bolton….however i have had foxtel for just over a year and i love nothing more than watching a great doco on the many discovery type channels available..as well as a good movie every now and then it can be a good break from a screaming 6month old!!!!
Cheers
Coops
G’day steve
For what its worth mate I just listed mine at Modbury North and it was the only place for rent. After talking to several agents in the north eastern suburbs, they all seem pretty short on rental places. Down south where I am moving to has quite a few around morphett vale/woodcroft it seems but not that many around Happy Valley/Reynella/Flagstaff Hill.
Sorry no stats but just what I noticed reading the papers/net for a few weeks
Cheers
Coops
i like mackays idea of working something with the girlfriend so u both get the FHOG…when my now wife and i bought our first place 2yrs ago we were both on the title so only got one grant….bugger!!!
cheers
coops
Hi Allan
Again deepest sympathies with your situation, I can’t relate personally to what you are going through but I can tell you that in my line of work I see a lot of people who are going through the worst periods of their lives and one of the greatest rewards of my job is seeing them in a years time when they have kicked on and are able to look back at what they have achieved with pride….I am sure you will stay strong during this time now and come out on top.
I am not a lawyer but do work with law/evidence daily and I agree with the previous post about getting as much evidence as you can. Try and get the Dr’s and nurses’ names, times you spoke to them, copies of any documents that suggest your dad wasnt very well when he signed all the forms. Details such as names/opinions of staff etc will only become harder to get as the days go by.
If you are in SA our equivalent legal help number is the Legal Services Commission on 1300 366 424 (mon-fri)…similar to above posts they will give free over the phone advice for 15mins approximately and if they can’t help you then they will definately point you in the right direction.
Best of luck with it all mate
Cheers
Coops
Hi jet
i bought my PPOR when i was 21 and was pretty much mortgaged to the hilt i suppose…i was pretty green knowledge wise and just saved and bought a house as thats what most of my mates were doing….now we r moving and are going to rent the place out whilst renting a much cheaper place at other side of town. I couldnt really believe how beneficial it can be to live in a rented place at much cheaper rent and own IP’s on the side….if i had my time again i would have bought an IP when i was 21 and probably not worried too much about PPOR for a couple of years….
cheers
Coops
cheers for the replies all
we had several agents over and its amazing how much they differ….one bloke i am sure was really just a used car salesman carrying a property clipboard (said things like ‘if u sign up today but only for today, i can do at this price etc’)..not surprisingly we havent called him back. Its also surprising how much the prices differ between agents..we have had anything from mid-high $200k to no more than $225k…..i reckon the one who said go for quick sale at $225 just wanted to get $8k commission in a week.
I do feel for the honest and hard working agents out there….lots of slick salesman types put out a bad image for rest of you.
at the end of the day we r going to rent the place out and move on…..good experience tho for when we do sell up.
cheers
coops
Cheers mate
I am in SA and the place is in Modbury North (17 clicks from CBD) and close to all shops etc. The place itself is 3br, a/c, combustion heater, 1000sq blck with separate games room/ent area.
What exactly do the real estate agents do paperwork wise? Is it only drawing up the contract (which I am sure I could pay a solicitor to do for me???)
For info ball park figure is mid $200k. If any interest I can give more info plus some pics.
Thanks again
Coops
Hi Zucan
Just be careful of Daveron Park….It is the worst suburb in South Australia re crime rate/Standard of residents etc….Think Macquarie Fields/Redfern and those sort of places in NSW….You know the ones where nobody works, everyone is on dole, do house breaks by day and shoot up at night…you get the idea.
Other than Daveron Park and some other suburbs out Elizabeth Way, the Northern suburbs are definately the place to be.
Cheers
Coops
Hi Guys
Cheers all for your help…..I did a bit of hunting (including rentcover.com) and ended up finding a place that cost $234 per year….It was interesting how different some of the policies can be but I am happy with the terms I got.
Again the help is much appreciated.
Coops
Sensational article xxx…spot on in my opinion. Some of the opinions being brandied about show a lack of understanding of legal systems in both Indo and Oz…yes they r guilty til proven innocent over there, but the laws of evidence work the same as they do here. Mick Keelty must be wondering what he did wrong, being criticised for stating the bleedingly obvious.
Ask yourselves what punishment you would prefer for drug dealers/couriers in our community. Life in jail 9 times out of 10 or police handing out education material and pamphlets to career junkies. I know what i would prefer!!
In relation to the indonesian boycott, that won’t last 6 months. The general public have very short memories for current affairs and as soon as another cheap package to bali is offered, we will be there in droves.
Cheers
Coops
p.s Go you mighty Crows!!!
Hi guys
I looked at buying a place at roxby downs (about 7hrs north of adelaide), with a vast majority of the residents working for/or subcontracted by Western Mining Corporation…This is probably one of the biggest mining towns in Oz and with the average wage of the townsfolk being around $60k (only hearsay from miners/people on the street etc), property prices were more akin to Adelaide CBD prices, with rental prices extremely high also. The problem I found and the reason I didn’t invest there is that everybody I spoke to in the town were slightly uncertain about the mines future (although recent events may have changed that slightly) and I just didnt want to get stuck with house I paid $300k for that is now situated right in the heart of a ghost town….
But if I was absolutely certain WMC were here to stay for a long time (which is nigh on impossible given fluctuating commodity prices) then I would love to buy there.
Best of luck!!!
Coops
Hi guys
I agree totally with anzac hway being a no go zone. Although Glenelg is a surfers paradise type district, a lot of places between glenelg and the city,particularly on anzac hway itself are filled with the kind of people you wouldnt want to be living in your house (thats the nicest way to say it)
Blair Athol has a very bad reputation and its justified. A lot of areas around the metro area that used to be trust areas and very high crime areas are slowly being knocked down and replaced with new houses. The thing is that people are building these new houses (Edwardstown and Mitchell Park to name just a couple of suburbs) and then wondering why they are constantly being broken into and having fences graffitied. Althoug h the capital growth may be there in the long run, the crime is something you may have to put up until all the old residents are moved on.
anyway thats enough for now but hope that helps
coops
Hi guys
I hope you are all right and capital gains continue to go thru the roof and the future emulates the past, however as they say ‘different strokes for different folks’ and for the moment i cant afford to lose money on a house every week and hope it goes up (which i know it wil eventually but WHEN is the $64million question???).
great call too from InvProp Finder about doing whats right for you and your situation.
Cheers
Coops
I would like to start off by thanking the person who started this subject..as soon as my wife to be found out there was lovey-dovey-mushy-girlie stuff on this site, i had to fight to get my computer back!!!
for what its worth we met at a nightclub, engaged 6 months later, 1st baby 4 months ago and getting married saturday week. Oh and to add some sort of property perspective to this reply, bought second property together last december so i suppose we have fitted a lot into the past 2 and a bit yrs.
coopsp.s the ‘pretty’ writing was her idea and i was to make it ‘pretty’ or it would b a nice nite at ‘Hotel De Couch’ for me [biggrin]
G’day Scotty
You and I sound like we are in similar boats…sort of just starting out and hoping to emulate some of the bigwigs on these forums.
my stance is that if u buy property and just sit on your arse hoping it rises in value or hoping u get tenants, then odds are it wont. especially not in 2005! I think if you buy something with a plan to either renovate, alter, subdivide etc etc, then you will probably do ok. In my very humble opinion its the ones who buy and hope that are in trouble in the future.
But then again i drive a 1994 Hyundai Excel so I am obviously doing great!!! [biggrin]
Coops
yeah thats pretty much the installment guide the bank gave me…foundation,walls, etc etc….
my builder will be my father in law, who i am sure will help as much as he can, but he is hardly going to lend me $200k for 12months until i can start making an income from the units.
looks like i mite b eaing 2 minute noodles for a few months while the places r being built but it will be worth it once its all done.
my naive idea was that there must be a way to get around it, otherwise how do people afford to build much bigger developments on their own??
not looking at doing the build til early next year anyway so good amount of time to do some reading (and hopefully win lotto somewhere between now and then)
cheers all for your help
coops
Thanks mate, by that do you mean borrowing a bit more in each installment, then using the left over amount after bills are paid to pay the interest bill??? (i.e installment of $40k of which $30k goes on bills then use remaining $10k to pay the interest payments)
I have heard of that but wasnt sure of its legality.
Cheers
Coops
Hi Duggan
Being 23 I know exactly how you feel!!!! I own (well the bank owns, they just let me use them) 2 properties, one of which I am owner/occupier. The other i plan to subdivide etc next year…but anyway I digress.
Mate the important thing I have found is read as much as you can but don’t cross the point of procrastination. Just remember to have a crack and get over your fears like Steve says.
I admire you for having a go whilst at uni…thats a great effort.Cheers
Coops
