Forum Replies Created
Hi Melbear,
Thanks, some interesting advice.
I should have gone with my gut instinct on these, you guessed it, they’re sold![evil4]
Another blow for Sue the procrastinator [biggrin]
I’ll keep up the search….
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Guys,
I too am on a lo doc loan with exit fees.
Does anyone know if this applies if you want to increase your borrowings with the same lender?
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi DD,
Some deeply thought out advice you gave Milly.
Just one question, are you recommending not paying off your own house? I am interested to know why you feel this way as most people seem to advocate clearing personal debt ASAP. I would just like to hear a differing point of view.
Cheers,
Sue [biggrin]
P.S. Good luck to you Milly, you seem to be on the right track, you just need to take it the next step. Go Girl [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Wow, some great replies, thanks guys.
Russ, The building seems solid, one building BV, all units attached. Small improvements, such as new standard kitchen would help increase rent.
Monopoly, Units are all on one title. Have spoken to the council and all indications are that they could easily be strata titled. If I was to do this they would be worth more, approx.80K each. This is an option I am looking at. I could sell one or two and really increase return on Inv.
DD, Only one title and stratatitling the group is an option.So for the moment no body corp to worry about.The town is spending millions on a “new development” and actively encouraging new business to the area. The units are also only one street from a major hospital and right in the heart of town.
Anubis, The IO loan is due to the fact that we will only qualify for lo-doc loans as we are self employed with horrible yearly income (On paper!)
Thanks again guys…any further comment?
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Tracksand,
I’d start with the local council. Ask them what their thoughts are on the matter. It helps if you have a definite property in mind.
If you are going to strata title a block of units/flats, you will probably have to set up a body corporate (In Vic anyway) This can be complicated, but a good solicitor should be able to help you with this.
You could also consult a local land surveyor, they will have a fairly good idea of what the local council will or will not allow.
Good luck,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Kaye and all,
How long you get paid for, is how long you insure for….i.e you can get policies that pay you benefits for 2 yrs, 5 yrs or age sixtyfive. We;re going with the to 65 policy.
The maximum you can get is 75% of your current wage, as far as I could tell anyway. And you have to prove it when you claim, which could be really hard for us as we are self employed.
I couldn’t understand why you can’t insure for a set income. For example, insure yourself for $1000 per week, if you are willing to pay the premium, why can’t you do it? Do they think we are going to injure ourselves to get an income insurance payout?
You can insure your life for a million dollars and no-one says you can’t do that, you’re not worth that much……[biggrin]
Am I missing a major difference here?
Cheers,
Sue [blink]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Mel,
Haven’t spoken to you for a while….[glum]
Yes you can “pay per use”, as you put it.[biggrin]
Cash still is the best bargaining tool, even for medical procedures.
Typically, when you need a procedure your specialist will ask you if you have private health insurance, you say no, then he/she says “there’s quite a wait at the publc hospital”, and you say “that’s ok I’ll pay cash”
Then “No problem”
The secretary works out what all your costs are likely to be. You’re booked in, in the same time as if you had private insurance.
Pay for your hospital bed , in full, on admittance. Pay the doctors later, by invoice.
Private hospital bed not claimable on medicare.
All procedures, (doctors, pathology, etc.) are claimable on medicare. And the doc usually charges you less for cash.
Sorry, I’m rambling again……
Cheers,
Sue [party]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Drew,
Interesting situation.
Four properties, one area, next to no growth, negative geared.
Is there something going on in this area that causes you to believe the rents will increase dramatically in a couple of years or there will be good capital growth?
Even if the rent does increase, will it increase enough to cover the present negative cash flow and provide income for your retirement?
These are the questions I would be asking myself if I were in your position.
As far as selling goes, don’t forget you get a capital gains tax discount of 50% if you own the properties for over 12 months. (That’s if there is an increase in value)
Good luck, and I hope someone else can help you more,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
HI George, er Gatsby,
I’m in the same boat, just signed up a policy for my hubby. Actually hasn’t been approved yet…waiting on doctor’s report.
Some points my accountant advised me to look for:
(These may only be relevant to us)* Go for the level premiun, not the increasing.
A level premium basically locks you in at the age you are now, with generally only CPI increases. It starts off more expensive, but for us it was the better option.
The increasing premium, starts off cheaper, but the older you get, the more expensive it becomes.* Check if the policy insures you for your specific occupation. Many policies will only pay you if you are unable to do ANY type of work. The policy we have taken is occupation specific, which is important if you are trained in a specific area.
* Also check what income sources the insurer will deduct from your payments. Some consider all income, some don’t. Check how they deal with lump sums from othe sources, eg TAC. I think one company took the lump sum as income, worked out how many weeks it was worth and wouldn’t pay you until that time was up. Others take the sum,divide it over a number of years eg 10yrs, then reduce you monthly benefits by that amount.
Hope it helps a little,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Very nice geo,
Sure made me laugh.
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Kay, Bear and all,
I see nothing wrong with the public system. (Apart from the horrible waiting lists of course)
Other than that, I can’t find a fault.
I agree totally with Bear, in that a doctor will drop his price for cash. This happened with my op and I am quite suprised that it happens.
One thing I didn’t mention is that when I checked in for my stay at private hospital, I had to pay for 5 nights upfront. Apparently your doctor has to tell the hosp. what your maximum stay will likely be.
I only stayed 2 nights, and was refunded the difference within two weeks…when you’re paying by the day, you get well fast!
Hope you are, and remain, well
Sue [rolleyesanim]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi guys,
Interesting topic and a coincidence considering I only had a major operation 4 weeks ago….
Here’s my story….
Have had four kids,
2 private hosp and 2 public hospital
All four were born under the SAME private doctor
(When I didn’t have insurance, he bulked billed for all my pre natal checkups)
O.K…. so he wasn’t “allowed” to deliver my last 2 kids… but he didn’t make it one of the “private” ones anyway!! Which he got paid for!
I could tell many stories about the cost difference, but I will stick to one.Child no.2 had to be induced (this was on private cover) so I am sent down to the chemist, in the hospital, to buy the gel that is required….I remmember it cost $109, (eleven years ago mind you), I took the gel up to my doctor, he OPENS it then checks me out and decides I need a C section…so I don’t need the gel, but he’d opened it …so no refund. To top it all off, the next day I’m speaking to a public patient and she got the gel for free!
Enough of the kids, I recent paid for my own operation which was considered a “major”
Cost me $2200 out of pocket.
That includes 3 days in private hospital, private room.
All the private doctor fees and those of his helpers.
All pathology and medication.
I personally prefer to pay my own way as the need arrises.
Hope I didn’t bore you all too much…or was it too much information!
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Kelhutch,
Sounds like a good idea to me. Are you sure it will cost less than $40k? Sounds pretty cheap.
The only thing that would bother me with a proposal like this is having to live next to my tenants. Could work out great, could be a nightmare. That’s just my personal position. If you think this option will work out for you and you’re comfortable with the idea, then go for it.
Cheers,
Sue [rolleyesanim]“Be careful not to step on the flowers when you’re reaching for the stars”
Sorry Baloo,
The problem may be that most of us have paid for a package of templates, that includes an offer document that you describe.
You could try a net search, your state real estate association or even a real estate agent.
good luck,
Sue [blush2]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Afloat,
Didn’t see the ad. (I’m in Vic), but I have seen many ads from companies advertising cash flow+ deals, especially in investment mags.
Just make sure you check everything, and get your own independent legal advice.
Hope it all works out for you,
Cheers
Sue [cap]“Be careful not to step on the flowers when you’re reaching for the stars”
Thanks guys,
Just wanted to know exactly what to ask for, so I don’t come across too stupid. I want the records for my own research to check that the units are renting well. I don’t need it for loan purposes, I’m getting a low doc.
Thanks again for the info Celivia and Simon,
Sue [exhappy]“Be careful not to step on the flowers when you’re reaching for the stars”
hi guys,
I’ve heard that the plasma TVs have tiny “globes” or something similar in them. If one breaks you are up for a hefty price to replace it….and there are thousands of them!
Anyone else heard this about the plasmas?
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Montrose and everyone,
I was bitten by a mortgage broker early last year. It was a nasty bite, leaving a deep scar.
I swore black & blue that I would never use a broker again………
However, after being on this sight for several months now my opinion has changed. I have read the many posts by Simon and the others and I find that some Mortgage brokers might actually know what they are talking about….[:o)] Their advice is straightforward and easy to understand, they generously give up their time and are unbeleivably easy-going on novices (like me) when we ask simple and repetitive questions.
I am looking to refinance in the next month or so and I will be using a mortage broker….
Just my two cents worth,
Sue [:o)]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Kym,
Welcome back, might look a little different, but basically the same,
Have fun,
Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Matt,
[:o)][:o)][:o)]Happy 18th Birthday[:o)][:o)][:o)]
Hope you enjoy your beach holiday,
Cheers,
Sue []“Be careful not to step on the flowers when you’re reaching for the stars”
]
